# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-23-000431
**Filing Date:** 2023-1
**Character Count:** 4406826
**Document Hash:** a6b3e06d0be24b2c401795586a8a8eb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000431.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000431

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA FUNDS
- **CENTRAL INDEX KEY:** 0000787623
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 23500852

**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 Mid Cap Value (Series ID: S000007772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021165 | I2           |  |

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

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

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

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

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

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

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

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

### Transamerica Bond (Series ID: S000007796)

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021256 | I2           |  |
| C000054268 | A            | ITAAX           |
| C000054269 | C            | ITACX           |
| C000081831 | I            | TSTIX           |
| C000156747 | R6           | TASTX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137927 | C            | TIOCX           |
| C000137928 | I            | ITIOX           |
| C000137929 | I2           |  |
| C000137930 | A            | TIOAX           |
| C000172159 | R6           | RTIOX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000137931 | I2           |  |
| C000171829 | R            | TMBRX           |
| C000171830 | R4           | TMBFX           |
| C000171831 | I3           | TMBTX           |
| C000228029 | R6           | TAGMX           |

### 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           |  |
| C000171832 | R            | TOTRX           |
| C000171833 | R4           | TOTFX           |
| C000171834 | I3           | TOTTX           |
| C000172163 | R6           | MVTRX           |

### Transamerica Unconstrained Bond (Series ID: S000047479)

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

### Transamerica ClearTrack 2015 (Series ID: S000048268)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152515 | R1           | TCFTX           |
| C000152516 | R6           | TDKTX           |
| C000210407 | R3           | TCTGX           |

### Transamerica ClearTrack 2020 (Series ID: S000048270)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152518 | R1           | TCHTX           |
| C000152519 | R6           | TCSUX           |
| C000210408 | R3           | TCTJX           |

### Transamerica ClearTrack 2025 (Series ID: S000048271)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152520 | R1           | TDITX           |
| C000152521 | R6           | TDOTX           |
| C000210409 | R3           | TCTKX           |

### Transamerica ClearTrack 2030 (Series ID: S000048272)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152522 | R1           | TDFTX           |
| C000152523 | R6           | TDHTX           |
| C000210410 | R3           | TCTLX           |

### Transamerica ClearTrack 2035 (Series ID: S000048273)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152524 | R6           | TCHDX           |
| C000152525 | R1           | TCETX           |
| C000210411 | R3           | TCTMX           |

### Transamerica ClearTrack 2040 (Series ID: S000048274)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152526 | R1           | TCRTX           |
| C000152527 | R6           | TCKTX           |
| C000210412 | R3           | TCTQX           |

### Transamerica ClearTrack 2045 (Series ID: S000048275)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152528 | R1           | TCPTX           |
| C000152529 | R6           | TCOTX           |
| C000210413 | R3           | TCTTX           |

### Transamerica ClearTrack 2050 (Series ID: S000048276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152530 | R1           | TRNTX           |
| C000152531 | R6           | TCMTX           |
| C000210414 | R3           | TCTUX           |

### Transamerica ClearTrack Retirement Income (Series ID: S000048277)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152532 | R1           | TCITX           |
| C000152533 | R6           | TCJTX           |
| C000210415 | R3           | TCTZX           |

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

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

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

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

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

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

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

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

### Transamerica High Quality Bond (Series ID: S000054679)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171793 | R            | TBDRX           |
| C000171794 | R4           | TBDFX           |
| C000171795 | I3           | TBDTX           |

### Transamerica Inflation-Protected Securities (Series ID: S000054680)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171796 | R            | TPRRX           |
| C000171797 | R4           | TPRFX           |
| C000171798 | I3           | TPRTX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171799 | R            | TLARX           |
| C000171800 | R4           | TLAFX           |
| C000171801 | I3           | TLATX           |

### 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 ClearTrack 2055 (Series ID: S000058129)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190359 | Class R1     | TCTOX           |
| C000190360 | Class R6     | TCTSX           |
| C000210416 | R3           | TCTVX           |

### Transamerica ClearTrack 2060 (Series ID: S000058130)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000190361 | Class R1     | TCSOX           |
| C000190362 | Class R6     | TCSSX           |
| C000210417 | R3           | TCTYX           |

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

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

### Transamerica Emerging Markets Opportunities (Series ID: S000067321)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216501 | R6           | TEOOX           |
| C000216505 | I2           | TEOJX           |
| C000216506 | I            | TEOIX           |

### Transamerica Sustainable Bond (Series ID: S000068932)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220271 | I            | TAPKX           |
| C000220274 | I2           | TAQOX           |

### Transamerica High Yield ESG (Series ID: S000068933)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000220275 | I2           | TAKJX           |
| C000220282 | I            | TAJEX           |

##### [**Table of Contents**](#toc)
As filed with the Securities and Exchange Commission on January 3, 2023

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)

Registrant's Telephone Number, including Area Code: <u>1-888-233-4339</u>

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

(Name and Address of Agent for Service)

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

Date of reporting period: <u>November</u> <u>1, 2021 – October</u> <u>31, 2022</u>

------

##### [**Table of Contents**](#toc)

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Annual Report is attached.

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

------

##### [**Table of Contents**](#toc)

## TRANSAMERICA FUNDS

## ANNUAL REPORT

------

**OCTOBER 31, 2022** 

------

![LOGO](g402445g49d35.jpg)

Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g402445g95y56.jpg)

------

##### [**Table of Contents**](#toc)
**Table of Contents** 

------

---

| | |
|:---|:---|
|  **[Shareholder Letter](#toc402445_1)** | 1 |
|  **[Disclosure of Expenses](#toc402445_2)** | 2 |
|  **[Manager Commentary and Schedules of Investments](#toc402445_3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation – Conservative Portfolio](#toc402445_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation – Growth Portfolio](#toc402445_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation – Moderate Growth Portfolio](#toc402445_6) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation – Moderate Portfolio](#toc402445_7) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation Intermediate Horizon](#toc402445_8) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation Long Horizon](#toc402445_9) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Asset Allocation Short Horizon](#toc402445_10) | 33 |
|  **[Statements of Assets and Liabilities](#toc402445_11)** | 36 |
|  **[Statements of Operations](#toc402445_12)** | 38 |
|  **[Statements of Changes in Net Assets](#toc402445_13)** | 40 |
|  **[Financial Highlights](#toc402445_14)** | 45 |
|  **[Notes to Financial Statements](#toc402445_15)** | 58 |
|  **[Report of Independent Registered Public Accounting Firm](#toc402445_16)** | 72 |
|  **[Supplemental Information](#toc402445_17)** | 73 |
|  **[Approval of Management and Sub-Advisory Agreements](#toc402445_18)** | 74 |
|  **[Management of the Trust](#toc402445_19)** | 79 |
|  **[Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings](#toc402445_20)** | 87 |
|  **[Notice of Privacy Policy](#toc402445_21)** | 88 |

---

***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 Report 2022** |

---

------

##### [**Table of Contents**](#toc)
Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission requires that annual and semi-annual reports be made available to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2022.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began in November of 2021, U.S. stocks, as represented by the S&P 500<sup>®</sup> Index, were approaching record highs as corporate earnings continued to be strong and interest rates remained at historically low levels due to the U.S. Federal Reserve ("Fed") maintaining accommodative monetary policy. While inflation was rising to multi-decade highs, there was still a sense it could be transitory in nature based on global supply chain challenges easing in a post-pandemic environment.

As the calendar turned to 2022, more serious market concerns emerged led by a recognition that the persistent rise of inflation would not be temporary and Fed policy would need to catch up quickly in the form of higher interest rates. This was exacerbated by Russia's invasion of Ukraine in February and the human tragedy of war, which triggered economic concerns in Eastern Europe and across the globe, such as food and energy shortages, global inflation and recession. In March, the Fed raised rates for the first time in more than two years, and with inflation continuing to rise, it was apparent that a full-fledged tightening cycle was at hand, soon leading to materially higher interest rates.

As the Consumer Price Index reached 9% in June, it became clear the Fed would need to be more aggressive in its efforts to curtail inflation and that the risk of recession had become a very real probability. This was augmented by the U.S. economy experiencing two consecutive quarters of negative Gross Domestic Product growth by mid-year. However, due mostly to strong employment trends the National Bureau of Economic Research did not declare the U.S. economy to be in recession. Nonetheless, stock prices continued to fall precipitously, U.S. Treasury bond rates rose as the Fed increased the pace of its rate hikes, and credit spreads widened considerably increasing corporate bond yields.

By the end of September, the S&P 500<sup>®</sup> Index had fallen solidly into bear market territory (a decline of 20%), the 10-year U.S. Treasury bond yield had increased more than 2% since the start of the year to 3.83%, and corporate bonds were yielding more than double their rates of a year earlier. Corporate earnings growth continued to slow throughout the remainder of the period.

For the one-year period ended October 31, 2022, the S&P 500<sup>®</sup> Index returned -14.61% while the MSCI EAFE Index, representing international developed market equities, returned -22.62%. During the same period, the Bloomberg US Aggregate Bond Index returned -15.68%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market's history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

![LOGO](g402445g35n89.jpg)

**Marijn Smit** 

**President & Chief Executive Officer** 

**Transamerica Funds**![LOGO](g402445g03a96.jpg)

**Tom Wald, CFA** 

**Chief Investment Officer** 

**Transamerica Funds** 

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.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500<sup>®</sup> Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

*The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds.* 

*Investing involves risk, including potential loss of principal. The past performance data presented represents past performance and does not guarantee future performance or results. Indexes are unmanaged and it is not possible to invest directly in an index.* 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses** 

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**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2022, and held for the entire six-month period until October 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending**<br> **Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Transamerica Asset Allocation - Conservative Portfolio | Transamerica Asset Allocation - Conservative Portfolio |  |  |  |  |  |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;927.90 | $&nbsp;&nbsp;&nbsp;&nbsp;2.28 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.40 | 0.47% |
|  Class C | 1000.00 | 924.20 | 6.06 | 1018.90 | 6.36 | 1.25 |
|  Class I | 1000.00 | 929.30 | 0.73 | 1024.40 | 0.77 | 0.15 |
|  Class R | 1000.00 | 926.30 | 3.54 | 1021.50 | 3.72 | 0.73 |
|  Class R3 | 1000.00 | 928.10 | 1.26 | 1023.90 | 1.33 | 0.26 |
|  Transamerica Asset Allocation - Growth Portfolio | Transamerica Asset Allocation - Growth Portfolio |  |  |  |  |  |
|  Class A | 1000.00 | 919.40 | 2.39 | 1022.70 | 2.50 | 0.49 |
|  Class C | 1000.00 | 915.90 | 6.04 | 1018.90 | 6.36 | 1.25 |
|  Class I | 1000.00 | 920.60 | 0.73 | 1024.40 | 0.77 | 0.15 |
|  Class R | 1000.00 | 917.90 | 3.48 | 1021.60 | 3.67 | 0.72 |
|  Class R3 | 1000.00 | 920.20 | 1.55 | 1023.60 | 1.63 | 0.32 |
|  Transamerica Asset Allocation - Moderate Growth Portfolio | Transamerica Asset Allocation - Moderate Growth Portfolio |  |  |  |  |  |
|  Class A | 1000.00 | 924.90 | 2.23 | 1022.90 | 2.35 | 0.46 |
|  Class C | 1000.00 | 921.10 | 5.86 | 1019.10 | 6.16 | 1.21 |
|  Class I | 1000.00 | 926.30 | 0.68 | 1024.50 | 0.71 | 0.14 |
|  Class R | 1000.00 | 924.00 | 3.44 | 1021.60 | 3.62 | 0.71 |
|  Class R3 | 1000.00 | 925.80 | 1.60 | 1023.50 | 1.68 | 0.33 |
|  Transamerica Asset Allocation - Moderate Portfolio | Transamerica Asset Allocation - Moderate Portfolio |  |  |  |  |  |
|  Class A | 1000.00 | 926.00 | 2.23 | 1022.90 | 2.35 | 0.46 |
|  Class C | 1000.00 | 923.30 | 5.87 | 1019.10 | 6.16 | 1.21 |
|  Class I | 1000.00 | 927.40 | 0.73 | 1024.40 | 0.77 | 0.15 |
|  Class R | 1000.00 | 925.70 | 3.40 | 1021.70 | 3.57 | 0.70 |
|  Class R3 | 1000.00 | 926.90 | 1.41 | 1023.70 | 1.48 | 0.29 |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses (continued)** 

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**(unaudited)** 

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending**<br> **Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Transamerica Asset Allocation Intermediate Horizon | Transamerica Asset Allocation Intermediate Horizon |  |  |  |  |  |
|  Class R | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;928.00 | $&nbsp;&nbsp;&nbsp;&nbsp;2.92 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.20 | $&nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.60% |
|  Class R4 | 1000.00 | 929.10 | 1.70 | 1023.40 | 1.79 | 0.35 |
|  Transamerica Asset Allocation Long Horizon | Transamerica Asset Allocation Long Horizon |  |  |  |  |  |
|  Class R | 1000.00 | 923.00 | 2.91 | 1022.20 | 3.06 | 0.60 |
|  Class R4 | 1000.00 | 925.50 | 1.70 | 1023.40 | 1.79 | 0.35 |
|  Transamerica Asset Allocation Short Horizon | Transamerica Asset Allocation Short Horizon |  |  |  |  |  |
|  Class R | 1000.00 | 936.10 | 2.93 | 1022.20 | 3.06 | 0.60 |
|  Class R4 | 1000.00 | 937.40 | 1.71 | 1023.40 | 1.79 | 0.35 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using each Fund's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.*

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Conservative Portfolio** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Over the fiscal year ended October 31, 2022, the dominant theme was a tightening of financial conditions brought on by the U.S. Federal Reserve ("Fed") as higher-than-expected Consumer Price Index reports further fueled inflationary pressures. While the U.S. labor market remained strong, investors had to process increasing concern that the Fed tightening, which typically affects the real economy on a delayed basis, may ultimately tip the economy into recession. Additionally, a host of geopolitical developments such as the Russia-Ukraine war and ensuing energy crisis in Europe, coupled with the continuation of a strict COVID-19 policy in China, further challenged the economic growth outlook. In summary, the fiscal year saw a deteriorating growth-inflation mix, tighter monetary policy, and significant fiscal policy uncertainties – a dangerous combination for financial markets. Against this backdrop, equity and bond markets posted huge declines during the fiscal year.

Global equities were broadly down over the fiscal year, with Japanese equities standing out as a relative outperformer. U.S. equities outperformed international developed markets (as measured by the S&P 500<sup>®</sup> and MSCI EAFE (unhedged) indices) and the U.S. dollar strengthened significantly against most foreign currencies. Within U.S. equities, growth underperformed value significantly and small cap equity generally underperformed large cap equity. Emerging markets equities was one of the worst performing asset classes, driven by continued lockdowns in China that weighed on Chinese equities. The energy sector was one of the few bright spots in equity markets, as higher oil prices drove higher earnings for energy related companies.

Within the bond markets, persistent high inflation and hawkish guidance from major central banks weighed on bond prices. As the Fed and other central banks moved aggressively to tighten monetary policy, bond markets posted negative total returns reflecting the magnitude of both delivered and anticipated rate hikes. Rising short-term rates and longer-term bond yields continued to weigh heavily on duration-sensitive assets. Higher perceived recession risks also undermined risk asset valuations, widening credit spreads.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation – Conservative Portfolio (Class A) returned -17.75%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Bloomberg US Aggregate Bond Index and the Transamerica Asset Allocation – Conservative Portfolio Blended Benchmark, returned -15.68% and -16.41%, respectively.

**STRATEGY REVIEW** 

The Fund is a multi-asset fund-of-funds that seeks current income and the preservation of capital through its strategic allocation to both equity and fixed income asset classes.

Over the fiscal year ended October 31, 2022, the Transamerica Asset Allocation – Conservative Portfolio posted negative returns and underperformed its blended secondary benchmark (consisting of 65% Bloomberg US Aggregate Bond Index, 35% MSCI World Index) driven by underlying fund selection decisions and underlying fund performance. The Fund underperformed its primary benchmark of the Bloomberg US Aggregate Bond Index due largely to the relative underperformance of equities.

The Fund's allocations were adjusted over the fiscal year, as the Portfolio Managers sought to de-risk the Fund versus its long-term allocation and capture shorter-term opportunities. Allocation changes to adjust the Fund from its long-term positioning had an overall positive effect, including decisions to take the Fund underweight equities versus its blended benchmark and reduce overall duration by increasing cash and short duration fixed income allocations. Riskier fixed income investments were reduced, including the reduction and eventual removal of investments in Transamerica High Yield Bond, Transamerica Emerging Market Debt and Transamerica Floating Rate. Shorter-term tactical allocations, including allocations to exchange-traded funds with exposure to master limited partnerships, the energy sector and the healthcare sector, were overall positive contributors to the Fund's performance.

The Fund benefited from reductions in overall equity exposure over the fiscal year as equities drove the negative returns while fixed income and cash performed relatively better. Some off-benchmark equity allocations, such as Transamerica Energy Infrastructure, significantly outperformed the equity portion of the Fund's blended benchmark, though Transamerica Emerging Markets Equity relatively underperformed largely due to continued uncertainty surrounding China's COVID-19 policy and the Russia-Ukraine war. Fixed income investments also overall performed negatively, though the Fund benefited from an increased allocation to short-term bonds and cash.

U.S. growth equity funds contributed negatively to security selection as those funds realized material underperformance versus their respective benchmarks, particularly Transamerica Capital Growth. Conversely, value-oriented funds within U.S. small and mid-cap equities, as well as value-oriented international equities outperformed their respective benchmarks partially offsetting growth underperformance. Fixed income funds overall performed about in line with their respective benchmarks.

The Fund held S&P 500<sup>®</sup> and 10-Year U.S. Treasury futures during the period, which detracted from return.

**Michael Carapucci** 

**Neill Nuttall** 

**Alexandra Wilson – Elizondo** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Conservative Portfolio** 

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**(unaudited)** 

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|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 55.7% |
|  U.S. Equity Funds | 21.4 |
|  International Equity Funds | 10.4 |
|  Repurchase Agreement | 8.0 |
|  International Fixed Income Fund | 3.3 |
|  U.S. Mixed Allocation Fund | 1.1 |
|  International Alternative Fund | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | 0.1 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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

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|:---|:---|
| *^* | *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.*  |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Conservative Portfolio** 

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**(unaudited)**![LOGO](g402445g02f57.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (22.30)% | 0.25% | 2.80% | 03/01/2002 |
|  Class A (NAV) | (17.75)% | 1.39% | 3.38% | 03/01/2002 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (15.68)% | (0.54)% | 0.74% |  |
|  Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark <sup>(A)(B)(C)</sup> | (16.41)% | 2.40% | 4.19% |  |
|  Class C (POP) | (19.14)% | 0.61% | 2.62% | 11/11/2002 |
|  Class C (NAV) | (18.38)% | 0.61% | 2.62% | 11/11/2002 |
|  Class I (NAV) | (17.25)% | 1.69% | 3.67% | 11/30/2009 |
|  Class R (NAV) | (17.97)% | 1.06% | 3.04% | 06/15/2006 |
|  Class R3 (NAV) | N/A | N/A | (12.57)%<sup>(D)</sup> | 03/01/2022 |

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<sup>(A)</sup> *The 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.* 

<sup>(B)</sup> *The Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark is composed of the following benchmarks: 65% Bloomberg US Aggregate Bond Index and 35% MSCI World Index.* 

<sup>(C)</sup> *The MSCI World Index captures large and mid-cap representation across developed markets countries.* 

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

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, R and R3 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Conservative Portfolio** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 1.3%** | **EXCHANGE-TRADED FUNDS - 1.3%** | **EXCHANGE-TRADED FUNDS - 1.3%** |
| **U.S. Equity Funds - 1.3%** | **U.S. Equity Funds - 1.3%** | **U.S. Equity Funds - 1.3%** |
|  Alerian MLP ETF | 13715 | $574796 |
|  Health Care Select Sector SPDR Fund | 6015 | 798491 |
|  Vanguard S&P 500 ETF | 5891 | 2091011 |
|  Vanguard Short-Term Treasury ETF | 51399 | 2962638 |
|  **Total Exchange-Traded Funds <br>(Cost $6,713,482)** | **Total Exchange-Traded Funds <br>(Cost $6,713,482)** | 6426936 |
| **INVESTMENT COMPANIES - 90.6%** | **INVESTMENT COMPANIES - 90.6%** | **INVESTMENT COMPANIES - 90.6%** |
| **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** |
|  Transamerica Global Allocation Liquidating Trust <sup>(B) (C) (D) (E)</sup> | 1340 | 3617 |
| **International Equity Funds - 10.4%** | **International Equity Funds - 10.4%** | **International Equity Funds - 10.4%** |
|  Transamerica Emerging Markets Opportunities <sup>(C)</sup> | 434686 | 2868931 |
|  Transamerica International Equity <sup>(C)</sup> | 2064268 | 33606286 |
|  Transamerica International Focus <sup>(C)</sup> | 227100 | 1589698 |
|  Transamerica International Small Cap Value <sup>(C)</sup> | 397710 | 4486171 |
|  Transamerica International Stock <sup>(C)</sup> | 1129561 | 9917543 |
|  |  | 52468629 |
| **International Fixed Income Fund - 3.3%** | **International Fixed Income Fund - 3.3%** | **International Fixed Income Fund - 3.3%** |
|  Transamerica Inflation Opportunities <sup>(C)</sup> | 1757352 | 16677274 |
| **U.S. Equity Funds - 20.1%** | **U.S. Equity Funds - 20.1%** | **U.S. Equity Funds - 20.1%** |
|  Transamerica Capital Growth <sup>(C)</sup> | 27192 | 165326 |
|  Transamerica Large Cap Value <sup>(C)</sup> | 2930258 | 37741728 |
|  Transamerica Mid Cap Growth <sup>(C)</sup> | 465909 | 3266022 |
|  Transamerica Mid Cap Value <sup>(C)</sup> | 411030 | 4192509 |
|  Transamerica Mid Cap Value Opportunities <sup>(C)</sup> | 2653 | 29315 |
|  Transamerica Small Cap Growth <sup>(C)</sup> | 410853 | 2551398 |
|  Transamerica Small Cap Value <sup>(C)</sup> | 425860 | 2844745 |
|  Transamerica Sustainable Equity Income <sup>(C)</sup> | 1902014 | 13028795 |
|  Transamerica US Growth <sup>(C)</sup> | 1762450 | 37593061 |
|  |  | 101412899 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 55.7%** | **U.S. Fixed Income Funds - 55.7%** | **U.S. Fixed Income Funds - 55.7%** |
|  Transamerica Bond <sup>(C)</sup> | 4538032 | $35396648 |
|  Transamerica High Yield Bond <sup>(C)</sup> | 23789 | 184602 |
|  Transamerica Intermediate Bond <sup>(C)</sup> | 21991658 | 184070173 |
|  Transamerica Short-Term Bond <sup>(C)</sup> | 6473947 | 61243536 |
|  |  | 280894959 |
| **U.S. Mixed Allocation Fund - 1.1%** | **U.S. Mixed Allocation Fund - 1.1%** | **U.S. Mixed Allocation Fund - 1.1%** |
|  Transamerica Energy Infrastructure <sup>(C)</sup> | 787706 | 5537576 |
|  **Total Investment Companies <br>(Cost $471,953,890)** | **Total Investment Companies <br>(Cost $471,953,890)** | 456994954 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 8.0%** | **REPURCHASE AGREEMENT - 8.0%** | **REPURCHASE AGREEMENT - 8.0%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(F)</sup>, dated 10/31/2022, to be repurchased at $40,374,324 on 11/01/2022. Collateralized by a U.S. Government Obligation, 0.63%, due 04/15/2023, and with a value of $41,180,590. | $40373090 | 40373090 |
|  **Total Repurchase Agreement <br>(Cost $40,373,090)** | **Total Repurchase Agreement <br>(Cost $40,373,090)** | 40373090 |
|  **Total Investments <br>(Cost $519,040,462)** | **Total Investments <br>(Cost $519,040,462)** | 503794980 |
|  **Net Other Assets (Liabilities) - 0.1%** |  | 322383 |
|  **Net Assets - 100.0%** |  | $504117363 |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year U.S. Treasury Notes | 229 | 12/20/2022 | $26451492 | $25325969 | $— | $(1125523) |
|  S&P 500<sup>®</sup> E-Mini Index | 54 | 12/16/2022 | 10986716 | 10484100 |  | (502616) |
|  **Total Futures Contracts** |  |  |  |  | $**—** | $**(1628139)** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Conservative Portfolio** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $6426936 | $— | $— | $6426936 |
|  Investment Companies | 456991337 |  |  | 456991337 |
|  Repurchase Agreement |  | 40373090 |  | 40373090 |
|  **Total** | $**463418273** | $**40373090** | $**—** | $**503791363** |
|  Investment Companies Measured at Net Asset Value <sup>(E)</sup> |  |  |  | 3617 |
|  **Total Investments** |  |  |  | $**503794980** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $(1628139) | $— | $— | $(1628139) |
|  **Total Other Financial Instruments** | $**(1628139)** | $**—** | $**—** | $**(1628139)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *Non-income producing security.* 

(C) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $&nbsp;&nbsp;&nbsp;&nbsp;58109376 | $3739656 | $(16750000) | $(2057950) | $(7644434) | $&nbsp;&nbsp;&nbsp;&nbsp;35396648 | 4538032 | $&nbsp;&nbsp;&nbsp;&nbsp;1153731 | $299697 |
|  Transamerica Capital Growth | 32122256 | &nbsp;&nbsp;&nbsp;&nbsp;11197492 | &nbsp;&nbsp;&nbsp;&nbsp;(22000000) | &nbsp;&nbsp;&nbsp;&nbsp;(7194995) | &nbsp;&nbsp;&nbsp;&nbsp;(13959427) | 165326 | 27192 | 60354 | &nbsp;&nbsp;&nbsp;&nbsp;11137138 |
|  Transamerica Core Bond | 57137475 | 3299691 | (53172596) | (7321279) | 56709 |  |  | 1049479 | 250212 |
|  Transamerica Emerging Markets Debt | 21291214 | 588970 | (18033458) | (3007752) | (838974) |  |  | 588970 |  |
|  Transamerica Emerging Markets Opportunities | 14851862 | 1065653 | (8500000) | (840627) | (3707957) | 2868931 | 434686 | 796536 | 269117 |
|  Transamerica Energy Infrastructure | 6662478 | 1412830 | (3100000) | 931092 | (368824) | 5537576 | 787706 | 316371 |  |
|  Transamerica Floating Rate |  | 8090998 | (7770267) | (320731) |  |  |  | 90998 |  |
|  Transamerica Global Allocation Liquidating Trust | 3128 |  |  |  | 489 | 3617 | 1340 |  |  |
|  Transamerica High Yield Bond | 7766518 | 7304296 | (13300000) | (1202823) | (383389) | 184602 | 23789 | 304286 |  |
|  Transamerica Inflation Opportunities | 25029935 | 3920167 | (9000000) | (204723) | (3068105) | 16677274 | 1757352 | 807574 | 112593 |
|  Transamerica Intermediate Bond | 64756133 | 152507370 | (14000000) | (729162) | (18464168) | 184070173 | 21991658 | 2015406 | 991964 |
|  Transamerica International Equity | 29737218 | 13055019 |  |  | (9185951) | 33606286 | 2064268 | 1055019 |  |
|  Transamerica International Focus | 24797462 | 1467450 | (18600000) | 3210393 | (9285607) | 1589698 | 227100 | 734585 | 732865 |
|  Transamerica International Small Cap Value | 3062706 | 3112630 |  |  | (1689165) | 4486171 | 397710 | 79997 | 32633 |
|  Transamerica International Stock | 17309681 | 5656784 | (10300000) | 1509020 | (4257942) | 9917543 | 1129561 | 484115 | 822669 |
|  Transamerica Large Cap Value | 45920374 | 12315618 | (15900000) | 134227 | (4728491) | 37741728 | 2930258 | 1315618 |  |
|  Transamerica Mid Cap Growth | 2533448 | 4007268 | (1100000) | (362394) | (1812300) | 3266022 | 465909 | 245507 | 461760 |
|  Transamerica Mid Cap Value | 4468534 | 735900 |  |  | (1011925) | 4192509 | 411030 | 57340 | 678560 |
|  Transamerica Mid Cap Value Opportunities | 3256771 | 290101 | (3300000) | 914122 | (1131679) | 29315 | 2653 | 113934 | 176167 |
|  Transamerica Short-Term Bond | 21138981 | 46179862 | (4000000) | (72766) | (2002541) | 61243536 | 6473947 | 582580 |  |
|  Transamerica Small Cap Growth | 8053837 | 1231517 | (4500000) | 299333 | (2533289) | 2551398 | 410853 | 86585 | 394932 |
|  Transamerica Small Cap Value | 8018509 | 2231529 | (5000000) | 582947 | (2988240) | 2844745 | 425860 | 1528280 | 703249 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Conservative Portfolio** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Sustainable Equity Income | $15260836 | $5881209 | $(3000000) | $(524469) | $(4588781) | $13028795 | 1902014 | $1936085 | $945124 |
|  Transamerica Total Return | 184324432 | 8198041 | (168560402) | (23400612) | (561459) |  |  | 3198041 |  |
|  Transamerica US Growth | 41970897 | 24424872 | (10000000) | (244844) | (18557864) | 37593061 | 1762450 | 527755 | 4097119 |
| **Total** | $**697584061** | $**321914923** | $**(409886723)** | $**(39903993)** | $**(112713314)** | $**456994954** | **48165368** | $**19129146** | $**22105799** |

---

(D) *Restricted security. At October 31, 2022, the value of such security held by the Fund is as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;13784 | $&nbsp;&nbsp;&nbsp;&nbsp;3617 | 0.0 %<sup>(A)</sup> |

---

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

(F) *Rate disclosed reflects the yield at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Growth Portfolio** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Over the fiscal year ended October 31, 2022, the dominant theme was a tightening of financial conditions brought on by the U.S. Federal Reserve ("Fed") as higher-than-expected Consumer Price Index reports further fueled inflationary pressures. While the U.S. labor market remained strong, investors had to process increasing concern that the Fed tightening, which typically affects the real economy on a delayed basis, may ultimately tip the economy into recession. Additionally, a host of geopolitical developments such as the Russia-Ukraine war and ensuing energy crisis in Europe, coupled with the continuation of a strict COVID-19 policy in China, further challenged the economic growth outlook. In summary, the fiscal year saw a deteriorating growth-inflation mix, tighter monetary policy, and significant fiscal policy uncertainties – a dangerous combination for financial markets. Against this backdrop, equity and bond markets posted huge declines during the fiscal year.

Global equities were broadly down over the fiscal year, with Japanese equities standing out as a relative outperformer. U.S. equities outperformed international developed markets (as measured by the S&P 500<sup>®</sup> and MSCI EAFE (unhedged) indices) and the U.S. dollar strengthened significantly against most foreign currencies. Within U.S. equities, growth underperformed value significantly and small cap equity generally underperformed large cap equity. Emerging markets equities was one of the worst performing asset classes, driven by continued lockdowns in China that weighed on Chinese equities. The energy sector was one of the few bright spots in equity markets, as higher oil prices drove higher earnings for energy related companies.

Within the bond markets, persistent high inflation and hawkish guidance from major central banks weighed on bond prices. As the Fed and other central banks moved aggressively to tighten monetary policy, bond markets posted negative total returns reflecting the magnitude of both delivered and anticipated rate hikes. Rising short-term rates and longer-term bond yields continued to weigh heavily on duration-sensitive assets. Higher perceived recession risks also undermined risk asset valuations, widening credit spreads.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation – Growth Portfolio (Class A) returned -22.39%, excluding any sales charges. By comparison, its benchmark, the MSCI World Index, returned -18.48%.

**STRATEGY REVIEW** 

The Fund is an equity focused fund-of-funds that seeks capital appreciation through its strategic allocation to equity asset classes.

Over the fiscal year ended October 31, 2022, the Transamerica Asset Allocation – Growth Portfolio posted negative returns and underperformed its MSCI World Index benchmark driven by underlying fund selection decisions and underlying fund performance.

The Fund's allocations were adjusted over the fiscal year, as the Portfolio Managers sought to de-risk the Fund versus its long-term allocation and capture shorter-term opportunities. Allocation changes to adjust the Fund from its long-term positioning had an overall positive effect, including decisions to take the Fund underweight equities versus its benchmark by increasing the cash allocation in the Fund. Shorter-term tactical allocations, including allocations to exchange-traded funds with exposure to master limited partnerships, the energy sector and the healthcare sector, were overall positive contributors to the Fund's performance.

Some off-benchmark equity allocations such as Transamerica Energy Infrastructure, significantly outperformed the equity portion of the Fund's benchmark, though Transamerica Emerging Markets Equity relatively underperformed largely due to continued uncertainty surrounding China's COVID-19 policy and the Russia-Ukraine war.

U.S. growth equity funds contributed negatively to security selection as those funds realized material underperformance versus their respective benchmarks, particularly Transamerica Capital Growth. Conversely, value-oriented funds within U.S. small and mid-cap equities, as well as value-oriented international equities outperformed their respective benchmarks partially offsetting growth underperformance.

The Fund held S&P 500<sup>®</sup> futures during the period, which detracted from return.

**Michael Carapucci** 

**Neill Nuttall** 

**Alexandra Wilson – Elizondo** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 10** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Growth Portfolio** 

------

**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 64.7% |
|  International Equity Funds | 28.3 |
|  Repurchase Agreement | 5.5 |
|  U.S. Mixed Allocation Fund | 1.5 |
|  International Alternative Fund | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | 0.0 \* |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

---

| | |
|:---|:---|
| *^* | *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.*  |

---

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 11** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Growth Portfolio** 

------

**(unaudited)**![LOGO](g402445g55e64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (26.65)% | 2.61% | 7.05% | 03/01/2002 |
|  Class A (NAV) | (22.39)% | 3.77% | 7.65% | 03/01/2002 |
|  MSCI World Index <sup>(A)</sup> | (18.48)% | 6.37% | 8.94% |  |
|  Class C (POP) | (23.72)% | 2.98% | 6.86% | 11/11/2002 |
|  Class C (NAV) | (23.00)% | 2.98% | 6.86% | 11/11/2002 |
|  Class I (NAV) | (22.01)% | 4.11% | 7.99% | 11/30/2009 |
|  Class R (NAV) | (22.64)% | 3.50% | 7.36% | 06/15/2006 |
|  Class R3 (NAV) | N/A | N/A | (12.70)%<sup>(B)</sup> | 03/01/2022 |

---

<sup>(A)</sup> *The MSCI World Index captures large and mid-cap representation across developed markets countries.* 

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

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, R and R3 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 12** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Growth Portfolio** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 1.7%** | **EXCHANGE-TRADED FUNDS - 1.7%** | **EXCHANGE-TRADED FUNDS - 1.7%** |
| **U.S. Equity Funds - 1.7%** | **U.S. Equity Funds - 1.7%** | **U.S. Equity Funds - 1.7%** |
|  Alerian MLP ETF | 23099 | $968079 |
|  Health Care Select Sector SPDR Fund | 10514 | 1395733 |
|  Vanguard S&P 500 ETF | 34266 | 12162717 |
|  **Total Exchange-Traded Funds <br>(Cost $15,272,539)** | **Total Exchange-Traded Funds <br>(Cost $15,272,539)** | 14526529 |
| **INVESTMENT COMPANIES - 92.8%** | **INVESTMENT COMPANIES - 92.8%** | **INVESTMENT COMPANIES - 92.8%** |
| **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** |
|  Transamerica Global Allocation Liquidating Trust <sup>(B) (C) (D) (E)</sup> | 874 | 2360 |
| **International Equity Funds - 28.3%** | **International Equity Funds - 28.3%** | **International Equity Funds - 28.3%** |
|  Transamerica Emerging Markets Opportunities <sup>(C)</sup> | 2782852 | 18366821 |
|  Transamerica International Equity <sup>(C)</sup> | 7508236 | 122234081 |
|  Transamerica International Focus <sup>(C)</sup> | 6254443 | 43781104 |
|  Transamerica International Small Cap Value <sup>(C)</sup> | 1061891 | 11978134 |
|  Transamerica International Stock <sup>(C)</sup> | 5258351 | 46168323 |
|  |  | 242528463 |
| **U.S. Equity Funds - 63.0%** | **U.S. Equity Funds - 63.0%** | **U.S. Equity Funds - 63.0%** |
|  Transamerica Capital Growth <sup>(C)</sup> | 907163 | 5515548 |
|  Transamerica Large Cap Value <sup>(C)</sup> | 17090843 | 220130056 |
|  Transamerica Mid Cap Growth <sup>(C)</sup> | 2775125 | 19453627 |
|  Transamerica Mid Cap Value <sup>(C)</sup> | 2406143 | 24542660 |
|  Transamerica Mid Cap Value Opportunities <sup>(C)</sup> | 6338 | 70038 |
|  Transamerica Small Cap Growth <sup>(C)</sup> | 971631 | 6033826 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Value <sup>(C)</sup> | 1018053 | $6800595 |
|  Transamerica Sustainable Equity Income <sup>(C)</sup> | 9554801 | 65450385 |
|  Transamerica US Growth <sup>(C)</sup> | 8989388 | 191743648 |
|  |  | 539740383 |
| **U.S. Mixed Allocation Fund - 1.5%** | **U.S. Mixed Allocation Fund - 1.5%** | **U.S. Mixed Allocation Fund - 1.5%** |
|  Transamerica Energy Infrastructure <sup>(C)</sup> | 1858135 | 13062692 |
|  **Total Investment Companies <br>(Cost $765,395,202)** | **Total Investment Companies <br>(Cost $765,395,202)** | 795333898 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.5%** | **REPURCHASE AGREEMENT - 5.5%** | **REPURCHASE AGREEMENT - 5.5%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(F)</sup>, dated 10/31/2022, to be repurchased at $47,314,339 on 11/01/2022. Collateralized by U.S. Government Obligations, 0.63% - 4.47%, due 04/15/2023 - 04/20/2023, and with a total value of $48,257,794. | $47311448 | 47311448 |
|  **Total Repurchase Agreement <br>(Cost $47,311,448)** | **Total Repurchase Agreement <br>(Cost $47,311,448)** | 47311448 |
|  **Total Investments <br>(Cost $827,979,189)** | **Total Investments <br>(Cost $827,979,189)** | 857171875 |
|  **Net Other Assets (Liabilities) - 0.0% <sup>(A)</sup>** | **Net Other Assets (Liabilities) - 0.0% <sup>(A)</sup>** | 61188 |
|  **Net Assets - 100.0%** |  | **$857233063** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | 75 | 12/16/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;15223442 | $&nbsp;&nbsp;&nbsp;&nbsp;14561250 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(662192) |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $14526529 | $— | $— | $14526529 |
|  Investment Companies | 795331538 |  |  | 795331538 |
|  Repurchase Agreement |  | 47311448 |  | 47311448 |
|  **Total** | $**809858067** | $**47311448** | $**—** | $**857169515** |
|  Investment Companies Measured at Net Asset Value <sup>(E)</sup> |  |  |  | 2360 |
|  **Total Investments** |  |  |  | $**857171875** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $(662192) | $— | $— | $(662192) |
|  **Total Other Financial Instruments** | $**(662192)** | $**—** | $**—** | $**(662192)** |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 13** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Growth Portfolio** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *Non-income producing security.* 

(C) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Capital Growth | $152469240 | $50353958 | $(97000000) | $(22358882) | $(77948768) | $5515548 | 907163 | $271409 | $50082549 |
|  Transamerica Emerging Markets Opportunities | 67512530 | 6753538 | (35000000) | (1445325) | (19453922) | 18366821 | 2782852 | 5048018 | 1705520 |
|  Transamerica Energy Infrastructure | 45653179 | 1885583 | (35749999) | 7393534 | (6119605) | 13062692 | 1858135 | 1098684 |  |
|  Transamerica Global Allocation Liquidating Trust | 2041 |  |  |  | 319 | 2360 | 874 |  |  |
|  Transamerica International Equity | 150187493 | 26328361 | (13800000) | (1813225) | (38668548) | 122234081 | 7508236 | 5328361 |  |
|  Transamerica International Focus | 127292467 | 17532838 | (64725000) | (6798522) | (29520679) | 43781104 | 6254443 | 3770835 | 3762003 |
|  Transamerica International Small Cap Value | 27315870 | 1004535 | (10000000) | 2331871 | (8674142) | 11978134 | 1061891 | 713489 | 291046 |
|  Transamerica International Stock | 27592048 | 28855178 |  |  | (10278903) | 46168323 | 5258351 | 835459 | 1419719 |
|  Transamerica Large Cap Value | 233754982 | 56349556 | (44800000) | (3978768) | (21195714) | 220130056 | 17090843 | 5215497 |  |
|  Transamerica Mid Cap Growth | 8424670 | 25951932 | (5700000) | (1305662) | (7917313) | 19453627 | 2775125 | 816403 | 1535529 |
|  Transamerica Mid Cap Value | 39989252 | 5925372 | (14000000) | 1757104 | (9129068) | 24542660 | 2406143 | 461688 | 5463684 |
|  Transamerica Mid Cap Value Opportunities | 9749944 | 2201632 | (9950000) | 1235673 | (3167211) | 70038 | 6338 | 864666 | 1336966 |
|  Transamerica Small Cap Growth | 15754660 | 2128299 | (7600000) | 1112920 | (5362053) | 6033826 | 971631 | 166923 | 761376 |
|  Transamerica Small Cap Value | 15345225 | 4156421 | (8000000) | 859937 | (5560988) | 6800595 | 1018053 | 2846557 | 1309864 |
|  Transamerica Sustainable Equity Income | 73421354 | 21672355 | (6000000) | (1182200) | (22461124) | 65450385 | 9554801 | 8569151 | 4103204 |
|  Transamerica US Growth | 220194616 | 83274094 | (12000000) | (1473852) | (98251210) | 191743648 | 8989388 | 2906907 | 22567187 |
| **Total** | $**1214659571** | $**334373652** | $**(364324999)** | $**(25665397)** | $**(363708929)** | $**795333898** | **68444267** | $**38914047** | $**94338647** |

---

(D) *Restricted security. At October 31, 2022, the value of such security held by the Fund is as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;8994 | $&nbsp;&nbsp;&nbsp;&nbsp;2360 | 0.0 %<sup>(A)</sup> |

---

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

(F) *Rate disclosed reflects the yield at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

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**Page 14** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Moderate Growth Portfolio** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Over the fiscal year ended October 31, 2022, the dominant theme was a tightening of financial conditions brought on by the U.S. Federal Reserve ("Fed") as higher-than-expected Consumer Price Index reports further fueled inflationary pressures. While the U.S. labor market remained strong, investors had to process increasing concern that the Fed tightening, which typically affects the real economy on a delayed basis, may ultimately tip the economy into recession. Additionally, a host of geopolitical developments such as the Russia-Ukraine war and ensuing energy crisis in Europe, coupled with the continuation of a strict COVID-19 policy in China, further challenged the economic growth outlook. In summary, the fiscal year saw a deteriorating growth-inflation mix, tighter monetary policy, and significant fiscal policy uncertainties – a dangerous combination for financial markets. Against this backdrop, equity and bond markets posted huge declines during the fiscal year.

Global equities were broadly down over the fiscal year, with Japanese equities standing out as a relative outperformer. U.S. equities outperformed international developed markets (as measured by the S&P 500<sup>®</sup> and MSCI EAFE (unhedged) indices) and the U.S. dollar strengthened significantly against most foreign currencies. Within U.S. equities, growth underperformed value significantly and small cap equity generally underperformed large cap equity. Emerging markets equities was one of the worst performing asset classes, driven by continued lockdowns in China that weighed on Chinese equities. The energy sector was one of the few bright spots in equity markets, as higher oil prices drove higher earnings for energy related companies.

Within the bond markets, persistent high inflation and hawkish guidance from major central banks weighed on bond prices. As the Fed and other central banks moved aggressively to tighten monetary policy, bond markets posted negative total returns reflecting the magnitude of both delivered and anticipated rate hikes. Rising short-term rates and longer-term bond yields continued to weigh heavily on duration-sensitive assets. Higher perceived recession risks also undermined risk asset valuations, widening credit spreads.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation – Moderate Growth Portfolio (Class A) returned -20.18%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCI World Index and the Transamerica Asset Allocation – Moderate Growth Portfolio Blended Benchmark, returned -18.48% and -17.41%, respectively.

**STRATEGY REVIEW** 

The Fund is a multi-asset fund-of-funds that seeks capital appreciation with current income as a secondary objective through its strategic allocation to both equity and fixed income asset classes.

Over the fiscal year ended October 31, 2022, the Transamerica Asset Allocation – Moderate Growth Portfolio posted negative returns and underperformed its blended secondary benchmark (consisting of 30% Bloomberg US Aggregate Bond Index, 70% MSCI World Index) driven by underlying fund selection decisions and underlying fund performance. The Fund also underperformed its primary benchmark of the MSCI World Index.

The Fund's allocations were adjusted over the fiscal year, as the Portfolio Managers sought to de-risk the Fund versus its long-term allocation and capture shorter-term opportunities. Allocation changes to adjust the Fund from its long-term positioning had an overall positive effect, including decisions to take the Fund underweight equities versus its blended benchmark and reduce overall duration by increasing cash and short duration fixed income allocations. Riskier fixed income investments were reduced, including the reduction and eventual removal of investments in Transamerica High Yield Bond, Transamerica Emerging Market Debt and Transamerica Floating Rate. Shorter-term tactical allocations, including allocations to exchange-traded funds with exposure to master limited partnerships, the energy sector and the healthcare sector, were overall positive contributors to the Fund's performance.

The Fund benefited from reductions in overall equity exposure over the fiscal year as equities drove the negative returns while fixed income and cash performed relatively better. Some off-benchmark equity allocations, such as Transamerica Energy Infrastructure, significantly outperformed the equity portion of the Fund's blended benchmark, though Transamerica Emerging Markets Equity relatively underperformed largely due to continued uncertainty surrounding China's COVID-19 policy and the Russia-Ukraine war. Fixed income investments also overall performed negatively, though the Fund benefited from an increased allocation to short-term bonds and cash.

U.S. growth equity funds contributed negatively to security selection as those funds realized material underperformance versus their respective benchmarks, particularly Transamerica Capital Growth. Conversely, value-oriented funds within U.S. small and mid-cap equities, as well as value-oriented international equities outperformed their respective benchmarks partially offsetting growth underperformance. Fixed income funds overall performed about in line with their respective benchmarks.

The Fund held S&P 500<sup>®</sup> and 10-Year U.S. Treasury futures during the period, which detracted from return.

**Michael Carapucci** 

**Neill Nuttall** 

**Alexandra Wilson – Elizondo** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Moderate Growth Portfolio** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 46.0% |
|  U.S. Fixed Income Funds | 20.3 |
|  International Equity Funds | 20.0 |
|  Repurchase Agreement | 10.6 |
|  International Fixed Income Fund | 2.0 |
|  U.S. Mixed Allocation Fund | 1.1 |
|  International Alternative Fund | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | 0.0 \* |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

---

| | |
|:---|:---|
| *^* | *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.*  |

---

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**Page 16** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Moderate Growth Portfolio** 

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**(unaudited)**![LOGO](g402445g13v57.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (24.59)% | 1.79% | 5.46% | 03/01/2002 |
|  Class A (NAV) | (20.18)% | 2.95% | 6.06% | 03/01/2002 |
|  MSCI World Index <sup>(A)</sup> | (18.48)% | 6.37% | 8.94% |  |
|  Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark <sup>(A)(B)(C)</sup> | (17.41)% | 5.00% | 7.45% |  |
|  Class C (POP) | (21.55)% | 2.16% | 5.27% | 11/11/2002 |
|  Class C (NAV) | (20.81)% | 2.16% | 5.27% | 11/11/2002 |
|  Class I (NAV) | (19.78)% | 3.28% | 6.37% | 11/30/2009 |
|  Class R (NAV) | (20.34)% | 2.68% | 5.79% | 06/15/2006 |
|  Class R3 (NAV) | N/A | N/A | (12.36)%<sup>(D)</sup> | 03/01/2022 |

---

<sup>(A)</sup> *The MSCI World Index captures large and mid-cap representation across developed markets countries.* 

<sup>(B)</sup> *The Transamerica Asset Allocation - Moderate Growth Portfolio Blended Benchmark is composed of the following benchmarks: 70% MSCI World Index and 30% Bloomberg US Aggregate Bond Index.* 

<sup>(C)</sup> *The 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.* 

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

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, R and R3 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 17** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Moderate Growth Portfolio** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 2.3%** | **EXCHANGE-TRADED FUNDS - 2.3%** | **EXCHANGE-TRADED FUNDS - 2.3%** |
| **U.S. Equity Funds - 2.3%** | **U.S. Equity Funds - 2.3%** | **U.S. Equity Funds - 2.3%** |
|  Alerian MLP ETF | 34453 | $1443925 |
|  Health Care Select Sector SPDR Fund | 17273 | 2292991 |
|  Vanguard S&P 500 ETF | 56778 | 20153351 |
|  Vanguard Short-Term Treasury ETF | 144103 | 8306097 |
|  **Total Exchange-Traded Funds <br>(Cost $31,664,693)** | **Total Exchange-Traded Funds <br>(Cost $31,664,693)** | 32196364 |
| **INVESTMENT COMPANIES - 87.1%** | **INVESTMENT COMPANIES - 87.1%** | **INVESTMENT COMPANIES - 87.1%** |
| **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** |
|  Transamerica Global Allocation Liquidating Trust <sup>(B) (C) (D) (E)</sup> | 5843 | 15776 |
| **International Equity Funds - 20.0%** | **International Equity Funds - 20.0%** | **International Equity Funds - 20.0%** |
|  Transamerica Emerging Markets Opportunities <sup>(B)</sup> | 2712052 | 17899546 |
|  Transamerica International Equity <sup>(B)</sup> | 9104936 | 148228360 |
|  Transamerica International Focus <sup>(B)</sup> | 6390310 | 44732168 |
|  Transamerica International Small Cap Value <sup>(B)</sup> | 1205569 | 13598815 |
|  Transamerica International Stock <sup>(B)</sup> | 6381370 | 56028433 |
|  |  | 280487322 |
| **International Fixed Income Fund - 2.0%** | **International Fixed Income Fund - 2.0%** | **International Fixed Income Fund - 2.0%** |
|  Transamerica Inflation Opportunities <sup>(B)</sup> | 3005912 | 28526108 |
| **U.S. Equity Funds - 43.7%** | **U.S. Equity Funds - 43.7%** | **U.S. Equity Funds - 43.7%** |
|  Transamerica Capital Growth <sup>(B)</sup> | 1787301 | 10866788 |
|  Transamerica Large Cap Value <sup>(B)</sup> | 18979085 | 244450610 |
|  Transamerica Mid Cap Growth <sup>(B)</sup> | 3339287 | 23408401 |
|  Transamerica Mid Cap Value <sup>(B)</sup> | 2984970 | 30446695 |
|  Transamerica Mid Cap Value Opportunities <sup>(B)</sup> | 4352 | 48088 |
|  Transamerica Small Cap Growth <sup>(B)</sup> | 1123629 | 6977733 |
|  Transamerica Small Cap Value <sup>(B)</sup> | 1418597 | 9476231 |
|  Transamerica Sustainable Equity Income <sup>(B)</sup> | 11576182 | 79296844 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica US Growth <sup>(B)</sup> | 9734072 | $207627757 |
|  |  | 612599147 |
| **U.S. Fixed Income Funds - 20.3%** | **U.S. Fixed Income Funds - 20.3%** | **U.S. Fixed Income Funds - 20.3%** |
|  Transamerica Bond <sup>(B)</sup> | 2847416 | 22209845 |
|  Transamerica High Yield Bond <sup>(B)</sup> | 35575 | 276061 |
|  Transamerica Intermediate Bond <sup>(B)</sup> | 16671426 | 139539833 |
|  Transamerica Short-Term Bond <sup>(B)</sup> | 12903952 | 122071389 |
|  |  | 284097128 |
|  **U.S. Mixed Allocation Fund - 1.1%** | **U.S. Mixed Allocation Fund - 1.1%** | **U.S. Mixed Allocation Fund - 1.1%** |
|  Transamerica Energy Infrastructure <sup>(B)</sup> | 2169036 | 15248321 |
|  **Total Investment Companies <br>(Cost $1,188,817,907)** | **Total Investment Companies <br>(Cost $1,188,817,907)** | 1220973802 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 10.6%** | **REPURCHASE AGREEMENT - 10.6%** | **REPURCHASE AGREEMENT - 10.6%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(F)</sup>, dated 10/31/2022, to be repurchased at $148,793,448 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $151,764,728. | $148788901 | 148788901 |
|  **Total Repurchase Agreement <br>(Cost $148,788,901)** | **Total Repurchase Agreement <br>(Cost $148,788,901)** | 148788901 |
|  **Total Investments <br>(Cost $1,369,271,501)** | **Total Investments <br>(Cost $1,369,271,501)** | 1401959067 |
|  **Net Other Assets (Liabilities) - 0.0% <sup>(A)</sup>** | **Net Other Assets (Liabilities) - 0.0% <sup>(A)</sup>** | 672935 |
|  **Net Assets - 100.0%** |  | **$1402632002** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year U.S. Treasury Notes | 703 | 12/20/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;81223411 | $&nbsp;&nbsp;&nbsp;&nbsp;77747406 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(3476005) |
|  S&P 500<sup>®</sup> E-Mini Index | 133 | 12/16/2022 | 26999244 | 25821950 |  | (1177294) |
|  **Total Futures Contracts** |  |  |  |  | $**—** | $**(4653299)** |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 18** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation – Moderate Growth Portfolio** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $32196364 | $— | $— | $32196364 |
|  Investment Companies | 1220958026 |  |  | 1220958026 |
|  Repurchase Agreement |  | 148788901 |  | 148788901 |
|  **Total** | $**1253154390** | $**148788901** | $**—** | $**1401943291** |
|  Investment Companies Measured at Net Asset Value <sup>(D)</sup> |  |  |  | 15776 |
|  **Total Investments** |  |  |  | $**1401959067** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $(4653299) | $— | $— | $(4653299) |
|  **Total Other Financial Instruments** | $**(4653299)** | $**—** | $**—** | $**(4653299)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $60932853 | $6663730 | $(36000000) | $(4959477) | $(4427261) | $22209845 | 2847416 | $1349443 | $314259 |
|  Transamerica Capital Growth | 183646849 | 64017426 | (107000000) | (34146050) | (95651437) | 10866788 | 1787301 | 345055 | 63672371 |
|  Transamerica Core Bond | 74700428 | 1431444 | (68390103) | (7462314) | (279455) |  |  | 1104321 | 327123 |
|  Transamerica Emerging Markets Debt | 67976211 | 1799697 | (58505656) | (9740359) | (1529893) |  |  | 1799698 |  |
|  Transamerica Emerging Markets Opportunities | 72421610 | 5459461 | (38400000) | (1522159) | (20059366) | 17899546 | 2712052 | 4080744 | 1378717 |
|  Transamerica Energy Infrastructure | 58994061 | 2551298 | (47800001) | 10345080 | (8842117) | 15248321 | 2169036 | 1357322 |  |
|  Transamerica Floating Rate |  | 23273049 | (22292326) | (980723) |  |  |  | 273049 |  |
|  Transamerica Global Allocation Liquidating Trust | 13641 |  |  |  | 2135 | 15776 | 5843 |  |  |
|  Transamerica High Yield Bond | 19971045 | 12746038 | (28600000) | (2881183) | (959839) | 276061 | 35575 | 746011 |  |
|  Transamerica Inflation Opportunities | 28886378 | 18514848 | (13300000) | (607554) | (4967564) | 28526108 | 3005912 | 1330781 | 184067 |
|  Transamerica Intermediate Bond | 88556316 | 93271076 | (22000000) | (2036217) | (18251342) | 139539833 | 16671426 | 2227966 | 1343111 |
|  Transamerica International Equity | 186378310 | 37612341 | (27000000) | (1173843) | (47588448) | 148228360 | 9104936 | 6612341 |  |
|  Transamerica International Focus | 159061684 | 9412857 | (80825000) | (5769753) | (37147620) | 44732168 | 6390310 | 4711946 | 4700911 |

---

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

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**Page 19** 

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**Transamerica Asset Allocation – Moderate Growth Portfolio** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica International Small Cap Value | $25323385 | $931263 | $(6000000) | $1279286 | $(7935119) | $13598815 | 1205569 | $661446 | $269817 |
|  Transamerica International Stock | 54069348 | 21319244 | (5000000) | 624155 | (14984314) | 56028433 | 6381370 | 1637164 | 2782081 |
|  Transamerica Large Cap Value | 266374532 | 77932449 | (72000000) | 1768109 | (29624480) | 244450610 | 18979085 | 5742218 |  |
|  Transamerica Mid Cap Growth | 14849573 | 26345585 | (4400000) | (1581631) | (11805126) | 23408401 | 3339287 | 1439017 | 2706568 |
|  Transamerica Mid Cap Value | 45219214 | 7446931 | (13000000) | 1293436 | (10512886) | 30446695 | 2984970 | 580244 | 6866687 |
|  Transamerica Mid Cap Value Opportunities | 11861053 | 1954713 | (12100000) | 2511022 | (4178700) | 48088 | 4352 | 767691 | 1187022 |
|  Transamerica Short-Term Bond | 16230730 | 111822411 | (3000000) | (19712) | (2962040) | 122071389 | 12903952 | 930773 |  |
|  Transamerica Small Cap Growth | 22270339 | 3454840 | (13200001) | 2399210 | (7946655) | 6977733 | 1123629 | 207660 | 947180 |
|  Transamerica Small Cap Value | 22160814 | 5413867 | (12000000) | 2894879 | (8993329) | 9476231 | 1418597 | 3707729 | 1706138 |
|  Transamerica Sustainable Equity Income | 90414518 | 20206358 | (3000000) | (542351) | (27781681) | 79296844 | 11576182 | 10279203 | 4927154 |
|  Transamerica Total Return | 173323268 | 2991490 | (153907042) | (19646819) | (2760897) |  |  | 2991490 |  |
|  Transamerica US Growth | 227854231 | 128252787 | (46000000) | (923314) | (101555947) | 207627757 | 9734072 | 2915887 | 22636900 |
| **Total** | $**1971490391** | $**684825203** | $**(893720129)** | $**(70878282)** | $**(470743381)** | $**1220973802** | **114380872** | $**57799199** | $**115950106** |

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(C) *Non-income producing security.* 

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

(E) *Restricted security. At October 31, 2022, the value of such security held by the Fund is as follows:* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;60118 | $&nbsp;&nbsp;&nbsp;&nbsp;15776 | 0.0 %<sup>(A)</sup> |

---

(F) *Rate disclosed reflects the yield at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

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**Page 20** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Over the fiscal year ended October 31, 2022, the dominant theme was a tightening of financial conditions brought on by the U.S. Federal Reserve ("Fed") as higher-than-expected Consumer Price Index reports further fueled inflationary pressures. While the U.S. labor market remained strong, investors had to process increasing concern that the Fed tightening, which typically affects the real economy on a delayed basis, may ultimately tip the economy into recession. Additionally, a host of geopolitical developments such as the Russia-Ukraine war and ensuing energy crisis in Europe, coupled with the continuation of a strict COVID-19 policy in China, further challenged the economic growth outlook. In summary, the fiscal year saw a deteriorating growth-inflation mix, tighter monetary policy, and significant fiscal policy uncertainties – a dangerous combination for financial markets. Against this backdrop, equity and bond markets posted huge declines during the fiscal year.

Global equities were broadly down over the fiscal year, with Japanese equities standing out as a relative outperformer. U.S. equities outperformed international developed markets (as measured by the S&P 500<sup>®</sup> and MSCI EAFE (unhedged) indices) and the U.S. dollar strengthened significantly against most foreign currencies. Within U.S. equities, growth underperformed value significantly and small cap equity generally underperformed large cap equity. Emerging markets equities was one of the worst performing asset classes, driven by continued lockdowns in China that weighed on Chinese equities. The energy sector was one of the few bright spots in equity markets, as higher oil prices drove higher earnings for energy related companies.

Within the bond markets, persistent high inflation and hawkish guidance from major central banks weighed on bond prices. As the Fed and other central banks moved aggressively to tighten monetary policy, bond markets posted negative total returns reflecting the magnitude of both delivered and anticipated rate hikes. Rising short-term rates and longer-term bond yields continued to weigh heavily on duration-sensitive assets. Higher perceived recession risks also undermined risk asset valuations, widening credit spreads.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation – Moderate Portfolio (Class A) returned -18.65%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCI World Index and the Transamerica Asset Allocation – Moderate Portfolio Blended Benchmark, returned -18.48% and -16.81%, respectively.

**STRATEGY REVIEW** 

The Fund is a multi-asset fund-of-funds that seeks capital appreciation and current income through its strategic allocation to both equity and fixed income asset classes.

Over the fiscal year ended October 31, 2022, the Transamerica Asset Allocation – Moderate Portfolio posted negative returns and underperformed its blended secondary benchmark (consisting of 50% Bloomberg US Aggregate Bond Index, 50% MSCI World Index) driven by underlying fund selection decisions and underlying fund performance. The Fund (except Class I shares) underperformed its primary benchmark of the MSCI World Index.

The Fund's allocations were adjusted over the fiscal year, as the Portfolio Managers sought to de-risk the Fund versus its long-term allocation and capture shorter-term opportunities. Allocation changes to adjust the Fund from its long-term positioning had an overall positive effect, including decisions to take the Fund underweight equities versus its blended benchmark and reduce overall duration by increasing cash and short duration fixed income allocations. Riskier fixed income investments were reduced, including the reduction and eventual removal of investments in Transamerica High Yield Bond, Transamerica Emerging Market Debt and Transamerica Floating Rate. Shorter-term tactical allocations, including allocations to exchange-traded fund with exposure to master limited partnerships, the energy sector and the healthcare sector, were overall positive contributors to the Fund's performance.

The Fund benefited from reductions in overall equity exposure over the fiscal year as equities drove the negative returns while fixed income and cash performed relatively better. Some off-benchmark equity allocations, such as Transamerica Energy Infrastructure, significantly outperformed the equity portion of the Fund's blended benchmark, though Transamerica Emerging Markets Equity relatively underperformed largely due to continued uncertainty surrounding China's COVID-19 policy and the Russia-Ukraine war. Fixed income investments also overall performed negatively, though the Fund benefited from an increased allocation to short-term bonds and cash.

U.S. growth equity funds contributed negatively to security selection as those funds realized material underperformance versus their respective benchmarks, particularly Transamerica Capital Growth. Conversely, value-oriented funds within U.S. small and mid-cap equities, as well as value-oriented international equities outperformed their respective benchmarks partially offsetting growth underperformance. Fixed income funds overall performed about in line with their respective benchmarks.

The Fund held S&P 500<sup>®</sup> and 10-Year U.S. Treasury futures during the period, which detracted from return.

**Michael Carapucci** 

**Neill Nuttall** 

**Alexandra Wilson – Elizondo** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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**Page 21** 

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**Transamerica Asset Allocation – Moderate Portfolio** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 39.4% |
|  U.S. Equity Funds | 32.1 |
|  International Equity Funds | 14.7 |
|  Repurchase Agreement | 8.9 |
|  International Fixed Income Fund | 3.7 |
|  U.S. Mixed Allocation Fund | 1.1 |
|  International Alternative Fund | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | 0.1 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

---

| | |
|:---|:---|
| *^* | *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.*  |

---

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**Page 22** 

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**(unaudited)**![LOGO](g402445g22o86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (23.10)% | 0.92% | 3.95% | 03/01/2002 |
|  Class A (NAV) | (18.65)% | 2.06% | 4.54% | 03/01/2002 |
|  MSCI World Index <sup>(A)</sup> | (18.48)% | 6.37% | 8.94% |  |
|  Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark <sup>(A)(B)(C)</sup> | (16.81)% | 3.53% | 5.59% |  |
|  Class C (POP) | (19.98)% | 1.28% | 3.77% | 11/11/2002 |
|  Class C (NAV) | (19.23)% | 1.28% | 3.77% | 11/11/2002 |
|  Class I (NAV) | (18.24)% | 2.37% | 4.83% | 11/30/2009 |
|  Class R (NAV) | (18.78)% | 1.83% | 4.30% | 06/15/2006 |
|  Class R3 (NAV) | N/A | N/A | (12.49)%<sup>(D)</sup> | 03/01/2022 |

---

<sup>(A)</sup> *The MSCI World Index captures large and mid-cap representation across developed markets countries.* 

<sup>(B)</sup> *The Transamerica Asset Allocation - Moderate Portfolio Blended Benchmark is composed of the following benchmarks: 50% Bloomberg US Aggregate Bond Index and 50% MSCI World Index.* 

<sup>(C)</sup> *The 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.* 

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

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge (1% in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, R and R3 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds, including fixed income investing. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Investments in small-and medium-sized companies present additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

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**Page 23** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 1.8%** | **EXCHANGE-TRADED FUNDS - 1.8%** | **EXCHANGE-TRADED FUNDS - 1.8%** |
| **U.S. Equity Funds - 1.8%** | **U.S. Equity Funds - 1.8%** | **U.S. Equity Funds - 1.8%** |
|  Alerian MLP ETF | 24636 | $1032495 |
|  Health Care Select Sector SPDR Fund | 11265 | 1495429 |
|  Vanguard S&P 500 ETF | 24395 | 8659005 |
|  Vanguard Short-Term Treasury ETF | 94279 | 5434241 |
|  **Total Exchange-Traded Funds <br>(Cost $16,501,592)** | **Total Exchange-Traded Funds <br>(Cost $16,501,592)** | 16621170 |
| **INVESTMENT COMPANIES - 89.2%** | **INVESTMENT COMPANIES - 89.2%** | **INVESTMENT COMPANIES - 89.2%** |
| **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** |
|  Transamerica Global Allocation Liquidating Trust <sup>(B) (C) (D) (E)</sup> | 3627 | 9793 |
| **International Equity Funds - 14.7%** | **International Equity Funds - 14.7%** | **International Equity Funds - 14.7%** |
|  Transamerica Emerging Markets Opportunities <sup>(C)</sup> | 1281407 | 8457284 |
|  Transamerica International Equity <sup>(C)</sup> | 4676231 | 76129037 |
|  Transamerica International Focus <sup>(C)</sup> | 2180156 | 15261092 |
|  Transamerica International Small Cap Value <sup>(C)</sup> | 827835 | 9337983 |
|  Transamerica International Stock <sup>(C)</sup> | 2913566 | 25581106 |
|  |  | 134766502 |
| **International Fixed Income Fund - 3.7%** | **International Fixed Income Fund - 3.7%** | **International Fixed Income Fund - 3.7%** |
|  Transamerica Inflation Opportunities <sup>(C)</sup> | 3571779 | 33896179 |
| **U.S. Equity Funds - 30.3%** | **U.S. Equity Funds - 30.3%** | **U.S. Equity Funds - 30.3%** |
|  Transamerica Capital Growth <sup>(C)</sup> | 576078 | 3502554 |
|  Transamerica Large Cap Value <sup>(C)</sup> | 7912793 | 101916768 |
|  Transamerica Mid Cap Growth <sup>(C)</sup> | 1610032 | 11286322 |
|  Transamerica Mid Cap Value <sup>(C)</sup> | 1356593 | 13837252 |
|  Transamerica Mid Cap Value Opportunities <sup>(C)</sup> | 985 | 10881 |
|  Transamerica Small Cap Growth <sup>(C)</sup> | 740161 | 4596398 |
|  Transamerica Small Cap Value <sup>(C)</sup> | 1149837 | 7680909 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Sustainable Equity Income <sup>(C)</sup> | 5141296 | $35217874 |
|  Transamerica US Growth <sup>(C)</sup> | 4670094 | 99613099 |
|  |  | 277662057 |
| **U.S. Fixed Income Funds - 39.4%** | **U.S. Fixed Income Funds - 39.4%** | **U.S. Fixed Income Funds - 39.4%** |
|  Transamerica Bond <sup>(C)</sup> | 6546379 | 51061754 |
|  Transamerica High Yield Bond <sup>(C)</sup> | 32511 | 252282 |
|  Transamerica Intermediate Bond <sup>(C)</sup> | 24561047 | 205575966 |
|  Transamerica Short-Term Bond <sup>(C)</sup> | 11040896 | 104446876 |
|  |  | 361336878 |
| **U.S. Mixed Allocation Fund - 1.1%** | **U.S. Mixed Allocation Fund - 1.1%** | **U.S. Mixed Allocation Fund - 1.1%** |
|  Transamerica Energy Infrastructure <sup>(C)</sup> | 1413998 | 9940403 |
|  **Total Investment Companies <br>(Cost $818,055,254)** | **Total Investment Companies <br>(Cost $818,055,254)** | 817611812 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 8.9%** | **REPURCHASE AGREEMENT - 8.9%** | **REPURCHASE AGREEMENT - 8.9%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(F)</sup>, dated 10/31/2022, to be repurchased at $81,999,045 on 11/01/2022. Collateralized by a U.S. Government Obligation, 0.63%, due 04/15/2023, and with a value of $83,636,569. | $81996540 | 81996540 |
|  **Total Repurchase Agreement <br>(Cost $81,996,540)** | **Total Repurchase Agreement <br>(Cost $81,996,540)** | 81996540 |
|  **Total Investments <br>(Cost $916,553,386)** | **Total Investments <br>(Cost $916,553,386)** | 916229522 |
|  **Net Other Assets (Liabilities) - 0.1%** |  | 612437 |
|  **Net Assets - 100.0%** |  | **$916841959** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year U.S. Treasury Notes | 411 | 12/20/2022 | $47410712 | $45454031 | $— | $(1956681) |
|  S&P 500<sup>®</sup> E-Mini Index | 97 | 12/16/2022 | 19735855 | 18832550 |  | (903305) |
|  **Total Futures Contracts** |  |  |  |  | $**—** | $**(2859986)** |

---

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

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**Page 24** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $16621170 | $— | $— | $16621170 |
|  Investment Companies | 817602019 |  |  | 817602019 |
|  Repurchase Agreement |  | 81996540 |  | 81996540 |
|  **Total** | $**834223189** | $**81996540** | $**—** | $**916219729** |
|  Investment Companies Measured at Net Asset Value <sup>(E)</sup> |  |  |  | 9793 |
|  **Total Investments** |  |  |  | $**916229522** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $(2859986) | $— | $— | $(2859986) |
|  **Total Other Financial Instruments** | $**(2859986)** | $**—** | $**—** | $**(2859986)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *Non-income producing security.* 

(C) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's transactions and earnings are as follows:* 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $95422958 | $8679185 | $(38200000) | $(3963234) | $(10877155) | $51061754 | 6546379 | $2217941 | $461202 |
|  Transamerica Capital Growth | 78543800 | 27379571 | (49000000) | (9512451) | (43908366) | 3502554 | 576078 | 147577 | 27231994 |
|  Transamerica Core Bond | 89630490 | 1777824 | (81798434) | (9734136) | 124256 |  |  | 1385321 | 392503 |
|  Transamerica Emerging Markets Debt | 45793570 | 1196855 | (39637326) | (5838584) | (1514515) |  |  | 1196855 |  |
|  Transamerica Emerging Markets Opportunities | 40522043 | 2793469 | (23400000) | (1084047) | (10374181) | 8457284 | 1281407 | 2088014 | 705455 |
|  Transamerica Energy Infrastructure | 28895933 | 1805154 | (21699999) | 4792508 | (3853193) | 9940403 | 1413998 | 764046 |  |
|  Transamerica Floating Rate |  | 15179053 | (14539228) | (639825) |  |  |  | 179053 |  |
|  Transamerica Global Allocation Liquidating Trust | 8468 |  |  |  | 1325 | 9793 | 3627 |  |  |
|  Transamerica High Yield Bond | 14423533 | 8528313 | (20000000) | (1999081) | (700483) | 252282 | 32511 | 528295 |  |
|  Transamerica Inflation Opportunities | 35889529 | 13711715 | (9300000) | (441864) | (5963201) | 33896179 | 3571779 | 1519492 | 192223 |
|  Transamerica Intermediate Bond | 95228765 | 168475886 | (35000000) | (1882980) | (21245705) | 205575966 | 24561047 | 2425868 | 1450018 |
|  Transamerica International Equity | 86925174 | 25083936 | (12500000) | 129236 | (23509309) | 76129037 | 4676231 | 3083936 |  |
|  Transamerica International Focus | 70859179 | 8726322 | (46675000) | 3254126 | (20903535) | 15261092 | 2180156 | 1865345 | 1860977 |
|  Transamerica International Small Cap Value | 13010780 | 478469 |  |  | (4151266) | 9337983 | 827835 | 339841 | 138628 |

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

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**Page 25** 

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**Transamerica Asset Allocation – Moderate Portfolio** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica International Stock | $30853030 | $11471707 | $(10000000) | $1349588 | $(8093219) | $25581106 | 2913566 | $934197 | $1587510 |
|  Transamerica Large Cap Value | 115462693 | 32900906 | (34000000) | (874015) | (11572816) | 101916768 | 7912793 | 3234240 |  |
|  Transamerica Mid Cap Growth | 9946549 | 12432781 | (4800000) | 361553 | (6654561) | 11286322 | 1610032 | 670906 | 1261874 |
|  Transamerica Mid Cap Value | 23096559 | 3803660 | (8500000) | 1847162 | (6410129) | 13837252 | 1356593 | 296372 | 3507288 |
|  Transamerica Mid Cap Value Opportunities | 1567496 | 353956 | (1600000) | 406718 | (717289) | 10881 | 985 | 139012 | 214944 |
|  Transamerica Short-Term Bond | 42343216 | 76860102 | (11000001) | (172605) | (3583836) | 104446876 | 11040896 | 1065225 |  |
|  Transamerica Small Cap Growth | 14943259 | 2348465 | (8700000) | 1030561 | (5025887) | 4596398 | 740161 | 152568 | 695897 |
|  Transamerica Small Cap Value | 14283786 | 3685939 | (6000000) | 2558313 | (6847129) | 7680909 | 1149837 | 2524344 | 1161595 |
|  Transamerica Sustainable Equity Income | 42083423 | 13161975 | (7000000) | (395089) | (12632435) | 35217874 | 5141296 | 3885031 | 2332708 |
|  Transamerica Total Return | 202812013 | 11772762 | (185968557) | (24209307) | (4406911) |  |  | 3772762 |  |
|  Transamerica US Growth | 116501131 | 58285807 | (24700000) | (465291) | (50008548) | 99613099 | 4670094 | 1459017 | 11326789 |
| **Total** | $**1309047377** | $**510893812** | $**(694018545)** | $**(45482744)** | $**(262828088)** | $**817611812** | **82207301** | $**35875258** | $**54521605** |

---

(D) *Restricted security. At October 31, 2022, the value of such security held by the Fund is as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $37318 | $9793 | 0.0 %<sup>(A)</sup> |

---

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

(F) *Rate disclosed reflects the yield at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 26** 

------

##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Intermediate Horizon** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022, began with the S&P 500<sup>®</sup> Index reaching all-time highs, fueled by an accommodative U.S. Federal Reserve ("Fed"), strong corporate earnings growth and the growing sense that the economic impacts of the COVID-19 crisis were continuing to moderate. One impact of both the COVID-19 crisis and Fed policy was inflation, which had been percolating higher throughout 2021. Markets remained unconcerned, dismissing it as transitory.

As the calendar turned to 2022, however, investor sentiment flipped, and rising inflation – of only marginal concern previously – moved to the forefront. Interest rates began to increase rapidly in January 2022 as markets came to the realization that inflation may indeed be stickier than previously thought. Stocks and bonds sold off in unison, impacting growth-oriented and more conservative investors alike. The declines continued throughout the first quarter after Russia invaded Ukraine. The war caused a humanitarian crisis, and further pressured inflation as commodities like energy and wheat, which are heavily sourced from the region, faced uncertain supply and rising prices.

The Fed, which had been widely criticized for being behind the curve on fighting inflation, embarked on a tightening path in March when they raised the Federal Funds Rate by 0.25%. This would be the first of six rate hikes which would bring the policy rate to 3.25% by period end on October 31, 2022, the most rapid rate hiking campaign since 1981, a time when the Fed was battling inflation aggressively and the U.S. economy was in recession.

Equity and fixed income markets continued to trend lower into the end of the period, with bonds, generally, suffering the largest losses in decades. While inflation was showing signs of moderation in areas, it remained higher than the Fed's comfort level, suggesting the path of policy rates would likely be higher going into the Fund's next fiscal year.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation Intermediate Horizon (Class R4) returned -18.09%. By comparison, its primary, secondary, and additional benchmarks, the S&P 500<sup>®</sup> Index, the Bloomberg US Aggregate Bond Index and the Transamerica Asset Allocation Intermediate Horizon Blended Benchmark, returned - 14.61%, - 15.68% and - 14.62%, respectively.

**STRATEGY REVIEW** 

Our asset allocation horizon funds seek to simplify the investment decision and diversification processes by providing investors with pre-determined target asset allocations based on different retirement time horizons. Each asset allocation horizon fund has a unique and well-diversified fixed income and equity allocation.

Transamerica Asset Allocation Intermediate Horizon invests approximately 50% in equity funds and 50% in fixed income funds. The Fund's portfolio is periodically rebalanced based on how much the underlying holdings drift from the strategic target in an effort to both maintain the target allocations and to redeploy assets incrementally from outperforming holdings into those that have been weaker in an effort to continually buy low and sell high.

Given the decline in both equity and fixed income markets, all underlying holdings, except Transamerica Government Money Market, lost value during the fiscal year. Aside from the money market fund, the Fund's best-performing holding, was Transamerica Large Value Opportunities which returned -1.20%. The top performing fixed income fund, was Transamerica High Quality Bond which returned -4.88%.

The weakest holding in the period was Transamerica Large Growth which returned -45.20%. In contrast to value stocks which held up relatively well by comparison, growth stocks underperformed by a wide margin in the period as rising interest rates deflated the technology bubble which had seen many stocks bid up to multiples above their pre-COVID-19 market cap.

The weakest underlying fixed income fund was Transamerica Intermediate Bond, which returned -15.74% as interest rates rose aggressively throughout 2022. This fund followed the broad bond market lower as concerns around inflation and the Fed's aggressive response to it pressured high-quality, longer-duration fixed income.

**Christopher A. Staples, CFA** 

**Kane Cotton, CFA** 

**Rufat Garalov, CFA** 

**Co-Portfolio Managers** 

**Transamerica Asset Management, Inc.** 

------

---

| | | |
|:---|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** | |
|  U.S. Fixed Income Funds | 49.8 | % |
|  U.S. Equity Funds | 38.4 |  |
|  International Equity Fund | 11.6 |  |
|  Money Market Fund | 0.2 |  |
|  Net Other Assets (Liabilities) | (0.0 |)\* |
|  **Total** | 100.0 | % |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 27** 

------

##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Intermediate Horizon** 

------

**(unaudited)**![LOGO](g402445g78g67.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R (NAV) | (18.29)% | 3.27% | 3.78% | 05/19/2017 |
|  Class R4 (NAV) | (18.09)% | 3.53% | 5.28% | 09/11/2000 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (14.61)% | 10.44% | 12.79% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (15.68)% | (0.54)% | 0.74% |  |
|  Transamerica Asset Allocation Intermediate Horizon Blended Benchmark <sup>(B)(C)(D)(E)(F)(G)(H)(I)</sup>  | (14.62)% | 4.43% | 6.03% |  |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The 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.* 

<sup>(C)</sup> *The Transamerica Asset Allocation Intermediate Horizon Blended Benchmark is composed of the following benchmarks: 38% Russell 3000<sup>®</sup> Index, 24% Bloomberg US Aggregate Bond Index, 12% MSCI World Index ex-US, 10% Bloomberg US Treasury Inflation Protected Securities Index, 8% ICE BofAML 1-3 Year Treasury Bill Index, 6% ICE BofAML High Yield Master II Index and 2% ICE BofAML 3-Month Treasury Bill Index.* 

<sup>(D)</sup> *The 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.* 

<sup>(E)</sup> *The MSCI World Index ex-US captures large and mid-cap representation across developed markets countries, excluding the U.S.* 

<sup>(F)</sup> *The Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury.* 

<sup>(G)</sup> *The ICE BofAML 1-3 Year Treasury Bill Index tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.* 

<sup>(H)</sup> *The ICE BofAML High Yield Master II Index is comprised of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market with remaining maturities of at least one year.* 

<sup>(I)</sup> *The ICE BofAML 3-Month Treasury Bill Index tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity greater than or equal to three months and less than six months.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying investments including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investment in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

FTSE<sup>®</sup> and Russell<sup>®</sup> and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 28** 

------

##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Intermediate Horizon** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.0%** | **INVESTMENT COMPANIES - 100.0%** | **INVESTMENT COMPANIES - 100.0%** |
| **International Equity Fund - 11.6%** | **International Equity Fund - 11.6%** | **International Equity Fund - 11.6%** |
|  Transamerica International Equity <sup>(A)</sup> | 1691250 | $27736502 |
| **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** |
|  Transamerica Government Money Market,<br>2.86% <sup>(A) (B)</sup> | 482496 | 482496 |
| **U.S. Equity Funds - 38.4%** | **U.S. Equity Funds - 38.4%** | **U.S. Equity Funds - 38.4%** |
|  Transamerica Large Growth <sup>(A)</sup> | 3167280 | 28600535 |
|  Transamerica Large Value Opportunities <sup>(A)</sup> | 3514353 | 33702645 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 1029362 | 7205536 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 663924 | 7382834 |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 1175582 | 7300367 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 1171998 | 7852390 |
|  |  | 92044307 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 49.8%** | **U.S. Fixed Income Funds - 49.8%** | **U.S. Fixed Income Funds - 49.8%** |
|  Transamerica High Quality Bond <sup>(A)</sup> | 2165014 | $19961427 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 1912967 | 14844623 |
|  Transamerica Inflation-Protected Securities <sup>(A)</sup> | 3049941 | 27998462 |
|  Transamerica Intermediate Bond <sup>(A)</sup> | 6751286 | 56575780 |
|  |  | 119380292 |
|  **Total Investment Companies <br>(Cost $271,774,643)** | **Total Investment Companies <br>(Cost $271,774,643)** | 239643597 |
|  **Total Investments <br>(Cost $271,774,643)** | **Total Investments <br>(Cost $271,774,643)** | 239643597 |
|  **Net Other Assets (Liabilities) - 0.0)% <sup>(C)</sup>** |  | (119189) |
|  **Net Assets - 100.0%** |  | **$239524408** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $239643597 | $— | $— | $239643597 |
|  **Total Investments** | $**239643597** | $**—** | $**—** | $**239643597** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

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

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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 Report 2022** |

---

**Page 29** 

------

##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Long Horizon** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022, began with the S&P 500<sup>®</sup> Index reaching all-time highs, fueled by an accommodative U.S. Federal Reserve ("Fed"), strong corporate earnings growth and the growing sense that the economic impacts of the COVID-19 crisis were continuing to moderate. One impact of both the COVID-19 crisis and Fed policy was inflation, which had been percolating higher throughout 2021. Markets remained unconcerned, dismissing it as transitory.

As the calendar turned to 2022, however, investor sentiment flipped, and rising inflation – of only marginal concern previously – moved to the forefront. Interest rates began to increase rapidly in January 2022 as markets came to the realization that inflation may indeed be stickier than previously thought. Stocks and bonds sold off in unison, impacting growth-oriented and more conservative investors alike. The declines continued throughout the first quarter after Russia invaded Ukraine. The war caused a humanitarian crisis, and further pressured inflation as commodities like energy and wheat, which are heavily sourced from the region, faced uncertain supply and rising prices.

The Fed, which had been widely criticized for being behind the curve on fighting inflation, embarked on a tightening path in March when they raised the Federal Funds Rate by 0.25%. This would be the first of six rate hikes which would bring the policy rate to 3.25% by period end on October 31, 2022, the most rapid rate hiking campaign since 1981, a time when the Fed was battling inflation aggressively and the U.S. economy was in recession.

Equity and fixed income markets continued to trend lower into the end of the period, with bonds, generally, suffering the largest losses in decades. While inflation was showing signs of moderation in areas, it remained higher than the Fed's comfort level, suggesting the path of policy rates would likely be higher going into the Fund's next fiscal year.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation Long Horizon (Class R4) returned -21.84%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica Asset Allocation Long Horizon Blended Benchmark, returned -14.61% and -17.10%, respectively.

**STRATEGY REVIEW** 

Our asset allocation horizon funds seek to simplify the investment decision and diversification processes by providing investors with pre-determined target asset allocations based on different retirement time horizons. Each asset allocation horizon fund has a unique and well-diversified fixed income and equity allocation.

Transamerica Asset Allocation Long Horizon invests approximately 90% in equity funds and 10% in fixed income funds. The Fund's portfolio is periodically rebalanced based on how much the underlying holdings drift from the strategic target in an effort to both maintain the target allocations and to redeploy assets incrementally from outperforming holdings into those that have been weaker in an effort to continually buy low and sell high.

Given the decline in both equity and fixed income markets, all underlying holdings except Transamerica Government Money Market, lost value during the fiscal year. Aside from the money market fund, the Fund's best-performing holding was Transamerica Large Value Opportunities which returned -1.20%. The top performing fixed income fund was Transamerica High Quality Bond which returned -4.88%.

The weakest holding in the period was Transamerica Large Growth which returned -45.20%. In contrast to value stocks which held up relatively well by comparison, growth stocks underperformed by a wide margin in the period as rising interest rates deflated the technology bubble which had seen many stocks bid up to multiples above their pre-COVID-19 market cap.

The weakest underlying fixed income fund was Transamerica Intermediate Bond, which returned -15.74% as interest rates rose aggressively throughout 2022. This fund followed the broad bond market lower as concerns around inflation and the Fed's aggressive response to it pressured high-quality, longer-duration fixed income.

**Christopher A. Staples, CFA** 

**Kane Cotton, CFA** 

**Rufat Garalov, CFA** 

**Co-Portfolio Managers** 

**Transamerica Asset Management, Inc.** 

------

---

| | | |
|:---|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** | |
|  U.S. Equity Funds | 67.2 | % |
|  International Equity Fund | 22.8 |  |
|  U.S. Fixed Income Funds | 9.7 |  |
|  Money Market Fund | 0.3 |  |
|  Net Other Assets (Liabilities) | (0.0 |)\* |
|  **Total** | 100.0 | % |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 30** 

------

##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Long Horizon** 

------

**(unaudited)**![LOGO](g402445g90k07.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R (NAV) | (22.09)% | 5.04% | 5.90% | 05/19/2017 |
|  Class R4 (NAV) | (21.84)% | 5.33% | 8.07% | 09/11/2000 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (14.61)% | 10.44% | 12.79% |  |
|  Transamerica Asset Allocation Long Horizon Blended Benchmark <sup>(B)(C)(D)(E)(F)(G)(H)</sup>  | (17.10)% | 6.91% | 9.54% |  |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica Asset Allocation Long Horizon Blended Benchmark is composed of the following benchmarks: 66% Russell 3000<sup>®</sup> Index, 24% MSCI World Index ex-US, 4% Bloomberg US Aggregate Bond Index, 2% Bloomberg US Treasury Inflation Protected Securities Index, 2% ICE BofAML 3-Month Treasury Bill Index and 2% ICE BofAML High Yield Master II Index.* 

<sup>(C)</sup> *The 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.* 

<sup>(D)</sup> *The MSCI World Index ex-U.S. captures large and mid-cap representation across developed markets countries, excluding the U.S.* 

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

<sup>(F)</sup> *The Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury.* 

<sup>(G)</sup> *The ICE BofAML 3-Month Treasury Bill Index tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity greater than or equal to three months and less than six months.* 

<sup>(H)</sup> *The ICE BofAML High Yield Master II Index is comprised of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market with remaining maturities of at least one year.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying investments including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investment in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

FTSE<sup>®</sup> and Russell<sup>®</sup> and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 31** 

------

##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Long Horizon** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.0%** | **INVESTMENT COMPANIES - 100.0%** | **INVESTMENT COMPANIES - 100.0%** |
| **International Equity Fund - 22.8%** | **International Equity Fund - 22.8%** | **International Equity Fund - 22.8%** |
|  Transamerica International Equity <sup>(A)</sup> | 2007426 | $32921787 |
| **Money Market Fund - 0.3%** | **Money Market Fund - 0.3%** | **Money Market Fund - 0.3%** |
|  Transamerica Government Money Market, 2.86% <sup>(A) (B)</sup> | 417375 | 417375 |
| **U.S. Equity Funds - 67.2%** | **U.S. Equity Funds - 67.2%** | **U.S. Equity Funds - 67.2%** |
|  Transamerica Large Growth <sup>(A)</sup> | 2980867 | 26917231 |
|  Transamerica Large Value Opportunities <sup>(A)</sup> | 3579690 | 34329231 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 1201051 | 8407360 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 823563 | 9158018 |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 1433351 | 8901110 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 1420277 | 9515854 |
|  |  | 97228804 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 9.7%** | **U.S. Fixed Income Funds - 9.7%** | **U.S. Fixed Income Funds - 9.7%** |
|  Transamerica High Quality Bond <sup>(A)</sup> | 76753 | $707662 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 386292 | 2997624 |
|  Transamerica Inflation-Protected Securities <sup>(A)</sup> | 506058 | 4645610 |
|  Transamerica Intermediate Bond <sup>(A)</sup> | 682580 | 5720017 |
|  |  | 14070913 |
|  **Total Investment Companies <br>(Cost $164,270,281)** | **Total Investment Companies <br>(Cost $164,270,281)** | 144638879 |
|  **Total Investments <br>(Cost $164,270,281)** | **Total Investments <br>(Cost $164,270,281)** | 144638879 |
|  **Net Other Assets (Liabilities) - (0.0)% <sup>(C)</sup>** |  | (70009) |
|  **Net Assets - 100.0%** |  | **$144568870** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $144638879 | $— | $— | $144638879 |
|  **Total Investments** | $**144638879** | $**—** | $**—** | $**144638879** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I3 shares of Transamerica Fund. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

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

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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 Report 2022** |

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**Page 32** 

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**Transamerica Asset Allocation Short Horizon** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022, began with the S&P 500<sup>®</sup> Index reaching all-time highs, fueled by an accommodative U.S. Federal Reserve ("Fed"), strong corporate earnings growth and the growing sense that the economic impacts of the COVID-19 crisis were continuing to moderate. One impact of both the COVID-19 crisis and Fed policy was inflation, which had been percolating higher throughout 2021. Markets remained unconcerned, dismissing it as transitory.

As the calendar turned to 2022, however, investor sentiment flipped, and rising inflation – of only marginal concern previously – moved to the forefront. Interest rates began to increase rapidly in January 2022 as markets came to the realization that inflation may indeed be stickier than previously thought. Stocks and bonds sold off in unison, impacting growth-oriented and more conservative investors alike. The declines continued throughout the first quarter after Russia invaded Ukraine. The war caused a humanitarian crisis, and further pressured inflation as commodities like energy and wheat, which are heavily sourced from the region, faced uncertain supply and rising prices.

The Fed, which had been widely criticized for being behind the curve on fighting inflation, embarked on a tightening path in March when they raised the Federal Funds Rate by 0.25%. This would be the first of six rate hikes which would bring the policy rate to 3.25% by period end on October 31, 2022, the most rapid rate hiking campaign since 1981, a time when the Fed was battling inflation aggressively and the U.S. economy was in recession.

Equity and fixed income markets continued to trend lower into the end of the period, with bonds, generally, suffering the largest losses in decades. While inflation was showing signs of moderation in areas, it remained higher than the Fed's comfort level, suggesting the path of policy rates would likely be higher going into the Fund's next fiscal year.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Asset Allocation Short Horizon (Class R4) returned -13.69%. By comparison, its primary and secondary benchmarks, the Bloomberg US Aggregate Bond Index and the Transamerica Asset Allocation Short Horizon Blended Benchmark, returned -15.68% and -12.55%, respectively.

**STRATEGY REVIEW** 

Our asset allocation horizon funds seek to simplify the investment decision and diversification processes by providing investors with pre-determined target asset allocations based on different retirement time horizons. Each asset allocation horizon fund has a unique and well-diversified fixed income and equity allocation.

Transamerica Asset Allocation Short Horizon invests approximately 10% in equity funds and 90% in fixed income funds. The Fund's portfolio is periodically rebalanced based on how much the underlying holdings drift from the strategic target in an effort to both maintain the target allocations and to redeploy assets incrementally from outperforming holdings into those that have been weaker in an effort to continually buy low and sell high.

Given the decline in both equity and fixed income markets, all underlying holdings except Transamerica Government Money Market, lost value during the fiscal year. Aside from the money market fund, the Fund's best-performing holding, was Transamerica Large Value Opportunities which returned -1.20%. The top performing fixed income fund was Transamerica High Quality Bond which returned -4.88%.

The weakest holding in the period was Transamerica Large Growth which returned -45.20%. In contrast to value stocks which held up relatively well by comparison, growth stocks underperformed by a wide margin in the period as rising interest rates deflated the technology bubble which had seen many stocks bid up to multiples above their pre-COVID-19 market cap.

The weakest underlying fixed income fund was Transamerica Intermediate Bond, which returned -15.74% as interest rates rose aggressively throughout 2022. This fund followed the broad bond market lower as concerns around inflation and the Fed's aggressive response to it pressured high-quality, longer-duration fixed income.

**Christopher A. Staples, CFA** 

**Kane Cotton, CFA** 

**Rufat Garalov, CFA** 

**Co-Portfolio Managers** 

**Transamerica Asset Management, Inc.** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 89.5% |
|  U.S. Equity Funds | 8.5 |
|  International Equity Fund | 1.9 |
|  Money Market Fund | 0.2 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 33** 

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##### [**Table of Contents**](#toc)
**Transamerica Asset Allocation Short Horizon** 

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**(unaudited)**![LOGO](g402445g11d32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R (NAV) | (13.92)% | 0.56% | 0.83% | 05/19/2017 |
|  Class R4 (NAV) | (13.69)% | 0.81% | 1.87% | 09/11/2000 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (15.68)% | (0.54)% | 0.74% |  |
|  Transamerica Asset Allocation Short Horizon Blended Benchmark <sup>(A)(B)(C)(D)(E)(F)(G)(H)</sup>  | (12.55)% | 1.33% | 2.18% |  |

---

<sup>(A)</sup> *The 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.* 

<sup>(B)</sup> *The Transamerica Asset Allocation Short Horizon Blended Benchmark is composed of the following benchmarks: 46% Bloomberg US Aggregate Bond Index, 17% ICE BofAML 1-3 Year Treasury Bill Index, 15% Bloomberg US Treasury Inflation Protected Securities Index, 10% ICE BofAML High Yield Master II Index, 8% Russell 3000<sup>®</sup> Index, 2% MSCI World Index ex-US and 2% ICE BofAML 3-Month Treasury Bill Index.* 

<sup>(C)</sup> *The ICE BofAML 1-3 Year Treasury Bill Index tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year and less than three years.* 

<sup>(D)</sup> *The Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury.* 

<sup>(E)</sup> *The ICE BofAML High Yield Master II Index is comprised of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market with remaining maturities of at least one year.* 

<sup>(F)</sup> *The 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.* 

<sup>(G)</sup> *The MSCI World Index ex-U.S. captures large and mid-cap representation across developed markets countries, excluding the U.S.* 

<sup>(H)</sup> *The ICE BofAML 3-Month Treasury Bill Index tracks the performance of U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity greater than or equal to three months and less than six months.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the fund is subject to the risks associated with the underlying investments including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investment in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

FTSE<sup>®</sup> and Russell<sup>®</sup> and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 34** 

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**Transamerica Asset Allocation Short Horizon** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%** | **INVESTMENT COMPANIES - 100.1%** | **INVESTMENT COMPANIES - 100.1%** |
| **International Equity Fund - 1.9%** | **International Equity Fund - 1.9%** | **International Equity Fund - 1.9%** |
|  Transamerica International Equity <sup>(A)</sup> | 98129 | $1609321 |
| **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** |
|  Transamerica Government Money Market, 2.86% <sup>(A) (B)</sup> | 128857 | 128857 |
| **U.S. Equity Funds - 8.5%** | **U.S. Equity Funds - 8.5%** | **U.S. Equity Funds - 8.5%** |
|  Transamerica Large Growth <sup>(A)</sup> | 271637 | 2452880 |
|  Transamerica Large Value Opportunities <sup>(A)</sup> | 296829 | 2846591 |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 135820 | 843442 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 130533 | 874570 |
|  |  | 7017483 |
| **U.S. Fixed Income Funds - 89.5%** | **U.S. Fixed Income Funds - 89.5%** | **U.S. Fixed Income Funds - 89.5%** |
|  Transamerica High Quality Bond <sup>(A)</sup> | 1630573 | 15033881 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
|  Transamerica High Yield Bond <sup>(A)</sup> | 1108127 | $8599063 |
|  Transamerica Inflation-Protected Securities <sup>(A)</sup> | 1565684 | 14372976 |
|  Transamerica Intermediate Bond <sup>(A)</sup> | 4306028 | 36084512 |
|  |  | 74090432 |
|  **Total Investment Companies <br>(Cost $95,157,869)** | **Total Investment Companies <br>(Cost $95,157,869)** | 82846093 |
|  **Total Investments <br>(Cost $95,157,869)** | **Total Investments <br>(Cost $95,157,869)** | 82846093 |
|  **Net Other Assets (Liabilities) - (0.1)%** |  | (42281) |
|  **Net Assets - 100.0%** |  | **$82803812** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $82846093 | $— | $— | $82846093 |
|  **Total Investments** | $**82846093** | $**—** | $**—** | $**82846093** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I3 shares of Transamerica Funds. Affiliated interest income, dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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 Report 2022** |

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**Page 35** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES** 

**At October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Asset Allocation –<br>Conservative<br>Portfolio** | **Transamerica<br>Asset Allocation –<br>Growth<br>Portfolio** | **Transamerica<br>Asset Allocation –<br>Moderate Growth<br>Portfolio** | **Transamerica<br>Asset Allocation –<br>Moderate<br>Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value <sup>(A)</sup> | $456994954 | $795333898 | $1220973802 | $817611812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value <sup>(B)</sup> | 6426936 | 14526529 | 32196364 | 16621170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 40373090 | 47311448 | 148788901 | 81996540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1097800 | 825000 | 3009600 | 1971200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 108911 | 148429 | 158862 | 99407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 219562 |  | 258181 | 340443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1234 | 1446 | 4546 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts |  | 238140 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 505222487 | 858384890 | 1405390256 | 918643077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments purchased | 216843 |  | 249818 | 335321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 443234 | 336451 | 1306794 | 680728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 90288 | 344063 | 126825 | 162425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 43326 | 70783 | 115510 | 77434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 123243 | 209898 | 341385 | 224019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 38668 | 91594 | 127236 | 74595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 5297 | 8465 | 13266 | 8703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 29648 | 27917 | 32761 | 31107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 3316 | 4876 | 7910 | 6674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8071 | 13542 | 22177 | 14666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 10707 | 27101 | 41138 | 24202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 835 | 835 | 835 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 12630 | 16302 | 25988 | 18867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 79018 |  | 346611 | 141542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1105124 | 1151827 | 2758254 | 1801118 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $504117363 | $857233063 | $1402632002 | $916841959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;545723217 | $&nbsp;&nbsp;&nbsp;&nbsp;775370444 | $&nbsp;&nbsp;&nbsp;&nbsp;1355704928 | $&nbsp;&nbsp;&nbsp;&nbsp;922612204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (41605854) | 81862619 | 46927074 | (5770245) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $504117363 | $857233063 | $1402632002 | $916841959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $460691728 | $760821481 | $1256097046 | $821112861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 29805899 | 64542309 | 94275802 | 59744303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 13009405 | 30933039 | 50808292 | 33413768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 546951 | 750336 | 1235753 | 2500147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 63380 | 185898 | 215109 | 70880 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 49985306 | 62939582 | 115877871 | 82013720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3272916 | 5535919 | 8583111 | 5908302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1403746 | 2554815 | 4683602 | 3334101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 58551 | 62718 | 114262 | 251027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 6862 | 15367 | 19834 | 7074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(D)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.22 | $12.09 | $10.84 | $10.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.11 | 11.66 | 10.98 | 10.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 9.27 | 12.11 | 10.85 | 10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9.34 | 11.96 | 10.82 | 9.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 9.24 | 12.10 | 10.85 | 10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(E)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.76 | $12.79 | $11.47 | $10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Affiliated investments, at cost | $471953890 | $765395202 | $1188817907 | $818055254 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Unaffiliated investments, at cost | $6713482 | $15272539 | $31664693 | $16501592 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $40373090 | $47311448 | $148788901 | $81996540 |

---

---

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

---

---

| | |
|:---|:---|
| <sup>(E)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 36** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Transamerica<br>Asset Allocation<br>Intermediate<br>Horizon** | **Transamerica<br>Asset Allocation<br>Long Horizon** | **Transamerica<br>Asset Allocation<br>Short Horizon** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value <sup>(A)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;239643597 | $&nbsp;&nbsp;&nbsp;&nbsp;144638879 | $82846093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 577706 | 13675 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 100 | 130330 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 73051 | 15125 | 42181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 240294454 | 144798009 | 82891958 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments purchased | 481864 | 159130 | 45770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 168993 |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 20029 | 11820 | 7060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 99124 | 58155 | 35218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 36 | 34 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 770046 | 229139 | 88146 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $239524408 | $144568870 | $82803812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $263452959 | $152037456 | $95640065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (23928551) | (7468586) | &nbsp;&nbsp;&nbsp;&nbsp;(12836253) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $239524408 | $144568870 | $82803812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | $233763833 | $139117525 | $82353752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 5760575 | 5451345 | 450060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 26347926 | 16170973 | 9446647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 649292 | 632531 | 51634 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share:<sup>(B)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | $8.87 | $8.60 | $8.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 8.87 | 8.62 | 8.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Affiliated investments, at cost | $271774643 | $164270281 | $95157869 |
|  <sup>(B)</sup> Net asset value per share for Class R and R4 shares represents offering price. | <sup>(B)</sup> Net asset value per share for Class R and R4 shares represents offering price. | <sup>(B)</sup> Net asset value per share for Class R and R4 shares represents offering price. | <sup>(B)</sup> Net asset value per share for Class R and R4 shares represents offering price. |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 37** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS** 

**For the year ended October 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Asset Allocation –<br>Conservative<br>Portfolio** | **Transamerica<br>Asset Allocation –<br>Growth<br>Portfolio** | **Transamerica<br>Asset Allocation –<br>Moderate Growth<br>Portfolio** | **Transamerica<br>Asset Allocation –<br>Moderate<br>Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $19129146 | $38914047 | $57799199 | $35875258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 267159 | 441507 | 605809 | 403177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 71305 | 59894 | 241810 | 139332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 19467610 | 39415448 | 58646818 | 36417767 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 624194 | 1050667 | 1680813 | 1128668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1359020 | 2227075 | 3673136 | 2418094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 399019 | 861682 | 1244953 | 807787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 3536 | 5851 | 7560 | 13616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 45 | 134 | 105 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 402130 | 929418 | 1302000 | 776916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 44053 | 140688 | 174512 | 100122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 16690 | 37718 | 64554 | 42808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 542 | 1022 | 1406 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 27 | 85 | 66 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 19407 | 32356 | 53124 | 35142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 38288 | 39905 | 49383 | 43445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7301 | 10955 | 18400 | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 33837 | 57866 | 94060 | 61828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 44464 | 95810 | 146584 | 90438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 87530 | 97625 | 104647 | 101498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 33032 | 43132 | 63558 | 47187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 3113115 | 5631989 | 8678861 | 5685475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (4896) | (31825) | (42949) | (17500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1300) | (12390) | (20001) | (10025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (14848) | (33480) | (57687) | (38295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | (51) | (126) | (94) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 15 | 19 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3092035 | 5554187 | 8558144 | 5619598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 16375575 | 33861261 | 50088674 | 30798169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (39903993) | (25665397) | (70878282) | (45482744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 523740 | 1640265 | 3985584 | 2231278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 22105799 | 94338647 | 115950106 | 54521605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1639510) | (2269044) | (4099186) | (3253827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (18913964) | 68044471 | 44958222 | 8016312 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (112713314) | (363708929) | (470743381) | (262828088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (286546) | (746010) | 531671 | 119578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2037696) | (1373228) | (5506542) | (3497074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (115037556) | (365828167) | (475718252) | (266205584) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (133951520) | (297783696) | (430760030) | (258189272) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(117575945) | $&nbsp;&nbsp;&nbsp;&nbsp;(263922435) | $&nbsp;&nbsp;&nbsp;&nbsp;(380671356) | $&nbsp;&nbsp;&nbsp;&nbsp;(227391103) |

---

<sup>(A)</sup> *Class R3 commenced operations on March 1, 2022.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 38** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Transamerica<br>Asset Allocation<br>Intermediate<br>Horizon** | **Transamerica<br>Asset Allocation<br>Long Horizon** | **Transamerica<br>Asset Allocation<br>Short Horizon** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $16908139 | $13500020 | $3981089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 16908139 | 13500020 | 3981089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 341744 | 205161 | 120364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1379855 | 824707 | 498992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 22038 | 15068 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 660 | 452 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 1744297 | 1045388 | 620657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (55199) | (32985) | (19959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2420) | (1661) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1686680 | 1010742 | 600558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 15221459 | 12489278 | 3380531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 436215 | (129971) | (918927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 17781834 | 17764247 | 1921704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18218049 | 17634276 | 1002777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (91415090) | (73649796) | (19280955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (73197041) | (56015520) | (18278178) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(57975582) | $&nbsp;&nbsp;&nbsp;&nbsp;(43526242) | $&nbsp;&nbsp;&nbsp;&nbsp;(14897647) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 39** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica Asset Allocation –<br>Conservative Portfolio** | **Transamerica Asset Allocation –<br>Conservative Portfolio** | **Transamerica Asset Allocation –<br>Growth Portfolio** | **Transamerica Asset Allocation –<br>Growth Portfolio** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2022** | **October 31,<br>2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $16375575 | $16573608 | $33861261 | $4148610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (18913964) | 34429417 | 68044471 | 56855411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (115037556) | 47916918 | (365828167) | 320589009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (117575945) | 98919943 | (263922435) | 381593030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (46323418) | (27282301) | (79442756) | (37942179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (3330330) | (3214529) | (7658393) | (5510923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1529222) | (803071) | (3313529) | (1664077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (56032) | (36500) | (112935) | (64697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | (315) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (51239317) | (31336401) | (90527613) | (45181876) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 29675224 | 28003380 | 29344570 | 33251641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4821353 | 8376620 | 8086712 | 10171870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 4732457 | 10290360 | 8466120 | 9720988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 69306 | 83011 | 98787 | 132267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 91517 |  | 201685 |  |
|  | 39389857 | 46753371 | 46197874 | 53276766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 44395389 | 26134335 | 76104329 | 36294047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3318296 | 3176664 | 7651109 | 5473487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1518736 | 792079 | 3230210 | 1624233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 56032 | 36500 | 112935 | 64697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 315 |  |  |  |
|  | 49288768 | 30139578 | 87098583 | 43456464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (106400639) | (101447480) | (127771424) | (144366822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (9541102) | (15975852) | (15892395) | (28761520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (8395538) | (8660466) | (10571409) | (13245657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (292693) | (163787) | (520144) | (794977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | (24152) |  | (100) |  |
|  | (124654124) | &nbsp;&nbsp;&nbsp;&nbsp;(126247585) | (154755472) | (187168976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7898630 | 39699383 | 20725247 | 56710871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (7898630) | (39699383) | (20725247) | (56710871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (35975499) | (49354636) | (21459015) | (90435746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6390 <sup>(B)</sup> |  | 43090 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5650 <sup>(B)</sup> |  | 28252 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 37897 <sup>(C)</sup> |  | 58821 <sup>(C)</sup> |  |
|  | 49937 |  | 130163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(204740824) | 18228906 | (375778900) | 245975408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 708858187 | 690629281 | &nbsp;&nbsp;&nbsp;&nbsp;1233011963 | 987036555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $504117363 | $708858187 | $857233063 | $&nbsp;&nbsp;&nbsp;&nbsp;1233011963 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 40** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica Asset Allocation –<br>Conservative Portfolio** | **Transamerica Asset Allocation –<br>Conservative Portfolio** | **Transamerica Asset Allocation –<br>Growth Portfolio** | **Transamerica Asset Allocation –<br>Growth Portfolio** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2022** | **October 31,<br>2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2887896 | 2372424 | 2101335 | 2180679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 456663 | 720081 | 607693 | 680929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 458384 | 863882 | 608904 | 629930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 6423 | 6969 | 7188 | 8616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 9434 |  | 15376 |  |
|  | 3818800 | 3963356 | 3340496 | 3500154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4000748 | 2258602 | 4925846 | 2527441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 299328 | 278337 | 510414 | 392646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 136930 | 68085 | 210528 | 113345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 4961 | 3120 | 7372 | 4540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 34 |  |  |  |
|  | 4442001 | 2608144 | 5654160 | 3037972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (10254311) | (8586874) | (9212661) | (9341725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (927803) | (1369527) | (1197921) | (1940596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (810997) | (725810) | (768036) | (863886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (27443) | (13714) | (42833) | (53114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | (2606) |  | (9) |  |
|  | (12023160) | (10695925) | (11221460) | (12199321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 765462 | 3391562 | 1485323 | 3690908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (775034) | (3434031) | (1535295) | (3810574) |
|  | (9572) | (42469) | (49972) | (119666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (2600205) | (564286) | (700157) | (942697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (946846) | (3805140) | (1615109) | (4677595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (215683) | 206157 | 51396 | (120611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (16059) | (3625) | (28273) | (39958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 6862 |  | 15367 |  |
|  | (3771931) | (4166894) | (2276776) | (5780861) |

---

(A) *Class R3 commenced operations on March 1, 2022.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 41** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica Asset Allocation –<br>Moderate Growth Portfolio** | **Transamerica Asset Allocation –<br>Moderate Growth Portfolio** | **Transamerica Asset Allocation –<br>Moderate Portfolio** | **Transamerica Asset Allocation –<br>Moderate Portfolio** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2022** | **October 31,<br>2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $50088674 | $22637004 | $30798169 | $23005376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 44958222 | 101056032 | 8016312 | 64912995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (475718252) | 362664889 | (266205584) | 157794534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (380671356) | 486357925 | (227391103) | 245712905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (131632811) | (63583627) | (84090590) | (43748920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (10372050) | (8139383) | (6449318) | (5601955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (5865825) | (2769986) | (3734520) | (1934475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (130442) | (72175) | (220092) | (99327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (148001128) | (74565171) | (94494520) | (51384677) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 38328795 | 52058931 | 27556162 | 43476907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9668330 | 13796313 | 5749500 | 10688978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 11345091 | 14084660 | 9544917 | 10148813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 59999 | 123695 | 312030 | 586746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 235460 |  | 93442 |  |
|  | 59637675 | 80063599 | 43256051 | 64901444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 125164998 | 60359068 | 79924564 | 41566141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 10346308 | 8111693 | 6441654 | 5570294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5766147 | 2717510 | 3618322 | 1876430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 129109 | 71574 | 215615 | 97208 |
|  | 141406562 | 71259845 | 90200155 | 49110073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (226988272) | (235890542) | (190744082) | (165581050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (21109268) | (42174528) | (15451810) | (28262092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (19962373) | (16479905) | (14754827) | (14067490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (249866) | (815984) | (224644) | (1164377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | (18655) |  | (18153) |  |
|  | (268328434) | (295360959) | (221193516) | (209075009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 30643692 | 110183373 | 17917106 | 83877387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (30643692) | (110183373) | (17917106) | (83877387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (67284197) | (144037515) | (87737310) | (95063492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 59218 <sup>(B)</sup> |  | 26215 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 55313 <sup>(B)</sup> |  | 24379 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 271 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 115064 <sup>(C)</sup> |  | 80228 <sup>(C)</sup> |  |
|  | 229595 |  | 131093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (595727086) | 267755239 | (409491840) | 99264736 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1998359088 | 1730603849 | &nbsp;&nbsp;&nbsp;&nbsp;1326333799 | 1227069063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1402632002 | $&nbsp;&nbsp;&nbsp;&nbsp;1998359088 | $916841959 | $&nbsp;&nbsp;&nbsp;&nbsp;1326333799 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 42** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica Asset Allocation –<br>Moderate Growth Portfolio** | **Transamerica Asset Allocation –<br>Moderate Growth Portfolio** | **Transamerica Asset Allocation –<br>Moderate Portfolio** | **Transamerica Asset Allocation –<br>Moderate Portfolio** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2022** | **October 31,<br>2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3100607 | 3816885 | 2401450 | 3428398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 783893 | 992147 | 496750 | 834762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 913499 | 1018361 | 838675 | 795816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 4883 | 9083 | 28343 | 46436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 21499 |  | 8877 |  |
|  | 4824381 | 5836476 | 3774095 | 5105412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 9285237 | 4604048 | 6529785 | 3390387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 753006 | 609444 | 517818 | 448855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 430684 | 207761 | 297381 | 153303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9578 | 5464 | 17673 | 7948 |
|  | 10478505 | 5426717 | 7362657 | 4000493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (18342002) | (17056512) | (16526031) | (12994692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1695838) | (3029066) | (1367532) | (2207509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1650217) | (1195538) | (1336950) | (1103635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (21528) | (60387) | (20838) | (93921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | (1665) |  | (1803) |  |
|  | (21711250) | (21341503) | (19253154) | (16399757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2484021 | 8040237 | 1598199 | 6648908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (2446651) | (7937046) | (1579306) | (6583023) |
|  | 37370 | 103191 | 18893 | 65885 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3472137) | (595342) | (5996597) | 473001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (2605590) | (9364521) | (1932270) | (7506915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (306034) | 30584 | (200894) | (154516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (7067) | (45840) | 25178 | (39537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 19834 |  | 7074 |  |
|  | (6370994) | (9975119) | (8097509) | (7227967) |

---

(A) *Class R3 commenced operations on March 1, 2022.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 43** 

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##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Asset Allocation<br>Intermediate Horizon** | **Transamerica Asset Allocation<br>Intermediate Horizon** | **Transamerica Asset Allocation<br>Long Horizon** | **Transamerica Asset Allocation<br>Long Horizon** | **Transamerica Asset Allocation<br>Short Horizon** | **Transamerica Asset Allocation<br>Short Horizon** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15221459 | $8083751 | $12489278 | $4111002 | $3380531 | $3183467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18218049 | 15729036 | 17634276 | 11567220 | 1002777 | 2974110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (91415090) | 42138942 | (73649796) | 46307157 | (19280955) | 1102487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (57975582) | 65951729 | (43526242) | 61985379 | (14897647) | 7260064 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (29375653) | (26274907) | (22935755) | (19751990) | (6198137) | (4805262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (965924) | (816146) | (813408) | (643392) | (32517) | (23638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (30341577) | (27091053) | (23749163) | (20395382) | (6230654) | (4828900) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 683547 | 1802547 | 989191 | 2528423 | 1601328 | 1496352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 351883 | 499833 | 162109 | 121101 | 532 | 2068 |
|  | 1035430 | 2302380 | 1151300 | 2649524 | 1601860 | 1498420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 29375653 | 26274907 | 22935755 | 19751990 | 6198137 | 4805262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 965924 | 816146 | 813408 | 643392 | 32517 | 23638 |
|  | 30341577 | 27091053 | 23749163 | 20395382 | 6230654 | 4828900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (38645156) | (38175447) | (21705153) | (24875753) | (19397338) | (16140381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (3171633) | (923442) | (108652) | (282284) | (41571) | (23863) |
|  | (41816789) | (39098889) | (21813805) | (25158037) | (19438909) | (16164244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (10439782) | (9705456) | 3086658 | (2113131) | (11606395) | (9836924) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (98756941) | 29155220 | (64188747) | 39476866 | (32734696) | (7405760) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 338281349 | 309126129 | 208757617 | 169280751 | &nbsp;&nbsp;&nbsp;&nbsp;115538508 | 122944268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;239524408 | $&nbsp;&nbsp;&nbsp;&nbsp;338281349 | $&nbsp;&nbsp;&nbsp;&nbsp;144568870 | $&nbsp;&nbsp;&nbsp;&nbsp;208757617 | $82803812 | $&nbsp;&nbsp;&nbsp;&nbsp;115538508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 66281 | 157246 | 101410 | 219672 | 159904 | 139461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 34796 | 43178 | 17200 | 10531 | 56 | 194 |
|  | 101077 | 200424 | 118610 | 230203 | 159960 | 139655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2726199 | 2380482 | 2088470 | 1833137 | 621867 | 451134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 89663 | 73903 | 74203 | 59551 | 3276 | 2219 |
|  | 2815862 | 2454385 | 2162673 | 1892688 | 625143 | 453353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (3839719) | (3317556) | (2181367) | (2117760) | (2027970) | (1508636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (339891) | (78496) | (11250) | (24371) | (4246) | (2231) |
|  | (4179610) | (3396052) | (2192617) | (2142131) | (2032216) | (1510867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (1047239) | (779828) | 8513 | (64951) | (1246199) | (918041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (215432) | 38585 | 80153 | 45711 | (914) | 182 |
|  | (1262671) | (741243) | 88666 | (19240) | (1247113) | (917859) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 44** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.13 | $11.04 | $10.76 | $10.67 | $11.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.27 | 0.19 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.30) | 1.33 | 0.47 | 0.65 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.01) | 1.60 | 0.66 | 0.84 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.27) | (0.19) | (0.18) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.61) | (0.24) | (0.19) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.90) | (0.51) | (0.38) | (0.75) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.22 | $12.13 | $11.04 | $10.76 | $10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (17.75)%<sup>(C)</sup> | 14.80% | 6.32% | 8.64% | (1.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;460692 | $&nbsp;&nbsp;&nbsp;&nbsp;637631 | $&nbsp;&nbsp;&nbsp;&nbsp;586536 | $&nbsp;&nbsp;&nbsp;&nbsp;610131 | $&nbsp;&nbsp;&nbsp;&nbsp;661621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.47% | 0.45% | 0.48% | 0.49% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.47 %<sup>(F)</sup> | 0.45% | 0.48% | 0.49% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.76% | 2.32% | 1.78% | 1.81% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51% | 6% | 28% | 4% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.99 | $10.91 | $10.68 | $10.59 | $11.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.23 | 0.12 | 0.11 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.27) | 1.27 | 0.44 | 0.65 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.06) | 1.50 | 0.56 | 0.76 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.18) | (0.14) | (0.10) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.61) | (0.24) | (0.19) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.82) | (0.42) | (0.33) | (0.67) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.11 | $11.99 | $10.91 | $10.68 | $10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (18.38)%<sup>(C)</sup> | 13.98% | 5.37% | 7.82% | (2.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;29806 | $&nbsp;&nbsp;&nbsp;&nbsp;50580 | $&nbsp;&nbsp;&nbsp;&nbsp;87565 | $&nbsp;&nbsp;&nbsp;&nbsp;126367 | $&nbsp;&nbsp;&nbsp;&nbsp;185581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.26% | 1.23% | 1.25% | 1.26% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.26 %<sup>(F)</sup> | 1.23% | 1.25% | 1.26% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.07% | 1.96% | 1.12% | 1.07% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51% | 6% | 28% | 4% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *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 Report 2022** |

---

**Page 45** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.18 | $11.08 | $10.80 | $10.70 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.30 | 0.22 | 0.21 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.32) | 1.34 | 0.46 | 0.67 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.99) | 1.64 | 0.68 | 0.88 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.03 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.30) | (0.21) | (0.21) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.61) | (0.24) | (0.19) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.95) | (0.54) | (0.40) | (0.78) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.27 | $12.18 | $11.08 | $10.80 | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (17.25)%<sup>(B)</sup> | 15.07% | 6.48% | 8.95% | (1.56)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;13009 | $&nbsp;&nbsp;&nbsp;&nbsp;19731 | $&nbsp;&nbsp;&nbsp;&nbsp;15655 | $&nbsp;&nbsp;&nbsp;&nbsp;16423 | $&nbsp;&nbsp;&nbsp;&nbsp;19845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.25% | 0.24% | 0.26% | 0.27% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.16 %<sup>(D)(E)</sup> | 0.15 %<sup>(E)</sup> | 0.24 %<sup>(E)</sup> | 0.27% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.17% | 2.55% | 2.04% | 1.98% | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51% | 6% | 28% | 4% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

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

(D) *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** | **Transamerica Asset Allocation – Conservative Portfolio** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,**<br> **2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.27 | $11.16 | $10.89 | $10.78 | $11.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.28 | 0.25 | 0.15 | 0.15 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.34) | 1.34 | 0.48 | 0.67 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.06) | 1.59 | 0.63 | 0.82 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.24) | (0.17) | (0.14) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.61) | (0.24) | (0.19) | (0.57) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.87) | (0.48) | (0.36) | (0.71) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.34 | $&nbsp;&nbsp;&nbsp;&nbsp;12.27 | $&nbsp;&nbsp;&nbsp;&nbsp;11.16 | $&nbsp;&nbsp;&nbsp;&nbsp;10.89 | $10.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.97)% | 14.50% | 5.90% | 8.28% | (2.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $547 | $916 | $873 | $855 | $&nbsp;&nbsp;&nbsp;&nbsp;1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.72% | 0.71% | 0.76% | 0.86% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72% | 0.71% | 0.76% | 0.86% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.67% | 2.09% | 1.42% | 1.41% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51% | 6% | 28% | 4% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 46** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | |
|:---|:---|
| | **Transamerica<br>Asset Allocation –<br>Conservative<br>Portfolio**<br>**Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $9.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(12.57)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.78 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 51% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

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

(E) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.86 | $12.53 | $13.01 | $14.38 | $16.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.46 | 0.06 | 0.17 | 0.11 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.95) | 4.86 | 0.48 | 0.67 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.49) | 4.92 | 0.65 | 0.78 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.47) | (0.10) | (0.21) | (0.19) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.81) | (0.49) | (0.92) | (1.96) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.28) | (0.59) | (1.13) | (2.15) | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.09 | $16.86 | $12.53 | $13.01 | $14.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (22.39)%<sup>(C)</sup> | 40.12% | 5.01% | 7.89% | (2.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;760822 | $&nbsp;&nbsp;&nbsp;&nbsp;1072922 | $&nbsp;&nbsp;&nbsp;&nbsp;809244 | $&nbsp;&nbsp;&nbsp;&nbsp;887342 | $&nbsp;&nbsp;&nbsp;&nbsp;922131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.50% | 0.48% | 0.53% | 0.54% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.49% | 0.48% | 0.53% | 0.54% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.37% | 0.41% | 1.40% | 0.90% | 1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 8% | 26% | 1% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 47** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.27 | $12.11 | $12.59 | $13.88 | $15.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.39 | (0.03) | 0.09 | 0.03 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.89) | 4.68 | 0.44 | 0.64 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.50) | 4.65 | 0.53 | 0.67 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.31) |  | (0.09) |  | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.81) | (0.49) | (0.92) | (1.96) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.12) | (0.49) | (1.01) | (1.96) | (1.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.66 | $16.27 | $12.11 | $12.59 | $13.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | (23.00)%<sup>(B)</sup> | 39.09% | 4.13% | 7.10% | (3.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;64542 | $&nbsp;&nbsp;&nbsp;&nbsp;116319 | $&nbsp;&nbsp;&nbsp;&nbsp;143282 | $&nbsp;&nbsp;&nbsp;&nbsp;205681 | $&nbsp;&nbsp;&nbsp;&nbsp;309195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.30% | 1.26% | 1.31% | 1.31% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.29% | 1.26% | 1.31% | 1.31% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.89% | (0.23)% | 0.74% | 0.25% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 8% | 26% | 1% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

(C) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.88 | $12.53 | $13.01 | $14.38 | $16.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.50 | 0.12 | 0.22 | 0.16 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.95) | 4.86 | 0.47 | 0.65 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.45) | 4.98 | 0.69 | 0.81 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.53) | (0.14) | (0.25) | (0.22) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.81) | (0.49) | (0.92) | (1.96) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.34) | (0.63) | (1.17) | (2.18) | (1.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.11 | $16.88 | $12.53 | $13.01 | $14.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (22.01)%<sup>(B)</sup> | 40.62% | 5.31% | 8.19% | (2.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;30933 | $&nbsp;&nbsp;&nbsp;&nbsp;42252 | $&nbsp;&nbsp;&nbsp;&nbsp;32886 | $&nbsp;&nbsp;&nbsp;&nbsp;43396 | $&nbsp;&nbsp;&nbsp;&nbsp;51209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.25% | 0.24% | 0.26% | 0.27% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.15 %<sup>(D)(E)</sup> | 0.15 %<sup>(E)</sup> | 0.25<br> 1.26<br> %<sup>(E)</sup> <br> %  | 0.27% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.65% | 0.77% | 1.81% | 1.25% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 8% | 26% | 1% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

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

(D) *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 48** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** | **Transamerica Asset Allocation – Growth Portfolio** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.70 | $12.41 | $12.89 | $14.22 | $16.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.04 | 0.14 | 0.08 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.98) | 4.81 | 0.47 | 0.67 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.51) | 4.85 | 0.61 | 0.75 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.42) | (0.07) | (0.17) | (0.12) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.81) | (0.49) | (0.92) | (1.96) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.23) | (0.56) | (1.09) | (2.08) | (1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.96 | $16.70 | $&nbsp;&nbsp;&nbsp;&nbsp;12.41 | $&nbsp;&nbsp;&nbsp;&nbsp;12.89 | $14.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(22.64)% | &nbsp;&nbsp;&nbsp;&nbsp;39.84% | 4.72% | 7.71% | (2.67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $750 | $1519 | $1625 | $1940 | $&nbsp;&nbsp;&nbsp;&nbsp;2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.72% | 0.76% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.73% | 0.72% | 0.76% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.43% | 0.26% | 1.17% | 0.61% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% | 8% | 26% | 1% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | |
|:---|:---|
| | **Transamerica<br>Asset<br>Allocation –<br>Growth Portfolio**<br>**Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $13.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $12.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(12.70)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.24 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 24% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

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

(E) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 49** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.72 | $11.87 | $12.05 | $12.81 | $14.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.17 | 0.18 | 0.16 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.12) | 3.21 | 0.50 | 0.69 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.75) | 3.38 | 0.68 | 0.85 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.15) | (0.23) | (0.21) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.75) | (0.38) | (0.63) | (1.40) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.13) | (0.53) | (0.86) | (1.61) | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.84 | $14.72 | $11.87 | $12.05 | $12.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (20.18)%<sup>(C)</sup> | 29.05% | 5.75% | 8.37% | (2.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1256097 | $&nbsp;&nbsp;&nbsp;&nbsp;1756950 | $&nbsp;&nbsp;&nbsp;&nbsp;1423975 | $&nbsp;&nbsp;&nbsp;&nbsp;1531349 | $&nbsp;&nbsp;&nbsp;&nbsp;1589016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.47% | 0.46% | 0.50% | 0.51% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.47 %<sup>(F)</sup> | 0.46% | 0.50% | 0.51% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.05% | 1.19% | 1.59% | 1.36% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% | 8% | 28% | 3% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.85 | $11.96 | $12.10 | $12.72 | $14.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.31 | 0.09 | 0.11 | 0.08 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.22) | 3.21 | 0.48 | 0.70 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.91) | 3.30 | 0.59 | 0.78 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.22) | (0.03) | (0.10) | (0.00)<sup>(C)</sup> | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.75) | (0.38) | (0.63) | (1.40) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.97) | (0.41) | (0.73) | (1.40) | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.98 | $14.85 | $11.96 | $12.10 | $12.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (20.81)%<sup>(B)</sup> | 28.03% | 4.97% | 7.60% | (2.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;94276 | $&nbsp;&nbsp;&nbsp;&nbsp;166140 | $&nbsp;&nbsp;&nbsp;&nbsp;245806 | $&nbsp;&nbsp;&nbsp;&nbsp;354235 | $&nbsp;&nbsp;&nbsp;&nbsp;547237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.27% | 1.24% | 1.27% | 1.28% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.26% | 1.24% | 1.27% | 1.28% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.47% | 0.66% | 0.93% | 0.68% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% | 8% | 28% | 3% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.04%.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 50** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.73 | $11.87 | $12.04 | $12.80 | $14.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.42 | 0.21 | 0.22 | 0.19 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.14) | 3.21 | 0.50 | 0.68 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.72) | 3.42 | 0.72 | 0.87 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.18) | (0.26) | (0.23) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.75) | (0.38) | (0.63) | (1.40) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.18) | (0.56) | (0.89) | (1.63) | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.85 | $14.73 | $11.87 | $12.04 | $12.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (19.78)%<sup>(B)</sup> | 29.42% | 6.12% | 8.64% | (1.84)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;50808 | $&nbsp;&nbsp;&nbsp;&nbsp;73488 | $&nbsp;&nbsp;&nbsp;&nbsp;58844 | $&nbsp;&nbsp;&nbsp;&nbsp;72827 | $&nbsp;&nbsp;&nbsp;&nbsp;81772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.24% | 0.23% | 0.25% | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.14 %<sup>(D)(E)</sup> | 0.14 %<sup>(E)</sup> | 0.24 %<sup>(E)</sup> | 0.26% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.40% | 1.52% | 1.92% | 1.65% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% | 8% | 28% | 3% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.16%.* 

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

(D) *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** | **Transamerica Asset Allocation – Moderate Growth Portfolio** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.68 | $11.84 | $11.99 | $12.73 | $14.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.14 | 0.14 | 0.13 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.12) | 3.19 | 0.51 | 0.68 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.78) | 3.33 | 0.65 | 0.81 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) | (0.11) | (0.17) | (0.15) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.75) | (0.38) | (0.63) | (1.40) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.08) | (0.49) | (0.80) | (1.55) | (1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.82 | $14.68 | $11.84 | $11.99 | $12.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.34)% | 28.63% | 5.51% | 8.08% | (2.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $1236 | $&nbsp;&nbsp;&nbsp;&nbsp;1781 | $&nbsp;&nbsp;&nbsp;&nbsp;1979 | $&nbsp;&nbsp;&nbsp;&nbsp;2082 | $&nbsp;&nbsp;&nbsp;&nbsp;3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.73% | 0.77% | 0.78% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.73% | 0.73% | 0.77% | 0.78% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.78% | 1.00% | 1.26% | 1.12% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% | 8% | 28% | 3% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 51** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | |
|:---|:---|
| | **Transamerica<br>Asset Allocation –<br>Moderate<br>Growth Portfolio**<br>**Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $12.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(12.36)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.54 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.93 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

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

(E) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.31 | $11.48 | $11.46 | $11.64 | $12.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.32 | 0.22 | 0.19 | 0.18 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.62) | 2.11 | 0.47 | 0.69 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.30) | 2.33 | 0.66 | 0.87 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.20) | (0.25) | (0.23) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.68) | (0.30) | (0.39) | (0.82) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.00) | (0.50) | (0.64) | (1.05) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.01 | $13.31 | $11.48 | $11.46 | $11.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (18.65)%<sup>(C)</sup> | 20.68% | 5.93% | 8.51% | (1.89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;821113 | $&nbsp;&nbsp;&nbsp;&nbsp;1171334 | $&nbsp;&nbsp;&nbsp;&nbsp;1004834 | $&nbsp;&nbsp;&nbsp;&nbsp;1066485 | $&nbsp;&nbsp;&nbsp;&nbsp;1124731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.47% | 0.44% | 0.49% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.47 %<sup>(F)</sup> | 0.44% | 0.49% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.86% | 1.76% | 1.72% | 1.64% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43% | 8% | 24% | 4% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *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 Report 2022** |

---

**Page 52** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.38 | $11.52 | $11.47 | $11.55 | $12.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.17 | 0.12 | 0.10 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.66) | 2.07 | 0.45 | 0.70 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.41) | 2.24 | 0.57 | 0.80 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.08) | (0.13) | (0.06) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.68) | (0.30) | (0.39) | (0.82) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.86) | (0.38) | (0.52) | (0.88) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.11 | $13.38 | $11.52 | $11.47 | $11.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (19.23)%<sup>(C)</sup> | 19.75% | 5.06% | 7.77% | (2.68)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;59744 | $&nbsp;&nbsp;&nbsp;&nbsp;104930 | $&nbsp;&nbsp;&nbsp;&nbsp;176866 | $&nbsp;&nbsp;&nbsp;&nbsp;266489 | $&nbsp;&nbsp;&nbsp;&nbsp;415277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.26% | 1.23% | 1.27% | 1.26% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.25% | 1.23% | 1.27% | 1.26% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.20% | 1.30% | 1.07% | 0.93% | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43% | 8% | 24% | 4% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.32 | $11.48 | $11.46 | $11.63 | $12.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.27 | 0.22 | 0.20 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.61) | 2.10 | 0.47 | 0.70 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.26) | 2.37 | 0.69 | 0.90 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.23) | (0.28) | (0.25) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.68) | (0.30) | (0.39) | (0.82) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.06) | (0.53) | (0.67) | (1.07) | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.02 | $13.32 | $11.48 | $11.46 | $11.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (18.24)%<sup>(B)</sup> | 21.03% | 6.19% | 8.86% | (1.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;33414 | $&nbsp;&nbsp;&nbsp;&nbsp;47079 | $&nbsp;&nbsp;&nbsp;&nbsp;42338 | $&nbsp;&nbsp;&nbsp;&nbsp;49587 | $&nbsp;&nbsp;&nbsp;&nbsp;48287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.24% | 0.22% | 0.26% | 0.26% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.15 %<sup>(D)(E)</sup> | 0.13 %<sup>(E)</sup> | 0.25 %<sup>(E)</sup> | 0.26% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.15% | 2.09% | 2.00% | 1.84% | 2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43% | 8% | 24% | 4% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.15%.* 

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

(D) *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 53** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** | **Transamerica Asset Allocation – Moderate Portfolio** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.24 | $11.42 | $11.39 | $11.57 | $12.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.28 | 0.17 | 0.16 | 0.17 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.59) | 2.11 | 0.47 | 0.66 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.31) | 2.28 | 0.63 | 0.83 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.16) | (0.21) | (0.19) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.68) | (0.30) | (0.39) | (0.82) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.97) | (0.46) | (0.60) | (1.01) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.96 | $13.24 | $11.42 | $11.39 | $11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(18.78)%<sup>(C)</sup> | 20.34% | 5.72% | 8.21% | (2.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $2500 | $&nbsp;&nbsp;&nbsp;&nbsp;2991 | $&nbsp;&nbsp;&nbsp;&nbsp;3031 | $&nbsp;&nbsp;&nbsp;&nbsp;3058 | $&nbsp;&nbsp;&nbsp;&nbsp;4313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.71% | 0.70% | 0.73% | 0.74% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.71 %<sup>(E)</sup> | 0.70% | 0.73% | 0.74% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.53% | 1.36% | 1.46% | 1.54% | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43% | 8% | 24% | 4% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

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

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | |
|:---|:---|
| | **Transamerica<br>Asset Allocation –<br>Moderate Portfolio**<br>**Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $11.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $10.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(12.49)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.33 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 43% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

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

(E) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 54** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.97 | $10.66 | $10.57 | $10.22 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.53 | 0.28 | 0.16 | 0.24 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.54) | 1.98 | 0.58 | 0.69 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.01) | 2.26 | 0.74 | 0.93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.54) | (0.28) | (0.16) | (0.24) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.55) | (0.67) | (0.49) | (0.34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.09) | (0.95) | (0.65) | (0.58) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.87 | $11.97 | $10.66 | $10.57 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (18.29)% | 22.01% | 7.33% | 9.85% | (0.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;233763 | $&nbsp;&nbsp;&nbsp;&nbsp;327930 | $&nbsp;&nbsp;&nbsp;&nbsp;300319 | $&nbsp;&nbsp;&nbsp;&nbsp;332117 | $&nbsp;&nbsp;&nbsp;&nbsp;357118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.34% | 2.38% | 1.53% | 2.35% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 33% | 32% | 48% | 35% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** | **Transamerica Asset Allocation Intermediate Horizon** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.97 | $10.66 | $10.57 | $10.22 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.56 | 0.30 | 0.18 | 0.26 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.55) | 1.99 | 0.59 | 0.69 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.99) | 2.29 | 0.77 | 0.95 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.56) | (0.31) | (0.19) | (0.26) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.55) | (0.67) | (0.49) | (0.34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.11) | (0.98) | (0.68) | (0.60) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.87 | $11.97 | $10.66 | $10.57 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(18.09)% | 22.33% | 7.61% | 10.10% | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $5761 | $&nbsp;&nbsp;&nbsp;&nbsp;10351 | $&nbsp;&nbsp;&nbsp;&nbsp;8807 | $&nbsp;&nbsp;&nbsp;&nbsp;9321 | $&nbsp;&nbsp;&nbsp;&nbsp;15632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.59% | 2.58% | 1.75% | 2.60% | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 33% | 32% | 48% | 35% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 55** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.49 | $10.12 | $10.50 | $10.64 | $10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.72 | 0.23 | 0.12 | 0.22 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.17) | 3.37 | 0.67 | 0.68 | (0.05)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.45) | 3.60 | 0.79 | 0.90 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.76) | (0.25) | (0.13) | (0.23) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.68) | (0.98) | (1.04) | (0.81) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.44) | (1.23) | (1.17) | (1.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.60 | $12.49 | $10.12 | $10.50 | $10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (22.09)% | 37.55% | 7.72% | 10.28% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;139118 | $&nbsp;&nbsp;&nbsp;&nbsp;201847 | $&nbsp;&nbsp;&nbsp;&nbsp;164147 | $&nbsp;&nbsp;&nbsp;&nbsp;177392 | $&nbsp;&nbsp;&nbsp;&nbsp;190928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 7.31% | 2.00% | 1.19% | 2.16% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30% | 23% | 52% | 40% | 30% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** | **Transamerica Asset Allocation Long Horizon** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.51 | $10.13 | $10.51 | $10.64 | $10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.71 | 0.26 | 0.14 | 0.25 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.14) | 3.38 | 0.67 | 0.67 | (0.04)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.43) | 3.64 | 0.81 | 0.92 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.78) | (0.28) | (0.15) | (0.24) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.68) | (0.98) | (1.04) | (0.81) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.46) | (1.26) | (1.19) | (1.05) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.62 | $12.51 | $10.13 | $10.51 | $10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(21.84)% | 37.96% | 7.98% | 10.57% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;5451 | $&nbsp;&nbsp;&nbsp;&nbsp;6911 | $&nbsp;&nbsp;&nbsp;&nbsp;5134 | $&nbsp;&nbsp;&nbsp;&nbsp;8695 | $&nbsp;&nbsp;&nbsp;&nbsp;25038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 7.21% | 2.21% | 1.44% | 2.47% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 30% | 23% | 52% | 40% | 30% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *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 Report 2022** |

---

**Page 56** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.75 | $10.54 | $10.29 | $9.76 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.28 | 0.20 | 0.25 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.76) | 0.35 | 0.30 | 0.57 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.43) | 0.63 | 0.50 | 0.82 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.28) | (0.20) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.28) | (0.14) | (0.05) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.60) | (0.42) | (0.25) | (0.29) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.72 | $10.75 | $10.54 | $10.29 | $9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (13.92)% | 6.10% | 5.02% | 8.51% | (1.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;82354 | $&nbsp;&nbsp;&nbsp;&nbsp;114974 | $&nbsp;&nbsp;&nbsp;&nbsp;122392 | $&nbsp;&nbsp;&nbsp;&nbsp;131052 | $&nbsp;&nbsp;&nbsp;&nbsp;142129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.37% | 2.63% | 1.91% | 2.53% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29% | 22% | 29% | 26% | 52% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** | **Transamerica Asset Allocation Short Horizon** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.75 | $10.54 | $10.29 | $9.76 | $10.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.31 | 0.24 | 0.28 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.75) | 0.35 | 0.29 | 0.57 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.40) | 0.66 | 0.53 | 0.85 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.31) | (0.23) | (0.29) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.28) | (0.14) | (0.05) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.63) | (0.45) | (0.28) | (0.32) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.72 | $&nbsp;&nbsp;&nbsp;&nbsp;10.75 | $&nbsp;&nbsp;&nbsp;&nbsp;10.54 | $&nbsp;&nbsp;&nbsp;&nbsp;10.29 | $9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(13.69)% | 6.37% | 5.29% | 8.78% | &nbsp;&nbsp;&nbsp;&nbsp;(1.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $450 | $565 | $552 | $2762 | $3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.62% | 2.86% | 2.32% | 2.75% | 2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 29% | 22% | 29% | 26% | 52% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 57** 

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##### [**Table of Contents**](#toc)

------

**NOTES TO FINANCIAL STATEMENTS** 

**At October 31, 2022** 

**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. The funds covered by this report (each, a "Fund" and collectively, the "Funds") are each a series of the Trust and are as follows:

---

| | |
|:---|:---|
| **Fund** | **Class** |
|  Transamerica Asset Allocation – Conservative Portfolio ("Asset Allocation – Conservative") <sup>(A)</sup> | A,C,I,R,R3 |
|  Transamerica Asset Allocation – Growth Portfolio ("Asset Allocation – Growth") <sup>(A)</sup> | A,C,I,R,R3 |
|  Transamerica Asset Allocation – Moderate Growth Portfolio ("Asset Allocation – Moderate Growth") <sup>(A)</sup> | A,C,I,R,R3 |
|  Transamerica Asset Allocation – Moderate Portfolio ("Asset Allocation – Moderate") <sup>(A)</sup> | A,C,I,R,R3 |
|  Transamerica Asset Allocation Intermediate Horizon ("Intermediate Horizon") | R,R4 |
|  Transamerica Asset Allocation Long Horizon ("Long Horizon") | R,R4 |
|  Transamerica Asset Allocation Short Horizon ("Short Horizon") | R,R4 |

---

(A) *Class R3 commenced operations on March 1, 2022.* 

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.

Each Fund, a "fund of funds", invests in a combination of certain other series of the Trust and the Asset Allocation – Conservative, Asset Allocation – Growth, Asset Allocation – Moderate Growth, and Asset Allocation – Moderate funds also invest in index-based exchange-traded Funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

TAM is responsible for the day-to-day management of Intermediate Horizon, Long Horizon and Short Horizon. For each of the other Funds, 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 these other Funds 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 Funds and their 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 Funds 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 Funds' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Funds; 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 a 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 Funds' 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 Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; 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 Funds, 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 Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**1. ORGANIZATION (continued)** 

recordkeeping and bookkeeping services provided to the Funds 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 Funds 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 Funds' custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds' 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 Funds. The Funds pay 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, 2022, (i) the expenses paid to State Street for sub-administration services by the Funds are shown as a part of Other expenses within the Statements of Operations and (ii) the expenses payable to State Street for sub-administration services from the Funds are shown as part of Other accrued expenses within the Statements of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**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 Statements 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 Statements 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.

**Cash overdraft**: The Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Funds' valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Funds' Board of Trustees. The net asset value of each 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, 2022** 

**3. INVESTMENT VALUATION (continued)** 

TAM utilizes various methods to measure the fair value of their 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 Funds' 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 Funds' investments at October 31, 2022, is disclosed within the Investment Valuation section of each Fund's 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 Funds' significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments*: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS** 

**Restricted securities:** The Funds 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, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Funds 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 their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds 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 Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds' assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds' 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 Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Funds, 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 Funds 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, 2022, the Funds have not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Funds purchase a security and simultaneously commit 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 Funds' 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 Funds 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 Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, 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 Statements 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, 2022.

Repurchase agreements at October 31, 2022, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

Certain Funds' investment strategies allow the Funds 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 Funds' investment strategies, the Funds may seek to use derivatives to increase or decrease their 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.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

*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 Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds 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 Funds. 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 Funds' exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds use 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 Funds are 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 Funds, 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 Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds 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, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

The following is a summary of the location and each Fund's fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2022. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund/Location** | **Interest<br>Rate Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Asset Allocation – Conservative** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(1125523) | $— | $(502616) | $— | $— | $(1628139) |
|  **Total** | $**(1125523)** | $**—** | $**(502616)** | $**—** | $**—** | $**(1628139)** |
|  **Asset Allocation – Growth** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $(662192) | $— | $— | $(662192) |
|  **Total** | $**—** | $**—** | $**(662192)** | $**—** | $**—** | $**(662192)** |
|  **Asset Allocation – Moderate Growth** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(3476005) | $— | $(1177294) | $— | $— | $(4653299) |
|  **Total** | $**(3476005)** | $**—** | $**(1177294)** | $**—** | $**—** | $**(4653299)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund/Location** | **Interest<br>Rate Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Asset Allocation – Moderate** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(1956681) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(903305) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(2859986) |
|  **Total** | $**(1956681)** | $**—** | $**(903305)** | $**—** | $**—** | $**(2859986)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *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 Statements of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2022. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund/Location** | **Interest<br>Rate Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Asset Allocation – Conservative** |  |  |  |  |  |  |
|  Futures contracts | $(814404) | $— | $(825106) | $— | $— | $(1639510) |
|  **Total** | $**(814404)** | $**—** | $**(825106)** | $**—** | $**—** | $**(1639510)** |
|  **Asset Allocation – Growth** |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(2269044) | $— | $— | $(2269044) |
|  **Total** | $**—** | $**—** | $**(2269044)** | $**—** | $**—** | $**(2269044)** |
|  **Asset Allocation – Moderate Growth** |  |  |  |  |  |  |
|  Futures contracts | $(1737685) | $— | $(2361501) | $— | $— | $(4099186) |
|  **Total** | $**(1737685)** | $**—** | $**(2361501)** | $**—** | $**—** | $**(4099186)** |
|  **Asset Allocation – Moderate** |  |  |  |  |  |  |
|  Futures contracts | $(1469379) | $— | $(1784448) | $— | $— | $(3253827) |
|  **Total** | $**(1469379)** | $**—** | $**(1784448)** | $**—** | $**—** | $**(3253827)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund/Location** | **Interest<br>Rate Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Asset Allocation – Conservative** | **Asset Allocation – Conservative** | **Asset Allocation – Conservative** | **Asset Allocation – Conservative** | **Asset Allocation – Conservative** | **Asset Allocation – Conservative** | **Asset Allocation – Conservative** |
|  Futures contracts | $(1125523) | $— | $(912173) | $— | $— | $(2037696) |
|  **Total** | $**(1125523)** | $**—** | $**(912173)** | $**—** | $**—** | $**(2037696)** |
|  **Asset Allocation – Growth** | **Asset Allocation – Growth** | **Asset Allocation – Growth** | **Asset Allocation – Growth** | **Asset Allocation – Growth** | **Asset Allocation – Growth** | **Asset Allocation – Growth** |
|  Futures contracts | $— | $— | $(1373228) | $— | $— | $(1373228) |
|  **Total** | $**—** | $**—** | $**(1373228)** | $**—** | $**—** | $**(1373228)** |
|  **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** |
|  Futures contracts | $(3476005) | $— | $(2030537) | $— | $— | $(5506542) |
|  **Total** | $**(3476005)** | $**—** | $**(2030537)** | $**—** | $**—** | $**(5506542)** |
|  **Asset Allocation – Moderate** | **Asset Allocation – Moderate** | **Asset Allocation – Moderate** | **Asset Allocation – Moderate** | **Asset Allocation – Moderate** | **Asset Allocation – Moderate** | **Asset Allocation – Moderate** |
|  Futures contracts | $(1956681) | $— | $(1540393) | $— | $— | $(3497074) |
|  **Total** | $**(1956681)** | $**—** | $**(1540393)** | $**—** | $**—** | $**(3497074)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Allocation –<br>Conservative** | **Asset Allocation –<br>Growth** | **Asset Allocation –<br>Moderate Growth** | **Asset Allocation –<br>Moderate** |
| **Futures contracts:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $16746842 | $22710420 | $41437638 | $29036251 |

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*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, a 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 a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities. Non-cash collateral pledged to each 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 a 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 a 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 Funds involves certain key risks related to the Funds' trading activity. Please reference the Funds' prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

**Market risk:** The market prices of a Fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund's securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. RISK FACTORS (continued)** 

the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund's investments.

**Asset allocation risk:** A Fund's investment performance is significantly impacted by a Fund's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying funds may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying funds selected by the sub-adviser may underperform the market or similar funds.

**Underlying funds risk:** Because a Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects a Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which a Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of a Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. In addition, a Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of a Fund's prospectus identifies certain risks of each underlying fund.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. RISK FACTORS (continued)** 

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by a Fund fall, the value of your investment in a Fund will decline. A Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**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, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund falls, the value of your investment will go down. A Fund may lose its entire investment in the fixed-income securities of an issuer.

**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 a 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 or unsuccessful government actions, 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.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TAM, the Funds' 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 NV. 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 NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Funds Services, Inc. ("TFS") is the Funds' transfer agent. Transamerica Capital, Inc. ("TCI") is the Funds' distributor/principal underwriter. TAM, Aegon USA Investment Management, LLC ("AUIM"), Aegon Asset Management UK ("AAM UK"), TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, AUIM, AAM UK, TFS and TCI. 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 Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

The Underlying Funds have varied expense and fee levels and the Funds may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the Underlying Funds in which the Funds invest. The Funds have material ownership interests in the Underlying Funds.

As of October 31, 2022, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Account<br>Balance** | **Percentage of<br>Net Assets** |
|  Asset Allocation – Conservative | $705764 | 0.14% |
|  Asset Allocation – Growth | 8730 | 0.00 <sup>(A)</sup> |
|  Asset Allocation – Moderate Growth | &nbsp;&nbsp;&nbsp;&nbsp;1542895 | 0.11 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Account<br>Balance** | **Percentage of<br>Net Assets** |
|  Asset Allocation – Moderate | $1466947 | 0.16% |
|  Intermediate Horizon | &nbsp;&nbsp;&nbsp;&nbsp;239524408 | 100.00 |
|  Long Horizon | 144568870 | 100.00 |
|  Short Horizon | 82803812 | 100.00 |

---

---

| | |
|:---|:---|
| <sup>(A)</sup> | *Rounds to less than 0.01%.*  |

---

**Investment management fees:** TAM serves as the Funds' investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Each Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
|  **Asset Allocation – Conservative <sup>(A)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.1040% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.0975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.0925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.0850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.0800 |
|  **Asset Allocation – Growth <sup>(A)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.0975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.0925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.0850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.0800 |
|  **Asset Allocation – Moderate Growth <sup>(A)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.0975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.0925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.0850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.0800 |

---

---

| | |
|:---|:---|
| **Fund** | **Rate** |
|  **Asset Allocation – Moderate <sup>(A)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.1040% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.0975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.0925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.0850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.0800 |
|  **Intermediate Horizon** | 0.1200 |
|  **Long Horizon** | 0.1200 |
|  **Short Horizon** | 0.1200 |

---

---

| | |
|:---|:---|
| <sup>(A)</sup> | *TAM contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2023. These amounts are not subject to recapture by TAM.*  |

---

On April 18, 2022, TFS, the Funds' transfer agent, returned to Class I of applicable Funds 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 a "Contributions from affiliate" within each applicable Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

On three occasions during the year ended October 31, 2022, TCI, the Funds' distributor/principal underwriter, returned to Class A, Class C and/or Class R3 of applicable Funds certain 12b-1 fees retained by TCI during the period of April 1, 2020, to October 31, 2021. These amounts are reflected as a "Contributions from affiliate, Transamerica Capital, Inc." within each applicable Fund's Statements of Changes in Net Assets and Financial Highlights in this shareholder report.

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, reorganization expenses and other expenses not incurred in the ordinary course of the Funds' business, exceed the following stated annual operating expense limits to the Funds' daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

---

| | | |
|:---|:---|:---|
| **Fund** | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  **Asset Allocation – Conservative** | **Asset Allocation – Conservative** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.60% | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.95 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 0.35 | March 1, 2025 |
|  **Asset Allocation – Growth** | **Asset Allocation – Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.60 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.95 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 0.35 | March 1, 2025 |
|  **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.60 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.85 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 0.35 | March 1, 2025 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  **Asset Allocation – Moderate** | **Asset Allocation – Moderate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.60% | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.35 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.85 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | 0.35 | March 1, 2025 |
|  **Intermediate Horizon** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.60 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.35 | March 1, 2023 |
|  **Long Horizon** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.60 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.35 | March 1, 2023 |
|  **Short Horizon** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 0.60 | March 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.35 | March 1, 2023 |

---

<sup>(A)</sup> *Class R3 commenced operations on March 1, 2022.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. 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, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements 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 Funds, 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, 2022, the balances available for recapture by TAM for each Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **Asset Allocation – Conservative** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> | $— | $— | $23 | $23 |
|  **Asset Allocation – Growth** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> |  |  | 93 | 93 |
|  **Asset Allocation – Moderate Growth** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> |  |  | 66 | 66 |
|  **Asset Allocation – Moderate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 <sup>(A)</sup> |  |  | 34 | 34 |
|  **Intermediate Horizon** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;62371 | &nbsp;&nbsp;&nbsp;&nbsp;65585 | &nbsp;&nbsp;&nbsp;&nbsp;55199 | &nbsp;&nbsp;&nbsp;&nbsp;183155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2620 | 2815 | 2422 | 7857 |
|  **Long Horizon** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 33633 | 39623 | 32985 | 106241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2336 | 1781 | 1661 | 5778 |
|  **Short Horizon** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 25251 | 24082 | 19959 | 69292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 577 | 157 | 140 | 874 |

---

<sup>(A)</sup> *Class R3 commenced operations on March 1, 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 TCI as the Funds' distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution and service fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class <sup>(A)</sup>** | **Rate** |
|  Class A | 0.25% |
|  Class C | 1.00 |
|  Class R | 0.50 |
|  Class R3 <sup>(B)</sup> | 0.25 |
|  Class R4 | 0.25 |

---

(A) *12b-1 fees are not applicable for Class I.* 

(B) *Class R3 commenced operations on March 1, 2022.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Shareholder fees:** Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2022, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
| **Fund** | **Initial**<br> **Sales Charge** | **Contingent<br>Deferred**<br> **Sales Charge** |
|  **Asset Allocation – Conservative** | **Asset Allocation – Conservative** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $146070 | $3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 9381 |
|  **Asset Allocation – Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 465093 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 10110 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Initial**<br> **Sales Charge** | **Contingent<br>Deferred**<br> **Sales Charge** |
|  **Asset Allocation – Moderate Growth** | **Asset Allocation – Moderate Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $525449 | $2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 8365 |
|  **Asset Allocation – Moderate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 267563 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 4866 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on assets, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Funds' Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended October 31, 2022, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Paid to TFS** | **Fees Due to TFS** |
|  Asset Allocation – Conservative | $452838 | $36815 |
|  Asset Allocation – Growth | 1090963 | 88525 |
|  Asset Allocation – Moderate Growth | 1513292 | 122205 |
|  Asset Allocation – Moderate | 902492 | 71288 |
|  Intermediate Horizon | 661 | 36 |
|  Long Horizon | 452 | 34 |
|  Short Horizon | 38 | 3 |

---

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by each series of the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Funds incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended October 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Sales of Securities** |
|  Asset Allocation – Conservative | $298212865 | $421096263 |
|  Asset Allocation – Growth | 236087118 | 385094574 |
|  Asset Allocation – Moderate Growth | 564920235 | 919240759 |
|  Asset Allocation – Moderate | 452001245 | 710939890 |
|  Intermediate Horizon | 95104739 | 137618289 |
|  Long Horizon | 51691408 | 73445644 |
|  Short Horizon | 29130245 | 47657999 |

---

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize 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 Funds' 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 Funds' tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are 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, mark-to-market on futures contracts and liquidating trust 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. The primary permanent differences are due to sub-ta adjustments. 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:

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| | | |
|:---|:---|:---|
| | **Paid-in Capital** | **Total Distributable Earnings** |
|  Asset Allocation – Conservative | $(37897) | $37897 |
|  Asset Allocation – Growth | (58821) | 58821 |
|  Asset Allocation – Moderate Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115064 |
|  Asset Allocation – Moderate | (80228) | 80228 |
|  Intermediate Horizon |  |  |
|  Long Horizon |  |  |
|  Short Horizon |  |  |

---

As of October 31, 2022, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net<br>Appreciation<br>(Depreciation)** |
|  Asset Allocation – Conservative | $523241066 | $12729672 | $(32175758) | $(19446086) |
|  Asset Allocation – Growth | 839741269 | 51884773 | (34454167) | 17430606 |
|  Asset Allocation – Moderate Growth | &nbsp;&nbsp;&nbsp;&nbsp;1395283270 | 76299030 | (69623233) | 6675797 |
|  Asset Allocation – Moderate | 929447840 | 37329467 | (50547785) | (13218318) |
|  Intermediate Horizon | 281741477 | 1905463 | (44003343) | (42097880) |
|  Long Horizon | 169753259 | 1294964 | (26409344) | (25114380) |
|  Short Horizon | 97097978 | 362095 | (14613980) | (14251885) |

---

As of October 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

---

| | | |
|:---|:---|:---|
| | **Unlimited** | **Unlimited** |
| <br>**Fund** | **Short-Term** | **Long-Term** |
|  Asset Allocation – Conservative | $&nbsp;&nbsp;&nbsp;&nbsp;8970994 | $&nbsp;&nbsp;&nbsp;&nbsp;14352478 |
|  Asset Allocation – Moderate | 832371 |  |

---

During the year ended October 31, 2022, the Funds did not have any capital loss carryforwards utilized.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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 Statements 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 2022 and 2021 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| <br>**Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** |
|  Asset Allocation – Conservative | $20451806 | $30787511 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;16299915 | $&nbsp;&nbsp;&nbsp;&nbsp;15036486 | $— |
|  Asset Allocation – Growth | &nbsp;&nbsp;&nbsp;&nbsp;35387248 | 55140365 |  | 6887720 | 38294156 |  |
|  Asset Allocation – Moderate Growth | 52865081 | 95136047 |  | 19640851 | 54924320 |  |
|  Asset Allocation – Moderate | 32214799 | 62279721 |  | 19467483 | 31917194 |  |
|  Intermediate Horizon | 15017632 | 15323945 |  | 8090110 | 19000943 |  |
|  Long Horizon | 12489979 | 11259184 |  | 4111183 | 16284199 |  |
|  Short Horizon | 3562310 | 2668344 |  | 3342588 | 1486312 |  |

---

As of October 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Tax Exempt<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary<br>Loss Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  Asset Allocation – Conservative | $1163704 | $– $|  | $(23323472) | $– $|  | $(19446086) |
|  Asset Allocation – Growth |  | – | 64432013 |  | – |  | 17430606 |
|  Asset Allocation – Moderate Growth | 6374029 | – | 33877248 |  | – |  | 6675797 |
|  Asset Allocation – Moderate | 8280444 | – |  | (832371) | – |  | (13218318) |
|  Intermediate Horizon | 245339 | – | 17923990 |  | – |  | (42097880) |
|  Long Horizon |  | – | 17645794 |  | – |  | (25114380) |
|  Short Horizon | 176658 | – | 1238974 |  | – |  | (14251885) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon and Transamerica Asset Allocation Short Horizon, and the Board of Trustees of Transamerica Funds* 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, Transamerica Asset Allocation Intermediate Horizon, Transamerica Asset Allocation Long Horizon and Transamerica Asset Allocation Short Horizon (collectively referred to as the "Funds") (seven of the funds constituting Transamerica Funds (the "Trust")), including the schedules of investments, as of October 31, 2022, the related statements 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 each of the Funds (seven of the funds constituting Transamerica Funds) at October 31, 2022, the results of their operations for the year then ended, the change in their net assets for each of the two years in the period then ended and their 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 each of the Funds' 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, 2022, 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.

![LOGO](g402445ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2022

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**SUPPLEMENTAL INFORMATION** 

**(unaudited)** 

**TAX INFORMATION** 

For dividends paid during the year ended October 31, 2022, the Funds designated the following maximum amounts of qualified dividend income:

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| | |
|:---|:---|
| **Fund** | **Qualified Dividend<br>Income** |
|  Asset Allocation – Conservative | $4879007 |
|  Asset Allocation – Growth | 15545264 |
|  Asset Allocation – Moderate Growth | 18292959 |
|  Asset Allocation – Moderate | 8517080 |
|  Intermediate Horizon | 2359344 |
|  Long Horizon | 2430925 |
|  Short Horizon | 155246 |

---

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

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| | |
|:---|:---|
| **Fund** | **Dividend Received<br>Deduction Percentage** |
|  Asset Allocation – Conservative | 18% |
|  Asset Allocation – Growth | 27 |
|  Asset Allocation – Moderate Growth | 21 |
|  Asset Allocation – Moderate | 16 |
|  Intermediate Horizon | 14 |
|  Long Horizon | 17 |
|  Short Horizon | 5 |

---

For tax purposes, the long-term capital gain designations for the year ended October 31, 2022 are as follows:

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| | |
|:---|:---|
| **Fund** | **Long-Term Capital Gain<br>Designation** |
|  Asset Allocation – Conservative | $30787511 |
|  Asset Allocation – Growth | 55140365 |
|  Asset Allocation – Moderate Growth | 95136047 |
|  Asset Allocation – Moderate | 62279721 |
|  Intermediate Horizon | 15323945 |
|  Long Horizon | 11259184 |
|  Short Horizon | 2668344 |

---

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Foreign Source Income** | **Foreign Taxes** |
|  Asset Allocation – Conservative | $1975866 | $163068 |
|  Asset Allocation – Growth | 8976312 | 771912 |
|  Asset Allocation – Moderate Growth | 10847502 | 903866 |
|  Asset Allocation – Moderate | 5115796 | 427254 |
|  Intermediate Horizon | 1026604 | 75399 |
|  Long Horizon | 1079158 | 79258 |
|  Short Horizon | 58685 | 4310 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL** 

**(unaudited)** 

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 15-16, 2022, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of each of the following funds (each a "Fund" and collectively the "Funds"):

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| | |
|:---|:---|
|  Transamerica Asset Allocation – Conservative Portfolio | Transamerica Asset Allocation Intermediate Horizon |
|  Transamerica Asset Allocation – Growth Portfolio | Transamerica Asset Allocation Long Horizon |
|  Transamerica Asset Allocation – Moderate Growth Portfolio | Transamerica Asset Allocation Short Horizon |
|  Transamerica Asset Allocation – Moderate Portfolio |  |

---

The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Management Agreement, the "Agreements") between TAM and Goldman Sachs Asset Management, L.P. (the "Sub-Adviser") on behalf of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, and Transamerica Asset Allocation – Moderate Portfolio (each a "Sub-Advised Fund" and collectively, the "Sub-Advised Funds").

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 applicable Fund and its shareholders. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2023.

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 each applicable 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. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups 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 applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each 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.

With respect to the Sub-Advised Funds, 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 each Sub-Advised 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 each Fund and its investment strategy; with respect to the Sub-Advised Funds, the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; 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 Funds; 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

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

for Board meetings and regular communications with the Board; oversight of preparation of the Funds' prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, 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, as applicable, of each 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(s), in each case for various trailing periods ended December 31, 2021. 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 applicable 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 performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares or Class R4 Shares, where such class is offered. In describing a 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 a 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 each 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.

*Transamerica Asset Allocation – Conservative Portfolio.* 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-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was below its composite benchmark 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 August 28, 2020 pursuant to its current investment strategies and composite benchmark. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

*Transamerica Asset Allocation – Growth Portfolio.* 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 its benchmark 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 August 28, 2020 pursuant to its current investment strategies and benchmark. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

*Transamerica Asset Allocation – Moderate Growth Portfolio.* The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its composite benchmark, 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 August 28, 2020 pursuant to its current investment strategies and benchmarks. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

*Transamerica Asset Allocation – Moderate Portfolio.* 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 3-, 5- and 10-year periods 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 below its composite benchmark 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 August 28, 2020 pursuant to its current investment strategies and benchmarks. The Trustees also noted recent changes in the portfolio management team at the Sub-Adviser. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

*Transamerica Asset Allocation Intermediate Horizon*. The Board noted that the performance of Class R4 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 its peer universe for the past 10-year period, and below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was above its composite benchmark for the past 3-year period and below its composite benchmark for the

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

past 1-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Intermediate Horizon, effective as of that date in place of its own historical performance record.

*Transamerica Asset Allocation Long Horizon.* The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 3-year period, in line with the median for its peer universe for the past 5- and 10-year periods, and below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of four Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Long Horizon, effective as of that date in place of its own historical performance record.

*Transamerica Asset Allocation Short Horizon.* The Board noted that the performance of Class R4 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 R4 Shares of the Fund was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on May 19, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Institutional Asset Allocation – Short Horizon, effective as of that date in place of its own historical performance record.

**Management and Sub-Advisory Fees and Total Expense Ratios** 

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each 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 management fees and total expense ratios 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 or Class R4 Shares, where such class is offered. In describing a 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 a 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 each Sub-Advised 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.

*Transamerica Asset Allocation – Conservative Portfolio.* 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 median for its peer group and in line with the median for its peer universe. The Trustees and TAM agreed upon an additional breakpoint to the Fund's management fee schedule. 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.

*Transamerica Asset Allocation – Growth Portfolio.* The Board noted that the Fund's contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (*i.e.*, expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the median for its peer group and in line with the median for its peer universe. The Trustees and TAM agreed upon an additional breakpoint to the Fund's management fee schedule. 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.

*Transamerica Asset Allocation – Moderate Growth Portfolio.* 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 median for its peer group and in line with the median for its peer universe. The Trustees and TAM agreed upon an additional breakpoint to the Fund's management fee schedule. 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.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

*Transamerica Asset Allocation – Moderate Portfolio.* 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 and TAM agreed upon an additional breakpoint to the Fund's management fee schedule. 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.

*Transamerica Asset Allocation Intermediate Horizon*. 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 R4 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.

*Transamerica Asset Allocation Long Horizon.* 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 R4 Shares of the Fund were below 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.

*Transamerica Asset Allocation Short Horizon.* 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 R4 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 each 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 each 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 Funds 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 each Fund.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fees are the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

**Economies of Scale** 

The Board considered economies of scale with respect to the management of each 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 Funds benefited from any economies of scale. The Board recognized that, as a 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 each Fund's management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds 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 applicable Fund's management fee schedule. The Board considered that the Sub-Advised Funds' sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each 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 fees payable to TAM and the fees paid to the Sub-Adviser in light of any economies of scale experienced in the future.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Funds** 

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions ("soft dollars") as a result of its relationships with the Funds.

**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 each Fund in a professional manner that is consistent with the best interests of the Fund and its 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 Funds.

**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 Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

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**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

**(unaudited)** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund's assets by the investment manager and its respective sub-adviser.

The Funds are among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of 111 funds as of the date of this shareholder report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their age, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of <br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(49) | Chairman of the Board, <br>President and Chief Executive <br>Officer | Since 2014 | Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present);<br>Chairman of the Board, President and Chief Executive Officer, TET (2017 – present);<br>Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio ("TPP"), Transamerica Partners Funds Group ("TPFG") and Transamerica Partners Funds Group II ("TPFG II") (2014 – 2018);<br>Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. ("TAM") and Transamerica Fund Services, Inc. ("TFS") (2014 – present);<br>| 111 | Director,<br>Massachusetts<br>Fidelity Trust<br>Company<br>(2014 – 2021);<br>Director, Aegon<br>Global Funds<br>(2016 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of <br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(continued) |  |  | Senior Vice President, Transamerica Retirement Solutions LLC (2012 – 2020);<br>Trust Officer, Massachusetts Fidelity Trust Company (2014 – 2021);<br>President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016);<br>Vice President, Transamerica Life Insurance Company (2010 – 2016);<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);<br>Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016);<br>Senior Vice President, Transamerica Retirement Advisors, Inc.<br> (2013 – 2016) and<br>President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016). |  |  |
| &nbsp;&nbsp;&nbsp; Alan F. Warrick<br> (74) | Board Member | Since 2012 | Board Member, TF, TST and TAAVF (2012 – present);<br>Board Member, TPP, TPFG and TPFG II (2012 – 2018);<br>Senior Advisor, Lovell Minnick Equity Partners (2010 – present); and<br>Retired (2010).<br>| 111 | N/A |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp; Sandra N. Bane<br> (70) | Board Member | Since 2008 | Retired (1999 – present);<br>Board Member, TF, TST and TAAVF (2008 – present);<br>Board Member, TPP, TPFG and TPFG II (2008 – 2018); and<br>Partner, KPMG (1975 – 1999).<br>| 111 | Big 5 Sporting<br> Goods(2002 – 2021);<br>Southern<br>Company Gas<br>(energy services<br>holding<br>company)<br>(2008 – present) |
| &nbsp;&nbsp;&nbsp;Leo J. Hill <br>(66) | Lead Independent Board Member | Since 2002 | Principal, Advisor Network Solutions, LLC (business consulting)<br> (2006 – present);<br>Board Member, TST (2001 – present);<br>| 111 | Ameris Bancorp<br>(2013 – present);<br>Ameris Bank<br>(2013 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Leo J. Hill <br>(continued) |  |  | Board Member, TF<br> (2002 – present);<br>Board Member, TAAVF<br> (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Market President, Nations Bank of Sun Coast Florida (1998 – 1999);<br>Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida<br> (1994 – 1998);<br>Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and<br>Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia<br> (1976 – 1991).<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kathleen T. Ives<br> (57) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Retired (2019 – present);<br>Senior Vice President & Director of Internal Audit (2011 – 2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc. | 111 | Junior<br>Achievement<br>Rocky Mountain<br>(non-profit<br>organization)<br>(2013 – present);<br>Institute of<br>Internal Auditors,<br>Denver Chapter<br>(audit<br>organization)<br>(2017 – 2021). |
| &nbsp;&nbsp;&nbsp; Lauriann C. Kloppenburg<br> (62) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Director, Adams Funds (investment companies) (2017 – present);<br>Investment Committee Member, 1911 Office, LLC (family office) (2017 – Present);<br>Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present);<br>Executive in Residence, Bentley University (2015 – 2017);<br>| 111 | Trustees of<br>Donations to the<br>Protestant<br>Episcopal<br>Church<br>(non-profit<br>organization)<br>(2010 – present);<br>Forte Foundation<br>(non-profit<br>organization)<br>(2016 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Lauriann C. Kloppenburg (continued) |  |  | Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P. |  |  |
| &nbsp;&nbsp;&nbsp; Fredric A. Nelson III<br> (65) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Chief Investment Officer ("CIO"),<br> Commonfund (2011 – 2015);<br>Vice Chairman, CIO, ING Investment Management Americas<br> (2003 – 2009);<br>Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); and<br>Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994). | 111 | N/A |
| &nbsp;&nbsp;&nbsp; John E. Pelletier<br> (58) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Director, Center for Financial Literacy, Champlain College<br> (2010 – present);<br>Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);<br>Chairman, Vermont Universal Children's Higher Education Savings Account Program Advisory Committee (2015 – 2021);<br>Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm)<br> (2009 – 2017);<br>Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017);<br>| 111 | N/A |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; John E. Pelletier <br>(continued) |  |  | Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and<br>Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates. |  |  |
| &nbsp;&nbsp;&nbsp;Patricia L. Sawyer <br>(72) | Board Member | Since 2007 | Retired (2007 – present);<br>President/Founder, Smith & Sawyer LLC (management consulting)<br> (1989 – 2007);<br>Board Member, TF and TST<br> (2007 – present);<br>Board Member, TAAVF<br> (1993 – present);<br>Board Member, TPP, TPFG and TPFG II (1993 – 2018); and<br>Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University. | 111 | Honorary<br>Trustee, Bryant<br>University<br>(1996 – present) |
| &nbsp;&nbsp;&nbsp; John W. Waechter<br> (70) | Board Member | Since 2005 | Partner, Englander Fischer<br> (2016 – present) (law firm);<br>Attorney, Englander Fischer<br> (2008 – 2015);<br>Retired (2004 – 2008);<br>Board Member, TST (2004 – present);<br>Board Member, TF (2005 – present);<br>Board Member, TAAVF<br> (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Employee, RBC Dain Rauscher (securities dealer) (2004);<br>Executive Vice President, Chief Financial Officer and Chief<br> Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and<br>Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting). | 111 | Board Member,<br>Operation PAR,<br>Inc. (non-profit<br>organization)<br>(2008 – present);<br>Board Member,<br>Boley PAR, Inc.<br>(non-profit<br>organization)<br>(2016 – present)<br>Board Member,<br>Remember<br>Honor Support,<br>Inc. (non-profit<br>organization)<br>(2013 – 2020);<br>Board Member,<br>WRH Income<br>Properties, Inc.<br>and WRH<br>Properties, Inc.<br> (real estate)(2014 – present) |

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\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their age, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit<br> (49) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp;&nbsp; Christopher A. Staples, CFA<br> (52) | Vice President and Chief Investment Officer, Advisory Services | Since 2005 | Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present);<br>Vice President and Chief Investment Officer, TET (2017 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018);<br>Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM;<br>Director, TFS (2005 – 2019);<br>Trust Officer, Massachusetts Fidelity Trust Company (2010 – present);<br>Registered Representative (2007 – 2016), Transamerica Capital, Inc. ("TCI"); and<br>Registered Representative, TFA (2005 – present). |
| &nbsp;&nbsp;&nbsp; Thomas R. Wald, CFA<br> (62) | Vice President and Chief Investment Officer | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present);<br>Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018);<br>Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión;<br>Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020);<br>Senior Vice President and Chief Investment Officer, TAM (2014 – present);<br>Director, TFS (2019 – present); and<br>Trust Officer, Massachusetts Fidelity Trust Company (2015 – present). |
| &nbsp;&nbsp;&nbsp; Joshua Durham<br> (49) | Vice President and Chief Operating Officer | Since 2022 | Vice President and Chief Operating Officer, TF, TST and TAAVF (2022 – present);<br>Director, Senior Vice President, and Chief Operating Officer TAM and TFS (2022 – present);<br>Vice President, TAG Resources, LLC (2022 – present); |

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| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Joshua Durham<br> (continued) |  |  | Vice President, Transamerica Retirement Solutions, LLC (2017 – present);<br>Vice President, Transamerica Casualty Insurance Company (2016 – 2022);<br>Vice President (2004 – 2007 and 2012 – 2022), Responsible Officer (2017 – 2022), Transamerica Financial Life Insurance Company;<br>Vice President (2004 – 2007 and 2010 – 2022), Responsible Officer (2016 – 2022) Transamerica Life Insurance Company;<br>Chief Administrative Officer (2014 – 2016) and Senior Vice President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2020); and<br>Vice President, Transamerica Advisors Life Insurance Company (2016 – 2019). |
| &nbsp;&nbsp;&nbsp; Vincent J. Toner<br> (52) | Vice President and Treasurer | Since 2014 | Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET;<br>Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018);<br>Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM;<br>Vice President, Administration and Treasurer (2014 – 2019), Senior Vice President<br> (2019 – present), TFS;<br>Vice President (2016 – present), TCI; and<br>Trust Officer (2015 – present), Massachusetts Fidelity Trust Company. |
| &nbsp;&nbsp;&nbsp; Francine J. Rosenberger<br> (55) | Chief Compliance Officer | Since 2019 | Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present);<br>Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br>Chief Compliance Officer (2019 – present), TAM; and<br>General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019). |
| &nbsp;&nbsp;&nbsp; Molly Possehl<br> (44) | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present);<br>Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); and<br>Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present). |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Dennis P. Gallagher<br> (51) | Chief Legal Officer and<br> Secretary | Since 2021; <br>2006 – 2014 | Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – present and 2006 – 2014); Assistant Secretary, TF, TST, TET and TAAVF (2019);<br>Associate General Counsel, TAM, Mutual Funds and Latin American Operations (2017 – 2021);<br>Associate General Counsel, Chief Legal Officer, Latin American Operations and International Funds (2014 – 2017);<br>Chairman of the Board, Aegon Global Funds<br> (2013 – present);<br>Director, Mongeral Aegon Seguros e Previdencia SA (2017 – present);<br>Vice President, General Counsel and Secretary, TPP, TPFG and TPFG II (2007 – 2014);<br>Assistant Vice President, TCI (2007 – 2014);<br>Chief Legal Officer and Assistant Secretary, TAM (2022 – present);<br>Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – 2014); and<br>Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – 2014). |
| &nbsp;&nbsp;&nbsp; Timothy Bresnahan<br> (53) | Assistant Secretary | Since 2020 | Assistant Secretary, TF, TST and TAAVF (2020 – present);<br>Chief Legal Officer, Secretary (2021 – present), Assistant Secretary (2019 – 2021), Secretary (2019), TET; and<br>Senior Counsel, TAM (2008 – present). |

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\* Elected and serves at the pleasure of the Board of the Trust.

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 86** 

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##### [**Table of Contents**](#toc)

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**PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS** 

**(unaudited)** 

A description of the Transamerica Funds' proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at <u>https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf</u> and (2) on the SEC's website at <u>http://www.sec.gov</u>.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

You may also visit the Trust's website at <u>www.transamerica.com</u> for this and other information about the Funds and the Trust.

**Important Notice Regarding Delivery of Shareholder Documents** 

Every year we provide shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. ***We will continue to do this unless you tell us not to.*** To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

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**Page 87** 

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##### [**Table of Contents**](#toc)

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**NOTICE OF PRIVACY POLICY** 

**(unaudited)** 

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use "nonpublic personal information" in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

**What Information We Collect and From Whom We Collect It** 

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you, such as on applications or other forms, which may include your name, address, and account
number;

• Information about your transactions with us, our affiliates, or non-affiliated third
parties, such as your account balance and purchase/redemption history; and

• Information we receive from consumer reporting agencies.

**What Information We Disclose and To Whom We Disclose It** 

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to non-affiliated companies that perform services on our behalf and to financial institutions with which we have joint marketing agreements.

We require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

**Our Security Procedures** 

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies to assist in providing products or services to you and as otherwise permitted by law. We maintain physical, technical, and procedural safeguards designed to protect your nonpublic personal information and to safeguard the disposal of such information.

**Contact Us** 

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

*Note:* This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

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**Page 88** 

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##### [**Table of Contents**](#toc)
Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g402445g76j19.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, Inc., Member of FINRA

2558002 10/22© 2022 Transamerica Capital, Inc.

![LOGO](g402445g95y56.jpg)

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##### [**Table of Contents**](#toc)

## TRANSAMERICA FUNDS

## ANNUAL REPORT

------

**OCTOBER 31, 2022** 

------

![LOGO](g404440g30a22.jpg)

Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g404440g95y56.jpg)

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##### [**Table of Contents**](#toc)
**Table of Contents** 

------

---

| | |
|:---|:---|
|  **[Shareholder Letter](#toc404440_1)** | 1 |
|  **[Disclosure of Expenses](#toc404440_2)** | 2 |
|  **Manager Commentary and Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Balanced II](#toc404440_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Bond](#toc404440_4) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Capital Growth](#toc404440_5) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Emerging Markets Debt](#toc404440_6) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Emerging Markets Opportunities](#toc404440_7) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Energy Infrastructure](#toc404440_8) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Floating Rate](#toc404440_9) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Government Money Market](#toc404440_10) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica High Quality Bond](#toc404440_11) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica High Yield Bond](#toc404440_12) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica High Yield ESG](#toc404440_13) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica High Yield Muni](#toc404440_14) | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Inflation Opportunities](#toc404440_15) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Inflation-Protected Securities](#toc404440_16) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Intermediate Bond](#toc404440_17) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Intermediate Muni](#toc404440_18) | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica International Equity](#toc404440_19) | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica International Focus (formerly, Transamerica International Growth)](#toc404440_20) | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica International Small Cap Value](#toc404440_21) | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica International Stock](#toc404440_22) | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Large Cap Value](#toc404440_23) | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Large Core](#toc404440_24) | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Large Growth](#toc404440_25) | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Large Value Opportunities](#toc404440_26) | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Mid Cap Growth](#toc404440_27) | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Mid Cap Value Opportunities](#toc404440_28) | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Multi-Asset Income](#toc404440_29) | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Multi-Managed Balanced](#toc404440_30) | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Short-Term Bond](#toc404440_31) | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Small Cap Growth](#toc404440_32) | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Small Cap Value](#toc404440_33) | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Small/Mid Cap Value](#toc404440_34) | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Sustainable Bond](#toc404440_35) | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Sustainable Equity Income](#toc404440_36) | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Unconstrained Bond](#toc404440_37) | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica US Growth](#toc404440_38) | 321 |
|  **[Statements of Assets and Liabilities](#toc404440_39)** | 325 |
|  **[Statements of Operations](#toc404440_40)** | 340 |
|  **[Statements of Changes in Net Assets](#toc404440_41)** | 348 |
|  **[Financial Highlights](#toc404440_42)** | 372 |
|  **[Notes to Financial Statements](#toc404440_43)** | 458 |
|  **[Report of Independent Registered Public Accounting Firm](#toc404440_44)** | 501 |
|  **[Supplemental Information](#toc404440_45)** | 503 |
|  **[Approval of Management and Sub-Advisory Agreements](#toc404440_46)** | 505 |
|  **[Management of the Trust](#toc404440_47)** | 517 |
|  **[Results of Shareholder Meeting](#toc404440_47aa)** | 525 |
|  **[Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings](#toc404440_48)** | 526 |
|  **[Notice of Privacy Policy](#toc404440_49)** | 527 |

---

***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.***

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| **Transamerica Funds** | **Annual Report 2022** |

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##### [**Table of Contents**](#toc)
Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission requires that annual and semi-annual reports be made available to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2022.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began in November of 2021, U.S. stocks, as represented by the S&P 500<sup>®</sup> Index, were approaching record highs as corporate earnings continued to be strong and interest rates remained at historically low levels due to the U.S. Federal Reserve ("Fed") maintaining accommodative monetary policy. While inflation was rising to multi-decade highs, there was still a sense it could be transitory in nature based on global supply chain challenges easing in a post-pandemic environment.

As the calendar turned to 2022, more serious market concerns emerged led by a recognition that the persistent rise of inflation would not be temporary and Fed policy would need to catch up quickly in the form of higher interest rates. This was exacerbated by Russia's invasion of Ukraine in February and the human tragedy of war, which triggered economic concerns in Eastern Europe and across the globe, such as food and energy shortages, global inflation and recession. In March, the Fed raised rates for the first time in more than two years, and with inflation continuing to rise, it was apparent that a full-fledged tightening cycle was at hand, soon leading to materially higher interest rates.

As the Consumer Price Index reached 9% in June, it became clear the Fed would need to be more aggressive in its efforts to curtail inflation and that the risk of recession had become a very real probability. This was augmented by the U.S. economy experiencing two consecutive quarters of negative Gross Domestic Product growth by mid-year. However, due mostly to strong employment trends the National Bureau of Economic Research did not declare the U.S. economy to be in recession. Nonetheless, stock prices continued to fall precipitously, U.S. Treasury bond rates rose as the Fed increased the pace of its rate hikes, and credit spreads widened considerably increasing corporate bond yields.

By the end of September, the S&P 500<sup>®</sup> Index had fallen solidly into bear market territory (a decline of 20%), the 10-year U.S. Treasury bond yield had increased more than 2% since the start of the year to 3.83%, and corporate bonds were yielding more than double their rates of a year earlier. Corporate earnings growth continued to slow throughout the remainder of the period.

For the one-year period ended October 31, 2022, the S&P 500<sup>®</sup> Index returned -14.61% while the MSCI EAFE Index, representing international developed market equities, returned -22.62%. During the same period, the Bloomberg US Aggregate Bond Index returned -15.68%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market's history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

![LOGO](g404440g35n89.jpg)

**Marijn Smit** 

**President & Chief Executive Officer** 

**Transamerica Funds**![LOGO](g404440g03a96.jpg)

**Tom Wald, CFA** 

**Chief Investment Officer** 

**Transamerica Funds** 

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.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500<sup>®</sup> Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

*The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds.* 

*Investing involves risk, including potential loss of principal The past performance data presented represents past performance and does not guarantee future performance or results. Indexes are unmanaged and it is not possible to invest directly in an index.* 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses** 

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**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2022, and held for the entire six-month period until October 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Transamerica Balanced II | Transamerica Balanced II |  |  |  |  |  |
|  Class I3 | $1000.00 | $935.30 | $2.83 | $1022.30 | $2.96 | 0.58% |
|  Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;932.70 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;1019.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | 1.08 |
|  Transamerica Bond | Transamerica Bond |  |  |  |  |  |
|  Class A | 1000.00 | 923.70 | 4.46 | 1020.60 | 4.69 | 0.92 |
|  Class C | 1000.00 | 920.10 | 7.45 | 1017.40 | 7.83 | 1.54 |
|  Class I | 1000.00 | 924.70 | 2.43 | 1022.70 | 2.55 | 0.50 |
|  Class I2 | 1000.00 | 926.00 | 2.18 | 1022.90 | 2.29 | 0.45 |
|  Class R | 1000.00 | 924.80 | 0.19 | 1025.00 | 0.20 | 0.04 |
|  Class R6 | 1000.00 | 926.00 | 2.18 | 1022.90 | 2.29 | 0.45 |
|  Transamerica Capital Growth | Transamerica Capital Growth |  |  |  |  |  |
|  Class A | 1000.00 | 805.30 | 5.41 | 1019.20 | 6.06 | 1.19 |
|  Class C | 1000.00 | 801.60 | 8.95 | 1015.30 | 10.01 | 1.97 |
|  Class I | 1000.00 | 806.80 | 3.83 | 1021.00 | 4.28 | 0.84 |
|  Class I2 | 1000.00 | 807.40 | 3.64 | 1021.20 | 4.08 | 0.80 |
|  Class R | 1000.00 | 806.40 | 1.55 | 1023.50 | 1.73 | 0.34 |
|  Class R6 | 1000.00 | 807.40 | 3.42 | 1021.40 | 3.82 | 0.75 |
|  Transamerica Emerging Markets Debt | Transamerica Emerging Markets Debt |  |  |  |  |  |
|  Class A | 1000.00 | 890.60 | 6.00 | 1018.90 | 6.41 | 1.26 |
|  Class C | 1000.00 | 887.50 | 9.18 | 1015.50 | 9.80 | 1.93 |
|  Class I | 1000.00 | 892.20 | 4.10 | 1020.90 | 4.38 | 0.86 |
|  Class I2 | 1000.00 | 891.00 | 3.77 | 1021.20 | 4.02 | 0.79 |
|  Class R6 | 1000.00 | 893.30 | 3.67 | 1021.30 | 3.92 | 0.77 |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses (continued)** 

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**(unaudited)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Transamerica Emerging Markets Opportunities | Transamerica Emerging Markets Opportunities |  |  |  |  |  |
|  Class I | $1000.00 | $798.70 | $4.49 | $1020.20 | $5.04 | 0.99% |
|  Class I2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | 799.00 | 4.08 | 1020.70 | 4.58 | 0.90 |
|  Class R6 | 1000.00 | 799.00 | 4.04 | 1020.70 | 4.53 | 0.89 |
|  Transamerica Energy Infrastructure | Transamerica Energy Infrastructure |  |  |  |  |  |
|  Class A | 1000.00 | 1004.40 | 8.13 | 1017.10 | 8.19 | 1.61 |
|  Class C | 1000.00 | 1001.30 | &nbsp;&nbsp;&nbsp;&nbsp;11.96 | &nbsp;&nbsp;&nbsp;&nbsp;1013.30 | &nbsp;&nbsp;&nbsp;&nbsp;12.03 | 2.37 |
|  Class I | 1000.00 | 1006.70 | 6.27 | 1019.00 | 6.31 | 1.24 |
|  Class I2 | 1000.00 | 1006.60 | 5.61 | 1019.60 | 5.65 | 1.11 |
|  Transamerica Floating Rate | Transamerica Floating Rate |  |  |  |  |  |
|  Class A | 1000.00 | 978.20 | 5.29 | 1019.90 | 5.40 | 1.06 <sup>(D)</sup> |
|  Class C | 1000.00 | 975.60 | 9.01 | 1016.10 | 9.20 | 1.81 <sup>(D)</sup> |
|  Class I | 1000.00 | 980.30 | 3.99 | 1021.20 | 4.08 | 0.80 <sup>(D)</sup> |
|  Class I2 | 1000.00 | 979.50 | 3.89 | 1021.30 | 3.97 | 0.78 <sup>(D)</sup> |
|  Transamerica Government Money Market | Transamerica Government Money Market |  |  |  |  |  |
|  Class A | 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.50 | 1.77 | 1023.40 | 1.79 | 0.35 |
|  Class C | 1000.00 | 1007.40 | 1.87 | 1023.30 | 1.89 | 0.37 |
|  Class I | 1000.00 | 1008.30 | 1.92 | 1023.30 | 1.94 | 0.38 |
|  Class I2 | 1000.00 | 1007.80 | 1.47 | 1023.70 | 1.48 | 0.29 |
|  Class I3 | 1000.00 | 1007.80 | 1.47 | 1023.70 | 1.48 | 0.29 |
|  Class R2 | 1000.00 | 1006.50 | 2.78 | 1022.40 | 2.80 | 0.55 |
|  Class R4 | 1000.00 | 1008.00 | 1.27 | 1023.90 | 1.28 | 0.25 |
|  Transamerica High Quality Bond | Transamerica High Quality Bond |  |  |  |  |  |
|  Class I3 | 1000.00 | 982.90 | 2.30 | 1022.90 | 2.35 | 0.46 |
|  Class R | 1000.00 | 980.40 | 4.79 | 1020.40 | 4.89 | 0.96 |
|  Class R4 | 1000.00 | 981.00 | 3.25 | 1021.90 | 3.31 | 0.65 |
|  Transamerica High Yield Bond | Transamerica High Yield Bond |  |  |  |  |  |
|  Class A | 1000.00 | 948.80 | 5.01 | 1020.10 | 5.19 | 1.02 |
|  Class C | 1000.00 | 946.20 | 8.49 | 1016.50 | 8.79 | 1.73 |
|  Class I | 1000.00 | 950.40 | 3.00 | 1022.10 | 3.11 | 0.61 |
|  Class I2 | 1000.00 | 951.50 | 2.90 | 1022.20 | 3.01 | 0.59 |
|  Class I3 | 1000.00 | 951.60 | 2.95 | 1022.20 | 3.06 | 0.60 |
|  Class R | 1000.00 | 949.20 | 5.45 | 1019.60 | 5.65 | 1.11 |
|  Class R4 | 1000.00 | 950.20 | 4.18 | 1020.90 | 4.33 | 0.85 |
|  Class R6 | 1000.00 | 951.60 | 2.95 | 1022.20 | 3.06 | 0.60 |
|  Transamerica High Yield ESG | Transamerica High Yield ESG |  |  |  |  |  |
|  Class I | 1000.00 | 954.80 | 3.79 | 1021.30 | 3.92 | 0.77 |
|  Class I2 | 1000.00 | 959.30 | 3.70 | 1021.40 | 3.82 | 0.75 |
|  Transamerica High Yield Muni | Transamerica High Yield Muni |  |  |  |  |  |
|  Class A | 1000.00 | 892.00 | 4.34 | 1020.60 | 4.63 | 0.91 <sup>(D)</sup> |
|  Class C | 1000.00 | 888.60 | 7.24 | 1017.50 | 7.73 | 1.52 <sup>(D)</sup> |
|  Class I | 1000.00 | 891.90 | 3.62 | 1021.40 | 3.87 | 0.76 <sup>(D)</sup> |
|  Class I2 | 1000.00 | 893.00 | 3.34 | 1021.70 | 3.57 | 0.70 <sup>(D)</sup> |
|  Transamerica Inflation Opportunities | Transamerica Inflation Opportunities |  |  |  |  |  |
|  Class A | 1000.00 | 921.50 | 4.46 | 1020.60 | 4.69 | 0.92 <sup>(D)</sup> |
|  Class C | 1000.00 | 920.90 | 7.31 | 1017.60 | 7.68 | 1.51 <sup>(D)</sup> |
|  Class I | 1000.00 | 921.90 | 3.15 | 1021.90 | 3.31 | 0.65 <sup>(D)</sup> |
|  Class I2 | 1000.00 | 923.20 | 2.96 | 1022.10 | 3.11 | 0.61 <sup>(D)</sup> |
|  Class R6 | 1000.00 | 922.30 | 2.96 | 1022.10 | 3.11 | 0.61 <sup>(D)</sup> |
|  Transamerica Inflation-Protected Securities | Transamerica Inflation-Protected Securities |  |  |  |  |  |
|  Class I3 | 1000.00 | 921.40 | 2.32 | 1022.80 | 2.45 | 0.48 <sup>(D)</sup> |
|  Class R | 1000.00 | 918.20 | 4.83 | 1020.20 | 5.09 | 1.00 <sup>(D)</sup> |
|  Class R4 | 1000.00 | 919.10 | 3.14 | 1021.90 | 3.31 | 0.65 <sup>(D)</sup> |
|  Transamerica Intermediate Bond | Transamerica Intermediate Bond |  |  |  |  |  |
|  Class I2 | 1000.00 | 925.70 | 2.09 | 1023.00 | 2.19 | 0.43 |
|  Class I3 | 1000.00 | 925.80 | 2.09 | 1023.00 | 2.19 | 0.43 |
|  Class R | 1000.00 | 922.50 | 4.46 | 1020.60 | 4.69 | 0.92 |
|  Class R4 | 1000.00 | 924.70 | 3.15 | 1021.90 | 3.31 | 0.65 |
|  Class R6 | 1000.00 | 924.80 | 2.09 | 1023.00 | 2.19 | 0.43 |

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses (continued)** 

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**(unaudited)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Transamerica Intermediate Muni | Transamerica Intermediate Muni |  |  |  |  |  |
|  Class A | $1000.00 | $926.70 | $3.21 | $1021.90 | $3.36 | 0.66% |
|  Class C | 1000.00 | 923.70 | 6.21 | 1018.80 | 6.51 | 1.28 |
|  Class I | 1000.00 | 927.60 | 2.38 | 1022.70 | 2.50 | 0.49 |
|  Class I2 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;928.10 | 2.28 | 1022.80 | 2.40 | 0.47 |
|  Transamerica International Equity | Transamerica International Equity |  |  |  |  |  |
|  Class A | 1000.00 | 872.10 | 5.95 | 1018.90 | 6.41 | 1.26 |
|  Class C | 1000.00 | 869.30 | 9.05 | 1015.50 | 9.75 | 1.92 |
|  Class I | 1000.00 | 874.10 | 3.92 | 1021.00 | 4.23 | 0.83 |
|  Class I2 | 1000.00 | 874.30 | 3.50 | 1021.50 | 3.77 | 0.74 |
|  Class I3 | 1000.00 | 874.20 | 3.50 | 1021.50 | 3.77 | 0.74 |
|  Class R | 1000.00 | 872.30 | 5.80 | 1019.00 | 6.26 | 1.23 |
|  Class R4 | 1000.00 | 873.10 | 4.63 | 1020.30 | 4.99 | 0.98 |
|  Class R6 | 1000.00 | 874.60 | 3.50 | 1021.50 | 3.77 | 0.74 |
|  Transamerica International Focus | Transamerica International Focus |  |  |  |  |  |
|  Class A | 1000.00 | 868.00 | 5.60 | 1019.20 | 6.06 | 1.19 |
|  Class I | 1000.00 | 868.80 | 4.71 | 1020.20 | 5.09 | 1.00 |
|  Class I2 | 1000.00 | 870.60 | 3.82 | 1021.10 | 4.13 | 0.81 |
|  Class R6 | 1000.00 | 871.10 | 3.82 | 1021.10 | 4.13 | 0.81 |
|  Transamerica International Small Cap Value | Transamerica International Small Cap Value |  |  |  |  |  |
|  Class I | 1000.00 | 876.40 | 5.30 | 1019.60 | 5.70 | 1.12 |
|  Class I2 | 1000.00 | 877.10 | 4.83 | 1020.10 | 5.19 | 1.02 |
|  Transamerica International Stock | Transamerica International Stock |  |  |  |  |  |
|  Class A | 1000.00 | 880.00 | 4.26 | 1020.70 | 4.58 | 0.90 <sup>(D)</sup> |
|  Class I | 1000.00 | 881.20 | 4.79 | 1020.10 | 5.14 | 1.01 <sup>(D)</sup> |
|  Class I2 | 1000.00 | 881.50 | 3.94 | 1021.00 | 4.23 | 0.83 <sup>(D)</sup> |
|  Class R6 | 1000.00 | 881.40 | 4.32 | 1020.60 | 4.63 | 0.91 <sup>(D)</sup> |
|  Transamerica Large Cap Value | Transamerica Large Cap Value |  |  |  |  |  |
|  Class A | 1000.00 | 990.00 | 5.02 | 1020.20 | 5.09 | 1.00 |
|  Class C | 1000.00 | 986.40 | 8.91 | 1016.20 | 9.05 | 1.78 |
|  Class I | 1000.00 | 991.90 | 3.16 | 1022.00 | 3.21 | 0.63 |
|  Class I2 | 1000.00 | 991.30 | 3.16 | 1022.00 | 3.21 | 0.63 |
|  Class R6 | 1000.00 | 991.30 | 3.16 | 1022.00 | 3.21 | 0.63 |
|  Transamerica Large Core | Transamerica Large Core |  |  |  |  |  |
|  Class I3 | 1000.00 | 949.40 | 2.51 | 1022.60 | 2.60 | 0.51 <sup>(D)</sup> |
|  Class R | 1000.00 | 946.90 | 4.96 | 1020.10 | 5.14 | 1.01 <sup>(D)</sup> |
|  Class R4 | 1000.00 | 949.00 | 3.78 | 1021.30 | 3.92 | 0.77 <sup>(D)</sup> |
|  Transamerica Large Growth | Transamerica Large Growth |  |  |  |  |  |
|  Class I3 | 1000.00 | 861.60 | 3.28 | 1021.70 | 3.57 | 0.70 |
|  Class R | 1000.00 | 858.70 | 5.58 | 1019.20 | 6.06 | 1.19 |
|  Class R4 | 1000.00 | 860.20 | 4.27 | 1020.60 | 4.63 | 0.91 |
|  Class R6 | 1000.00 | 860.70 | 3.24 | 1021.70 | 3.52 | 0.69 |
|  Transamerica Large Value Opportunities | Transamerica Large Value Opportunities |  |  |  |  |  |
|  Class I3 | 1000.00 | 993.70 | 2.46 | 1022.70 | 2.50 | 0.49 <sup>(D)</sup> |
|  Class R | 1000.00 | 992.10 | 5.02 | 1020.20 | 5.09 | 1.00 <sup>(D)</sup> |
|  Class R4 | 1000.00 | 992.40 | 3.77 | 1021.40 | 3.82 | 0.75 <sup>(D)</sup> |
|  Transamerica Mid Cap Growth | Transamerica Mid Cap Growth |  |  |  |  |  |
|  Class A | 1000.00 | 920.30 | 6.05 | 1018.90 | 6.36 | 1.25 |
|  Class C | 1000.00 | 930.20 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;1015.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.16 | 2.00 |
|  Class I | 1000.00 | 922.20 | 4.22 | 1020.80 | 4.43 | 0.87 |
|  Class I2 | 1000.00 | 922.40 | 3.73 | 1021.30 | 3.92 | 0.77 |
|  Class I3 | 1000.00 | 923.50 | 3.73 | 1021.30 | 3.92 | 0.77 |
|  Class R | 1000.00 | 920.10 | 6.15 | 1018.80 | 6.46 | 1.27 |
|  Class R4 | 1000.00 | 922.00 | 4.65 | 1020.40 | 4.89 | 0.96 |
|  Class R6 | 1000.00 | 922.30 | 3.73 | 1021.30 | 3.92 | 0.77 |

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses (continued)** 

------

**(unaudited)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Transamerica Mid Cap Value Opportunities | Transamerica Mid Cap Value Opportunities |  |  |  |  |  |
|  Class A | $1000.00 | $950.50 | $5.95 | $1019.10 | $6.16 | 1.21% |
|  Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;947.50 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;1015.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | 1.86 |
|  Class I | 1000.00 | 952.10 | 4.18 | 1020.90 | 4.33 | 0.85 |
|  Class I2 | 1000.00 | 952.60 | 3.69 | 1021.40 | 3.82 | 0.75 |
|  Class I3 | 1000.00 | 952.90 | 3.69 | 1021.40 | 3.82 | 0.75 |
|  Class R | 1000.00 | 950.30 | 6.19 | 1018.90 | 6.41 | 1.26 |
|  Class R4 | 1000.00 | 952.20 | 4.43 | 1020.70 | 4.58 | 0.90 |
|  Class R6 | 1000.00 | 953.00 | 3.69 | 1021.40 | 3.82 | 0.75 |
|  Transamerica Multi-Asset Income | Transamerica Multi-Asset Income |  |  |  |  |  |
|  Class A | 1000.00 | 956.10 | 4.88 | 1020.20 | 5.04 | 0.99 <sup>(D)</sup> |
|  Class C | 1000.00 | 953.20 | 8.42 | 1016.60 | 8.69 | 1.71 <sup>(D)</sup> |
|  Class I | 1000.00 | 957.60 | 3.55 | 1021.60 | 3.67 | 0.72 <sup>(D)</sup> |
|  Class I2 | 1000.00 | 958.20 | 3.06 | 1022.10 | 3.16 | 0.62 <sup>(D)</sup> |
|  Transamerica Multi-Managed Balanced | Transamerica Multi-Managed Balanced |  |  |  |  |  |
|  Class A | 1000.00 | 934.40 | 4.73 | 1020.30 | 4.94 | 0.97 |
|  Class C | 1000.00 | 931.00 | 8.42 | 1016.50 | 8.79 | 1.73 |
|  Class I | 1000.00 | 935.70 | 3.66 | 1021.40 | 3.82 | 0.75 |
|  Class R | 1000.00 | 934.50 | 3.27 | 1021.80 | 3.41 | 0.67 |
|  Class R6 | 1000.00 | 936.10 | 3.17 | 1021.90 | 3.31 | 0.65 |
|  Transamerica Short-Term Bond | Transamerica Short-Term Bond |  |  |  |  |  |
|  Class A | 1000.00 | 978.00 | 3.54 | 1021.60 | 3.62 | 0.71 |
|  Class C | 1000.00 | 975.10 | 7.42 | 1017.70 | 7.58 | 1.49 |
|  Class I | 1000.00 | 979.80 | 2.54 | 1022.60 | 2.60 | 0.51 |
|  Class I2 | 1000.00 | 980.00 | 2.05 | 1023.10 | 2.09 | 0.41 |
|  Class R6 | 1000.00 | 980.00 | 2.05 | 1023.10 | 2.09 | 0.41 |
|  Transamerica Small Cap Growth | Transamerica Small Cap Growth |  |  |  |  |  |
|  Class A | 1000.00 | 970.80 | 7.00 | 1018.10 | 7.17 | 1.41 |
|  Class C | 1000.00 | 969.30 | 10.97 | 1014.10 | 11.22 | 2.21 |
|  Class I | 1000.00 | 972.70 | 5.52 | 1019.60 | 5.65 | 1.11 |
|  Class I2 | 1000.00 | 971.80 | 4.97 | 1020.20 | 5.09 | 1.00 |
|  Class I3 | 1000.00 | 973.40 | 4.97 | 1020.20 | 5.09 | 1.00 |
|  Class R | 1000.00 | 970.80 | 7.45 | 1017.60 | 7.63 | 1.50 |
|  Class R4 | 1000.00 | 971.60 | 5.76 | 1019.40 | 5.90 | 1.16 |
|  Class R6 | 1000.00 | 971.80 | 4.97 | 1020.20 | 5.09 | 1.00 |
|  Transamerica Small Cap Value | Transamerica Small Cap Value |  |  |  |  |  |
|  Class A | 1000.00 | 973.30 | 5.57 | 1019.60 | 5.70 | 1.12 |
|  Class C | 1000.00 | 973.60 | 9.90 | 1.015.20 | 10.11 | 1.99 |
|  Class I | 1000.00 | 973.70 | 4.58 | 1020.60 | 4.69 | 0.92 |
|  Class I2 | 1000.00 | 975.20 | 4.13 | 1021.00 | 4.23 | 0.83 |
|  Class I3 | 1000.00 | 973.80 | 4.08 | 1021.10 | 4.18 | 0.82 |
|  Class R | 1000.00 | 970.90 | 6.56 | 1018.60 | 6.72 | 1.32 |
|  Class R4 | 1000.00 | 973.80 | 5.52 | 1019.60 | 5.65 | 1.11 |
|  Class R6 | 1000.00 | 974.00 | 4.13 | 1021.00 | 4.23 | 0.83 |
|  Transamerica Small/Mid Cap Value | Transamerica Small/Mid Cap Value |  |  |  |  |  |
|  Class A | 1000.00 | 971.30 | 5.96 | 1019.20 | 6.11 | 1.20 |
|  Class C | 1000.00 | 967.60 | 9.72 | 1015.30 | 9.96 | 1.96 |
|  Class I | 1000.00 | 972.70 | 4.57 | 1020.60 | 4.69 | 0.92 |
|  Class I2 | 1000.00 | 973.20 | 4.13 | 1021.00 | 4.23 | 0.83 |
|  Class R6 | 1000.00 | 973.00 | 4.13 | 1021.00 | 4.23 | 0.83 |
|  Transamerica Sustainable Bond | Transamerica Sustainable Bond |  |  |  |  |  |
|  Class I | 1000.00 | 911.60 | 2.41 | 1022.70 | 2.55 | 0.50 |
|  Class I2 | 1000.00 | 911.10 | 2.17 | 1022.90 | 2.29 | 0.45 |
|  Transamerica Sustainable Equity Income | Transamerica Sustainable Equity Income |  |  |  |  |  |
|  Class A | 1000.00 | 948.30 | 4.91 | 1020.20 | 5.09 | 1.00 |
|  Class C | 1000.00 | 942.10 | 9.30 | 1015.60 | 9.65 | 1.90 |
|  Class I | 1000.00 | 949.20 | 3.59 | 1021.50 | 3.72 | 0.73 |
|  Class I2 | 1000.00 | 948.40 | 3.49 | 1021.60 | 3.62 | 0.71 |
|  Class R6 | 1000.00 | 948.40 | 3.49 | 1021.60 | 3.62 | 0.71 |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses (continued)** 

------

**(unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Transamerica Unconstrained Bond | Transamerica Unconstrained Bond |  |  |  |  |  |
|  Class A | $1000.00 | $949.70 | $5.11 | $1020.00 | $5.30 | 1.04 %<sup>(D)</sup> |
|  Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;949.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;1021.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | 0.81 <sup>(D)</sup> |
|  Class I2 | 1000.00 | 950.90 | 3.49 | 1021.60 | 3.62 | 0.71 <sup>(D)</sup> |
|  Transamerica US Growth | Transamerica US Growth |  |  |  |  |  |
|  Class A | 1000.00 | 887.10 | 4.90 | 1020.00 | 5.24 | 1.03 |
|  Class C | 1000.00 | 883.90 | 8.69 | 1016.00 | 9.30 | 1.83 |
|  Class I | 1000.00 | 888.80 | 3.76 | 1021.20 | 4.02 | 0.79 |
|  Class I2 | 1000.00 | 888.80 | 3.28 | 1021.70 | 3.52 | 0.69 |
|  Class R6 | 1000.00 | 888.80 | 3.28 | 1021.70 | 3.52 | 0.69 |
|  Class T | 1000.00 | 888.60 | 3.52 | 1021.50 | 3.77 | 0.74 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using each Fund's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.*

(D) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.*

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Aegon USA Investment Management, LLC** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September 2022 meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%. However, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**J.P. Morgan Investment Management, Inc.** 

A confluence of high inflation, fast-paced monetary tightening, elevated input costs and other supply chain constraints pressured the markets through several ups and downs throughout the first half of the fiscal year ended October 31, 2022. Equity markets lost ground at the start of 2022 due to the war in Ukraine and high headline inflation.

However, markets bounced back in October after a turbulent few months. September Consumer Price Index inflation came in at 8.2% year-over-year, the seventh consecutive month with a print higher than 8%. Markets, however, shrugged this off, as evidenced by the strong equity market returns following the report.

Meanwhile, industrial activity showed signs of slowing in the second half of the fiscal year, with the September Manufacturing Purchasing Managers' Index ("PMI") showing a disappointing reading of 52. September Services PMI contracted, falling to 49.3. In contrast, a strong labor market remained a bright spot, with the September jobs report indicating the unemployment rate fell to a new record low of 3.5%. Finally, the third quarter of 2022 earnings were mixed, with several industries showing strength; however, Mega Cap Tech earnings were lackluster.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Balanced II (Class R) returned -15.34%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Bloomberg US Aggregate Bond Index, returned -14.61% and -15.68%, respectively.

**STRATEGY REVIEW** 

**Aegon USA Investment Management, LLC** 

Although the Fund remained overweight spread-based assets during the period, overall portfolio risk was slightly reduced over the past fiscal year, as the chance of the Fed being able to navigate a soft landing for the economy became less and less likely, in the view of the portfolio managers. While corporate fundamentals remained generally healthy, margin pressures and rising interest costs became a concern for lower-rated credits, prompting the sub-adviser to modestly reduce exposure to BBB-rated credits and redeploy into higher quality defensive names offering attractive all-in yields.

From a duration perspective, the Fund started the fiscal year approximately one-half year short of the benchmark duration given the expectation of a move higher in rates. Over the latter half of the one-year period, the short position was reduced to around 0.1 years given growing economic headwinds and more attractive yields.

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**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

The Fund's duration underweight and positioning across the curve were the largest contributors to relative returns in the fiscal year. Excess yield also contributed positively to relative performance, while spread factors were a detractor.

At an asset class level, an overweight allocation to asset-backed securities, security selection in commercial mortgage-backed securities and an off-index allocation to non-agency residential mortgage-backed securities were the largest contributors to relative returns. An underweight allocation to and security selection within government securities were the largest detractors in the fiscal year.

**J.P. Morgan Investment Management, Inc.** 

Stock selection in the pharmaceutical/medical technology, insurance and industrial cyclical sectors contributed most to results while the technology, basic materials and media sectors were the largest detractors from the Fund's relative performance.

On the positive side, the top individual contributors to performance were underweight positions in PayPal Holdings, Inc.("PayPal") and Adobe, Inc. and an overweight position in Bristol-Myers Squibb Co. The largest contributor, PayPal, provides financial transaction processing services. PayPal offers electronic payment processing services such as mobile payments and online invoicing and serves customers worldwide. The company enjoys organic revenue growth, high relative exposure to digital commerce and strategic value based on strong brand recognition and global scale usership. However, PayPal underperformed in early 2022 with increasing competitive pressure and withdrew medium term guidance. Macro pressure negatively impacted spending trends, increased competition from alternative payment options, and slower-than-expected user growth and/or monetization grew as potential roadblocks.

On the negative side, the top individual detractors from performance were overweight allocations in T. Rowe Price Group, Inc. and Best Buy Co., Inc. and an underweight position in Lockheed Martin Corp. The largest detractor, T. Rowe Price Group, Inc., is a financial services holding company which through its subsidiaries, provides investment advisory services to individual and institutional investors. The company historically had best-in-class performance, however, results deteriorated during the period. Organic growth continued to weaken with results during the fiscal year representing some of the slowest organic growth seen for the company.

J.P. Morgan Investment Management Inc. continues to focus on fundamentals of the economy and company earnings. While the economy was teetering on the edge of recession in the second half of the fiscal year, we remained balanced and have continued to monitor incremental risks that could represent headwinds for U.S. equities. Through the volatility, we have continued to focus on high conviction stocks and take advantage of market dislocations for compelling stock selection opportunities.

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Brian W. Westhoff, CFA** 

**Sivakumar N. Rajan** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

**Tim Snyder, CFA** 

**Raffaele Zingone, CFA** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 59.0% |
|  Corporate Debt Securities | 14.1 |
|  U.S. Government Obligations | 10 |
|  U.S. Government Agency Obligations | 9.4 |
|  Commercial Paper | 7.9 |
|  Asset-Backed Securities | 2.7 |
|  Mortgage-Backed Securities | 2.5 |
|  Other Investment Company | 1 |
|  Short-Term U.S. Government Obligations | 1 |
|  Foreign Government Obligations | 0.4 |
|  Preferred Stock | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | (8.0) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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

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| | |
|:---|:---|
| *^* | *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.*  |

---

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**(unaudited)**![LOGO](g404440g28s66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I3 (NAV) | (14.90)% | 6.33% | 6.52% | 09/15/2017 |
|  Class R (NAV) | (15.34)% | 5.81% | 7.55% | 07/05/1994 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (14.61)% | 10.44% | 12.79% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (15.68)% | (0.54)% | 0.74% |  |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The 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.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the values will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 59.0%** | **COMMON STOCKS - 59.0%** | **COMMON STOCKS - 59.0%** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
|  Howmet Aerospace, Inc. | 839 | $29827 |
|  Northrop Grumman Corp. | 313 | 171840 |
|  Raytheon Technologies Corp. | 4858 | 460636 |
|  Textron, Inc. | 2960 | 202582 |
|  |  | 864885 |
| **Air Freight & Logistics - 0.5%** | **Air Freight & Logistics - 0.5%** | **Air Freight & Logistics - 0.5%** |
|  United Parcel Service, Inc., Class B | 3281 | 550453 |
| **Airlines - 0.0% <sup>(A)</sup>** | **Airlines - 0.0% <sup>(A)</sup>** | **Airlines - 0.0% <sup>(A)</sup>** |
|  Southwest Airlines Co. <sup>(B)</sup> | 1344 | 48854 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Magna International, Inc. | 1603 | 89335 |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |
|  General Motors Co. | 42 | 1648 |
|  Rivian Automotive, Inc., Class A <sup>(B)</sup> <sup>(C)</sup> | 568 | 19863 |
|  Tesla, Inc. <sup>(B)</sup> | 4850 | 1103569 |
|  |  | 1125080 |
| **Banks - 2.4%** | **Banks - 2.4%** | **Banks - 2.4%** |
|  Bank of America Corp. | 15413 | 555485 |
|  Citigroup, Inc. | 3377 | 154869 |
|  Fifth Third Bancorp | 6941 | 247724 |
|  SVB Financial Group <sup>(B)</sup> | 179 | 41342 |
|  Truist Financial Corp. | 5556 | 248853 |
|  US Bancorp | 11197 | 475313 |
|  Wells Fargo & Co. | 14394 | 661980 |
|  |  | 2385566 |
| **Beverages - 1.2%** | **Beverages - 1.2%** | **Beverages - 1.2%** |
|  Coca-Cola Co. | 11987 | 717422 |
|  Constellation Brands, Inc., Class A | 962 | 237691 |
|  PepsiCo, Inc. | 1272 | 230970 |
|  |  | 1186083 |
| **Biotechnology - 1.8%** | **Biotechnology - 1.8%** | **Biotechnology - 1.8%** |
|  AbbVie, Inc. | 5492 | 804029 |
|  Biogen, Inc. <sup>(B)</sup> | 690 | 195573 |
|  BioMarin Pharmaceutical, Inc. <sup>(B)</sup> | 420 | 36385 |
|  Neurocrine Biosciences, Inc. <sup>(B)</sup> | 428 | 49271 |
|  Regeneron Pharmaceuticals, Inc. <sup>(B)</sup> | 516 | 386355 |
|  Vertex Pharmaceuticals, Inc. <sup>(B)</sup> | 1080 | 336960 |
|  |  | 1808573 |
| **Building Products - 0.5%** | **Building Products - 0.5%** | **Building Products - 0.5%** |
|  Masco Corp. | 2877 | 133119 |
|  Trane Technologies PLC | 2384 | 380558 |
|  |  | 513677 |
| **Capital Markets - 0.9%** | **Capital Markets - 0.9%** | **Capital Markets - 0.9%** |
|  Ameriprise Financial, Inc. | 509 | 157342 |
|  CME Group, Inc. | 997 | 172780 |
|  Morgan Stanley | 3104 | 255056 |
|  Raymond James Financial, Inc. | 1109 | 131017 |
|  State Street Corp. | 1622 | 120028 |
| T. Rowe Price Group, Inc. | 535 | 56796 |
|  |  | 893019 |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** | **Chemicals - 1.1%** |
|  Air Products & Chemicals, Inc. | 411 | 102914 |
|  Celanese Corp. | 406 | 39025 |
|  DuPont de Nemours, Inc. | 2050 | 117260 |
|  Eastman Chemical Co. | 2140 | 164374 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Linde PLC | 1526 | $453756 |
|  PPG Industries, Inc. | 1912 | 218312 |
|  |  | 1095641 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Cintas Corp. | 186 | 79524 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |
|  Motorola Solutions, Inc. | 453 | 113119 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Martin Marietta Materials, Inc. | 327 | 109865 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  American Express Co. | 3604 | 535014 |
|  Capital One Financial Corp. | 521 | 55236 |
|  S&P Global, Inc. | 877 | 281736 |
|  |  | 871986 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Avery Dennison Corp. | 437 | 74093 |
| **Diversified Financial Services - 1.1%** | **Diversified Financial Services - 1.1%** | **Diversified Financial Services - 1.1%** |
|  Berkshire Hathaway, Inc., Class B <sup>(B)</sup> | 2992 | 882909 |
|  Intercontinental Exchange, Inc. | 2775 | 265207 |
|  |  | 1148116 |
| **Diversified Telecommunication Services - 0.0% <sup>(A)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(A)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(A)</sup>** |
|  Verizon Communications, Inc. | 905 | 33820 |
| **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** |
|  Exelon Corp. | 8076 | 311653 |
|  FirstEnergy Corp. | 4226 | 159363 |
|  NextEra Energy, Inc. | 5732 | 444230 |
|  PG&E Corp. <sup>(B)</sup> <sup>(C)</sup> | 13380 | 199763 |
|  |  | 1115009 |
| **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** |
|  Eaton Corp. PLC | 2610 | 391683 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Corning, Inc. | 1614 | 51922 |
|  TE Connectivity Ltd. | 609 | 74438 |
|  |  | 126360 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
|  Baker Hughes Co. | 3334 | 92218 |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  Netflix, Inc. <sup>(B)</sup> | 1104 | 322235 |
|  Walt Disney Co. <sup>(B)</sup> | 1064 | 113359 |
|  |  | 435594 |
| **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** |
|  Camden Property Trust | 1592 | 183956 |
|  Equinix, Inc. | 271 | 153505 |
|  Equity LifeStyle Properties, Inc. | 1682 | 107581 |
|  Host Hotels & Resorts, Inc. | 3151 | 59491 |
|  Prologis, Inc. | 3738 | 413983 |
|  SBA Communications Corp. | 881 | 237782 |
|  Sun Communities, Inc. | 974 | 131344 |
|  UDR, Inc. | 771 | 30655 |
|  Ventas, Inc. | 4611 | 180428 |
|  |  | 1498725 |
| **Food & Staples Retailing - 0.5%** | **Food & Staples Retailing - 0.5%** | **Food & Staples Retailing - 0.5%** |
|  Costco Wholesale Corp. | 1041 | 522062 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 10** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Hershey Co. | 356 | $85002 |
|  Mondelez International, Inc., Class A | 3335 | 205036 |
|  |  | 290038 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |
|  Abbott Laboratories | 2905 | 287421 |
|  Baxter International, Inc. | 3973 | 215932 |
|  Boston Scientific Corp. <sup>(B)</sup> | 6227 | 268446 |
|  Dexcom, Inc. <sup>(B)</sup> | 310 | 37442 |
|  Intuitive Surgical, Inc. <sup>(B)</sup> | 1355 | 333967 |
|  Medtronic PLC | 2933 | 256168 |
|  Zimmer Biomet Holdings, Inc. | 935 | 105982 |
|  |  | 1505358 |
| **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** |
|  Centene Corp. <sup>(B)</sup> | 4381 | 372955 |
|  Elevance Health, Inc. | 743 | 406250 |
|  Humana, Inc. | 228 | 127242 |
|  McKesson Corp. | 449 | 174827 |
|  UnitedHealth Group, Inc. | 2137 | 1186356 |
|  |  | 2267630 |
| **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** |
|  Booking Holdings, Inc. <sup>(B)</sup> | 152 | 284161 |
|  Chipotle Mexican Grill, Inc. <sup>(B)</sup> | 189 | 283184 |
|  Expedia Group, Inc. <sup>(B)</sup> | 1052 | 98331 |
|  Marriott International, Inc., Class A | 1214 | 194374 |
|  McDonald's Corp. | 1744 | 475519 |
|  Royal Caribbean Cruises Ltd. <sup>(B)</sup> <sup>(C)</sup> | 390 | 20818 |
|  Yum! Brands, Inc. | 824 | 97438 |
|  |  | 1453825 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  Lennar Corp., Class A | 2915 | 235240 |
|  PulteGroup, Inc. | 443 | 17716 |
|  Toll Brothers, Inc. | 1416 | 61001 |
|  |  | 313957 |
| **Household Products - 1.1%** | **Household Products - 1.1%** | **Household Products - 1.1%** |
|  Colgate-Palmolive Co. | 3651 | 269590 |
|  Kimberly-Clark Corp. | 1591 | 198016 |
|  Procter & Gamble Co. | 4352 | 586084 |
|  |  | 1053690 |
| **Industrial Conglomerates - 0.6%** | **Industrial Conglomerates - 0.6%** | **Industrial Conglomerates - 0.6%** |
|  Honeywell International, Inc. | 3052 | 622669 |
| **Insurance - 1.2%** | **Insurance - 1.2%** | **Insurance - 1.2%** |
|  Aon PLC, Class A | 519 | 146093 |
|  Globe Life, Inc. | 437 | 50482 |
|  Progressive Corp. | 3430 | 440412 |
|  Prudential Financial, Inc. | 692 | 72792 |
|  Travelers Cos., Inc. | 2653 | 489372 |
|  |  | 1199151 |
| **Interactive Media & Services - 2.8%** | **Interactive Media & Services - 2.8%** | **Interactive Media & Services - 2.8%** |
|  Alphabet, Inc., Class A <sup>(B)</sup> | 13677 | 1292613 |
|  Alphabet, Inc., Class C <sup>(B)</sup> | 9838 | 931265 |
|  Meta Platforms, Inc., Class A <sup>(B)</sup> | 4991 | 464962 |
|  ZoomInfo Technologies, Inc. <sup>(B)</sup> | 1482 | 65993 |
|  |  | 2754833 |
| **Internet & Direct Marketing Retail - 1.8%** | **Internet & Direct Marketing Retail - 1.8%** | **Internet & Direct Marketing Retail - 1.8%** |
|  Amazon.com, Inc. <sup>(B)</sup> | 17759 | 1819232 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **IT Services - 2.6%** | **IT Services - 2.6%** | **IT Services - 2.6%** |
|  Accenture PLC, Class A | 1982 | $562690 |
|  Affirm Holdings, Inc. <sup>(B)</sup> <sup>(C)</sup> | 2089 | 41926 |
|  Block, Inc. <sup>(B)</sup> | 504 | 30275 |
|  FleetCor Technologies, Inc. <sup>(B)</sup> | 1114 | 207338 |
|  Mastercard, Inc., Class A | 2622 | 860488 |
|  Visa, Inc., Class A | 4521 | 936570 |
|  |  | 2639287 |
| **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** |
|  Danaher Corp. | 1357 | 341516 |
|  Thermo Fisher Scientific, Inc. | 1298 | 667133 |
|  |  | 1008649 |
| **Machinery - 1.2%** | **Machinery - 1.2%** | **Machinery - 1.2%** |
|  Deere & Co. | 1308 | 517733 |
|  Dover Corp. | 984 | 128599 |
|  Ingersoll Rand, Inc. | 727 | 36714 |
|  Otis Worldwide Corp. | 2950 | 208388 |
|  Parker-Hannifin Corp. | 1054 | 306313 |
|  |  | 1197747 |
| **Media - 0.7%** | **Media - 0.7%** | **Media - 0.7%** |
|  Charter Communications, Inc., Class A <sup>(B)</sup> | 818 | 300713 |
|  Comcast Corp., Class A | 13088 | 415413 |
|  Interpublic Group of Cos., Inc. | 722 | 21509 |
|  |  | 737635 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |
|  Freeport-McMoRan, Inc. | 2197 | 69623 |
|  Nucor Corp. <sup>(C)</sup> | 680 | 89338 |
|  |  | 158961 |
| **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** |
|  Ameren Corp. | 2190 | 178529 |
|  CenterPoint Energy, Inc. | 6236 | 178412 |
|  Sempra Energy | 1966 | 296748 |
|  |  | 653689 |
| **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** |
|  Target Corp. | 939 | 154231 |
| **Oil, Gas & Consumable Fuels - 3.1%** | **Oil, Gas & Consumable Fuels - 3.1%** | **Oil, Gas & Consumable Fuels - 3.1%** |
|  Chevron Corp. | 1126 | 203693 |
|  ConocoPhillips | 5943 | 749353 |
|  Coterra Energy, Inc. | 4226 | 131555 |
|  Diamondback Energy, Inc. | 2659 | 417756 |
|  EOG Resources, Inc. | 2910 | 397273 |
|  Exxon Mobil Corp. | 9435 | 1045492 |
|  Phillips 66 | 1409 | 146945 |
|  |  | 3092067 |
| **Pharmaceuticals - 2.5%** | **Pharmaceuticals - 2.5%** | **Pharmaceuticals - 2.5%** |
|  Bristol-Myers Squibb Co. | 8489 | 657643 |
|  Eli Lilly & Co. | 1883 | 681815 |
|  Johnson & Johnson | 3303 | 574623 |
|  Merck & Co., Inc. | 4081 | 412997 |
|  Pfizer, Inc. | 4090 | 190390 |
|  |  | 2517468 |
| **Professional Services - 0.2%** | **Professional Services - 0.2%** | **Professional Services - 0.2%** |
|  Booz Allen Hamilton Holding Corp. | 658 | 71623 |
|  Leidos Holdings, Inc. | 1704 | 173110 |
|  |  | 244733 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Road & Rail - 0.7%** | **Road & Rail - 0.7%** | **Road & Rail - 0.7%** |
|  CSX Corp. | 3818 | $110951 |
|  Norfolk Southern Corp. | 1447 | 330017 |
|  Uber Technologies, Inc. <sup>(B)</sup> | 1922 | 51068 |
|  Union Pacific Corp. | 1079 | 212714 |
|  |  | 704750 |
| **Semiconductors & Semiconductor Equipment - 3.2%** | **Semiconductors & Semiconductor Equipment - 3.2%** | **Semiconductors & Semiconductor Equipment - 3.2%** |
|  Advanced Micro Devices, Inc. <sup>(B)</sup> | 5218 | 313393 |
|  Analog Devices, Inc. | 3101 | 442265 |
|  Applied Materials, Inc. | 671 | 59243 |
|  Lam Research Corp. | 1094 | 442829 |
|  Microchip Technology, Inc. | 2344 | 144718 |
|  Micron Technology, Inc. | 1497 | 80988 |
|  NVIDIA Corp. | 3880 | 523684 |
|  NXP Semiconductors NV | 2663 | 389011 |
|  QUALCOMM, Inc. | 1169 | 137544 |
|  Teradyne, Inc. | 945 | 76876 |
|  Texas Instruments, Inc. | 3764 | 604611 |
|  |  | 3215162 |
| **Software - 4.9%** | **Software - 4.9%** | **Software - 4.9%** |
|  Adobe, Inc. <sup>(B)</sup> | 947 | 301619 |
|  Cadence Design Systems, Inc. <sup>(B)</sup> | 484 | 73273 |
|  DocuSign, Inc. <sup>(B)</sup> | 1220 | 58926 |
|  Fortinet, Inc. <sup>(B)</sup> | 1255 | 71736 |
|  Intuit, Inc. | 944 | 403560 |
|  Microsoft Corp. | 15147 | 3516073 |
|  Oracle Corp. | 2026 | 158170 |
|  Salesforce, Inc. <sup>(B)</sup> | 918 | 149258 |
|  Workday, Inc., Class A <sup>(B)</sup> | 798 | 124344 |
|  |  | 4856959 |
| **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** |
|  AutoNation, Inc. <sup>(B)</sup> | 797 | 84729 |
|  AutoZone, Inc. <sup>(B)</sup> | 65 | 164637 |
|  Best Buy Co., Inc. | 2694 | 184297 |
|  Burlington Stores, Inc. <sup>(B)</sup> | 556 | 79486 |
|  Home Depot, Inc. | 1154 | 341734 |
|  Lowe's Cos., Inc. | 3115 | 607269 |
|  O'Reilly Automotive, Inc. <sup>(B)</sup> | 311 | 260360 |
|  TJX Cos., Inc. | 2422 | 174626 |
|  Ulta Beauty, Inc. <sup>(B)</sup> | 99 | 41518 |
|  |  | 1938656 |
| **Technology Hardware, Storage & Peripherals - 4.4%** | **Technology Hardware, Storage & Peripherals - 4.4%** | **Technology Hardware, Storage & Peripherals - 4.4%** |
|  Apple, Inc. | 27584 | 4229731 |
|  Seagate Technology Holdings PLC | 3497 | 173661 |
|  |  | 4403392 |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |
|  NIKE, Inc., Class B | 2955 | 273869 |
| **Tobacco - 0.5%** | **Tobacco - 0.5%** | **Tobacco - 0.5%** |
|  Altria Group, Inc. | 4983 | 230564 |
|  Philip Morris International, Inc. | 2792 | 256445 |
|  |  | 487009 |
| **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** |
|  T-Mobile US, Inc. <sup>(B)</sup> | 2158 | 327066 |
|  **Total Common Stocks <br>(Cost $42,330,140)** | **Total Common Stocks <br>(Cost $42,330,140)** | 59065053 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **PREFERRED STOCK - 0.0% <sup>(A)</sup>** | **PREFERRED STOCK - 0.0% <sup>(A)</sup>** | **PREFERRED STOCK - 0.0% <sup>(A)</sup>** |
| **Electric Utilities - 0.0% <sup>(A)</sup>** | **Electric Utilities - 0.0% <sup>(A)</sup>** | **Electric Utilities - 0.0% <sup>(A)</sup>** |
|  SCE Trust III, <br>Series H, Fixed until 03/15/2024,<br>5.75% <sup>(D)</sup> | 320 | $6189 |
|  **Total Preferred Stock <br>(Cost $8,784)** | **Total Preferred Stock <br>(Cost $8,784)** | 6189 |
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 2.7%** | **ASSET-BACKED SECURITIES - 2.7%** | **ASSET-BACKED SECURITIES - 2.7%** |
|  Accelerated LLC <br>Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(E)</sup> | $52166 | 47311 |
|  BRE Grand Islander Timeshare Issuer LLC <br>Series 2017-1A, Class A, <br>2.94%, 05/25/2029 <sup>(E)</sup> | 18354 | 17644 |
|  BXG Receivables Note Trust <br>Series 2015-A, Class A, <br>2.88%, 05/02/2030 <sup>(E)</sup> | 12415 | 12131 |
|  CIFC Funding Ltd. <br>Series 2013-2A, Class A1L2, <br>3-Month LIBOR + 1.00%, <br>5.19% <sup>(D)</sup>, 10/18/2030 <sup>(E)</sup> | 350000 | 342753 |
| GoodLeap Sustainable Home Solutions Trust<br>Series 2021-4GS, Class A,<br>1.93%, 07/20/2048 <sup>(E)</sup> | 85199 | 66668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1GS, Class A,<br>2.70%, 01/20/2049 <sup>(E)</sup> | 231079 | 174646 |
|  JGWPT XXVI LLC <br>Series 2012-2A, Class A, <br>3.84%, 10/15/2059 <sup>(E)</sup> | 113928 | 102168 |
|  JGWPT XXVIII LLC <br>Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(E)</sup> | 117323 | 102009 |
|  Laurel Road Prime Student Loan Trust <br>Series 2018-B, Class A2FX, <br>3.54%, 05/26/2043 <sup>(E)</sup> | 8274 | 8117 |
|  New Residential Advance Receivables Trust <br>Series 2020-T1, Class AT1, <br>1.43%, 08/15/2053 <sup>(E)</sup> | 330000 | 315339 |
|  NRZ Advance Receivables Trust <br>Series 2020-T2, Class AT2, <br>1.48%, 09/15/2053 <sup>(E)</sup> | 330000 | 314552 |
|  Octagon Investment Partners 33 Ltd. <br>Series 2017-1A, Class A1, <br>3-Month LIBOR + 1.19%, <br>5.43% <sup>(D)</sup>, 01/20/2031 <sup>(E)</sup> | 200000 | 195907 |
| Orange Lake Timeshare Trust<br>Series 2016-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 03/08/2029 <sup>(E)</sup> | 30598 | 29270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 04/09/2038 <sup>(E)</sup> | 56778 | 53514 |
|  Palmer Square CLO Ltd. <br>Series 2015-2A, Class A1R2, <br>3-Month LIBOR + 1.10%, <br>5.34% <sup>(D)</sup>, 07/20/2030 <sup>(E)</sup> | 246804 | 241530 |
|  Sierra Timeshare Receivables Funding LLC <br>Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(E)</sup> | 81716 | 75333 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 10/25/2056 <sup>(E)</sup> | $14710 | $14434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 07/25/2057 <sup>(E)</sup> | 13155 | 12860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 10/25/2057 <sup>(E)</sup> | 24897 | 23768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(D)</sup>, 01/25/2058 <sup>(E)</sup> | 40398 | 38882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 05/25/2058 <sup>(E)</sup> | 92973 | 86959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(D)</sup>, 06/25/2058 <sup>(E)</sup> | 134226 | 120824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/2060 <sup>(E)</sup> | 126073 | 111465 |
|  Trafigura Securitisation Finance PLC <br>Series 2021-1A, Class A2, <br>1.08%, 01/15/2025 <sup>(E)</sup> | 130000 | 115803 |
|  Welk Resorts LLC <br>Series 2017-AA, Class A, <br>2.82%, 06/15/2033 <sup>(E)</sup> | 23475 | 23314 |
|  **Total Asset-Backed Securities <br>(Cost $2,876,074)** | **Total Asset-Backed Securities <br>(Cost $2,876,074)** | 2647201 |
| **CORPORATE DEBT SECURITIES - 14.1%** | **CORPORATE DEBT SECURITIES - 14.1%** | **CORPORATE DEBT SECURITIES - 14.1%** |
| **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2039 | 91000 | 59517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 85000 | 78617 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 108000 | 86702 |
|  |  | 224836 |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | 153000 | 108997 |
| **Airlines - 0.2%** | **Airlines - 0.2%** | **Airlines - 0.2%** |
|  American Airlines Pass-Through Trust <br>3.20%, 12/15/2029 | 46882 | 39060 |
|  JetBlue Pass-Through Trust <br>Series 2019, Class AA, <br>2.75%, 11/15/2033 | 77453 | 61491 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027 <sup>(E)</sup> | 82557 | 81616 |
|  United Airlines Pass-Through Trust <br>3.75%, 03/03/2028 | 53498 | 48097 |
|  |  | 230264 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 54000 | 43032 |
|  BorgWarner, Inc. <br>3.38%, 03/15/2025 <sup>(C)</sup> | 36000 | 34371 |
|  |  | 77403 |
| **Automobiles - 0.2%** | **Automobiles - 0.2%** | **Automobiles - 0.2%** |
|  Ford Motor Co. <br>4.35%, 12/08/2026 <sup>(C)</sup> | 63000 | 58586 |
|  General Motors Co. <br>6.25%, 10/02/2043 | 15000 | 13131 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(E)</sup> | $200000 | $185029 |
|  |  | 256746 |
| **Banks - 1.8%** | **Banks - 1.8%** | **Banks - 1.8%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2031,<br>2.65% <sup>(D)</sup>, 03/11/2032 | 95000 | 73018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2027,<br>3.42% <sup>(D)</sup>, 12/20/2028 | 72000 | 63551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(D)</sup>, 04/27/2033 | 196000 | 173532 |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>7.33% <sup>(D)</sup>, 11/02/2026 | 203000 | 202671 |
|  Citigroup, Inc. <br>Fixed until 10/27/2027,<br>3.52% <sup>(D)</sup>, 10/27/2028 | 219000 | 193705 |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(E)</sup> | 255000 | 254100 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2031,<br>4.20% <sup>(D)</sup>, 06/01/2032 <sup>(E)</sup> | 200000 | 135275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/2024 <sup>(E)</sup> | 65000 | 61355 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2026,<br>1.58% <sup>(D)</sup>, 04/22/2027 | 106000 | 91145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2027,<br>3.78% <sup>(D)</sup>, 02/01/2028 | 59000 | 53683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(D)</sup>, 09/14/2033 | 175000 | 163063 |
|  UniCredit SpA <br>Fixed until 06/03/2031,<br>3.13% <sup>(D)</sup>, 06/03/2032 <sup>(E)</sup> | 200000 | 140793 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 | 139000 | 131440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2027,<br>4.81% <sup>(D)</sup>, 07/25/2028 | 33000 | 31244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(F)</sup>,<br>5.90% <sup>(D)</sup> | 40000 | 36275 |
|  |  | 1804850 |
| **Beverages - 0.2%** | **Beverages - 0.2%** | **Beverages - 0.2%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | 90000 | 72598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 37000 | 35967 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 63000 | 53855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 16000 | 14920 |
|  |  | 177340 |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 47000 | 43778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 40000 | 32121 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 82000 | 62321 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(E)</sup> | 48000 | 40365 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 13** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
|  Gilead Sciences, Inc. <br>4.15%, 03/01/2047 | $24000 | $18660 |
|  |  | 197245 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 77000 | 56564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 72000 | 65674 |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | 42000 | 34506 |
|  Owens Corning <br>7.00%, 12/01/2036 | 114000 | 115096 |
|  |  | 271840 |
| **Capital Markets - 1.0%** | **Capital Markets - 1.0%** | **Capital Markets - 1.0%** |
|  Bank of New York Mellon Corp. <br>Fixed until 10/25/2032,<br>5.83% <sup>(D)</sup>, 10/25/2033 | 81000 | 81041 |
|  Credit Suisse Group AG <br>Fixed until 08/12/2032,<br>6.54% <sup>(D)</sup>, 08/12/2033 <sup>(E)</sup> | 262000 | 227870 |
|  Deutsche Bank AG <br>Fixed until 09/18/2030,<br>3.55% <sup>(D)</sup>, 09/18/2031 | 150000 | 111541 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/24/2032,<br>3.10% <sup>(D)</sup>, 02/24/2033 | 181000 | 141207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 103000 | 102700 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/10/2025,<br>0.99% <sup>(D)</sup>, 12/10/2026 | 68000 | 58167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2032,<br>4.89% <sup>(D)</sup>, 07/20/2033 | 77000 | 70001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 60000 | 59035 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 118000 | 117987 |
|  |  | 969549 |
| **Chemicals - 0.1%** | **Chemicals - 0.1%** | **Chemicals - 0.1%** |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(E)</sup> | 74000 | 55573 |
| **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(E)</sup> | 79000 | 67743 |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(E)</sup> | 200000 | 173814 |
|  ERAC USA Finance LLC <br>3.85%, 11/15/2024 <sup>(E)</sup> | 111000 | 106976 |
|  Triton Container International Ltd. / TAL International Container Corp. <br>3.25%, 03/15/2032 | 160000 | 114714 |
|  |  | 463247 |
| **Construction & Engineering - 0.0% <sup>(A)</sup>** | **Construction & Engineering - 0.0% <sup>(A)</sup>** | **Construction & Engineering - 0.0% <sup>(A)</sup>** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 56000 | 44149 |
| **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 110000 | 112757 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(E)</sup> | $65000 | $59557 |
|  General Motors Financial Co., Inc. <br>5.00%, 04/09/2027 | 70000 | 66138 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(E)</sup> | 100000 | 72095 |
|  Volkswagen Group of America Finance LLC <br>1.63%, 11/24/2027 <sup>(E)</sup> | 200000 | 160293 |
|  |  | 470840 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | 64000 | 56016 |
| **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** |
| AerCap Ireland Capital DAC / AerCap Global<br>Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 <sup>(C)</sup> | 160000 | 106016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 150000 | 138581 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(E)</sup> | 49000 | 40919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(E)</sup> | 147000 | 141395 |
|  Kaupthing Bank <br>7.63%, 02/28/2020 <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> | 710000 | 0 |
|  |  | 426911 |
| **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** |
|  Sprint Capital Corp. <br>6.88%, 11/15/2028 | 24000 | 24768 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 177000 | 131658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 105000 | 60125 |
|  |  | 216551 |
| **Electric Utilities - 0.5%** | **Electric Utilities - 0.5%** | **Electric Utilities - 0.5%** |
|  Appalachian Power Co. <br>3.40%, 06/01/2025 | 66000 | 62966 |
|  Cleveland Electric Illuminating Co. <br>5.95%, 12/15/2036 | 34000 | 33010 |
|  DTE Electric Co. <br>4.30%, 07/01/2044 | 101000 | 81373 |
|  Duke Energy Corp. <br>3.75%, 04/15/2024 - 09/01/2046 | 108000 | 76001 |
|  Duke Energy Progress LLC <br>3.60%, 09/15/2047 | 64000 | 44996 |
|  Entergy Arkansas LLC <br>3.70%, 06/01/2024 | 48000 | 47145 |
|  Oncor Electric Delivery Co. LLC <br>5.30%, 06/01/2042 | 20000 | 18712 |
|  Pacific Gas & Electric Co. <br>2.50%, 02/01/2031 | 69000 | 51512 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2024 | 61000 | 59834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2037 | 20000 | 18971 |
|  Public Service Electric & Gas Co. <br>3.00%, 05/15/2025 | 49000 | 46519 |
|  |  | 541039 |
| **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 58000 | 44061 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 14** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | $130000 | $124536 |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(C)</sup> <sup>(E)</sup> | 50000 | 43010 |
|  |  | 211607 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(E)</sup> | 90000 | 81701 |
|  Schlumberger Investment SA <br>3.65%, 12/01/2023 | 26000 | 25628 |
|  |  | 107329 |
| **Equity Real Estate Investment Trusts - 1.2%** | **Equity Real Estate Investment Trusts - 1.2%** | **Equity Real Estate Investment Trusts - 1.2%** |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 123000 | 88618 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2029 | 25000 | 18636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/2026 | 35000 | 30323 |
|  Invitation Homes Operating Partnership LP <br>4.15%, 04/15/2032 | 48000 | 39849 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 | 59000 | 36107 |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | 94000 | 69651 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 37000 | 36135 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2051 <sup>(E)</sup> | 110000 | 91750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/15/2050 <sup>(E)</sup> | 56000 | 48989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 01/15/2050 <sup>(E)</sup> | 300000 | 278496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/2048 <sup>(E)</sup> | 78000 | 77233 |
|  Simon Property Group LP <br>2.20%, 02/01/2031 | 73000 | 54632 |
|  Ventas Realty LP <br>3.25%, 10/15/2026 | 86000 | 77813 |
|  VICI Properties LP <br>4.95%, 02/15/2030 | 118000 | 106649 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 122000 | 106536 |
|  |  | 1161417 |
| **Food & Staples Retailing - 0.2%** | **Food & Staples Retailing - 0.2%** | **Food & Staples Retailing - 0.2%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(E)</sup> | 123000 | 90693 |
|  Sysco Corp. <br>3.30%, 07/15/2026 | 104000 | 96093 |
|  |  | 186786 |
| **Food Products - 0.2%** | **Food Products - 0.2%** | **Food Products - 0.2%** |
|  Bunge Ltd. Finance Corp. <br>2.75%, 05/14/2031 <sup>(C)</sup> | 94000 | 73748 |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(E)</sup> | 49000 | 47736 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>3.00%, 02/02/2029 <sup>(E)</sup> | 44000 | 35640 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(E)</sup> | 102000 | 78261 |
|  |  | 235385 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** |
|  Alcon Finance Corp. <br>2.75%, 09/23/2026 <sup>(E)</sup> | $200000 | $177824 |
|  Koninklijke Philips NV <br>5.00%, 03/15/2042 | 37000 | 30385 |
|  |  | 208209 |
| **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 80000 | 64500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 60000 | 49812 |
|  Cigna Corp. <br>2.40%, 03/15/2030 | 61000 | 49613 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/2040 | 50000 | 32184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 | 48000 | 42349 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 61000 | 48942 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 28000 | 24690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2025 | 16000 | 15720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 50000 | 41619 |
|  Laboratory Corp. of America Holdings <br>2.95%, 12/01/2029 | 51000 | 42710 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(E)</sup> | 16000 | 14350 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 118000 | 108515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 71000 | 72703 |
|  |  | 607707 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 6000 | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 65000 | 57778 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 41000 | 38232 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(E)</sup> | 114000 | 83163 |
|  |  | 183722 |
| **Industrial Conglomerates - 0.0% <sup>(A)</sup>** | **Industrial Conglomerates - 0.0% <sup>(A)</sup>** | **Industrial Conglomerates - 0.0% <sup>(A)</sup>** |
|  General Electric Co. <br>4.13%, 10/09/2042 | 48000 | 37093 |
| **Insurance - 0.6%** | **Insurance - 0.6%** | **Insurance - 0.6%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 136000 | 86865 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 107000 | 100478 |
|  Global Atlantic Finance Co. <br>3.13%, 06/15/2031 <sup>(E)</sup> | 159000 | 111888 |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/24/2030 <sup>(E)</sup> | 224000 | 201875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(E)</sup> | 45000 | 42236 |
|  Prudential Financial, Inc. <br>Fixed until 07/01/2030,<br>3.70% <sup>(D)</sup>, 10/01/2050 | 94000 | 73067 |
|  |  | 616409 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 15** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 | $200000 | $196514 |
|  Tencent Holdings Ltd. <br>3.28%, 04/11/2024 <sup>(E)</sup> | 97000 | 93853 |
|  |  | 290367 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(C)</sup> <sup>(E)</sup> | 78000 | 51508 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 95000 | 93916 |
| **Media - 0.1%** | **Media - 0.1%** | **Media - 0.1%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.80%, 03/01/2050 | 44000 | 31026 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.13%, 08/15/2027 <sup>(E)</sup> | 35000 | 31332 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 17000 | 9798 |
|  NBCUniversal Media LLC <br>4.45%, 01/15/2043 | 24000 | 19564 |
|  Paramount Global <br>4.20%, 05/19/2032 <sup>(C)</sup> | 44000 | 35196 |
|  |  | 126916 |
| **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** |
|  Anglo American Capital PLC <br>4.50%, 03/15/2028 <sup>(E)</sup> | 200000 | 181506 |
|  Freeport-McMoRan, Inc. <br>4.55%, 11/14/2024 | 105000 | 102937 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(E)</sup> | 82000 | 61437 |
|  |  | 345880 |
| **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** |
|  Black Hills Corp. <br>4.25%, 11/30/2023 | 71000 | 70327 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2024 | 17000 | 16595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2044 | 26000 | 21524 |
|  Public Service Enterprise Group, Inc. <br>2.65%, 11/15/2022 | 6000 | 5995 |
|  |  | 114441 |
| **Oil, Gas & Consumable Fuels - 0.8%** | **Oil, Gas & Consumable Fuels - 0.8%** | **Oil, Gas & Consumable Fuels - 0.8%** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 46000 | 37061 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 47000 | 42103 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2045 | 75000 | 58203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 | 28000 | 23628 |
|  Enterprise Products Operating LLC <br>4.25%, 02/15/2048 | 104000 | 76803 |
|  Kinder Morgan Energy Partners LP <br>4.15%, 02/01/2024 | 52000 | 51331 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 62000 | 62930 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | $139000 | $110940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 17000 | 11074 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 90000 | 69554 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>3.55%, 12/15/2029 | 52000 | 43298 |
|  Sabine Pass Liquefaction LLC <br>4.20%, 03/15/2028 | 41000 | 37369 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026 | 103000 | 93941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2046 | 30000 | 22318 |
|  Williams Cos., Inc. <br>5.40%, 03/04/2044 | 28000 | 23665 |
|  |  | 764218 |
| **Pharmaceuticals - 0.2%** | **Pharmaceuticals - 0.2%** | **Pharmaceuticals - 0.2%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 40000 | 34852 |
|  AstraZeneca PLC <br>4.38%, 08/17/2048 | 34000 | 28619 |
|  Bristol-Myers Squibb Co. <br>1.45%, 11/13/2030 | 67000 | 51259 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 77000 | 58224 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 76000 | 62476 |
|  |  | 235430 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 52000 | 49084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 79000 | 76127 |
|  |  | 125211 |
| **Road & Rail - 0.3%** | **Road & Rail - 0.3%** | **Road & Rail - 0.3%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(E)</sup> | 121000 | 108331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(E)</sup> | 47000 | 43162 |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | 136000 | 113382 |
|  |  | 264875 |
| **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 <sup>(C)</sup> | 115000 | 102459 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028 <sup>(E)</sup> | 31000 | 25249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 <sup>(E)</sup> | 57000 | 37448 |
|  KLA Corp. <br>3.30%, 03/01/2050 <sup>(C)</sup> | 80000 | 53556 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 70000 | 64224 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/2051 | 39000 | 22469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 <sup>(C)</sup> | 75000 | 62191 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 48000 | 44582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(C)</sup> | 65000 | 44570 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 16** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | $39000 | $33257 |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(E)</sup> | 200000 | 145368 |
|  |  | 635373 |
| **Software - 0.3%** | **Software - 0.3%** | **Software - 0.3%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 <sup>(C)</sup> | 15000 | 12644 |
|  Infor, Inc. <br>1.75%, 07/15/2025 <sup>(E)</sup> | 68000 | 61119 |
|  Oracle Corp. <br>3.65%, 03/25/2041 | 57000 | 38480 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 114000 | 108705 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 104000 | 95904 |
|  |  | 316852 |
| **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 80000 | 69008 |
| **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** |
|  Apple, Inc. <br>2.65%, 05/11/2050 | 40000 | 24907 |
|  Dell International LLC / EMC Corp. <br>6.02%, 06/15/2026 | 60000 | 59876 |
|  Seagate HDD Cayman <br>4.13%, 01/15/2031 | 115000 | 87017 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 117000 | 90462 |
|  |  | 262262 |
| **Tobacco - 0.1%** | **Tobacco - 0.1%** | **Tobacco - 0.1%** |
|  BAT Capital Corp. <br>2.26%, 03/25/2028 | 128000 | 101400 |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |
|  Sprint Corp. <br>7.88%, 09/15/2023 | 42000 | 42700 |
|  T-Mobile USA, Inc. <br>3.88%, 04/15/2030 | 135000 | 119153 |
|  |  | 161853 |
|  **Total Corporate Debt Securities <br>(Cost $16,722,472)** | **Total Corporate Debt Securities <br>(Cost $16,722,472)** | 14108570 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** |
| **Colombia - 0.2%** | **Colombia - 0.2%** | **Colombia - 0.2%** |
|  Colombia Government International Bonds <br>4.50%, 01/28/2026 | 200000 | 179744 |
| **Mexico - 0.1%** | **Mexico - 0.1%** | **Mexico - 0.1%** |
|  Mexico Government International Bonds <br>3.75%, 01/11/2028 | 116000 | 106457 |
| **Peru - 0.1%** | **Peru - 0.1%** | **Peru - 0.1%** |
|  Peru Government International Bonds <br>7.35%, 07/21/2025 | 100000 | 104075 |
|  **Total Foreign Government Obligations <br>(Cost $431,391)** | **Total Foreign Government Obligations <br>(Cost $431,391)** | 390276 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES - 2.5%** | **MORTGAGE-BACKED SECURITIES - 2.5%** | **MORTGAGE-BACKED SECURITIES - 2.5%** |
|  Alternative Loan Trust <br>Series 2007-22, Class 2A16, <br>6.50%, 09/25/2037 | $141432 | $59115 |
|  BB-UBS Trust <br>Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(E)</sup> | 39056 | 37604 |
|  CIM Trust <br>Series 2021-R6, Class A1, <br>1.43% <sup>(D)</sup>, 07/25/2061 <sup>(E)</sup> | 180719 | 157640 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A3,<br>3.75%, 03/10/2047 | 21150 | 20706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A4,<br>4.02%, 03/10/2047 | 65000 | 63457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class B,<br>3.77%, 02/10/2048 | 157700 | 142880 |
|  Citigroup Mortgage Loan Trust, Inc. <br>Series 2018-RP1, Class A1, <br>3.00% <sup>(D)</sup>, 09/25/2064 <sup>(E)</sup> | 29653 | 28197 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class AM,<br>4.72% <sup>(D)</sup>, 08/10/2050 | 120000 | 117945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GAM, Class A2,<br>3.37%, 02/10/2028 <sup>(E)</sup> | 80372 | 79349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3BP, Class A,<br>3.18%, 02/10/2035 <sup>(E)</sup> | 310000 | 285537 |
|  Commercial Mortgage Pass-Through Certificates Trust <br>Series 2012-LTRT, Class A2, <br>3.40%, 10/05/2030 <sup>(E)</sup> | 99907 | 85301 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1A,<br>1.11% <sup>(D)</sup>, 01/25/2060 <sup>(E)</sup> | 153421 | 125629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL6, Class A1,<br>2.00% <sup>(D)</sup>, 10/25/2060 <sup>(E)</sup> | 135047 | 116823 |
|  Fontainebleau Miami Beach Trust <br>Series 2019-FBLU, Class B, <br>3.45%, 12/10/2036 <sup>(E)</sup> | 150000 | 138351 |
|  GMACM Mortgage Loan Trust <br>Series 2005-AR1, Class 3A, <br>3.22% <sup>(D)</sup>, 03/18/2035 | 10940 | 9467 |
|  GS Mortgage Securities Trust <br>Series 2013-G1, Class A2, <br>3.56% <sup>(D)</sup>, 04/10/2031 <sup>(E)</sup> | 150872 | 149630 |
|  Impac CMB Trust <br>Series 2004-6, Class 1A1, <br>1-Month LIBOR + 0.80%, <br>4.39% <sup>(D)</sup>, 10/25/2034 | 13687 | 12974 |
|  IndyMac INDX Mortgage Loan Trust <br>Series 2007-AR15, Class 2A1, <br>3.26% <sup>(D)</sup>, 08/25/2037 | 87203 | 66570 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2003-F, Class A1, <br>1-Month LIBOR + 0.64%, <br>4.23% <sup>(D)</sup>, 10/25/2028 | 7331 | 6818 |
|  Nationstar Mortgage Loan Trust <br>Series 2013-A, Class A, <br>3.75% <sup>(D)</sup>, 12/25/2052 <sup>(E)</sup> | 27158 | 24131 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 17** 

------

##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A,<br>3.75% <sup>(D)</sup>, 01/25/2054 <sup>(E)</sup> | $13859 | $12738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class A3,<br>3.75% <sup>(D)</sup>, 05/25/2054 <sup>(E)</sup> | 34139 | 31015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class AFX3,<br>3.75% <sup>(D)</sup>, 11/25/2054 <sup>(E)</sup> | 26049 | 23878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1B,<br>3.25% <sup>(D)</sup>, 09/25/2056 <sup>(E)</sup> | 22143 | 20049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1,<br>4.00% <sup>(D)</sup>, 02/25/2057 <sup>(E)</sup> | 47403 | 44469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1,<br>4.00% <sup>(D)</sup>, 04/25/2057 <sup>(E)</sup> | 80086 | 75593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1,<br>4.00% <sup>(D)</sup>, 05/25/2057 <sup>(E)</sup> | 27166 | 25172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1,<br>3.50% <sup>(D)</sup>, 12/25/2057 <sup>(E)</sup> | 30165 | 28176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A1B,<br>3.50% <sup>(D)</sup>, 12/25/2058 <sup>(E)</sup> | 103650 | 93189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B,<br>3.50% <sup>(D)</sup>, 08/25/2059 <sup>(E)</sup> | 89360 | 83522 |
|  One Market Plaza Trust <br>Series 2017-1MKT, Class A, <br>3.61%, 02/10/2032 <sup>(E)</sup> | 195000 | 187688 |
|  Structured Asset Mortgage Investments II Trust<br>Series 2003-AR4, Class A1, <br>1-Month LIBOR + 0.70%, <br>4.18% <sup>(D)</sup>, 01/19/2034 | 32385 | 30278 |
|  Towd Point Mortgage Trust <br>Series 2021-1, Class A1, <br>2.25% <sup>(D)</sup>, 11/25/2061 <sup>(E)</sup> | 165590 | 146297 |
|  **Total Mortgage-Backed Securities <br>(Cost $2,850,178)** | **Total Mortgage-Backed Securities <br>(Cost $2,850,178)** | 2530188 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.4%** |
|  Federal Home Loan Mortgage Corp. <br>12-Month LIBOR + 1.90%, <br>2.40% <sup>(D)</sup>, 02/01/2041 | 718 | 705 |
| Federal Home Loan Mortgage Corp. Multifamily<br>Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/25/2030 | 245000 | 189964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 06/25/2027 | 50573 | 49616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 07/25/2025 | 188000 | 179000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% <sup>(D)</sup>, 07/25/2023 | 50000 | 49335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% <sup>(D)</sup>, 08/25/2024 | 395839 | 382965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% <sup>(D)</sup>, 10/25/2023 | 110000 | 108377 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.75%, <br>2.25% <sup>(D)</sup>, 03/01/2041 | 458 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% <sup>(D)</sup>, 10/25/2023 | 20528 | 20089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2028 - 01/01/2029 | 32789 | 31588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2025 - 07/01/2026 | 6419 | 6296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 | 504 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039 - 11/01/2039 | 59888 | 59245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2036 - 12/01/2041 | 108200 | 110681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2038 - 04/01/2040 | 60072 | 61963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2040 | 16740 | 17448 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Government National Mortgage Association, Interest Only STRIPS <br>Series 2012-120, Class IO, <br>0.65% <sup>(D)</sup>, 02/16/2053 | $76637 | $1257 |
|  Tennessee Valley Authority <br>5.88%, 04/01/2036 | 79000 | 85451 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(J)</sup> | 1410000 | 1165415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(J)</sup> | 2448000 | 2033912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(J)</sup> | 1785000 | 1531543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(J)</sup> | 1873000 | 1660697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(J)</sup> | 1163000 | 1058330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(J)</sup> | 647000 | 606992 |
|  **Total U.S. Government Agency Obligations <br>(Cost $9,761,550)** | **Total U.S. Government Agency Obligations <br>(Cost $9,761,550)** | 9411817 |
| **U.S. GOVERNMENT OBLIGATIONS - 10.0%** | **U.S. GOVERNMENT OBLIGATIONS - 10.0%** | **U.S. GOVERNMENT OBLIGATIONS - 10.0%** |
| **U.S. Treasury - 9.2%** | **U.S. Treasury - 9.2%** | **U.S. Treasury - 9.2%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 684000 | 350470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 - 11/15/2051 | 626000 | 380048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 301000 | 190500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 - 02/15/2052 | 377000 | 252132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 - 05/15/2051 | 454000 | 326573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 - 05/15/2046 | 355000 | 253797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2047 | 632500 | 479650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 - 05/15/2049 | 356300 | 274915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 - 08/15/2048 | 166100 | 132279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 - 05/15/2048 | 293500 | 242504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 242300 | 213101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 309000 | 324728 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/31/2022 - 05/31/2023 | 155000 | 152216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/2025 <sup>(C)</sup> | 249000 | 221396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 - 08/15/2030 | 472000 | 365255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 199000 | 175431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 434000 | 346742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 243000 | 215045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 397000 | 316390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 - 02/15/2030 | 406300 | 357659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2022 - 05/15/2031 | 1127900 | 999603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 462100 | 383832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2025 | 93000 | 87972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/2025 <sup>(C)</sup> | 110000 | 103791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 - 11/15/2027 | 315300 | 291620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/31/2023 | 151000 | 150345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/2024 <sup>(C)</sup> | 119000 | 115537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 - 05/31/2024 | 270000 | 264879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/2025 - 08/15/2032 | 293000 | 265542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 - 05/15/2032 | 814200 | 739186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 183500 | 172397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 <sup>(C)</sup> | 45000 | 44740 |
|  |  | 9190275 |
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 195840 | 129604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 101797 | 101970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 376215 | 393328 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 18** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.13%, 07/15/2030 | $202155 | $180293 |
|  |  | 805195 |
|  **Total U.S. Government Obligations <br>(Cost $12,021,240)** | **Total U.S. Government Obligations <br>(Cost $12,021,240)** | 9995470 |
| **COMMERCIAL PAPER - 7.9%** | **COMMERCIAL PAPER - 7.9%** | **COMMERCIAL PAPER - 7.9%** |
| **Banks - 1.4%** | **Banks - 1.4%** | **Banks - 1.4%** |
|  Korea Development Bank <br>3.07% <sup>(K)</sup>, 12/01/2022 | 500000 | 498395 |
|  Mackinac Funding Co. LLC <br>3.19% <sup>(K)</sup>, 12/01/2022 | 435000 | 433569 |
|  Macquarie Bank Ltd. <br>3.01% <sup>(K)</sup>, 11/21/2022 | 500000 | 498929 |
|  |  | 1430893 |
| **Diversified Financial Services - 5.0%** | **Diversified Financial Services - 5.0%** | **Diversified Financial Services - 5.0%** |
|  Atlantic Asset Securitization LLC <br>2.96% <sup>(K)</sup>, 11/17/2022 | 500000 | 499146 |
|  Cancara Asset Securitisation LLC <br>3.15% <sup>(K)</sup>, 12/02/2022 | 430000 | 428552 |
|  Chariot Funding LLC <br>3.98% <sup>(K)</sup>, 01/09/2023 | 350000 | 347099 |
|  Collateralized Commercial Paper V Co. LLC <br>4.72% <sup>(K)</sup>, 02/01/2023 | 450000 | 444497 |
|  Liberty Street Funding LLC <br>3.12% <sup>(K)</sup>, 11/28/2022 | 250000 | 249272 |
|  Longship Funding LLC <br>4.43% <sup>(K)</sup>, 01/17/2023 | 450000 | 445751 |
|  Mont Blanc Capital Corp. <br>3.41% <sup>(K)</sup>, 11/09/2022 | 475000 | 474581 |
|  Nieuw Amsterdam Receivables Corp. BV <br>4.21% <sup>(K)</sup>, 01/23/2023 | 500000 | 494713 |
|  Ridgefield Funding Co. LLC <br>4.61% <sup>(K)</sup>, 01/12/2023 | 350000 | 346940 |
|  Sheffield Receivables Co. LLC <br>3.19% <sup>(K)</sup>, 12/01/2022 | 500000 | 498343 |
|  Starbird Funding Corp. <br>2.94% <sup>(K)</sup>, 11/07/2022 | 450000 | 449694 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Victory Receivables Corp. <br>2.88% <sup>(K)</sup>, 11/01/2022 | $333000 | $332971 |
|  |  | 5011559 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |
|  Britannia Funding Co. LLC <br>2.96% <sup>(K)</sup>, 11/08/2022 | 475000 | 474628 |
| **Machinery - 0.5%** | **Machinery - 0.5%** | **Machinery - 0.5%** |
|  Illinois Tool Works, Inc. <br>2.65% <sup>(K)</sup>, 11/02/2022 | 450000 | 449921 |
| **Software - 0.5%** | **Software - 0.5%** | **Software - 0.5%** |
|  Manhattan Asset Funding Co. LLC <br>3.90% <sup>(K)</sup>, 01/05/2023 | 500000 | 496194 |
|  **Total Commercial Paper <br>(Cost $7,866,897)** | **Total Commercial Paper <br>(Cost $7,866,897)** | 7863195 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% <sup>(K)</sup>, 11/03/2022 <sup>(C)</sup> | 125000 | 124985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92% <sup>(K)</sup>, 12/01/2022 | 225000 | 224359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% <sup>(K)</sup>, 12/08/2022 <sup>(C)</sup> | 495000 | 493253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20% <sup>(K)</sup>, 12/15/2022 <sup>(C)</sup> | 175000 | 174253 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $1,017,271)** | **Total Short-Term U.S. Government Obligations <br>(Cost $1,017,271)** | 1016850 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.0%** | **OTHER INVESTMENT COMPANY - 1.0%** | **OTHER INVESTMENT COMPANY - 1.0%** |
| **Securities Lending Collateral - 1.0%** | **Securities Lending Collateral - 1.0%** | **Securities Lending Collateral - 1.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(K)</sup> | 1019937 | 1019937 |
|  **Total Other Investment Company <br>(Cost $1,019,937)** | **Total Other Investment Company <br>(Cost $1,019,937)** | 1019937 |
|  **Total Investments <br>(Cost $96,905,934)** | **Total Investments <br>(Cost $96,905,934)** | 108054746 |
|  **Net Other Assets (Liabilities) - (8.0)%** |  | (7981294) |
|  **Net Assets - 100.0%** |  | **$100073452** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | 4 | 12/16/2022 | $764221 | $776600 | $12379 | $— |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | (3) | 12/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;(624813) | $&nbsp;&nbsp;&nbsp;&nbsp;(613148) | $11665 | $— |
|  **Total Futures Contracts** |  |  |  |  | $**24044** | $**—** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 19** 

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##### [**Table of Contents**](#toc)
**Transamerica Balanced II** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(L)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(M)</sup>** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $59065053 | $— | $— | $59065053 |
|  Preferred Stock | 6189 |  |  | 6189 |
|  Asset-Backed Securities |  | 2647201 |  | 2647201 |
|  Corporate Debt Securities |  | 14108570 | 0 | 14108570 |
|  Foreign Government Obligations |  | 390276 |  | 390276 |
|  Mortgage-Backed Securities |  | 2530188 |  | 2530188 |
|  U.S. Government Agency Obligations |  | 9411817 |  | 9411817 |
|  U.S. Government Obligations |  | 9995470 |  | 9995470 |
|  Commercial Paper |  | 7863195 |  | 7863195 |
|  Short-Term U.S. Government Obligations |  | 1016850 |  | 1016850 |
|  Other Investment Company | 1019937 |  |  | 1019937 |
|  **Total Investments** | $**60091179** | $**47963567** | $**0** | $**108054746** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(N)</sup> | $24044 | $— | $— | $24044 |
|  **Total Other Financial Instruments** | $**24044** | $**—** | $**—** | $**24044** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *Non-income producing securities.* 

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $2,290,205, collateralized by cash collateral of $1,019,937 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,318,835. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(E) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $8,997,105, representing 9.0% of the Fund's net assets.* 

(F) *Perpetual maturity. The date displayed is the next call date.* 

(G) *Security deemed worthless.* 

(H) *Security is Level 3 of the fair value hierarchy.* 

(I) *Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2022, the value of the security is $0, representing 0.00% of the Fund's net assets.* 

(J) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(K) *Rates disclosed reflect the yields at October 31, 2022.* 

(L) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(M) *Level 3 securities were not considered significant to the Fund.* 

(N) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered 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 Report 2022** |

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**Page 20** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%. However, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Bond (Class A) returned -15.75%, excluding any sales charges. By comparison, its benchmark, the Bloomberg US Aggregate Bond Index, returned -15.68%.

**STRATEGY REVIEW** 

The Fund underperformed its benchmark for the fiscal year ended October 31, 2022. Although the Fund remained overweight spread-based assets during the period, overall portfolio risk was slightly reduced over the past fiscal year, as the chance of the Fed being able to navigate a soft landing for the economy became less and less likely, in the view of the portfolio managers. While corporate fundamentals remained generally healthy, margin pressures and rising interest costs became a concern for lower-rated credits, prompting the sub-adviser to modestly reduce high yield corporate credit exposure in the portfolio. Exposure to certain sub-sectors in commercial mortgage-backed securities ("CMBS") like hospitality and retail, which benefited earlier in the fiscal year from the post-pandemic recovery, were also reduced in the period. Proceeds from these sales were largely redeployed into Treasury securities offering yields not seen in years.

From a duration perspective, the Fund started the fiscal year approximately one year short of the benchmark duration given the expectation of a move higher in rates. Over the latter half of the period, the short position was reduced to around 0.4 years given growing economic headwinds and more attractive yields.

The Fund's duration underweight and positioning across the curve were the largest contributors to relative returns. Excess yield also contributed positively to relative performance, while spread factors were a detractor.

At an asset class level, the Fund's overweight allocation to asset-backed securities, security selection in CMBS, and an off-index allocation to high yield corporate credit were the largest contributors to relative returns. An underweight allocation to and security selection within government securities were the largest detractors.

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Jeremy Mead, CFA** 

**Brian W. Westhoff, CFA** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 21** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 47.0% |
|  U.S. Government Obligations | 19 |
|  Asset-Backed Securities | 14.3 |
|  Mortgage-Backed Securities | 12.4 |
|  U.S. Government Agency Obligations | 4.7 |
|  Commercial Paper | 3.1 |
|  Short-Term U.S. Government Obligations | 1.8 |
|  Other Investment Company | 1.2 |
|  Repurchase Agreement | 1 |
|  Foreign Government Obligations | 0.7 |
|  Loan Assignment | 0.3 |
|  Net Other Assets (Liabilities) ^ | (5.5) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 8.67 |
|  Duration † | 5.88 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 25.5% |
|  AAA | 13.3 |
|  AA | 2.9 |
|  A | 15.9 |
|  BBB | 23.1 |
|  BB | 13.8 |
|  B | 5.1 |
|  CCC and Below | 1 |
|  Not Rated | 4.9 |
|  Net Other Assets (Liabilities) ^ | (5.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 22** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**(unaudited)**![LOGO](g404440g75c25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (19.79)% | (1.58)% | 1.00% | 06/29/1987 |
|  Class A (NAV) | (15.75)% | (0.61)% | 1.50% | 06/29/1987 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (15.68)% | (0.54)% | 0.74% |  |
|  Class C (POP) | (17.21)% | (1.25)% | 0.82% | 11/11/2002 |
|  Class C (NAV) | (16.40)% | (1.25)% | 0.82% | 11/11/2002 |
|  Class I (NAV) | (15.48)% | (0.23)% | 1.84% | 11/30/2009 |
|  Class I2 (NAV) | (15.42)% | (0.14)% | 1.94% | 11/08/2004 |
|  Class R (NAV) | N/A | N/A | (13.24)%<sup>(B)</sup> | 03/01/2022 |
|  Class R6 (NAV) | (15.43)% | (0.16)% | 1.08% | 05/29/2015 |

---

<sup>(A)</sup> *The 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.* 

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

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, R and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. Interest rates may go up, causing the value of the Fund's investments to decline. Changes in interest rates, the market's perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. These risks are described in more detail in the prospectus

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 23** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 14.3%** | **ASSET-BACKED SECURITIES - 14.3%** | **ASSET-BACKED SECURITIES - 14.3%** |
|  321 Henderson Receivables VI LLC <br>Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> | $462322 | $444968 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 10/20/2040 <sup>(A)</sup> | 3592987 | 3171274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 10/20/2040 <sup>(A)</sup> | 2151877 | 1896378 |
|  Anchorage Capital CLO 16 Ltd. <br>Series 2020-16A, Class CR, <br>3-Month LIBOR + 2.40%, <br>6.63% <sup>(B)</sup>, 01/19/2035 <sup>(A)</sup> | 2700000 | 2454367 |
|  Anchorage Capital CLO 25 Ltd. <br>Series 2022-25A, Class C, <br>3-Month Term SOFR + 2.35%, <br>6.31% <sup>(B)</sup>, 04/20/2035 <sup>(A)</sup> | 4400000 | 4117093 |
|  Anchorage Capital CLO 9 Ltd. <br>Series 2016-9A, Class AR2, <br>3-Month LIBOR + 1.14%, <br>5.22% <sup>(B)</sup>, 07/15/2032 <sup>(A)</sup> | 3600000 | 3479782 |
|  Aqua Finance Trust <br>Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> | 2629929 | 2372172 |
|  Battalion CLO XVI Ltd. <br>Series 2019-16A, Class CR, <br>3-Month LIBOR + 2.25%, <br>6.49% <sup>(B)</sup>, 12/19/2032 <sup>(A)</sup> | 3100000 | 2866957 |
|  Battalion CLO XXI Ltd. <br>Series 2021-21A, Class A, <br>3-Month LIBOR + 1.18%, <br>5.26% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> | 2880000 | 2758484 |
|  Bavarian Sky UK 5 PLC <br>Series 2014-1A, Class A1A2, <br>3-Month LIBOR + 1.20%, <br>5.44% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> | 4500000 | 4273798 |
|  BRE Grand Islander Timeshare Issuer LLC <br>Series 2017-1A, Class A, <br>2.94%, 05/25/2029 <sup>(A)</sup> | 105534 | 101452 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/02/2030 <sup>(A)</sup> | 341990 | 334144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 02/28/2036 <sup>(A)</sup> | 1078481 | 963071 |
| CARS-DB4 LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 02/15/2050 <sup>(A)</sup> | 1099541 | 1019836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 02/15/2050 <sup>(A)</sup> | 5968681 | 5542345 |
|  CARS-DB5 LP <br>Series 2021-1A, Class A3, <br>1.92%, 08/15/2051 <sup>(A)</sup> | 4115708 | 3499354 |
|  Countrywide Asset-Backed Certificates <br>Series 2002-S3, Class A5, <br>4.93% <sup>(B)</sup>, 05/25/2032 | 6731 | 6550 |
|  DataBank Issuer <br>Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(A)</sup> | 4727000 | 4032979 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Diamond Infrastructure Funding LLC <br>Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(A)</sup> | $3375000 | $2742081 |
|  Diamond Resorts Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 02/20/2032 <sup>(A)</sup> | 597365 | 581560 |
|  ExteNet LLC <br>Series 2019-1A, Class A2, <br>3.20%, 07/26/2049 <sup>(A)</sup> | 2765000 | 2601492 |
| GoodLeap Sustainable Home Solutions<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/20/2048 <sup>(A)</sup> | 2820083 | 2206718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 10/20/2048 <sup>(A)</sup> | 3113243 | 2172364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/20/2049 <sup>(A)</sup> | 3974555 | 3003904 |
|  GSAA Home Equity Trust <br>Series 2006-1, Class A3, <br>1-Month LIBOR + 0.66%, <br>4.25% <sup>(B)</sup>, 01/25/2036 | 993245 | 448002 |
|  Hilton Grand Vacations Trust <br>Series 2018-AA, Class C, <br>4.00%, 02/25/2032 <sup>(A)</sup> | 509221 | 484919 |
|  JG Wentworth XXI LLC <br>Series 2010-2A, Class A, <br>4.07%, 01/15/2048 <sup>(A)</sup> | 335790 | 325647 |
|  JGWPT XXIII LLC <br>Series 2011-1A, Class A, <br>4.70%, 10/15/2056 <sup>(A)</sup> | 1141964 | 1073641 |
|  Lehman XS Trust <br>Series 2005-8, Class 1A3, <br>1-Month LIBOR + 0.70%, <br>4.29% <sup>(B)</sup>, 12/25/2035 | 827133 | 848756 |
|  Longfellow Place CLO Ltd. <br>Series 2013-1A, Class AR3, <br>3-Month LIBOR + 1.00%, <br>5.08% <sup>(B)</sup>, 04/15/2029 <sup>(A)</sup> | 1899161 | 1877756 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 10/20/2038 <sup>(A)</sup> | 651482 | 607829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94%, 01/22/2041 <sup>(A)</sup> | 2017686 | 1778512 |
|  MVW Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(A)</sup> | 1145494 | 1079707 |
| New Residential Advance Receivables<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-APT1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 12/16/2052 <sup>(A)</sup> | 2800000 | 2779792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-APT1, Class DT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/16/2052 <sup>(A)</sup> | 400000 | 396044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 08/15/2053 <sup>(A)</sup> | 13300000 | 12709106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class BT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 08/15/2053 <sup>(A)</sup> | 2400000 | 2283706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class DT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 08/15/2053 <sup>(A)</sup> | 3390000 | 3220992 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 24** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| NRZ Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T2, Class AT2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%, 09/15/2053 <sup>(A)</sup> | $20909042 | $19930277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T2, Class CT2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 09/15/2053 <sup>(A)</sup> | 1200000 | 1141392 |
|  Octagon 54 Ltd. <br>Series 2021-1A, Class A1, <br>3-Month LIBOR + 1.12%, <br>5.20% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> | 2750000 | 2627933 |
| Orange Lake Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 03/08/2029 <sup>(A)</sup> | 176168 | 168525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 11/08/2030 <sup>(A)</sup> | 381188 | 366526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 04/09/2038 <sup>(A)</sup> | 298830 | 281655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 04/09/2038 <sup>(A)</sup> | 298828 | 279773 |
|  Pikes Peak CLO 4 <br>Series 2019-4A, Class AR, <br>3-Month LIBOR + 1.20%, <br>5.28% <sup>(B)</sup>, 07/15/2034 <sup>(A)</sup> | 4395000 | 4212041 |
| Sierra Timeshare Receivables Funding<br>LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 09/20/2035 <sup>(A)</sup> | 471237 | 463333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2035 <sup>(A)</sup> | 506802 | 492734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 01/20/2036 <sup>(A)</sup> | 359638 | 338343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 05/20/2036 <sup>(A)</sup> | 499619 | 478824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 05/20/2036 <sup>(A)</sup> | 506920 | 473028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 07/20/2037 <sup>(A)</sup> | 245822 | 228054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 07/20/2037 <sup>(A)</sup> | 1193754 | 1094912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 11/20/2037 <sup>(A)</sup> | 2484998 | 2263904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 11/20/2037 <sup>(A)</sup> | 1722317 | 1570706 |
| SPS Servicer Advance Receivables<br>Trust II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/15/2052 <sup>(A)</sup> | 3169333 | 3162946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class CT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%, 11/15/2052 <sup>(A)</sup> | 654667 | 653355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class DT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 11/15/2052 <sup>(A)</sup> | 360000 | 359275 |
|  STORE Master Funding I LLC <br>Series 2015-1A, Class A2, <br>4.17%, 04/20/2045 <sup>(A)</sup> | 1034688 | 971855 |
|  Sunnova Helios V Issuer LLC <br>Series 2021-A, Class A, <br>1.80%, 02/20/2048 <sup>(A)</sup> | 2401423 | 1921671 |
|  TICP CLO III-2 Ltd. <br>Series 2018-3R, Class B, <br>3-Month LIBOR + 1.35%, <br>5.59% <sup>(B)</sup>, 04/20/2028 <sup>(A)</sup> | 1250000 | 1220014 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 10/25/2056 <sup>(A)</sup> | $326567 | $320434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 07/25/2057 <sup>(A)</sup> | 283230 | 276873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> | 2029257 | 1918092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> | 1932335 | 1844708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> | 1723262 | 1644290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> | 3099757 | 2790251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 07/25/2058 <sup>(A)</sup> | 1023336 | 976968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> | 5504167 | 5053844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/2060 <sup>(A)</sup> | 8287047 | 7326881 |
|  Vantage Data Centers Issuer LLC <br>Series 2020-1A, Class A2, <br>1.65%, 09/15/2045 <sup>(A)</sup> | 5085000 | 4456555 |
|  VSE VOI Mortgage LLC <br>Series 2018-A, Class A, <br>3.56%, 02/20/2036 <sup>(A)</sup> | 328579 | 317716 |
|  Welk Resorts LLC <br>Series 2019-AA, Class A, <br>2.80%, 06/15/2038 <sup>(A)</sup> | 699793 | 672089 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class BR4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.55%, <br>5.79% <sup>(B)</sup>, 07/20/2029 <sup>(A)</sup> | 3815000 | 3660508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A, Class A2R, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.58%, <br>5.82% <sup>(B)</sup>, 10/20/2028 <sup>(A)</sup> | 4975000 | 4736026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2R, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.62%, <br>5.86% <sup>(B)</sup>, 10/20/2029 <sup>(A)</sup> | 4000000 | 3799864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 2.85%, <br>6.71% <sup>(B)</sup>, 04/15/2034 <sup>(A)</sup> | 2500000 | 2366020 |
|  **Total Asset-Backed Securities <br>(Cost $188,533,699)** | **Total Asset-Backed Securities <br>(Cost $188,533,699)** | 173419727 |
| **CORPORATE DEBT SECURITIES - 47.0%** | **CORPORATE DEBT SECURITIES - 47.0%** | **CORPORATE DEBT SECURITIES - 47.0%** |
| **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 3195000 | 2955065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/2060 | 2833000 | 2385650 |
|  Embraer Netherlands Finance BV <br>6.95%, 01/17/2028 <sup>(A)</sup> | 2343000 | 2210058 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 2986000 | 2397138 |
|  |  | 9947911 |
| **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | 4221000 | 3007036 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 25** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Airlines - 1.2%** | **Airlines - 1.2%** | **Airlines - 1.2%** |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/2033 | $1486818 | $1216259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2028 | 1082375 | 912556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2027 | 1575710 | 1340620 |
|  Delta Air Lines Pass-Through Trust <br>3.20%, 10/25/2025 | 1655000 | 1586651 |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd. <br>4.75%, 10/20/2028 <sup>(A)</sup> | 2086000 | 1940026 |
|  JetBlue Pass-Through Trust <br>Series 2019, Class AA, <br>2.75%, 11/15/2033 | 2535473 | 2012948 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027 <sup>(A)</sup> | 2770728 | 2739156 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/2028 | 1255385 | 1128640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/25/2033 | 1855698 | 1645099 |
|  US Airways Pass-Through Trust <br>3.95%, 05/15/2027 | 209552 | 185349 |
|  |  | 14707304 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 1762000 | 1404114 |
| **Automobiles - 0.4%** | **Automobiles - 0.4%** | **Automobiles - 0.4%** |
|  General Motors Co. <br>6.25%, 10/02/2043 | 2723000 | 2383817 |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(A)</sup> | 3152000 | 2916051 |
|  |  | 5299868 |
| **Banks - 4.5%** | **Banks - 4.5%** | **Banks - 4.5%** |
|  Banco Santander SA <br>2.75%, 12/03/2030 | 2400000 | 1657245 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2031, 2.65% <sup>(B)</sup>, 03/11/2032 | 3000000 | 2305841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(B)</sup>, 04/27/2033 | 6338000 | 5611465 |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>1.00% <sup>(B)</sup>, 11/02/2026 | 3690000 | 3684023 |
|  BBVA Bancomer SA <br>Fixed until 09/13/2029,<br>5.88% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> | 4265000 | 3563535 |
|  BPCE SA <br>4.50%, 03/15/2025 <sup>(A)</sup> <sup>(C)</sup> | 3992000 | 3746769 |
|  Citigroup, Inc. <br>Fixed until 12/10/2025 <sup>(D)</sup>,<br>4.00% <sup>(B)</sup> | 3111000 | 2624129 |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(A)</sup> | 4661000 | 4644548 |
|  HSBC Holdings PLC <br>Fixed until 08/11/2027,<br>5.21% <sup>(B)</sup>, 08/11/2028 | 3376000 | 3090306 |
|  Intesa Sanpaolo SpA <br>Fixed until 06/01/2031,<br>4.20% <sup>(B)</sup>, 06/01/2032 <sup>(A)</sup> | 3837000 | 2595245 |

---

---

| | | |
|:---|:---|:---|
| | **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;&nbsp;&nbsp; Fixed until 02/01/2025 <sup>(D)</sup>,<br>4.60% <sup>(B)</sup> | $4698000 | $4192495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(B)</sup>, 09/14/2033 | 3842000 | 3579933 |
|  Lloyds Banking Group PLC <br>Fixed until 06/27/2026 <sup>(D)</sup>,<br>6.75% <sup>(B)</sup> <sup>(C)</sup> | 2567000 | 2337702 |
|  Truist Financial Corp. <br>Fixed until 09/01/2025 <sup>(D)</sup>,<br>4.95% <sup>(B)</sup> <sup>(C)</sup> | 5369000 | 5140818 |
|  UniCredit SpA <br>Fixed until 06/03/2031,<br>3.13% <sup>(B)</sup>, 06/03/2032 <sup>(A)</sup> | 5335000 | 3755640 |
|  Wells Fargo & Co. <br>Fixed until 07/25/2027,<br>4.81% <sup>(B)</sup>, 07/25/2028 | 2561000 | 2424737 |
|  |  | 54954431 |
| **Beverages - 0.7%** | **Beverages - 0.7%** | **Beverages - 0.7%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | 1089000 | 878437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 2771000 | 2693609 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 1344000 | 1148908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 771000 | 718968 |
|  Primo Water Holdings, Inc. <br>4.38%, 04/30/2029 <sup>(A)</sup> | 3655000 | 3092529 |
|  |  | 8532451 |
| **Biotechnology - 0.5%** | **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 1193000 | 1111209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 1711000 | 1373971 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 2822000 | 2144768 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(A)</sup> | 1546000 | 1300112 |
|  |  | 5930060 |
| **Building Products - 0.7%** | **Building Products - 0.7%** | **Building Products - 0.7%** |
|  Builders FirstSource, Inc. <br>5.00%, 03/01/2030 <sup>(A)</sup> | 859000 | 744925 |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 2572000 | 1889381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 1452000 | 1324414 |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | 1942000 | 1595503 |
|  Owens Corning <br>7.00%, 12/01/2036 <sup>(C)</sup> | 1811000 | 1828416 |
|  Standard Industries, Inc. <br>3.38%, 01/15/2031 <sup>(A)</sup> | 2179000 | 1630328 |
|  |  | 9012967 |
| **Capital Markets - 2.3%** | **Capital Markets - 2.3%** | **Capital Markets - 2.3%** |
|  Bank of New York Mellon Corp. <br>Fixed until 10/25/2032,<br>5.83% <sup>(B)</sup>, 10/25/2033 | 2453000 | 2454229 |
|  Credit Suisse AG <br>6.50%, 08/08/2023 <sup>(A)</sup> | 3070000 | 2965528 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 26** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  Credit Suisse Group AG <br>Fixed until 08/21/2026 <sup>(D)</sup>,<br>6.38% <sup>(A)</sup> <sup>(B)</sup> | $5547000 | $4137946 |
|  Deutsche Bank AG <br>Fixed until 05/24/2023,<br>4.30% <sup>(B)</sup>, 05/24/2028 | 3443000 | 3149469 |
|  Goldman Sachs Group, Inc. <br>Fixed until 02/24/2032,<br>3.10% <sup>(B)</sup>, 02/24/2033 | 5025000 | 3920255 |
|  LPL Holdings, Inc. <br>4.00%, 03/15/2029 <sup>(A)</sup> | 3175000 | 2771108 |
|  Morgan Stanley <br>4.00%, 07/23/2025 | 2582000 | 2480632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2032,<br>4.89% <sup>(B)</sup>, 07/20/2033 | 2696000 | 2450938 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 3565000 | 3564613 |
|  |  | 27894718 |
| **Chemicals - 0.7%** | **Chemicals - 0.7%** | **Chemicals - 0.7%** |
|  ASP Unifrax Holdings, Inc. <br>5.25%, 09/30/2028 <sup>(A)</sup> | 1005000 | 798791 |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(A)</sup> | 2647000 | 1987853 |
|  Mosaic Co. <br>4.05%, 11/15/2027 | 800000 | 740094 |
|  NOVA Chemicals Corp. <br>4.88%, 06/01/2024 <sup>(A)</sup> | 2800000 | 2723000 |
|  Nutrien Ltd. <br>4.20%, 04/01/2029 | 2011000 | 1840801 |
|  |  | 8090539 |
| **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(A)</sup> | 2728000 | 2339287 |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(A)</sup> | 1358000 | 1180198 |
| Stericycle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029 <sup>(A)</sup> | 1868000 | 1623292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2024 <sup>(A)</sup> | 1408000 | 1386880 |
|  Triton Container International Ltd. / TAL International Container Corp. <br>3.25%, 03/15/2032 | 5371000 | 3850795 |
|  |  | 10380452 |
| **Communications Equipment - 0.4%** | **Communications Equipment - 0.4%** | **Communications Equipment - 0.4%** |
|  CommScope, Inc. <br>4.75%, 09/01/2029 <sup>(A)</sup> | 5544000 | 4690437 |
| **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** |
|  Ashton Woods USA LLC / Ashton Woods Finance Co. <br>4.63%, 08/01/2029 - 04/01/2030 <sup>(A)</sup> | 2660000 | 1981551 |
|  IHS Holding Ltd. <br>5.63%, 11/29/2026 <sup>(A)</sup> | 2561000 | 1928945 |
|  IHS Netherlands Holdco BV <br>8.00%, 09/18/2027 <sup>(A)</sup> | 1975000 | 1524463 |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 2043000 | 1610644 |
|  |  | 7045603 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction Materials - 0.4%** | **Construction Materials - 0.4%** | **Construction Materials - 0.4%** |
|  CRH America Finance, Inc. <br>3.40%, 05/09/2027 <sup>(A)</sup> | $2580000 | $2357538 |
|  Holcim Finance US LLC <br>3.50%, 09/22/2026 <sup>(A)</sup> | 2427000 | 2242073 |
|  |  | 4599611 |
| **Consumer Finance - 1.2%** | **Consumer Finance - 1.2%** | **Consumer Finance - 1.2%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 3848000 | 3944455 |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(A)</sup> | 1921000 | 1760146 |
|  Ford Motor Credit Co. LLC <br>3.38%, 11/13/2025 | 4705000 | 4268423 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(A)</sup> | 3359000 | 2421679 |
|  Volkswagen Group of America Finance LLC <br>1.63%, 11/24/2027 <sup>(A)</sup> <sup>(C)</sup> | 2089000 | 1674261 |
|  |  | 14068964 |
| **Containers & Packaging - 1.1%** | **Containers & Packaging - 1.1%** | **Containers & Packaging - 1.1%** |
|  Clydesdale Acquisition Holdings, Inc. <br>6.63%, 04/15/2029 <sup>(A)</sup> | 2004000 | 1898169 |
|  Mauser Packaging Solutions Holding Co. <br>5.50%, 04/15/2024 <sup>(A)</sup> | 4070000 | 3988600 |
|  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC <br>4.00%, 10/15/2027 <sup>(A)</sup> | 3570000 | 3186225 |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | 2168000 | 1897533 |
|  WRKCo, Inc. <br>3.90%, 06/01/2028 | 2405000 | 2161039 |
|  |  | 13131566 |
| **Diversified Financial Services - 2.7%** | **Diversified Financial Services - 2.7%** | **Diversified Financial Services - 2.7%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 3574000 | 2368125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 3579000 | 3306534 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(A)</sup> | 1920000 | 1603379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027 <sup>(A)</sup> | 1507000 | 1223473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(A)</sup> | 5008000 | 4817037 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. <br>4.25%, 02/01/2027 <sup>(A)</sup> | 5711000 | 4798686 |
|  Mexico Remittances Funding Fiduciary Estate Management SARL <br>4.88%, 01/15/2028 <sup>(A)</sup> | 6098000 | 5000360 |
|  United Wholesale Mortgage LLC <br>5.50%, 11/15/2025 <sup>(A)</sup> | 4725000 | 4242010 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 <sup>(A)</sup> | 2800000 | 2313882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029 <sup>(A)</sup> | 3940000 | 3580357 |
|  |  | 33253843 |
| **Diversified Telecommunication Services - 0.4%** | **Diversified Telecommunication Services - 0.4%** | **Diversified Telecommunication Services - 0.4%** |
|  Axian Telecom <br>7.38%, 02/16/2027 <sup>(A)</sup> | 1148000 | 981540 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 27** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 | $2923000 | $2166399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/2027 | 2134000 | 2028491 |
|  |  | 5176430 |
| **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** |
|  Cleveland Electric Illuminating Co. <br>3.50%, 04/01/2028 <sup>(A)</sup> | 4456000 | 3978221 |
|  EDP Finance BV <br>3.63%, 07/15/2024 <sup>(A)</sup> | 5254000 | 5046409 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029 <sup>(A)</sup> | 598000 | 498499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031 <sup>(A)</sup> | 854000 | 683012 |
|  Pacific Gas & Electric Co. <br>2.50%, 02/01/2031 | 1960000 | 1463227 |
|  |  | 11669368 |
| **Electronic Equipment, Instruments & Components - 0.4%** | **Electronic Equipment, Instruments & Components - 0.4%** | **Electronic Equipment, Instruments & Components - 0.4%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 1991000 | 1512508 |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | 2272000 | 2176501 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(A)</sup> | 210000 | 167212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 <sup>(A)</sup> | 1498000 | 1288595 |
|  |  | 5144816 |
| **Energy Equipment & Services - 0.3%** | **Energy Equipment & Services - 0.3%** | **Energy Equipment & Services - 0.3%** |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029 <sup>(A)</sup> | 1793000 | 1508648 |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(A)</sup> | 1737000 | 1576829 |
|  |  | 3085477 |
| **Equity Real Estate Investment Trusts - 2.9%** | **Equity Real Estate Investment Trusts - 2.9%** | **Equity Real Estate Investment Trusts - 2.9%** |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 2555000 | 1840812 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2029 | 879000 | 655229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/2026 | 1251000 | 1083837 |
|  EPR Properties <br>3.75%, 08/15/2029 | 2420000 | 1778139 |
|  HAT Holdings I LLC / HAT Holdings II LLC <br>3.38%, 06/15/2026 <sup>(A)</sup> | 1830000 | 1495366 |
|  Invitation Homes Operating Partnership LP<br>4.15%, 04/15/2032 | 1602000 | 1329960 |
|  Iron Mountain, Inc. <br>5.25%, 03/15/2028 <sup>(A)</sup> | 3028000 | 2785760 |
| iStar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2025 | 708000 | 685833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2026 <sup>(C)</sup> | 3496000 | 3485932 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 | 2042000 | 1249656 |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | 2095000 | 1552333 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 1146000 | 1119216 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2051 <sup>(A)</sup> | 1660000 | 1384599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 01/15/2050 <sup>(A)</sup> | 6883000 | 6389629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/2048 <sup>(A)</sup> | 995000 | 985211 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
|  Simon Property Group LP <br>2.20%, 02/01/2031 | $2546000 | $1905387 |
|  VICI Properties LP <br>4.95%, 02/15/2030 | 3802000 | 3436256 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 2433000 | 2124612 |
|  |  | 35287767 |
| **Food & Staples Retailing - 0.9%** | **Food & Staples Retailing - 0.9%** | **Food & Staples Retailing - 0.9%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(A)</sup> | 3318000 | 2446508 |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP <br>4.63%, 01/15/2027 <sup>(A)</sup> | 3613000 | 3348203 |
|  InRetail Consumer <br>3.25%, 03/22/2028 <sup>(A)</sup> | 3042000 | 2405461 |
|  Sysco Corp. <br>5.95%, 04/01/2030 | 2267000 | 2314546 |
|  |  | 10514718 |
| **Food Products - 1.1%** | **Food Products - 1.1%** | **Food Products - 1.1%** |
| Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/2025 | 2035000 | 1820787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/2031 <sup>(C)</sup> | 2231000 | 1750332 |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(A)</sup> | 1530000 | 1490548 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>3.00%, 02/02/2029 <sup>(A)</sup> | 1558000 | 1261988 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(A)</sup> | 3473000 | 2664694 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 <sup>(A)</sup> | 680000 | 571940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 <sup>(A)</sup> | 1504000 | 1353480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2028 <sup>(A)</sup> | 800000 | 747920 |
|  Viterra Finance BV <br>4.90%, 04/21/2027 <sup>(A)</sup> | 2466000 | 2252481 |
|  |  | 13914170 |
| **Health Care Equipment & Supplies - 0.5%** | **Health Care Equipment & Supplies - 0.5%** | **Health Care Equipment & Supplies - 0.5%** |
|  Alcon Finance Corp. <br>2.75%, 09/23/2026 <sup>(A)</sup> <sup>(C)</sup> | 2053000 | 1825369 |
|  Boston Scientific Corp. <br>4.70%, 03/01/2049 | 529000 | 445851 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029 <sup>(A)</sup> | 1483000 | 1216060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 <sup>(A)</sup> <sup>(C)</sup> | 489000 | 380799 |
|  Stryker Corp. <br>1.95%, 06/15/2030 | 2312000 | 1816166 |
|  |  | 5684245 |
| **Health Care Providers & Services - 2.0%** | **Health Care Providers & Services - 2.0%** | **Health Care Providers & Services - 2.0%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 1171000 | 944119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 3806000 | 3159741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | 1047000 | 967166 |
| CHS / Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030 <sup>(A)</sup> | 1927000 | 1334447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026 <sup>(A)</sup> | 425000 | 366563 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 28** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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 Corp. <br>2.40%, 03/15/2030 | $2085000 | $1695786 |
|  CVS Health Corp. <br>4.78%, 03/25/2038 | 2957000 | 2559697 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 2121000 | 1701721 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 1566000 | 1380882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/2033 | 1031000 | 1029128 |
|  Laboratory Corp. of America Holdings <br>2.95%, 12/01/2029 | 1695000 | 1419468 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(A)</sup> | 1151000 | 1032286 |
|  Tenet Healthcare Corp. <br>5.13%, 11/01/2027 <sup>(A)</sup> | 1400000 | 1289750 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 2971000 | 2732197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 2137000 | 2188247 |
|  |  | 23801198 |
| **Hotels, Restaurants & Leisure - 2.2%** | **Hotels, Restaurants & Leisure - 2.2%** | **Hotels, Restaurants & Leisure - 2.2%** |
|  Boyd Gaming Corp. <br>4.75%, 12/01/2027 | 849000 | 782201 |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029 <sup>(A)</sup> | 999000 | 874125 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 229000 | 173614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 1761000 | 1565335 |
|  GLP Capital LP / GLP Financing II, Inc. <br>4.00%, 01/15/2030 | 2357000 | 1943747 |
|  Hilton Domestic Operating Co., Inc. <br>3.75%, 05/01/2029 <sup>(A)</sup> | 3099000 | 2641897 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 1368000 | 1275628 |
|  International Game Technology PLC <br>6.50%, 02/15/2025 <sup>(A)</sup> | 2792000 | 2792000 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/2033 <sup>(C)</sup> | 2387000 | 1731095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2025 | 292000 | 294540 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | 1627000 | 1410662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2025 | 753000 | 732872 |
|  NCL Corp. Ltd. <br>5.88%, 03/15/2026 <sup>(A)</sup> | 2716000 | 2223725 |
|  Royal Caribbean Cruises Ltd. <br>5.50%, 04/01/2028 <sup>(A)</sup> <sup>(C)</sup> | 1364000 | 1050280 |
| Scientific Games International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2028 <sup>(A)</sup> | 699000 | 676443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2029 <sup>(A)</sup> | 796000 | 769493 |
|  Viking Cruises Ltd. <br>5.88%, 09/15/2027 <sup>(A)</sup> | 4525000 | 3575365 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(A)</sup> | 2861000 | 2087113 |
|  |  | 26600135 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 <sup>(A)</sup> | 2383000 | 1876708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/2027 | 1319000 | 1259305 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
|  KB Home <br>7.63%, 05/15/2023 | $795000 | $795560 |
|  |  | 3931573 |
| **Independent Power & Renewable Electricity Producers - 0.3%** | **Independent Power & Renewable Electricity Producers - 0.3%** | **Independent Power & Renewable Electricity Producers - 0.3%** |
|  Calpine Corp. <br>3.75%, 03/01/2031 <sup>(A)</sup> | 4515000 | 3700976 |
| **Insurance - 2.3%** | **Insurance - 2.3%** | **Insurance - 2.3%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 4050000 | 2586791 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 3143000 | 2951430 |
|  AXA SA <br>8.60%, 12/15/2030 | 3593000 | 4138417 |
|  Cloverie PLC for Zurich Insurance Co. Ltd. <br>Fixed until 06/24/2026,<br>5.63% <sup>(B)</sup>, 06/24/2046 <sup>(E)</sup> | 6400000 | 5960000 |
|  Global Atlantic Finance Co. <br>Fixed until 07/15/2026,<br>4.70% <sup>(B)</sup>, 10/15/2051 <sup>(A)</sup> | 5907000 | 4351068 |
|  Muenchener Rueckversicherungs-Gesellschaft AG <br>Fixed until 11/23/2031,<br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> | 1800000 | 1714313 |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/24/2030 <sup>(A)</sup> | 5254000 | 4735052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(A)</sup> | 1451000 | 1361863 |
|  |  | 27798934 |
| **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 <sup>(C)</sup> | 2436000 | 2393541 |
|  Tencent Holdings Ltd. <br>3.28%, 04/11/2024 <sup>(A)</sup> | 1686000 | 1631306 |
|  |  | 4024847 |
| **IT Services - 0.2%** | **IT Services - 0.2%** | **IT Services - 0.2%** |
|  Gartner, Inc. <br>4.50%, 07/01/2028 <sup>(A)</sup> | 413000 | 382739 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(A)</sup> <sup>(C)</sup> | 2584000 | 1706377 |
|  |  | 2089116 |
| **Leisure Products - 0.0% <sup>(F)</sup>** | **Leisure Products - 0.0% <sup>(F)</sup>** | **Leisure Products - 0.0% <sup>(F)</sup>** |
|  Mattel, Inc. <br>5.88%, 12/15/2027 <sup>(A)</sup> | 360000 | 350100 |
| **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** |
|  Charles River Laboratories International, Inc.<br>4.00%, 03/15/2031 <sup>(A)</sup> | 846000 | 711678 |
| **Machinery - 0.2%** | **Machinery - 0.2%** | **Machinery - 0.2%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 2905000 | 2871863 |
| **Marine - 0.2%** | **Marine - 0.2%** | **Marine - 0.2%** |
|  MV24 Capital BV <br>6.75%, 06/01/2034 <sup>(A)</sup> | 3355598 | 2772310 |
| **Media - 1.3%** | **Media - 1.3%** | **Media - 1.3%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>5.13%, 07/01/2049 | 3691000 | 2711952 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 29** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 <sup>(A)</sup> | $1443000 | $1291774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 <sup>(A)</sup> <sup>(C)</sup> | 1392000 | 1098079 |
|  Comcast Corp. <br>4.15%, 10/15/2028 | 3261000 | 3061280 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 <sup>(A)</sup> | 2454000 | 1915960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030 <sup>(A)</sup> | 1217000 | 875963 |
| Diamond Sports Group LLC / Diamond<br>Sports Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/2026 <sup>(A)</sup> | 1040000 | 208000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2027 <sup>(A)</sup> | 690000 | 33638 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc. <br>5.88%, 08/15/2027 <sup>(A)</sup> | 1031000 | 928544 |
|  DISH DBS Corp. <br>5.00%, 03/15/2023 | 1500000 | 1481400 |
|  Paramount Global <br>4.20%, 05/19/2032 | 1611000 | 1288637 |
|  VZ Secured Financing BV <br>5.00%, 01/15/2032 <sup>(A)</sup> | 1617000 | 1297643 |
|  |  | 16192870 |
| **Metals & Mining - 0.5%** | **Metals & Mining - 0.5%** | **Metals & Mining - 0.5%** |
|  Freeport-McMoRan, Inc. <br>3.88%, 03/15/2023 | 3900000 | 3873035 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(A)</sup> <sup>(C)</sup> | 2750000 | 2060378 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2026 <sup>(A)</sup> | 236000 | 206508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 <sup>(A)</sup> | 236000 | 182831 |
|  |  | 6322752 |
| **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/2027 | 1874000 | 1690651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2023 | 1419000 | 1405551 |
|  |  | 3096202 |
| **Oil, Gas & Consumable Fuels - 3.7%** | **Oil, Gas & Consumable Fuels - 3.7%** | **Oil, Gas & Consumable Fuels - 3.7%** |
| Antero Midstream Partners LP / Antero<br>Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(A)</sup> | 1175000 | 1070719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2026 <sup>(A)</sup> | 2739000 | 2793780 |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 1514000 | 1219799 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2031 | 4568000 | 3851212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 | 1735000 | 1531138 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 1773000 | 1588250 |
|  Energy Transfer LP <br>6.00%, 06/15/2048 | 4602000 | 3857149 |
|  EnLink Midstream Partners LP <br>5.05%, 04/01/2045 | 1095000 | 795101 |
|  EQM Midstream Partners LP <br>6.50%, 07/15/2048 | 2310000 | 1778700 |
|  Exxon Mobil Corp. <br>3.04%, 03/01/2026 | 2435000 | 2288426 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/2027 | $2000000 | $1855610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2025 | 950000 | 916527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 | 350000 | 339360 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 5870000 | 5958050 |
|  ONEOK Partners LP <br>4.90%, 03/15/2025 | 1134000 | 1106308 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 <sup>(C)</sup> | 3507000 | 2836847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | 2838000 | 2265093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/2025 <sup>(C)</sup> | 2440000 | 2345450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 1593000 | 1037728 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 2518000 | 1945961 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>3.55%, 12/15/2029 | 1710000 | 1423839 |
|  Southwestern Energy Co. <br>5.38%, 03/15/2030 | 655000 | 605875 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 | 1442000 | 1185581 |
|  |  | 44596503 |
| **Pharmaceuticals - 0.7%** | **Pharmaceuticals - 0.7%** | **Pharmaceuticals - 0.7%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 2543000 | 2215702 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 <sup>(A)</sup> | 970000 | 378649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 - 02/15/2031 <sup>(A)</sup> | 3724000 | 1444670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029 <sup>(A)</sup> | 520000 | 202800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2028 <sup>(A)</sup> | 617000 | 246800 |
|  Bayer US Finance II LLC <br>4.38%, 12/15/2028 <sup>(A)</sup> | 1559000 | 1418779 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 2249000 | 1700604 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 1187000 | 975773 |
|  |  | 8583777 |
| **Professional Services - 0.3%** | **Professional Services - 0.3%** | **Professional Services - 0.3%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 1680000 | 1585800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 2333000 | 2248159 |
|  |  | 3833959 |
| **Road & Rail - 0.9%** | **Road & Rail - 0.9%** | **Road & Rail - 0.9%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(A)</sup> | 3386000 | 3031470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(A)</sup> | 4641000 | 4262028 |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | 4355000 | 3630726 |
|  |  | 10924224 |
| **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 | 3311000 | 2949933 |
|  Broadcom, Inc. <br>1.95%, 02/15/2028 <sup>(A)</sup> <sup>(C)</sup> | 1219000 | 992870 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 30** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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)** |
|  KLA Corp. <br>4.10%, 03/15/2029 | $2500000 | $2343887 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 2433000 | 2232259 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 1698000 | 1577090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(C)</sup> | 1428000 | 979160 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 1359000 | 1158878 |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(A)</sup> | 6595000 | 4793522 |
|  |  | 17027599 |
| **Software - 1.1%** | **Software - 1.1%** | **Software - 1.1%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 <sup>(C)</sup> | 583000 | 491436 |
|  Infor, Inc. <br>1.75%, 07/15/2025 <sup>(A)</sup> | 2364000 | 2124797 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 <sup>(A)</sup> | 695000 | 584012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 <sup>(A)</sup> | 897000 | 752873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 <sup>(A)</sup> | 2183000 | 1762772 |
|  Oracle Corp. <br>3.65%, 03/25/2041 | 1693000 | 1142914 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 3675000 | 3504319 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 3475000 | 3204478 |
|  |  | 13567601 |
| **Specialty Retail - 0.2%** | **Specialty Retail - 0.2%** | **Specialty Retail - 0.2%** |
|  Gap, Inc. <br>3.88%, 10/01/2031 <sup>(A)</sup> <sup>(C)</sup> | 424000 | 292560 |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 2291000 | 1976204 |
|  |  | 2268764 |
| **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** |
|  Apple, Inc. <br>2.85%, 02/23/2023 | 1092000 | 1086427 |
|  Dell International LLC / EMC Corp. <br>6.02%, 06/15/2026 | 3188000 | 3181424 |
|  Seagate HDD Cayman <br>4.13%, 01/15/2031 | 402000 | 304179 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 3432000 | 2653554 |
|  |  | 7225584 |
| **Tobacco - 0.3%** | **Tobacco - 0.3%** | **Tobacco - 0.3%** |
|  BAT Capital Corp. <br>2.26%, 03/25/2028 | 3558000 | 2818601 |
|  Reynolds American, Inc. <br>7.25%, 06/15/2037 | 439000 | 417979 |
|  |  | 3236580 |
| **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** |
|  Altice France SA <br>5.50%, 10/15/2029 <sup>(A)</sup> | 1320000 | 1006500 |
|  Sprint Corp. <br>7.88%, 09/15/2023 | 2510000 | 2551838 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | $2000000 | $1691820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 1419000 | 1252428 |
|  Vmed O2 Financing I PLC <br>4.75%, 07/15/2031 <sup>(A)</sup> | 2500000 | 2027900 |
|  |  | 8530486 |
|  **Total Corporate Debt Securities <br>(Cost $669,335,904)** | **Total Corporate Debt Securities <br>(Cost $669,335,904)** | 570488497 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%** |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
|  Colombia Government International Bonds <br>4.50%, 01/28/2026 | 1300000 | 1168333 |
| **Dominican Republic - 0.1%** | **Dominican Republic - 0.1%** | **Dominican Republic - 0.1%** |
| Dominican Republic International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/2032 <sup>(A)</sup> | 782000 | 602569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/27/2025 <sup>(E)</sup> | 1122000 | 1098328 |
|  |  | 1700897 |
| **Ecuador - 0.1%** | **Ecuador - 0.1%** | **Ecuador - 0.1%** |
| Ecuador Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/31/2030 <sup>(A)</sup> | 119808 | 37240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% <sup>(G)</sup>, 07/31/2040 <sup>(A)</sup> | 435840 | 143902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(G)</sup>, 07/31/2035 <sup>(A)</sup> | 950976 | 347577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(G)</sup>, 07/31/2030 <sup>(A)</sup> | 362880 | 192674 |
|  |  | 721393 |
| **Mongolia - 0.0% <sup>(F)</sup>** | **Mongolia - 0.0% <sup>(F)</sup>** | **Mongolia - 0.0% <sup>(F)</sup>** |
|  Mongolia Government International Bonds<br>5.63%, 05/01/2023 <sup>(A)</sup> | 253000 | 238452 |
| **Qatar - 0.2%** | **Qatar - 0.2%** | **Qatar - 0.2%** |
|  Qatar Government International Bonds <br>3.88%, 04/23/2023 <sup>(A)</sup> | 2657000 | 2646436 |
| **Uzbekistan - 0.2%** | **Uzbekistan - 0.2%** | **Uzbekistan - 0.2%** |
|  Republic of Uzbekistan International Bonds <br>3.90%, 10/19/2031 <sup>(A)</sup> | 3049000 | 2167504 |
|  **Total Foreign Government Obligations <br>(Cost $10,118,334)** | **Total Foreign Government Obligations <br>(Cost $10,118,334)** | 8643015 |
| **LOAN ASSIGNMENT - 0.3%** | **LOAN ASSIGNMENT - 0.3%** | **LOAN ASSIGNMENT - 0.3%** |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  Spin Holdco, Inc. <br>Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.14% <sup>(B)</sup>, 03/04/2028 <sup>(H)</sup> | 4731680 | 4160330 |
|  **Total Loan Assignment <br>(Cost $4,702,418)** | **Total Loan Assignment <br>(Cost $4,702,418)** | 4160330 |
| **MORTGAGE-BACKED SECURITIES - 12.4%** | **MORTGAGE-BACKED SECURITIES - 12.4%** | **MORTGAGE-BACKED SECURITIES - 12.4%** |
|  20 Times Square Trust <br>Series 2018-20TS, Class C, <br>3.10% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> | 2400000 | 2231701 |
|  280 Park Avenue Mortgage Trust <br>Series 2017-280P, Class E, <br>1-Month LIBOR + 2.12%, <br>5.42% <sup>(B)</sup>, 09/15/2034 <sup>(A)</sup> | 4630000 | 4268442 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 31** 

------

##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.42%, <br>4.01% <sup>(B)</sup>, 05/25/2035 | $446995 | $393997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14, Class 4A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.44%, <br>4.03% <sup>(B)</sup>, 05/25/2035 | 685342 | 619804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OC1, Class 2A3A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.64%, <br>4.23% <sup>(B)</sup>, 03/25/2036 | 875938 | 811107 |
|  American Home Mortgage Assets Trust <br>Series 2007-2, Class A1, <br>1-Month LIBOR + 0.13%, <br>3.71% <sup>(B)</sup>, 03/25/2047 | 280435 | 244384 |
|  Austin Fairmont Hotel Trust <br>Series 2019-FAIR, Class D, <br>1-Month LIBOR + 1.80%, <br>5.21% <sup>(B)</sup>, 09/15/2032 <sup>(A)</sup> | 5000000 | 4722072 |
| BAMLL Commercial Mortgage Securities<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BPR, Class BNM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 11/05/2032 <sup>(A)</sup> | 5000000 | 4332106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BPR, Class CNM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% <sup>(B)</sup>, 11/05/2032 <sup>(A)</sup> | 3970000 | 3245226 |
|  Banc of America Funding Trust <br>Series 2007-3, Class TA2, <br>1-Month LIBOR + 0.18%, <br>3.77% <sup>(B)</sup>, 04/25/2037 | 187878 | 161334 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.33%, <br>4.74% <sup>(B)</sup>, 08/15/2036 <sup>(A)</sup> | 2339000 | 2239432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.83%, <br>5.24% <sup>(B)</sup>, 08/15/2036 <sup>(A)</sup> | 2130000 | 2028662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.63%, <br>6.04% <sup>(B)</sup>, 08/15/2036 <sup>(A)</sup> | 1890000 | 1781155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.12%, <br>4.53% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> | 7065000 | 6375670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.44%, <br>5.85% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> | 2570000 | 2139419 |
|  BBCMS Trust <br>Series 2015-MSQ, Class B, <br>3.89%, 09/15/2032 <sup>(A)</sup> | 1300000 | 1296950 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.45%, <br>4.86% <sup>(B)</sup>, 10/15/2036 <sup>(A)</sup> | 3769750 | 3609296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VKNG, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.70%, <br>5.11% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> | 3010000 | 2818261 |
|  BXP Trust <br>Series 2017-CQHP, Class D, <br>1-Month LIBOR + 2.00%, <br>5.41% <sup>(B)</sup>, 11/15/2034 <sup>(A)</sup> | 1825000 | 1675953 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11, Class 4A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.27%, <br>3.86% <sup>(B)</sup>, 04/25/2035 | $90025 | $79994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class 3A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.50%, <br>4.09% <sup>(B)</sup>, 02/25/2036 | 2333759 | 2041801 |
|  CIM Trust <br>Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> | 6102746 | 5323374 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> | 39709 | 36661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PS1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 09/25/2042 <sup>(A)</sup> | 244145 | 226168 |
|  CLNY Trust <br>Series 2019-IKPR, Class C, <br>1-Month LIBOR + 1.68%, <br>5.09% <sup>(B)</sup>, 11/15/2038 <sup>(A)</sup> | 5700000 | 5243274 |
|  Commercial Mortgage Pass-Through Certificates Trust <br>Series 2012-LTRT, Class A2, <br>3.40%, 10/05/2030 <sup>(A)</sup> | 2222931 | 1897938 |
|  CORE Mortgage Trust <br>Series 2019-CORE, Class C, <br>1-Month LIBOR + 1.30%, <br>4.71% <sup>(B)</sup>, 12/15/2031 <sup>(A)</sup> | 2295200 | 2187800 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-11R, Class 17A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.15%, <br>3.23% <sup>(B)</sup>, 12/27/2036 <sup>(A)</sup> | 94525 | 93585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> | 6506887 | 5703759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> | 6276312 | 5139383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> | 2374289 | 2041824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> | 4351518 | 3764305 |
|  Fontainebleau Miami Beach Trust <br>Series 2019-FBLU, Class D, <br>3.96% <sup>(B)</sup>, 12/10/2036 <sup>(A)</sup> | 7902000 | 7268360 |
|  Great Wolf Trust <br>Series 2019-WOLF, Class C, <br>1-Month LIBOR + 1.63%, <br>5.05% <sup>(B)</sup>, 12/15/2036 <sup>(A)</sup> | 6222000 | 5924443 |
|  GS Mortgage Securities Corp. Trust <br>Series 2017-SLP, Class B, <br>3.77%, 10/10/2032 <sup>(A)</sup> | 5242000 | 5231545 |
|  GS Mortgage Securities Trust <br>Series 2013-G1, Class A2, <br>3.56% <sup>(B)</sup>, 04/10/2031 <sup>(A)</sup> | 1058754 | 1050035 |
| GSCG Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-600C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 09/06/2034 <sup>(A)</sup> | 1660000 | 1517730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-600C, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/06/2034 <sup>(A)</sup> | 4480000 | 4041513 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 32** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  GSR Mortgage Loan Trust <br>Series 2007-OA1, Class 2A1, <br>1-Month LIBOR + 0.13%, <br>3.71% <sup>(B)</sup>, 05/25/2037 | $150831 | $79234 |
|  ILPT Trust <br>Series 2019-SURF, Class C, <br>4.29% <sup>(B)</sup>, 02/11/2041 <sup>(A)</sup> | 1930000 | 1545702 |
|  IndyMac INDX Mortgage Loan Trust <br>Series 2007-AR15, Class 2A1, <br>3.26% <sup>(B)</sup>, 08/25/2037 | 615297 | 469711 |
| JPMorgan Chase Commercial Mortgage<br>Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NNN, Class CFX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 01/16/2037 <sup>(A)</sup> | 2675000 | 2337286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.48%, <br>4.86% <sup>(B)</sup>, 04/15/2037 <sup>(A)</sup> | 1600000 | 1456276 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2006-A1, Class 1A1, <br>3.12% <sup>(B)</sup>, 03/25/2036 | 769406 | 495947 |
|  MetLife Securitization Trust <br>Series 2019-1A, Class A1A, <br>3.75% <sup>(B)</sup>, 04/25/2058 <sup>(A)</sup> | 487342 | 473649 |
|  Mill City Mortgage Loan Trust <br>Series 2019-1, Class A1, <br>3.25% <sup>(B)</sup>, 10/25/2069 <sup>(A)</sup> | 4574966 | 4248438 |
| MSCG Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SELF, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.18%, <br>4.59% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> | 1375000 | 1313041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SELF, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.65%, <br>5.06% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> | 5710000 | 5395432 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/26/2035 <sup>(A)</sup> | 341641 | 314277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> | 1310206 | 1229128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 03/25/2057 <sup>(A)</sup> | 5838085 | 5453384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> | 569643 | 537682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(B)</sup>, 02/25/2058 <sup>(A)</sup> | 374533 | 352194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | 2099490 | 1961030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | 1473605 | 1389843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/25/2058 <sup>(A)</sup> | 4302699 | 3959504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> | 4136614 | 3866370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> | 3982779 | 3671228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> | 2604096 | 2425424 |
| RALI Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO1, Class 3A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.54%, <br>4.13% <sup>(B)</sup>, 02/25/2046 | 2501758 | 1363244 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| RALI Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QH5, Class AI1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.42%, <br>4.01% <sup>(B)</sup>, 06/25/2037 | $118773 | $106998 |
|  Residential Asset Securitization Trust <br>Series 2004-A4, Class A11, <br>5.50%, 08/25/2034 | 1487510 | 1364774 |
|  Tharaldson Hotel Portfolio Trust <br>Series 2018-THL, Class C, <br>1-Month LIBOR + 1.65%, <br>4.85% <sup>(B)</sup>, 11/11/2034 <sup>(A)</sup> | 1405489 | 1319831 |
|  **Total Mortgage-Backed Securities <br>(Cost $166,202,396)** | **Total Mortgage-Backed Securities <br>(Cost $166,202,396)** | 150938090 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.7%** |
|  Federal Home Loan Mortgage Corp., Interest Only STRIPS <br>5.00%, 08/01/2035 | 398226 | 68632 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(H)</sup> | 58714000 | 46319841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(H)</sup> | 12377000 | 10137537 |
|  **Total U.S. Government Agency Obligations <br>(Cost $58,458,932)** | **Total U.S. Government Agency Obligations <br>(Cost $58,458,932)** | 56526010 |
| **U.S. GOVERNMENT OBLIGATIONS - 19.0%** | **U.S. GOVERNMENT OBLIGATIONS - 19.0%** | **U.S. GOVERNMENT OBLIGATIONS - 19.0%** |
| **U.S. Treasury - 18.0%** | **U.S. Treasury - 18.0%** | **U.S. Treasury - 18.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 46002000 | 23570634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 1971000 | 1200231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 4323000 | 2735986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 - 08/15/2049 | 40772900 | 28339424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 36463000 | 26521135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 | 9450000 | 6717252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2047 | 48742000 | 37011790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 <sup>(C)</sup> | 5220000 | 3999621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 | 7496200 | 5811898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 - 02/15/2049 | 9386000 | 7425973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 11552000 | 9732560 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 25090000 | 20045538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 | 1499000 | 1189597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 6618000 | 5274236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 17676400 | 14682460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/2025 - 08/15/2032 | 5472300 | 4973846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 10805000 | 9780213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | 5918000 | 5631347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 <sup>(C)</sup> | 3322000 | 3302795 |
|  |  | 217946536 |
| **U.S. Treasury Inflation-Protected Securities - 1.0%** | **U.S. Treasury Inflation-Protected Securities - 1.0%** | **U.S. Treasury Inflation-Protected Securities - 1.0%** |
|  U.S. Treasury Inflation-Protected Indexed Bonds <br>0.25%, 02/15/2050 | 12388608 | 8198621 |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.13%, 07/15/2030 | 5020369 | 4477444 |
|  |  | 12676065 |
|  **Total U.S. Government Obligations <br>(Cost $290,045,130)** | **Total U.S. Government Obligations <br>(Cost $290,045,130)** | 230622601 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 33** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER - 3.1%** | **COMMERCIAL PAPER - 3.1%** | **COMMERCIAL PAPER - 3.1%** |
| **Banks - 0.5%** | **Banks - 0.5%** | **Banks - 0.5%** |
|  Macquarie Bank Ltd. <br>3.01% <sup>(I)</sup>, 11/21/2022 | $6687000 | $6672676 |
| **Diversified Financial Services - 2.6%** | **Diversified Financial Services - 2.6%** | **Diversified Financial Services - 2.6%** |
|  Atlantic Asset Securitization LLC <br>2.96% <sup>(I)</sup>, 11/17/2022 | 500000 | 499146 |
|  CAFCO LLC <br>3.02% <sup>(I)</sup>, 11/09/2022 | 500000 | 499560 |
|  Gotham Funding Corp. <br>2.91% <sup>(I)</sup>, 11/10/2022 | 8300000 | 8291894 |
|  Liberty Street Funding LLC <br>4.83% <sup>(I)</sup>, 02/07/2023 | 700000 | 690750 |
|  LMA-Americas LLC <br>2.91% <sup>(I)</sup>, 11/15/2022 | 6700000 | 6689799 |
|  Longship Funding LLC <br>4.43% <sup>(I)</sup>, 01/17/2023 | 1400000 | 1386781 |
|  Nieuw Amsterdam Receivables Corp. BV <br>4.21% <sup>(I)</sup>, 01/23/2023 | 2000000 | 1978851 |
|  Sheffield Receivables Co. LLC <br>3.19% <sup>(I)</sup>, 12/01/2022 | 11000000 | 10963541 |
|  |  | 31000322 |
|  **Total Commercial Paper <br>(Cost $37,692,331)** | **Total Commercial Paper <br>(Cost $37,692,331)** | 37672998 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.8%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.8%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.8%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% <sup>(I)</sup>, 12/08/2022 <sup>(C)</sup> | 17411000 | 17349554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% <sup>(I)</sup>, 12/08/2022 | 4396000 | 4380486 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $21,740,683)** | **Total Short-Term U.S. Government Obligations <br>(Cost $21,740,683)** | 21730040 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.2%** | **OTHER INVESTMENT COMPANY - 1.2%** | **OTHER INVESTMENT COMPANY - 1.2%** |
| **Securities Lending Collateral - 1.2%** | **Securities Lending Collateral - 1.2%** | **Securities Lending Collateral - 1.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(I)</sup> | 14564963 | $14564963 |
|  **Total Other Investment Company <br>(Cost $14,564,963)** | **Total Other Investment Company <br>(Cost $14,564,963)** | 14564963 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** |
|  Fixed Income Clearing Corp.,<br>1.10% <sup>(I)</sup>, dated 10/31/2022, to be repurchased at $12,137,052 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $12,379,486. | $12136681 | 12136681 |
|  **Total Repurchase Agreement <br>(Cost $12,136,681)** | **Total Repurchase Agreement <br>(Cost $12,136,681)** | 12136681 |
|  **Total Investments <br>(Cost $1,473,531,471)** | **Total Investments <br>(Cost $1,473,531,471)** | 1280902952 |
|  **Net Other Assets (Liabilities) - (5.5)%** | **Net Other Assets (Liabilities) - (5.5)%** | (66389208) |
|  **Net Assets - 100.0%** |  | **$1214513744** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  U.S. Treasury Ultra Bonds | 1 | 12/20/2022 | $149947 | $127656 | $— | $(22291) |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(J)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** |  |  |  |  |
|  Asset-Backed Securities | $— | $173419727 | $— | $173419727 |
|  Corporate Debt Securities |  | 570488497 |  | 570488497 |
|  Foreign Government Obligations |  | 8643015 |  | 8643015 |
|  Loan Assignment |  | 4160330 |  | 4160330 |
|  Mortgage-Backed Securities |  | 150938090 |  | 150938090 |
|  U.S. Government Agency Obligations |  | 56526010 |  | 56526010 |
|  U.S. Government Obligations |  | 230622601 |  | 230622601 |
|  Commercial Paper |  | 37672998 |  | 37672998 |
|  Short-Term U.S. Government Obligations |  | 21730040 |  | 21730040 |
|  Other Investment Company | 14564963 |  |  | 14564963 |
|  Repurchase Agreement |  | 12136681 |  | 12136681 |
|  **Total Investments** | $**14564963** | $**1266337989** | $**—** | $**1280902952** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 34** 

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##### [**Table of Contents**](#toc)
**Transamerica Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION (continued):** 

------

**Valuation Inputs (continued) <sup>(J)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **LIABILITIES** |  |  |  |  |
|  **Other Financial Instruments** |  |  |  |  |
|  Futures Contracts <sup>(K)</sup> | $(22291) | $— | $— | $(22291) |
|  **Total Other Financial Instruments** | $**(22291)** | $**—** | $**—** | $**(22291)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $571,254,387, representing 47.0% of the Fund's net assets.* 

(B) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $52,155,223, collateralized by cash collateral of $14,564,963 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $38,694,496. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *Perpetual maturity. The date displayed is the next call date.* 

(E) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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, 2022, the total value of Regulation S securities is $7,058,328, representing 0.6% of the Fund's net assets.* 

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

(G) *Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2022; the maturity dates disclosed are the ultimate maturity dates.* 

(H) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(I) *Rates disclosed reflect the yields at October 31, 2022.* 

(J) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(K) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered Rate* |
| *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 Report 2022** |

---

**Page 35** 

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##### [**Table of Contents**](#toc)
**Transamerica Capital Growth** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Large cap growth stocks declined over the fiscal year ended October 31, 2022 as measured by the Russell 1000<sup>®</sup> Growth Index. Most sectors in the index had negative peformance, with communication services the weakest performer. Energy was the index's top performing sector, posting a high double-digit return. Against this backdrop, the sub-adviser continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the Fund.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Capital Growth (Class A) returned -60.80%, excluding any sales charges. By comparison, its benchmark, the Russell 1000<sup>®</sup> Growth Index, returned -24.60%.

**STRATEGY REVIEW** 

The Fund underperformed its benchmark over the fiscal year, primarily due to our mixed stock selection decisions.

Fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions, and ongoing effects of the global pandemic resulted in overall greater market volatility and a sell-off in high growth equities. We believe this sell-off, lasting from November 2021 through June 2022, was driven primarily by non-fundamental factors. Fundamentals across portfolio holdings largely remained healthy and in line with our expectations. Despite market volatility, we continued to find many high-quality companies with attractive end-game potential due to compelling fundamentals, strong balance sheets, and multiple competitive advantages. While we opportunistically added to some positions and initiated new ones, overall, we made few changes as we remain confident in the long-term prospects for the Fund's holdings.

Information technology was the largest detractor from relative performance, due to mixed stock selection. Cloudflare, Inc., which offers a global cloud platform that provides security, performance, and reliability services to the applications of its customers, detracted from relative performance. Despite reporting overall solid fundamentals, its shares languished due to the broader sell-off in high growth equities. Shopify, Inc., which operates a cloud-based software and services platform that enables merchants to build an ecommerce presence, also detracted from relative performance. Its shares underperformed due to slowing growth in ecommerce following a period of heightened demand during the pandemic. Within the sector, the weakness in these and other holdings was offset by NVIDIA Corp. (no longer held in the Fund). NVIDIA Corp., a leading provider of graphics processing units used in PC gaming, helped relative performance due to an average underweight position, as well as timing of ownership and sale.

Most other sectors also detracted from relative performance over the period due to stock selection, including consumer discretionary, healthcare, communication services, industrials, financials, real estate, and materials.

Door Dash, Inc., a leading food delivery company in the U.S., also underperformed during the period. Despite reporting overall solid fundamentals, its shares languished due to the broader sell-off and ongoing investor concerns regarding a potential slowdown in consumer demand for food delivery. Weakness in these sectors was partly offset by strength in Royalty Pharma PLC and Coupang, Inc., the second and third largest positive contributors in the Fund's portfolio, respectively. Royalty Pharma PLC is one of the largest buyers of biopharmaceutical royalties and a leading funder of innovation in the industry. Its shares held up amid a period of greater market volatility as the company is well positioned to become a partner of choice and benefit from current market conditions, which have been characterized by weaker capital market and funding access for a variety of health care businesses. Shares of Korean ecommerce leader Coupang, Inc. benefited from improved operational efficiency, supply chain optimization and strong growth in its advertising business.

Lastly, an average underweight in consumer staples and a lack of exposure to energy modestly detracted, while utilities (which the Fund did not own) had an overall negligible impact on the Fund's relative performance.

The Fund has a small derivatives investment, over-the-counter puts on the Chinese yuan, which had a small positive impact on performance over this period. The puts are designed to provide a potential hedge to equities in the Fund that are exposed, directly or indirectly, to China.

**Dennis P. Lynch** 

**Sam G. Chainani, CFA** 

**Jason C. Yeung, CFA** 

**David S. Cohen** 

**Armistead B. Nash** 

**Alexander T. Norton** 

**Co-Portfolio Managers** 

**Morgan Stanley Investment Management, Inc.** 

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**Page 36** 

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**Transamerica Capital Growth** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.9% |
|  Other Investment Company | 5.2 |
|  Repurchase Agreement | 2.3 |
|  Over-the-Counter Foreign Exchange Options Purchased | 1.3 |
|  Net Other Assets (Liabilities) | (6.7) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 37** 

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**Transamerica Capital Growth** 

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**(unaudited)**![LOGO](g404440g86t97.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (62.95)% | 3.55% | 11.55% | 11/13/2009 |
|  Class A (NAV) | (60.80)% | 4.73% | 12.18% | 11/13/2009 |
|  Russell 1000<sup>®</sup> Growth Index <sup>(A)</sup> | (24.60)% | 12.59% | 14.69% |  |
|  Class C (POP) | (61.42)% | 3.93% | 11.38% | 11/13/2009 |
|  Class C (NAV) | (61.12)% | 3.93% | 11.38% | 11/13/2009 |
|  Class I (NAV) | (60.63)% | 5.02% | 12.53% | 11/30/2009 |
|  Class I2 (NAV) | (60.64)% | 5.11% | 12.64% | 09/30/2011 |
|  Class R (NAV) | N/A | N/A | (39.32)%<sup>(B)</sup> | 03/01/2022 |
|  Class R6 (NAV) | (60.64)% | N/A | 1.41% | 10/18/2019 |

---

<sup>(A)</sup> *The 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.* 

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

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, R and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

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. 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.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Page 38** 

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**Transamerica Capital Growth** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.9%** | **COMMON STOCKS - 97.9%** | **COMMON STOCKS - 97.9%** |
| **Automobiles - 0.5%** | **Automobiles - 0.5%** | **Automobiles - 0.5%** |
|  Rivian Automotive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 232901 | $8144548 |
| **Biotechnology - 1.5%** | **Biotechnology - 1.5%** | **Biotechnology - 1.5%** |
|  Alnylam Pharmaceuticals, Inc. <sup>(A)</sup> | 20418 | 4231835 |
|  Ginkgo Bioworks Holdings, Inc. <sup>(A)</sup> | 3029144 | 8269563 |
|  Intellia Therapeutics, Inc. <sup>(A)</sup> | 143234 | 7559891 |
|  Moderna, Inc. <sup>(A)</sup> | 16049 | 2412646 |
|  ProKidney Corp. <sup>(A)</sup> <sup>(B)</sup> | 170370 | 1724144 |
|  |  | 24198079 |
| **Capital Markets - 1.0%** | **Capital Markets - 1.0%** | **Capital Markets - 1.0%** |
|  Coinbase Global, Inc., Class A <sup>(A)</sup> | 236409 | 15662096 |
| **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** |
|  Aurora Innovation, Inc. <sup>(A)</sup> <sup>(B)</sup> | 1695105 | 3491916 |
| **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** |
|  Upstart Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 141594 | 3282149 |
| **Entertainment - 7.4%** | **Entertainment - 7.4%** | **Entertainment - 7.4%** |
|  ROBLOX Corp., Class A <sup>(A)</sup> <sup>(B)</sup> | 2254569 | 100869417 |
|  Sea Ltd., ADR <sup>(A)</sup> <sup>(B)</sup> | 336817 | 16733069 |
|  |  | 117602486 |
| **Health Care Equipment & Supplies - 1.0%** | **Health Care Equipment & Supplies - 1.0%** | **Health Care Equipment & Supplies - 1.0%** |
|  Dexcom, Inc. <sup>(A)</sup> | 135438 | 16358202 |
| **Health Care Providers & Services - 3.9%** | **Health Care Providers & Services - 3.9%** | **Health Care Providers & Services - 3.9%** |
|  agilon health, Inc. <sup>(A)</sup> <sup>(B)</sup> | 2246734 | 44597670 |
|  Guardant Health, Inc. <sup>(A)</sup> <sup>(B)</sup> | 357402 | 17691399 |
|  |  | 62289069 |
| **Health Care Technology - 1.3%** | **Health Care Technology - 1.3%** | **Health Care Technology - 1.3%** |
|  Doximity, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 774375 | 20497706 |
| **Interactive Media & Services - 3.6%** | **Interactive Media & Services - 3.6%** | **Interactive Media & Services - 3.6%** |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 1291181 | 57496290 |
| **Internet & Direct Marketing Retail - 14.4%** | **Internet & Direct Marketing Retail - 14.4%** | **Internet & Direct Marketing Retail - 14.4%** |
|  Chewy, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 1075260 | 41644820 |
|  Coupang, Inc. <sup>(A)</sup> | 2466773 | 42601170 |
|  DoorDash, Inc., Class A <sup>(A)</sup> | 1284292 | 55905231 |
|  Global-e Online Ltd. <sup>(A)</sup> | 310747 | 7858791 |
|  Grab Holdings Ltd., Class A <sup>(A)</sup> <sup>(B)</sup> | 8169168 | 21239837 |
|  MercadoLibre, Inc. <sup>(A)</sup> | 48573 | 43794388 |
|  Wayfair, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 403212 | 15289799 |
|  |  | 228334036 |
| **IT Services - 25.9%** | **IT Services - 25.9%** | **IT Services - 25.9%** |
|  Adyen NV <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> | 40169 | 57345215 |
|  Affirm Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 751381 | 15080217 |
|  Block, Inc. <sup>(A)</sup> | 392035 | 23549542 |
|  Cloudflare, Inc., Class A <sup>(A)</sup> | 1870552 | 105349489 |
|  Shopify, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 2423262 | 82948258 |
|  Snowflake, Inc., Class A <sup>(A)</sup> | 798420 | 127986726 |
|  |  | 412259447 |
| **Leisure Products - 0.5%** | **Leisure Products - 0.5%** | **Leisure Products - 0.5%** |
|  Peloton Interactive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 894700 | 7515480 |
| **Life Sciences Tools & Services - 3.6%** | **Life Sciences Tools & Services - 3.6%** | **Life Sciences Tools & Services - 3.6%** |
|  10X Genomics, Inc., Class A <sup>(A)</sup> | 664960 | 18073613 |
|  Illumina, Inc. <sup>(A)</sup> | 168526 | 38562119 |
|  |  | 56635732 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Pharmaceuticals - 6.9%** | **Pharmaceuticals - 6.9%** | **Pharmaceuticals - 6.9%** |
|  Royalty Pharma PLC, Class A | 2596756 | $109894714 |
| **Road & Rail - 6.3%** | **Road & Rail - 6.3%** | **Road & Rail - 6.3%** |
|  Uber Technologies, Inc. <sup>(A)</sup> | 3770819 | 100190661 |
| **Semiconductors & Semiconductor Equipment - 1.5%** | **Semiconductors & Semiconductor Equipment - 1.5%** | **Semiconductors & Semiconductor Equipment - 1.5%** |
|  ASML Holding NV | 49212 | 23248733 |
| **Software - 17.7%** | **Software - 17.7%** | **Software - 17.7%** |
|  Bill.com Holdings, Inc. <sup>(A)</sup> | 594292 | 79254781 |
|  Datadog, Inc., Class A <sup>(A)</sup> | 928680 | 74768027 |
|  Gitlab, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 493655 | 23922521 |
|  Trade Desk, Inc., Class A <sup>(A)</sup> | 1944733 | 103537585 |
|  |  | 281482914 |
| **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** |
|  Carvana Co. <sup>(A)</sup> <sup>(B)</sup> | 572734 | 7749091 |
|  **Total Common Stocks <br>(Cost $2,346,757,756)** | **Total Common Stocks <br>(Cost $2,346,757,756)** | 1556333349 |
| **OTHER INVESTMENT COMPANY - 5.2%** | **OTHER INVESTMENT COMPANY - 5.2%** | **OTHER INVESTMENT COMPANY - 5.2%** |
| **Securities Lending Collateral - 5.2%** | **Securities Lending Collateral - 5.2%** | **Securities Lending Collateral - 5.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 82361489 | 82361489 |
|  **Total Other Investment Company <br>(Cost $82,361,489)** | **Total Other Investment Company <br>(Cost $82,361,489)** | 82361489 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.3%** | **REPURCHASE AGREEMENT - 2.3%** | **REPURCHASE AGREEMENT - 2.3%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(D)</sup>, dated 10/31/2022, to be repurchased at $36,830,157 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $37,565,664. | $36829031 | 36829031 |
|  **Total Repurchase Agreement <br>(Cost $36,829,031)** | **Total Repurchase Agreement <br>(Cost $36,829,031)** | 36829031 |
|  **Total Investments Excluding Options Purchased <br>(Cost $2,465,948,276)** | **Total Investments Excluding Options Purchased <br>(Cost $2,465,948,276)** | 1675523869 |
|  **Total Options Purchased - 1.3% <br>(Cost $7,383,156)** | **Total Options Purchased - 1.3% <br>(Cost $7,383,156)** | 21600143 |
|  **Total Investments <br>(Cost $2,473,331,432)** | **Total Investments <br>(Cost $2,473,331,432)** | 1697124012 |
|  **Net Other Assets (Liabilities) - (6.7)%** | **Net Other Assets (Liabilities) - (6.7)%** | (107288140) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1589835872** |

---

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

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**Page 39** 

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**Transamerica Capital Growth** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional Amount/<br>Number of<br>Contracts** | **Notional Amount/<br>Number of<br>Contracts** | **Premiums<br>Paid** | **Value** |
|  Put - USD vs. CNH | GSI | USD | 7.27 | 11/10/2022 | USD | 759262240 | $3644926 | $9602390 |
|  Put - USD vs. CNH | JPM | USD | 7.53 | 07/21/2023 | USD | 373683589 | 1855339 | 5642996 |
|  Put - USD vs. CNH | SCB | USD | 7.57 | 08/23/2023 | USD | 418270405 | 1867159 | 6322575 |
|  Put - USD vs. CNH | GSI | USD | 7.87 | 10/09/2023 | USD | 3267527 | 15732 | 32182 |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**7383156** | $**21600143** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $1498988134 | $57345215 | $— | $1556333349 |
|  Other Investment Company | 82361489 |  |  | 82361489 |
|  Repurchase Agreement |  | 36829031 |  | 36829031 |
|  Over-the-Counter Foreign Exchange Options Purchased |  | 21600143 |  | 21600143 |
|  **Total Investments** | $**1581349623** | $**115774389** | $**—** | $**1697124012** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $283,299,758, collateralized by cash collateral of $82,361,489 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $208,498,528. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *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, 2022, the value of the 144A security is $57,345,215, representing 3.6% of the Fund's net assets.* 

(D) *Rates disclosed reflect the yields at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATIONS:** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**Page 40** 

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**Transamerica Emerging Markets Debt** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fourth quarter of 2021 started with the COVID-19 recovery story, which quickly turned into inflation fears amid a tight U.S. job market and ongoing global supply chain issues. By the end of 2021, the Federal Reserve ("Fed") had turned hawkish, signaling as many as three rate hikes in 2022. Also unraveling was a slowdown in China based on several factors including Zero-Covid policy, decarbonization plans, and deleveraging of the property sector. Global re-openings and continued low supply kept energy prices elevated, supporting energy exporting sovereigns. Additionally, added tensions from the Russia/Ukraine war, which began in February, further aggravated the macroeconomic picture early in 2022.

Limited trading liquidity and a hawkish Fed aggravated the environment for emerging market assets throughout the period. Macro factors including the Russia/Ukraine War, global inflation, and low China growth drove risk-off sentiment, steering asset valuations, and overshadowing fundamentals. These concerns, combined with an aggressive Treasury sell-off, resulted in higher absolute yields and spread widening.

Central banks globally aggressively increased rates during the period to combat soaring inflation, which in turn increased the probability of recession, adding to market volatility and uncertainty. Meanwhile, Europe's historic reliance on cheap natural gas is proving problematic as the Russia/Ukraine conflict rages on. The International Monetary Fund ("IMF") approved the food shock window, providing nations support with urgent balance of payments needs. This measure followed the IMF's warning that the world is facing the worst food shock in over a decade, and is likely to worsen due to supply bottlenecks, challenges to Ukraine's crops, and high fertilizer and energy prices.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Emerging Markets Debt (Class A) returned -21.97%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the J.P. Morgan Emerging Markets Bond Index Global and the Transamerica Emerging Markets Debt Blended Benchmark, returned -22.21% and -20.15%, respectively.

**STRATEGY REVIEW** 

The Fund's performance relative to its blended benchmark for the fiscal year ended October 31, 2022, was weighed down by hard currency sovereign holdings and China property exposure. Underweights to Russian assets and Ukrainian corporates supported relative returns amid the Russia/Ukraine conflict; however, an overweight to Ukraine sovereign bonds were detractors. We saw high-yield energy corporates such as Pampa Energia SA, Tullow Oil PLC, and New Fortress Energy, Inc. perform well with the strong commodity backdrop. Additionally, Angola continued to benefit returns, supported by elevated energy levels as well as a market friendly election outcome. Digicel International Finance Ltd. has remained a top performer, most recently completing its sale of Digicel Pacific Limited. Brazil and Mexico local overweight positions positively contributed, with Mexico remaining more fiscally conservative and facing less political turmoil than peers, and Brazil being hawkish early on to curb rising inflation.

Offsetting this positive performance, the China property segment continued to weigh on Fund returns throughout the period. Despite select Chinese developers receiving financing through government support, investors awaited more supportive steps as the debt strain spreads. Moreover, being underweight financials across high-quality Asian countries including China, Singapore, and South Korea, where securities have historically traded at very tight spreads, continued to detract from performance with this sector remaining resilient. The Fund's underweight to the Gulf Cooperation Council region, specifically Bahrain and UAE, detracted, as this region performed relatively well given strong oil prices. With the 10-year Treasury yield rising 247 basis points during the trailing one-year period, security selection to some higher quality, longer duration names in Indonesia, Romania, and Panama lessened returns. Central and Eastern Europe local currency exposure in Hungary and Romania detracted as Europe continued facing a looming energy crisis and recession fears.

**Todd Howard, CFA** 

**Scott Moses, CFA** 

**Co-Portfolio Managers** 

**MetLife Investment Management, LLC** 

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**Transamerica Emerging Markets Debt** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Foreign Government Obligations | 54.0% |
|  Corporate Debt Securities | 38.0 |
|  Repurchase Agreement | 6.5 |
|  Other Investment Company | 2.6 |
|  Net Other Assets (Liabilities) ^ | (1.1) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 9.05 |
|  Duration † | 5.08 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  AAA | 7.0% |
|  AA | 4.9 |
|  A | 9.0 |
|  BBB | 34.7 |
|  BB | 21.7 |
|  B | 11.8 |
|  CCC and Below | 4.9 |
|  Not Rated | 7.1 |
|  Net Other Assets (Liabilities) ^ | (1.1) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 42** 

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**Transamerica Emerging Markets Debt** 

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**(unaudited)**![LOGO](g404440g58p50.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (25.69)% | (3.99)% | (0.23)% | 08/31/2011 |
|  Class A (NAV) | (21.97)% | (3.05)% | 0.26% | 08/31/2011 |
|  J.P. Morgan Emerging Markets Bond Index Global <sup>(A)</sup> | (22.21)% | (2.33)% | 0.88% |  |
|  Transamerica Emerging Markets Debt Blended Benchmark <sup>(A) (B) (C) (D)</sup> | (20.15)% | (1.90)% | 0.38% |  |
|  Class C (POP) | (23.31)% | (3.73)% | (0.44)% | 08/31/2011 |
|  Class C (NAV) | (22.56)% | (3.73)% | (0.44)% | 08/31/2011 |
|  Class I (NAV) | (21.42)% | (2.61)% | 0.66% | 08/31/2011 |
|  Class I2 (NAV) | (21.83)% | (2.63)% | 0.69% | 08/31/2011 |
|  Class R6 (NAV) | (21.55)% | (2.57)% | 0.52% | 05/29/2015 |

---

<sup>(A)</sup> *The J.P. Morgan Emerging Markets Bond Index Global tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.* 

<sup>(B)</sup> *The Transamerica Emerging Markets Debt Blended Benchmark is composed of the following benchmarks: 35% J.P. Morgan Emerging Markets Bond Index Global, 35% J.P. Morgan CEMBI Broad Diversified Index and 30% J.P. Morgan GBI-EM Diversified Global Index.* 

<sup>(C)</sup> *The J.P. Morgan CEMBI Broad Diversified Index tracks the performance of U.S. dollar denominated bonds issued by emerging market corporate entities.* 

<sup>(D)</sup> *The J.P. Morgan GBI-EM Diversified Global Index is designed to track the performance of bonds issued by emerging market governments and denominated in the local currency of the issuer.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The risks of investing in foreign securities are magnified in emerging markets. Foreign and emerging market investments involve risks not associated with U.S. markets, such as currency fluctuation, adverse social and political developments, and the relatively small size, lower trading volumes and lesser liquidity of the markets. Fixed-income securities are subject to risks including credit risk, interest rate fluctuation risk, counterparty default risk, prepayment risk, extension risk, valuation risk, and liquidity risk.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 43** 

------

##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 38.0%** | **CORPORATE DEBT SECURITIES - 38.0%** | **CORPORATE DEBT SECURITIES - 38.0%** |
| **Argentina - 1.0%** | **Argentina - 1.0%** | **Argentina - 1.0%** |
|  Pampa Energia SA <br>7.50%, 01/24/2027 <sup>(A)</sup> | $965000 | $796246 |
|  YPF SA <br>2.50%, 06/30/2029 <sup>(B)</sup> | 1710000 | 1073606 |
|  |  | 1869852 |
| **Austria - 0.2%** | **Austria - 0.2%** | **Austria - 0.2%** |
|  Suzano Austria GmbH <br>3.13%, 01/15/2032 | 500000 | 372250 |
| **Bermuda - 0.3%** | **Bermuda - 0.3%** | **Bermuda - 0.3%** |
|  Tengizchevroil Finance Co. International Ltd. <br>4.00%, 08/15/2026 <sup>(A)</sup> | 640000 | 520986 |
| **Brazil - 0.2%** | **Brazil - 0.2%** | **Brazil - 0.2%** |
|  Oi SA <br>PIK Rate 4.00%, Cash Rate 8.00%, <br>07/27/2025 <sup>(C)</sup> | 1450000 | 377077 |
| **Canada - 0.2%** | **Canada - 0.2%** | **Canada - 0.2%** |
|  First Quantum Minerals Ltd. <br>6.88%, 10/15/2027 <sup>(A)</sup> | 500000 | 464914 |
| **Cayman Islands - 2.5%** | **Cayman Islands - 2.5%** | **Cayman Islands - 2.5%** |
|  Alibaba Group Holding Ltd. <br>2.70%, 02/09/2041 | 1230000 | 628372 |
|  Braskem Finance Ltd. <br>6.45%, 02/03/2024 | 390000 | 391405 |
|  CIFI Holdings Group Co. Ltd. <br>4.45%, 08/17/2026 <sup>(B)</sup> | 650000 | 43731 |
| Country Garden Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/27/2025 <sup>(B)</sup> | 645000 | 57420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/08/2026 <sup>(B)</sup> | 715000 | 64911 |
|  Industrial Senior Trust <br>5.50%, 11/01/2022 <sup>(B)</sup> | 440000 | 440000 |
| Kaisa Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 06/30/2024 <sup>(B)</sup> <sup>(D)</sup> | 2120000 | 143100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 04/16/2025 <sup>(B)</sup> | 350000 | 23187 |
|  Lima Metro Line 2 Finance Ltd. <br>4.35%, 04/05/2036 <sup>(A)</sup> | 787616 | 647815 |
|  Longfor Group Holdings Ltd. <br>3.85%, 01/13/2032 <sup>(B)</sup> | 635000 | 121019 |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/2029 <sup>(B)</sup> | 490000 | 272440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028 <sup>(B)</sup> | 210000 | 120750 |
|  QNB Finance Ltd. <br>3.50%, 03/28/2024 <sup>(B)</sup> | 500000 | 484940 |
|  Tencent Holdings Ltd. <br>2.88%, 04/22/2031 <sup>(A)</sup> | 250000 | 184688 |
|  Vale Overseas Ltd. <br>3.75%, 07/08/2030 | 1400000 | 1154235 |
|  |  | 4778013 |
| **Chile - 2.1%** | **Chile - 2.1%** | **Chile - 2.1%** |
|  Agrosuper SA <br>4.60%, 01/20/2032 <sup>(A)</sup> | 800000 | 649924 |
|  Alfa Desarrollo SpA <br>4.55%, 09/27/2051 <sup>(A)</sup> | 1145808 | 731963 |
|  Celulosa Arauco y Constitucion SA <br>4.25%, 04/30/2029 <sup>(A)</sup> | 700000 | 603981 |
|  Cia Cervecerias Unidas SA <br>3.35%, 01/19/2032 <sup>(A)</sup> | 850000 | 682125 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chile (continued)** | **Chile (continued)** | **Chile (continued)** |
|  Enel Chile SA <br>4.88%, 06/12/2028 | $860000 | $785610 |
|  Sociedad de Transmision Austral SA <br>4.00%, 01/27/2032 <sup>(A)</sup> | 800000 | 650061 |
|  |  | 4103664 |
| **Colombia - 1.0%** | **Colombia - 1.0%** | **Colombia - 1.0%** |
|  Ecopetrol SA <br>6.88%, 04/29/2030 | 755000 | 621290 |
|  Empresas Publicas de Medellin ESP <br>4.38%, 02/15/2031 <sup>(A)</sup> | 980000 | 662288 |
|  Interconexion Electrica SA ESP <br>3.83%, 11/26/2033 <sup>(A)</sup> | 800000 | 609496 |
|  |  | 1893074 |
| **Guatemala - 0.7%** | **Guatemala - 0.7%** | **Guatemala - 0.7%** |
|  Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL <br>5.25%, 04/27/2029 <sup>(A)</sup> | 810000 | 709414 |
|  CT Trust <br>5.13%, 02/03/2032 <sup>(A)</sup> | 870000 | 694711 |
|  |  | 1404125 |
| **Hong Kong - 0.7%** | **Hong Kong - 0.7%** | **Hong Kong - 0.7%** |
|  AIA Group Ltd. <br>5.63%, 10/25/2027 <sup>(A)</sup> | 775000 | 763317 |
|  Lenovo Group Ltd. <br>6.54%, 07/27/2032 <sup>(A)</sup> | 645000 | 536638 |
|  |  | 1299955 |
| **Indonesia - 1.5%** | **Indonesia - 1.5%** | **Indonesia - 1.5%** |
| Freeport Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 04/14/2032 <sup>(A)</sup> | 1200000 | 1009500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/14/2052 <sup>(A)</sup> | 975000 | 734760 |
|  Indofood CBP Sukses Makmur Tbk PT <br>4.75%, 06/09/2051 <sup>(B)</sup> | 1750000 | 1063721 |
|  |  | 2807981 |
| **Ireland - 0.2%** | **Ireland - 0.2%** | **Ireland - 0.2%** |
|  C&W Senior Financing DAC <br>6.88%, 09/15/2027 <sup>(A)</sup> | 500000 | 433346 |
|  Sovcombank Via SovCom Capital DAC <br>Fixed until 02/17/2027 <sup>(E)</sup>,<br>7.60%, <sup>(A)</sup> <sup>(F)</sup> | 640000 | 18000 |
|  |  | 451346 |
| **Israel - 1.6%** | **Israel - 1.6%** | **Israel - 1.6%** |
|  Bank Leumi Le-Israel BM <br>5.13%, 07/27/2027 <sup>(B)</sup> | 665000 | 644340 |
| Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/30/2026 <sup>(B)</sup> | 500000 | 448750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/30/2031 <sup>(B)</sup> | 1110000 | 937950 |
|  Leviathan Bond Ltd. <br>6.75%, 06/30/2030 <sup>(B)</sup> | 1150000 | 1024673 |
|  |  | 3055713 |
| **Jersey, Channel Islands - 0.9%** | **Jersey, Channel Islands - 0.9%** | **Jersey, Channel Islands - 0.9%** |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/30/2027 <sup>(A)</sup> | 568393 | 515246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 03/31/2034 <sup>(B)</sup> | 1608908 | 1309972 |
|  |  | 1825218 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 44** 

------

##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Kazakhstan - 0.2%** | **Kazakhstan - 0.2%** | **Kazakhstan - 0.2%** |
|  KazMunayGas National Co. JSC <br>6.38%, 10/24/2048 <sup>(B)</sup> | $600000 | $430536 |
| **Luxembourg - 2.8%** | **Luxembourg - 2.8%** | **Luxembourg - 2.8%** |
| CSN Resources SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/10/2031 <sup>(A)</sup> | 715000 | 481824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/08/2032 <sup>(A)</sup> <sup>(G)</sup> | 760000 | 551950 |
|  EIG Pearl Holdings SARL <br>3.55%, 08/31/2036 <sup>(A)</sup> | 800000 | 614000 |
|  Guara Norte SARL <br>5.20%, 06/15/2034 <sup>(A)</sup> | 964235 | 755719 |
|  Kenbourne Invest SA <br>6.88%, 11/26/2024 <sup>(A)</sup> | 809000 | 720010 |
|  MC Brazil Downstream Trading SARL<br>7.25%, 06/30/2031 <sup>(A)</sup> | 850000 | 649485 |
|  Movida Europe SA <br>5.25%, 02/08/2031 <sup>(A)</sup> | 1150000 | 846262 |
|  Rumo Luxembourg SARL <br>4.20%, 01/18/2032 <sup>(A)</sup> | 500000 | 378750 |
|  Simpar Europe SA <br>5.20%, 01/26/2031 <sup>(A)</sup> | 455000 | 328546 |
|  |  | 5326546 |
| **Mexico - 7.3%** | **Mexico - 7.3%** | **Mexico - 7.3%** |
|  Alsea SAB de CV <br>7.75%, 12/14/2026 <sup>(A)</sup> | 465000 | 441983 |
|  America Movil SAB de CV <br>5.38%, 04/04/2032 <sup>(A)</sup> | 1000000 | 847500 |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/24/2032 <sup>(E)</sup>,<br>6.63% <sup>(A)</sup> <sup>(F)</sup> | 1000000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/14/2030 <sup>(E)</sup>,<br>8.38% <sup>(B)</sup> <sup>(F)</sup> | 125000 | 108704 |
|  Braskem Idesa SAPI <br>6.99%, 02/20/2032 <sup>(A)</sup> | 920000 | 615370 |
|  CIBANCO SA Institucion de Banca Multiple Trust <br>4.38%, 07/22/2031 <sup>(A)</sup> | 1000000 | 617500 |
|  Comision Federal de Electricidad <br>4.69%, 05/15/2029 <sup>(A)</sup> | 1000000 | 843464 |
|  Fomento Economico Mexicano SAB de CV <br>2.88%, 05/10/2023 | 175000 | 173075 |
|  Grupo Bimbo SAB de CV <br>Fixed until 04/17/2023 <sup>(E)</sup>,<br>5.95% <sup>(A)</sup> <sup>(F)</sup> | 750000 | 734257 |
|  Infraestructura Energetica Nova SAPI de CV <br>4.75%, 01/15/2051 <sup>(A)</sup> | 1200000 | 805393 |
|  Mexico City Airport Trust <br>5.50%, 10/31/2046 - 07/31/2047 <sup>(A)</sup> | 1495000 | 962222 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 | 5930000 | 4484561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.19%, 09/12/2024 <sup>(B)</sup> | MXN 14,090,000 | 644136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 | $1050000 | 937036 |
|  Total Play Telecomunicaciones SA de CV <br>6.38%, 09/20/2028 <sup>(A)</sup> | 1100000 | 753919 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 01/15/2030 <sup>(A)</sup> | $295000 | $221993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2026 <sup>(A)</sup> | 165000 | 147886 |
|  |  | 14088999 |
| **Morocco - 0.3%** | **Morocco - 0.3%** | **Morocco - 0.3%** |
|  OCP SA <br>5.13%, 06/23/2051 <sup>(A)</sup> | 1000000 | 612060 |
| **Multi-National - 1.0%** | **Multi-National - 1.0%** | **Multi-National - 1.0%** |
|  Digicel International Finance Ltd. / Digicel International Holdings Ltd. <br>8.75%, 05/25/2024 <sup>(A)</sup> | 800000 | 682712 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>5.75%, 04/01/2033 <sup>(A)</sup> | 1390000 | 1252585 |
|  |  | 1935297 |
| **Netherlands - 3.0%** | **Netherlands - 3.0%** | **Netherlands - 3.0%** |
|  Braskem Netherlands Finance BV <br>4.50%, 01/31/2030 <sup>(A)</sup> | 1750000 | 1420320 |
| IHS Netherlands Holdco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/18/2027 <sup>(A)</sup> | 1375000 | 1061335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/18/2027 <sup>(B)</sup> | 220000 | 169813 |
|  Mong Duong Finance Holdings BV <br>5.13%, 05/07/2029 <sup>(A)</sup> | 895000 | 620101 |
|  MV24 Capital BV <br>6.75%, 06/01/2034 <sup>(A)</sup> | 533340 | 440632 |
| Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030 <sup>(A)</sup> | 800000 | 588302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 01/19/2032 <sup>(A)</sup> | 535000 | 380521 |
|  Teva Pharmaceutical Finance Netherlands III BV <br>3.15%, 10/01/2026 | 1250000 | 1056250 |
|  |  | 5737274 |
| **Nigeria - 0.5%** | **Nigeria - 0.5%** | **Nigeria - 0.5%** |
|  SEPLAT Energy PLC <br>7.75%, 04/01/2026 <sup>(A)</sup> | 1200000 | 933720 |
| **Northern Mariana Islands - 1.1%** | **Northern Mariana Islands - 1.1%** | **Northern Mariana Islands - 1.1%** |
|  Axian Telecom <br>7.38%, 02/16/2027 <sup>(A)</sup> | 400000 | 342000 |
|  Greenko Wind Projects Mauritius Ltd. <br>5.50%, 04/06/2025 <sup>(A)</sup> | 1200000 | 1021616 |
|  HTA Group Ltd. <br>7.00%, 12/18/2025 <sup>(B)</sup> | 850000 | 743750 |
|  |  | 2107366 |
| **Peru - 0.9%** | **Peru - 0.9%** | **Peru - 0.9%** |
|  Consorcio Transmantaro SA <br>5.20%, 04/11/2038 <sup>(A)</sup> | 490000 | 421400 |
|  Peru LNG Srl <br>5.38%, 03/22/2030 <sup>(A)</sup> | 1020000 | 807840 |
|  Petroleos del Peru SA <br>5.63%, 06/19/2047 <sup>(A)</sup> | 725000 | 457790 |
|  |  | 1687030 |
| **Qatar - 1.3%** | **Qatar - 1.3%** | **Qatar - 1.3%** |
| Qatar Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/2031 <sup>(A)</sup> | 2200000 | 1765500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/12/2051 <sup>(A)</sup> | 1210000 | 821287 |
|  |  | 2586787 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 45** 

------

##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Republic of Korea - 0.3%** | **Republic of Korea - 0.3%** | **Republic of Korea - 0.3%** |
|  POSCO <br>4.50%, 08/04/2027 <sup>(A)</sup> | $550000 | $510934 |
| **Republic of South Africa - 0.4%** | **Republic of South Africa - 0.4%** | **Republic of South Africa - 0.4%** |
|  Eskom Holdings SOC Ltd. <br>7.50%, 09/15/2033 | ZAR 20,000,000 | 763300 |
| **Saudi Arabia - 0.4%** | **Saudi Arabia - 0.4%** | **Saudi Arabia - 0.4%** |
|  Saudi Arabian Oil Co. <br>4.25%, 04/16/2039 <sup>(B)</sup> | $1000000 | 820500 |
| **Singapore - 0.5%** | **Singapore - 0.5%** | **Singapore - 0.5%** |
|  LLPL Capital Pte Ltd. <br>6.88%, 02/04/2039 <sup>(B)</sup> | 25596 | 19684 |
|  Medco Laurel Tree Pte Ltd. <br>6.95%, 11/12/2028 <sup>(A)</sup> | 1220000 | 935472 |
|  |  | 955156 |
| **Thailand - 0.4%** | **Thailand - 0.4%** | **Thailand - 0.4%** |
|  GC Treasury Center Co. Ltd. <br>5.20%, 03/30/2052 <sup>(A)</sup> | 1000000 | 696131 |
| **United Arab Emirates - 1.1%** | **United Arab Emirates - 1.1%** | **United Arab Emirates - 1.1%** |
|  Acwa Power Management & Investments One Ltd. <br>5.95%, 12/15/2039 <sup>(A)</sup> | 998000 | 869258 |
|  MDGH GMTN (RSC) Ltd. <br>5.50%, 04/28/2033 <sup>(A)</sup> | 460000 | 456909 |
|  Sweihan PV Power Co. PJSC <br>3.63%, 01/31/2049 <sup>(A)</sup> | 993210 | 755336 |
|  |  | 2081503 |
| **United Kingdom - 1.6%** | **United Kingdom - 1.6%** | **United Kingdom - 1.6%** |
|  Energean PLC <br>6.50%, 04/30/2027 <sup>(A)</sup> <sup>(G)</sup> | 1130000 | 998332 |
|  Liquid Telecommunications Financing PLC <br>5.50%, 09/04/2026 <sup>(A)</sup> | 750000 | 517500 |
|  Tullow Oil PLC <br>10.25%, 05/15/2026 <sup>(A)</sup> | 1119000 | 953948 |
|  Vedanta Resources Finance II PLC<br>8.95%, 03/11/2025 <sup>(A)</sup> | 1070000 | 674496 |
|  |  | 3144276 |
| **United States - 1.4%** | **United States - 1.4%** | **United States - 1.4%** |
|  Kosmos Energy Ltd. <br>7.75%, 05/01/2027 <sup>(A)</sup> | 800000 | 646000 |
|  New Fortress Energy, Inc. <br>6.50%, 09/30/2026 <sup>(A)</sup> | 920000 | 891011 |
|  Sasol Financing USA LLC <br>5.50%, 03/18/2031 <sup>(G)</sup> | 1500000 | 1128240 |
|  |  | 2665251 |
| **Venezuela - 0.2%** | **Venezuela - 0.2%** | **Venezuela - 0.2%** |
|  Petroleos de Venezuela SA <br>8.50%, 10/27/2020 <sup>(B)</sup> <sup>(D)</sup> <sup>(H)</sup> | 1945000 | 340375 |
| **Virgin Islands, British - 0.2%** | **Virgin Islands, British - 0.2%** | **Virgin Islands, British - 0.2%** |
|  Studio City Finance Ltd. <br>6.50%, 01/15/2028 <sup>(B)</sup> | 940000 | 393797 |
|  **Total Corporate Debt Securities <br>(Cost $93,387,078)** | **Total Corporate Debt Securities <br>(Cost $93,387,078)** | 73041006 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 54.0%** | **FOREIGN GOVERNMENT OBLIGATIONS - 54.0%** | **FOREIGN GOVERNMENT OBLIGATIONS - 54.0%** |
| **Angola - 1.3%** | **Angola - 1.3%** | **Angola - 1.3%** |
| Angolan Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/09/2028 <sup>(B)</sup> | $595000 | $500395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 11/26/2049 <sup>(B)</sup> | 1965000 | 1477680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025 <sup>(B)</sup> | 450000 | 438381 |
|  |  | 2416456 |
| **Argentina - 1.3%** | **Argentina - 1.3%** | **Argentina - 1.3%** |
| Argentine Republic Government<br>International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50% <sup>(I)</sup>, 07/09/2030 | 2200000 | 463361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% <sup>(I)</sup>, 07/09/2035 - 07/09/2046 | 9970000 | 2012093 |
|  |  | 2475454 |
| **Bermuda - 0.9%** | **Bermuda - 0.9%** | **Bermuda - 0.9%** |
|  Bermuda Government International Bonds <br>5.00%, 07/15/2032 <sup>(A)</sup> | 1915000 | 1774316 |
| **Brazil - 4.1%** | **Brazil - 4.1%** | **Brazil - 4.1%** |
|  Brazil Notas do Tesouro Nacional <br>Series F, <br>10.00%, 01/01/2023 - 01/01/2033 | BRL 41,559,000 | 7839299 |
| **Cayman Islands - 0.9%** | **Cayman Islands - 0.9%** | **Cayman Islands - 0.9%** |
|  KSA Sukuk Ltd. <br>5.27%, 10/25/2028 <sup>(A)</sup> | $1695000 | 1706638 |
| **Chile - 1.6%** | **Chile - 1.6%** | **Chile - 1.6%** |
|  Bonos de la Tesoreria de la Republica en pesos <br>4.70%, 09/01/2030 <sup>(B)</sup> | CLP 625,000,000 | 594224 |
| Chile Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/31/2027 | $1625000 | 1463105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/07/2041 <sup>(G)</sup> | 1635000 | 1077974 |
|  |  | 3135303 |
| **China - 0.6%** | **China - 0.6%** | **China - 0.6%** |
|  China Government Bonds <br>3.27%, 11/19/2030 | CNY 8,350,000 | 1190774 |
| **Colombia - 2.2%** | **Colombia - 2.2%** | **Colombia - 2.2%** |
| Colombia Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/15/2031 | $1180000 | 807580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2029 | 370000 | 297976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/26/2044 | 1170000 | 758786 |
| Colombia TES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/28/2028 | COP 8,214,500,000 | 1184354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/09/2036 | 10547500000 | 1153918 |
|  |  | 4202614 |
| **Cote d'Ivoire - 0.9%** | **Cote d'Ivoire - 0.9%** | **Cote d'Ivoire - 0.9%** |
| Ivory Coast Government<br>International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/30/2032 <sup>(A)</sup> | EUR 1,040,000 | 719877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/17/2040 <sup>(A)</sup> | 1530000 | 1009275 |
|  |  | 1729152 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 46** 

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##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Dominican Republic - 1.0%** | **Dominican Republic - 1.0%** | **Dominican Republic - 1.0%** |
| Dominican Republic International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/2032 <sup>(A)</sup> | $1425000 | $1098031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/22/2029 <sup>(A)</sup> | 400000 | 350168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2048 <sup>(A)</sup> | 750000 | 548733 |
|  |  | 1996932 |
| **Ecuador - 0.6%** | **Ecuador - 0.6%** | **Ecuador - 0.6%** |
| Ecuador Government<br>International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50% <sup>(I)</sup>, 07/31/2040 <sup>(A)</sup> | 715000 | 236073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% <sup>(I)</sup>, 07/31/2030 <sup>(B)</sup> | 1865000 | 990235 |
|  |  | 1226308 |
| **Egypt - 0.9%** | **Egypt - 0.9%** | **Egypt - 0.9%** |
| Egypt Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/30/2027 <sup>(A)</sup> | 1885000 | 1370960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/29/2050 <sup>(A)</sup> | 725000 | 429618 |
|  |  | 1800578 |
| **El Salvador - 0.1%** | **El Salvador - 0.1%** | **El Salvador - 0.1%** |
|  El Salvador Government International Bonds <br>6.38%, 01/18/2027 <sup>(B)</sup> | 585000 | 227389 |
| **Ghana - 0.3%** | **Ghana - 0.3%** | **Ghana - 0.3%** |
| Ghana Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/16/2029 <sup>(A)</sup> | 1525000 | 427000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/07/2042 <sup>(B)</sup> | 650000 | 177125 |
|  |  | 604125 |
| **Guatemala - 0.4%** | **Guatemala - 0.4%** | **Guatemala - 0.4%** |
|  Guatemala Government Bonds <br>5.25%, 08/10/2029 <sup>(A)</sup> | 755000 | 695284 |
| **Hungary - 1.2%** | **Hungary - 1.2%** | **Hungary - 1.2%** |
|  Hungary Government Bonds <br>4.75%, 11/24/2032 <sup>(G)</sup> | HUF 1,489,980,000 | 2399332 |
| **Indonesia - 6.7%** | **Indonesia - 6.7%** | **Indonesia - 6.7%** |
| Indonesia Government<br>International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/20/2027 | $620000 | 587407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/08/2027 <sup>(A)</sup> | 2750000 | 2638090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2043 <sup>(A)</sup> | 3205000 | 2688350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/20/2032 | 965000 | 892278 |
| Indonesia Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2036 | IDR 26,691,000,000 | 1779617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/15/2034 | 19931000000 | 1348587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FR73, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2031 | 17219000000 | 1186204 |
| Perusahaan Penerbit SBSN<br>Indonesia III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/06/2027 <sup>(A)</sup> | $1185000 | 1130518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/06/2032 <sup>(A)</sup> | 600000 | 560599 |
|  |  | 12811650 |
| **Kenya - 0.6%** | **Kenya - 0.6%** | **Kenya - 0.6%** |
|  Republic of Kenya Government International Bonds <br>6.88%, 06/24/2024 <sup>(A)</sup> | 1230000 | 1071084 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Malaysia - 1.3%** | **Malaysia - 1.3%** | **Malaysia - 1.3%** |
|  Malaysia Government Bonds <br>3.76%, 05/22/2040 | MYR 8,503,000 | $1552483 |
|  Malaysia Sovereign Sukuk Bhd. <br>3.04%, 04/22/2025 <sup>(A)</sup> | $1000000 | 958722 |
|  |  | 2511205 |
| **Mexico - 7.3%** | **Mexico - 7.3%** | **Mexico - 7.3%** |
| Mexico Bonos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/03/2027 | MXN 77,177,100 | 3563949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/05/2024 | 7910000 | 383651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/29/2031 | 69100000 | 3069681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/31/2029 | 63440000 | 2996667 |
| Mexico Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/14/2041 | $2220000 | 1613180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/2029 | 1325000 | 1232124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/2033 | 1300000 | 1148318 |
|  |  | 14007570 |
| **Nigeria - 0.7%** | **Nigeria - 0.7%** | **Nigeria - 0.7%** |
|  Nigeria Government International Bonds <br>8.38%, 03/24/2029 <sup>(A)</sup> | 1785000 | 1289663 |
| **Oman - 0.9%** | **Oman - 0.9%** | **Oman - 0.9%** |
| Oman Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/2031 <sup>(A)</sup> | 1250000 | 1190625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/25/2051 <sup>(A)</sup> | 590000 | 502649 |
|  |  | 1693274 |
| **Panama - 1.0%** | **Panama - 1.0%** | **Panama - 1.0%** |
|  Panama Government International Bonds <br>4.50%, 01/19/2063 | 2965000 | 1910869 |
| **Peru - 1.7%** | **Peru - 1.7%** | **Peru - 1.7%** |
| Peru Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 01/23/2026 | 880000 | 794112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/2031 | 1100000 | 867970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 | 1000000 | 749640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 08/12/2037 <sup>(A)</sup> | PEN 4,214,000 | 907402 |
|  |  | 3319124 |
| **Poland - 1.0%** | **Poland - 1.0%** | **Poland - 1.0%** |
|  Republic of Poland Government Bonds <br>Series 0432, <br>1.75%, 04/25/2032 | PLN 16,596,000 | 2007886 |
| **Qatar - 0.4%** | **Qatar - 0.4%** | **Qatar - 0.4%** |
|  Qatar Government International Bonds <br>3.40%, 04/16/2025 <sup>(A)</sup> | $750000 | 723134 |
| **Republic of Korea - 1.8%** | **Republic of Korea - 1.8%** | **Republic of Korea - 1.8%** |
| Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2027 | 1375000 | 1301070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/15/2024 <sup>(A)</sup> | IDR 15,200,000,000 | 980362 |
|  Korea Development Bank <br>4.00%, 09/08/2025 | $825000 | 796987 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 47** 

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##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
|  Korea Electric Power Corp. <br>5.50%, 04/06/2028 <sup>(A)</sup> | $365000 | $361533 |
|  |  | 3439952 |
| **Republic of South Africa - 3.5%** | **Republic of South Africa - 3.5%** | **Republic of South Africa - 3.5%** |
| Republic of South Africa Government<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/28/2031 | ZAR 23,462,700 | 989153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/31/2032 | 34976000 | 1567839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 02/28/2035 | 47923000 | 2125766 |
| Republic of South Africa Government<br>International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/2032 | $900000 | 768888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/20/2052 | 1600000 | 1252000 |
|  |  | 6703646 |
| **Romania - 1.7%** | **Romania - 1.7%** | **Romania - 1.7%** |
|  Romania Government Bonds <br>4.25%, 04/28/2036 | RON 15,650,000 | 1936305 |
| Romania Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/27/2027 <sup>(A)</sup> | $1000000 | 856896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/25/2034 <sup>(A)</sup> <sup>(G)</sup> | 549000 | 462610 |
|  |  | 3255811 |
| **Saudi Arabia - 1.4%** | **Saudi Arabia - 1.4%** | **Saudi Arabia - 1.4%** |
| Saudi Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/04/2047 <sup>(A)</sup> | 1913000 | 1537363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/25/2032 <sup>(A)</sup> | 1085000 | 1098563 |
|  |  | 2635926 |
| **Supranational - 0.8%** | **Supranational - 0.8%** | **Supranational - 0.8%** |
|  Asian Development Bank <br>6.20%, 10/06/2026 | INR 38,300,000 | 440107 |
|  Asian Infrastructure Investment Bank <br>6.00%, 12/08/2031 <sup>(B)</sup> | 38300000 | 409164 |
|  Banque Ouest Africaine de Developpement <br>4.70%, 10/22/2031 <sup>(A)</sup> | $800000 | 603328 |
|  |  | 1452599 |
| **Thailand - 1.0%** | **Thailand - 1.0%** | **Thailand - 1.0%** |
| Thailand Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 12/17/2035 | THB 58,162,000 | 1204694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 06/25/2032 | 24413000 | 669855 |
|  |  | 1874549 |
| **Tunisia - 0.6%** | **Tunisia - 0.6%** | **Tunisia - 0.6%** |
|  Tunisian Republic <br>5.75%, 01/30/2025 <sup>(B)</sup> | $1890000 | 1183624 |
| **Turkey - 1.4%** | **Turkey - 1.4%** | **Turkey - 1.4%** |
|  Hazine Mustesarligi Varlik Kiralama AS<br>9.76%, 11/13/2025 <sup>(A)</sup> | 1360000 | 1372308 |
|  Turkey Government International Bonds <br>6.00%, 03/25/2027 | 1510000 | 1315346 |
|  |  | 2687654 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Ukraine - 0.4%** | **Ukraine - 0.4%** | **Ukraine - 0.4%** |
| Ukraine Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon <sup>(F)</sup>, 08/01/2041 <sup>(B)</sup> | $870000 | $215760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/2026 <sup>(B)</sup> <sup>(G)</sup> | 1400000 | 226800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/2027 <sup>(B)</sup> | 2450000 | 382200 |
|  |  | 824760 |
| **United Arab Emirates - 0.3%** | **United Arab Emirates - 0.3%** | **United Arab Emirates - 0.3%** |
|  UAE International Government Bonds <br>4.95%, 07/07/2052 <sup>(A)</sup> <sup>(G)</sup> | 680000 | 617100 |
| **Venezuela - 0.3%** | **Venezuela - 0.3%** | **Venezuela - 0.3%** |
|  Venezuela Government International Bonds <br>9.00%, 05/07/2023 <sup>(B)</sup> <sup>(D)</sup> <sup>(H)</sup> | 9260000 | 532450 |
| **Virgin Islands, British - 0.6%** | **Virgin Islands, British - 0.6%** | **Virgin Islands, British - 0.6%** |
|  1MDB Global Investments Ltd. <br>4.40%, 03/09/2023 <sup>(B)</sup> | 1200000 | 1175764 |
| **Zambia - 0.3%** | **Zambia - 0.3%** | **Zambia - 0.3%** |
| Zambia Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/20/2022 <sup>(B)</sup> | 1725000 | 589105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/14/2024 <sup>(B)</sup> | 200000 | 79500 |
|  |  | 668605 |
|  **Total Foreign Government Obligations <br>(Cost $126,850,131)** | **Total Foreign Government Obligations <br>(Cost $126,850,131)** | 103817853 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 2.6%** | **OTHER INVESTMENT COMPANY - 2.6%** | **OTHER INVESTMENT COMPANY - 2.6%** |
| **Securities Lending Collateral - 2.6%** | **Securities Lending Collateral - 2.6%** | **Securities Lending Collateral - 2.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(J)</sup> | 4931022 | 4931022 |
|  **Total Other Investment Company <br>(Cost $4,931,022)** | **Total Other Investment Company <br>(Cost $4,931,022)** | 4931022 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 6.5%** | **REPURCHASE AGREEMENT - 6.5%** | **REPURCHASE AGREEMENT - 6.5%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(J)</sup>, dated 10/31/2022, to be repurchased at $12,389,879 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $12,637,317. | $12389501 | 12389501 |
|  **Total Repurchase Agreement <br>(Cost $12,389,501)** | **Total Repurchase Agreement <br>(Cost $12,389,501)** | 12389501 |
|  **Total Investments <br>(Cost $237,557,732)** | **Total Investments <br>(Cost $237,557,732)** | 194179382 |
|  **Net Other Assets (Liabilities) - (1.1)%** | **Net Other Assets (Liabilities) - (1.1)%** | (2052932) |
|  **Net Assets - 100.0%** |  | **$192126450** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 48** 

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##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  GSB | 11/03/2022 | USD | 5511810 | BRL | 29200195 | $— | $(136969) |
|  GSB | 11/03/2022 | BRL | 29200195 | USD | 5507705 | 141074 |  |
|  GSB | 12/02/2022 | USD | 2934278 | BRL | 15723528 |  | (87761) |
|  GSB | 12/02/2022 | BRL | 7887150 | USD | 1469701 | 46198 |  |
|  HSBC | 11/02/2022 | USD | 2001190 | HUF | 868076337 |  | (92929) |
|  HSBC | 11/02/2022 | HUF | 868076337 | USD | 2008599 | 85520 |  |
|  HSBC | 11/30/2022 | USD | 3274541 | MXN | 65525211 |  | (13598) |
|  HSBC | 11/30/2022 | USD | 2061272 | PLN | 9792896 | 17677 |  |
|  HSBC | 11/30/2022 | THB | 111312747 | USD | 2951418 |  | (19918) |
|  JPM | 11/30/2022 | USD | 1670590 | EUR | 1663865 | 22775 |  |
|  MSC | 11/30/2022 | USD | 672865 | HUF | 275941937 | 13083 |  |
| **Total** |  |  |  |  |  | $**326327** | $**(351175)** |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Foreign Government Obligations | 53.5% | $&nbsp;&nbsp;&nbsp;&nbsp;103817853 |
|  Oil, Gas & Consumable Fuels | 12.3 | 23970002 |
|  Electric Utilities | 4.5 | 8730622 |
|  Metals & Mining | 2.9 | 5582613 |
|  Chemicals | 2.5 | 4863526 |
|  Food Products | 1.9 | 3700487 |
|  Diversified Telecommunication Services | 1.4 | 2685207 |
|  Wireless Telecommunication Services | 1.4 | 2683568 |
|  Banks | 1.3 | 2445984 |
|  Energy Equipment & Services | 1.1 | 2125055 |
|  Construction & Engineering | 1 | 1974898 |
|  Transportation Infrastructure | 0.9 | 1669518 |
|  Beverages | 0.8 | 1564614 |
|  Hotels, Restaurants & Leisure | 0.6 | 1228970 |
|  Internet & Direct Marketing Retail | 0.6 | 1216674 |
|  Real Estate Management & Development | 0.6 | 1070868 |
|  Pharmaceuticals | 0.5 | 1056250 |
|  Paper & Forest Products | 0.5 | 976231 |
|  Professional Services | 0.5 | 869258 |
|  Specialty Retail | 0.4 | 846262 |
|  Insurance | 0.4 | 763317 |
|  Road & Rail | 0.3 | 647815 |
|  Technology Hardware, Storage & Peripherals | 0.3 | 536638 |
|  Capital Markets | 0.2 | 456909 |
|  Marine | 0.2 | 440632 |
|  Internet & Catalog Retail | 0.2 | 380521 |
|  Equity Real Estate Investment Trusts | 0.2 | 369879 |
|  Interactive Media & Services | 0.1 | 184688 |
|  **Investments** | **91.1** | **176858859** |
|  Short-Term Investments | 8.9 | 17320523 |
|  **Total Investments** | **100.0%** | $**194179382** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 49** 

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##### [**Table of Contents**](#toc)
**Transamerica Emerging Markets Debt** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(K)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Corporate Debt Securities | $— | $73041006 | $— | $73041006 |
|  Foreign Government Obligations |  | 103817853 |  | 103817853 |
|  Other Investment Company | 4931022 |  |  | 4931022 |
|  Repurchase Agreement |  | 12389501 |  | 12389501 |
|  **Total Investments** | $**4931022** | $**189248360** | $**—** | $**194179382** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(L)</sup> | $— | $326327 | $— | $326327 |
|  **Total Other Financial Instruments** | $**—** | $**326327** | $**—** | $**326327** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(L)</sup> | $— | $(351175) | $— | $(351175) |
|  **Total Other Financial Instruments** | $**—** | $**(351175)** | $**—** | $**(351175)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $80,139,372, representing 41.7% of the Fund's net assets.* 

(B) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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, 2022, the total value of Regulation S securities is $21,145,601, representing 11.0% of the Fund's net assets.* 

(C) *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.* 

(D) *Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2022, the total value of such securities is $1,015,925, representing 0.5% of the Fund's net assets.* 

(E) *Perpetual maturity. The date displayed is the next call date.* 

(F) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(G) *All or a portion of the securities are on loan. The total value of all securities on loan is $5,015,703, collateralized by cash collateral of $4,931,022 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $280,775. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(H) *Non-income producing securities.* 

(I) *Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2022; the maturity dates disclosed are the ultimate maturity dates.* 

(J) *Rates disclosed reflect the yields at October 31, 2022.* 

(K) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(L) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

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**Transamerica Emerging Markets Debt** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL* | *Brazilian Real* |
| *CLP* | *Chilean Peso* |
| *CNY* | *Chinese Yuan Renminbi (onshore)* |
| *COP* | *Columbian Peso* |
| *EUR* | *Euro* |
| *HUF* | *Hungarian Forint* |
| *IDR* | *Indonesian Rupiah* |
| *INR* | *Indian Rupee* |
| *MXN* | *Mexican Peso* |
| *MYR* | *Malaysian Ringgit* |
| *PEN* | *Peruvian Sol* |
| *PLN* | *Polish Zloty* |
| *RON* | *New Romanian Leu* |
| *THB* | *Thai Baht* |
| *USD* | *United States Dollar* |
| *ZAR* | *South African Rand* |

---

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *GSB* | *Goldman Sachs Bank* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *MSC* | *Morgan Stanley & Co.* |

---

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

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**Page 51** 

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**Transamerica Emerging Markets Opportunities** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

During the fiscal year ended October 31, 2022, emerging markets sold off as global economic conditions decelerated amid elevated geopolitical tensions, ongoing supply-chain disruptions, and surging food and energy prices. Tighter global monetary policy also weighed on investor sentiment. Among regions, Latin America significantly outperformed. The crisis in Ukraine drove energy, grains, and metals prices sharply higher, which benefited the region's economies that rely heavily on commodity exports. Brazil, Chile, Mexico, and Peru generated outsized gains. In the third quarter of 2022, Brazil bolstered the region. While the country's central bank hiked interest rates by 0.50%, guidance was more dovish than expected, signaling a potential end to the bank's aggressive policy-tightening cycle.

Europe, the Middle East, and Africa ended the period lower as several countries were hampered by the spillover effects of the Russia/Ukraine war. Many traditional supply routes for food and energy were cut off or remapped, exacerbating inflation in countries such as Poland and the Czech Republic. A strengthening U.S. dollar and slowing global economic growth weighed on markets in the Persian Gulf, while higher energy prices supported oil-exporting nations.

Asian equities were dragged down by China, where a steep drop in stocks reflected anxiety about the health of the economy, strains from China's zero-COVID approach, weakening global demand, and a worsening property market crisis. Chinese authorities pledged greater support for the economy and the property sector, as investors grew wary of the country's growth prospects. In October, President Xi Jinping clinched a third term in office and appointed a new team of loyalists that further consolidated his power. The trade-dependent economies of Taiwan and South Korea were hampered by slowing global growth, supply chain disruptions, and higher energy prices which threatened to curb the demand for semiconductors and electronic equipment. Additionally, Taiwan fell amid increased geopolitical tensions with China and a sell-off in technology stocks.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Emerging Markets Opportunities (Class I) returned -37.56%. By comparison, its benchmark, the MSCI Emerging Markets Index, returned -30.73%.

**STRATEGY REVIEW** 

During the fiscal year ended October 31, 2022, holdings in the energy, utilities, and materials sectors detracted most from the Fund's relative performance. From a country perspective, holdings and an overweight in China detracted most, followed by an overweight and holdings in Russia and holdings in Taiwan. The Fund's largest individual relative detractors included overweights to Gazprom PJSC, XPeng, Inc., and Lukoil PJSC. Russian stocks, including Gazprom PJSC, and Lukoil PJSC, tumbled as the standoff between the West and Russia over the conflict in Ukraine intensified and increasing sanctions against Russia wiped out almost $2 billion in stock market value in the first quarter of 2022. XPeng, Inc., the leading electric vehicle manufacturer in China, suffered from the country's zero-COVID lockdown policies. In the long run, we believe XPeng, Inc. could be a winner in the Chinese EV market. It has a strong management team and excellent technology, in our view, in terms of electric power and autonomous driving software.

Individual relative contributors included overweights to Axis Bank, Ltd. (India), Bharti Airtel Ltd. (India), and Petroleo Brasileiro SA (Brazil). Axis Bank, Ltd. benefited from market consolidation in India that led to higher growth, improving profitability and operating leverage for the country's four major banks, which includes Axis Bank, Ltd. India-based wireless operator Bharti Airtel Ltd. announced that it signed 5G network agreements with Ericsson, Nokia, and Samsung to commence 5G deployment. Petroleo Brasileiro SA, the Brazilian integrated oil and gas company, reported strong results on the back of higher oil prices. Free-cash-flow generation remained good, and the company distributed a record dividend payout.

**Mary L. Pryshlak, CFA** 

**Jonathan G. White, CFA** 

**Co-Portfolio Managers** 

**Wellington Management Company LLP** 

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**Transamerica Emerging Markets Opportunities** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 92.6% |
|  Preferred Stocks | 3.4 |
|  Other Investment Company | 2.5 |
|  Net Other Assets (Liabilities) ^ | 1.5 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| *^* | *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.*  |

---

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**Transamerica Emerging Markets Opportunities** 

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**(unaudited)**![LOGO](g404440g76q97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I (NAV) | (37.56)% | (9.89)% | 12/19/2019 |
|  MSCI Emerging Markets Index <sup>(A)</sup> | (30.73)% | (6.34)% |  |
|  Class I2 (NAV) | (37.55)% | (9.85)% | 12/19/2019 |
|  Class R6 (NAV) | (37.58)% | (31.30)% | 05/28/2021 |

---

<sup>(A)</sup> *The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Foreign and emerging market investments involve risks not associated with U.S. markets, such as currency fluctuation, adverse social and political developments, and the relatively small size, lower trading volumes and lesser liquidity of the markets. An investment in emerging market securities should be considered speculative.

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**Page 54** 

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**Transamerica Emerging Markets Opportunities** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 92.6%** | **COMMON STOCKS - 92.6%** | **COMMON STOCKS - 92.6%** |
| **Brazil - 6.6%** | **Brazil - 6.6%** | **Brazil - 6.6%** |
|  Banco do Brasil SA | 995000 | $7130946 |
|  BB Seguridade Participacoes SA | 500600 | 2877323 |
|  Cia de Saneamento Basico do Estado de Sao Paulo | 454000 | 5282238 |
|  Hapvida Participacoes e Investimentos SA <sup>(A)</sup> | 1792848 | 2707233 |
|  Magazine Luiza SA | 3868376 | 3347525 |
|  Petroleo Brasileiro SA | 1654851 | 10655376 |
|  Raia Drogasil SA | 426929 | 2174524 |
|  TIM SA | 2133100 | 5450957 |
|  TOTVS SA | 84300 | 541165 |
|  Vale SA, ADR <sup>(B)</sup> | 987035 | 12772233 |
|  |  | 52939520 |
| **Cayman Islands - 0.9%** | **Cayman Islands - 0.9%** | **Cayman Islands - 0.9%** |
|  Sands China Ltd. <sup>(C)</sup> | 4356800 | 7616663 |
| **China - 29.6%** | **China - 29.6%** | **China - 29.6%** |
|  Airtac International Group | 194635 | 4453915 |
|  Alibaba Group Holding Ltd. <sup>(C)</sup> | 1202469 | 9349084 |
|  Amoy Diagnostics Co. Ltd., A Shares | 287731 | 925030 |
|  Angang Steel Co. Ltd., A Shares | 2902400 | 978984 |
|  Angang Steel Co. Ltd., H Shares | 666000 | 138187 |
|  Anhui Conch Cement Co. Ltd., H Shares | 918500 | 2364156 |
|  ANTA Sports Products Ltd. | 953798 | 8385426 |
|  Asymchem Laboratories Tianjin Co. Ltd., A Shares | 43700 | 853071 |
|  Asymchem Laboratories Tianjin Co. Ltd., H Shares <sup>(A)</sup> <sup>(B)</sup> | 86899 | 930933 |
|  Baidu, Inc., Class A <sup>(C)</sup> | 125900 | 1207003 |
|  Bank of Ningbo Co. Ltd., A Shares | 871100 | 2843114 |
|  Baoshan Iron & Steel Co. Ltd., A Shares | 3387900 | 2237110 |
|  BYD Co. Ltd., H Shares | 32000 | 716900 |
|  China Construction Bank Corp., H Shares | 12213922 | 6481785 |
|  China Longyuan Power Group Corp. Ltd., H Shares | 6680175 | 7633236 |
|  China Merchants Bank Co. Ltd., H Shares | 1916068 | 6273014 |
|  China National Building Material Co. Ltd., H Shares | 4418000 | 2565382 |
|  China Pacific Insurance Group Co. Ltd., H Shares | 1219488 | 1965806 |
|  China Railway Group Ltd., A Shares | 3554500 | 2432859 |
|  China Tourism Group Duty Free Corp. Ltd., A Shares | 286106 | 6286710 |
|  China Vanke Co. Ltd., H Shares | 1016500 | 1304502 |
|  China Yangtze Power Co. Ltd., A Shares | 1085260 | 3020183 |
|  CITIC Ltd. | 475000 | 425051 |
|  Contemporary Amperex Technology Co. Ltd., A Shares | 265500 | 13625384 |
|  Country Garden Services Holdings Co. Ltd. | 255079 | 222946 |
|  CSC Financial Co. Ltd., H Shares <sup>(A)</sup> <sup>(B)</sup> | 5489822 | 3980117 |
|  CSPC Pharmaceutical Group Ltd. | 2173981 | 2233030 |
|  ENN Energy Holdings Ltd. | 595336 | 5918857 |
|  Ganfeng Lithium Group Co. Ltd., H Shares <sup>(A)</sup> <sup>(B)</sup> | 590808 | 3996000 |
|  GDS Holdings Ltd., ADR <sup>(C)</sup> | 44101 | 380592 |
|  Glodon Co. Ltd., A Shares | 403900 | 2737088 |
|  Great Wall Motor Co. Ltd., H Shares | 783500 | 855897 |
|  Guangzhou Tinci Materials Technology Co. Ltd., A Shares | 610000 | 3554282 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
|  H World Group Ltd., ADR | 17203 | $465857 |
|  Haidilao International Holding Ltd. <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> | 1592000 | 2363851 |
|  Hangzhou Tigermed Consulting Co. Ltd., A Shares | 113400 | 1295886 |
|  Hangzhou Tigermed Consulting Co. Ltd., H Shares <sup>(A)</sup> <sup>(B)</sup> | 165900 | 1126702 |
|  Industrial & Commercial Bank of China Ltd., H Shares | 10759503 | 4671403 |
|  JD.com, Inc., ADR | 96903 | 3613513 |
|  JD.com, Inc., Class A | 165888 | 3020905 |
|  KE Holdings, Inc., ADR <sup>(C)</sup> | 691033 | 7034716 |
|  Kingdee International Software Group Co. Ltd. <sup>(C)</sup> | 1695000 | 2777445 |
|  Li Ning Co. Ltd. | 385052 | 1991843 |
|  Longfor Group Holdings Ltd. <sup>(A)</sup> | 94396 | 120278 |
|  Meituan, Class B <sup>(A)</sup> <sup>(C)</sup> | 608412 | 9741001 |
|  Metallurgical Corp. of China Ltd., A Shares | 3238000 | 1280094 |
|  Microport Scientific Corp. <sup>(B)</sup> <sup>(C)</sup> | 332400 | 702259 |
|  NetEase, Inc. | 254980 | 2829066 |
|  Onewo, Inc., Class H <sup>(C)</sup> | 128989 | 488865 |
|  Ping An Insurance Group Co. of China Ltd., H Shares | 1238158 | 4956830 |
|  Poly Developments & Holdings Group Co. Ltd., A Shares | 140700 | 267341 |
|  Proya Cosmetics Co. Ltd., A Shares | 36300 | 831712 |
|  Qinghai Salt Lake Industry Co. Ltd., A Shares <sup>(C)</sup> | 421700 | 1245315 |
|  Remegen Co. Ltd., H Shares <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> | 158500 | 997434 |
|  SAIC Motor Corp. Ltd., A Shares | 627000 | 1183607 |
|  Sany Heavy Industry Co. Ltd., A Shares | 899100 | 1668408 |
|  Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 2721878 | 3750163 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 485500 | 1226007 |
|  Shanghai Putailai New Energy Technology Co. Ltd., A Shares | 277400 | 1898805 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., A Shares | 84500 | 3777361 |
|  Sinoma Science & Technology Co. Ltd., A Shares | 1733630 | 4258528 |
|  Tencent Holdings Ltd. | 1016162 | 26701458 |
|  Trip.com Group Ltd., ADR <sup>(C)</sup> | 86640 | 1960663 |
|  Trip.com Group Ltd. <sup>(C)</sup> | 65200 | 1464542 |
|  WuXi AppTec Co. Ltd., A Shares | 135900 | 1424199 |
|  WuXi AppTec Co. Ltd., H Shares <sup>(A)</sup> | 202048 | 1621684 |
|  Wuxi Lead Intelligent Equipment Co. Ltd., A Shares | 219800 | 1511203 |
|  XPeng, Inc., A Shares <sup>(B)</sup> <sup>(C)</sup> | 795838 | 2547894 |
|  Xtep International Holdings Ltd. | 2664500 | 2442210 |
|  Yatsen Holding Ltd., ADR <sup>(B)</sup> <sup>(C)</sup> | 1440449 | 1627707 |
|  Yifeng Pharmacy Chain Co. Ltd., A Shares | 311688 | 2398883 |
|  Yihai International Holding Ltd. <sup>(C)</sup> | 2483241 | 4092231 |
|  Yum China Holdings, Inc. | 22726 | 939720 |
|  Yunnan Energy New Material Co. Ltd., A Shares | 209201 | 4242693 |
|  Zhejiang HangKe Technology, Inc. Co., A Shares | 207776 | 1426715 |
|  Zhongsheng Group Holdings Ltd. | 260000 | 986780 |

---

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

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**Page 55** 

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**Transamerica Emerging Markets Opportunities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **China (continued)** | **China (continued)** | **China (continued)** |
|  Zoomlion Heavy Industry Science & Technology Co. Ltd., A Shares | 3160878 | $2320226 |
|  |  | 238569637 |
| **Czech Republic - 1.5%** | **Czech Republic - 1.5%** | **Czech Republic - 1.5%** |
|  Komercni Banka AS | 415850 | 11910061 |
| **Greece - 0.5%** | **Greece - 0.5%** | **Greece - 0.5%** |
|  Hellenic Telecommunications Organization SA | 244579 | 3841001 |
| **Hong Kong - 2.8%** | **Hong Kong - 2.8%** | **Hong Kong - 2.8%** |
|  AIA Group Ltd. | 1876741 | 14215919 |
|  China Overseas Land & Investment Ltd. | 551974 | 1054777 |
|  China Resources Beer Holdings Co. Ltd. | 504000 | 2378147 |
|  ESR Group Ltd. <sup>(A)</sup> | 137983 | 235310 |
|  Melco Resorts & Entertainment Ltd., ADR <sup>(C)</sup> | 820255 | 4486795 |
|  Sun Hung Kai Properties Ltd. | 48500 | 521196 |
|  |  | 22892144 |
| **Hungary - 0.5%** | **Hungary - 0.5%** | **Hungary - 0.5%** |
|  MOL Hungarian Oil & Gas PLC | 696055 | 4179178 |
| **India - 15.8%** | **India - 15.8%** | **India - 15.8%** |
|  Apollo Hospitals Enterprise Ltd. | 58245 | 3175122 |
|  Axis Bank Ltd., GDR | 192433 | 10391382 |
|  Axis Bank Ltd. | 1001114 | 10978694 |
|  Bharat Electronics Ltd. | 2693925 | 3484696 |
|  Bharti Airtel Ltd. | 1851759 | 18622751 |
|  HDFC Life Insurance Co. Ltd. <sup>(A)</sup> | 226849 | 1482628 |
|  ICICI Bank Ltd. | 402550 | 4426422 |
|  Infosys Ltd., ADR <sup>(B)</sup> | 584280 | 10943564 |
|  Kotak Mahindra Bank Ltd. | 636622 | 14655195 |
|  Mahindra & Mahindra Ltd., GDR | 225583 | 3677003 |
|  Mahindra & Mahindra Ltd. | 109638 | 1791130 |
|  PI Industries Ltd. | 24013 | 941476 |
|  Power Grid Corp. of India Ltd. | 1420576 | 3909168 |
|  Reliance Industries Ltd., GDR <sup>(A)</sup> | 124330 | 7590346 |
|  Reliance Industries Ltd. | 622731 | 19186821 |
|  SBI Life Insurance Co. Ltd. <sup>(A)</sup> | 330576 | 5065841 |
|  Tata Steel Ltd. | 1736433 | 2120320 |
|  UPL Ltd. | 334705 | 2962099 |
|  Zomato Ltd. <sup>(C)</sup> | 2001128 | 1525096 |
|  |  | 126929754 |
| **Indonesia - 4.5%** | **Indonesia - 4.5%** | **Indonesia - 4.5%** |
|  Aneka Tambang Tbk | 8358900 | 989428 |
|  Bank Central Asia Tbk PT | 13768863 | 7783226 |
|  Bank Rakyat Indonesia Persero Tbk PT | 63953532 | 19079455 |
|  Telkom Indonesia Persero Tbk PT | 29453500 | 8272039 |
|  |  | 36124148 |
| **Japan - 0.3%** | **Japan - 0.3%** | **Japan - 0.3%** |
|  Tokyo Electron Ltd. <sup>(B)</sup> | 8033 | 2113454 |
| **Jordan - 0.1%** | **Jordan - 0.1%** | **Jordan - 0.1%** |
|  Hikma Pharmaceuticals PLC | 68746 | 986864 |
| **Mexico - 0.6%** | **Mexico - 0.6%** | **Mexico - 0.6%** |
|  Fibra Uno Administracion SA de CV, REIT | 242215 | 282766 |
|  Grupo Mexico SAB de CV, Series B | 940943 | 3389446 |
|  Orbia Advance Corp. SAB de CV | 709700 | 1193878 |
|  |  | 4866090 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands - 0.6%** | **Netherlands - 0.6%** | **Netherlands - 0.6%** |
|  ASML Holding NV <sup>(B)</sup> | 10081 | $4728862 |
| **Peru - 1.1%** | **Peru - 1.1%** | **Peru - 1.1%** |
|  Credicorp Ltd. | 59580 | 8720129 |
| **Philippines - 1.8%** | **Philippines - 1.8%** | **Philippines - 1.8%** |
|  Ayala Land, Inc. | 4600354 | 2041588 |
|  BDO Unibank, Inc. | 5649310 | 12487150 |
|  |  | 14528738 |
| **Republic of Korea - 6.2%** | **Republic of Korea - 6.2%** | **Republic of Korea - 6.2%** |
|  E-MART, Inc. | 37533 | 2225056 |
|  Kangwon Land, Inc. <sup>(C)</sup> | 248862 | 4012493 |
|  NCSoft Corp. | 9398 | 2567339 |
|  POSCO Holdings, Inc. | 11796 | 2055934 |
|  Samsung C&T Corp. | 41392 | 3436015 |
|  Samsung Electronics Co. Ltd. | 594155 | 24728626 |
|  SK Innovation Co. Ltd. <sup>(B)</sup> <sup>(C)</sup> | 32082 | 3884752 |
|  SK Telecom Co. Ltd. | 208641 | 7332002 |
|  |  | 50242217 |
| **Republic of South Africa - 1.8%** | **Republic of South Africa - 1.8%** | **Republic of South Africa - 1.8%** |
|  Discovery Ltd. <sup>(C)</sup> | 379315 | 2481033 |
|  Gold Fields Ltd. | 590184 | 4727846 |
|  Naspers Ltd., N Shares | 35016 | 3609513 |
|  Old Mutual Ltd. | 2617848 | 1485974 |
|  Sibanye Stillwater Ltd. | 875788 | 2051297 |
|  |  | 14355663 |
| **Russian Federation - 0.0% <sup>(D)</sup>** | **Russian Federation - 0.0% <sup>(D)</sup>** | **Russian Federation - 0.0% <sup>(D)</sup>** |
|  Gazprom PJSC, ADR <sup>(C)</sup> <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 2525844 | 0 |
|  Lukoil PJSC, ADR <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 192700 | 0 |
|  MMC Norilsk Nickel PJSC <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 7371 | 0 |
|  Mobile TeleSystems PJSC, ADR <sup>(C)</sup> <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 382338 | 0 |
|  Novatek PJSC, GDR <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 2914 | 0 |
|  Sberbank of Russia PJSC <sup>(C)</sup> <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 1980987 | 0 |
|  Yandex NV, Class A <sup>(C)</sup> <sup>(E)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> | 137164 | 0 |
|  |  | 0 |
| **Saudi Arabia - 1.4%** | **Saudi Arabia - 1.4%** | **Saudi Arabia - 1.4%** |
|  Saudi British Bank | 956598 | 11080830 |
| **Taiwan - 10.3%** | **Taiwan - 10.3%** | **Taiwan - 10.3%** |
|  E Ink Holdings, Inc. | 1668000 | 10598756 |
|  Globalwafers Co. Ltd. | 113504 | 1258071 |
|  Hon Hai Precision Industry Co. Ltd. | 2347000 | 7454252 |
|  MediaTek, Inc. | 262400 | 4783078 |
|  Nanya Technology Corp. | 1309000 | 2206752 |
|  Realtek Semiconductor Corp. | 397834 | 3136228 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 4245678 | 51042403 |
|  Unimicron Technology Corp. | 528000 | 2028771 |
|  |  | 82508311 |
| **Thailand - 3.7%** | **Thailand - 3.7%** | **Thailand - 3.7%** |
|  Bangkok Dusit Medical Services PCL, Class F | 2183100 | 1694410 |
|  Central Pattana PCL | 549818 | 994743 |
|  CP ALL PCL | 889300 | 1402712 |
|  Kasikornbank PCL | 3691835 | 14254838 |
|  PTT Exploration & Production PCL | 2465000 | 11690292 |
|  |  | 30036995 |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 56** 

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**Transamerica Emerging Markets Opportunities** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Arab Emirates - 0.2%** | **United Arab Emirates - 0.2%** | **United Arab Emirates - 0.2%** |
|  Emaar Properties PJSC | 731530 | $1207576 |
| **United Kingdom - 1.8%** | **United Kingdom - 1.8%** | **United Kingdom - 1.8%** |
|  Anglo American PLC | 207052 | 6202077 |
|  Standard Chartered PLC | 1345338 | 8038039 |
|  |  | 14240116 |
| **United States - 0.0% <sup>(D)</sup>** | **United States - 0.0% <sup>(D)</sup>** | **United States - 0.0% <sup>(D)</sup>** |
|  Parade Technologies Ltd. | 19009 | 357977 |
|  **Total Common Stocks <br>(Cost $1,064,403,793)** | **Total Common Stocks <br>(Cost $1,064,403,793)** | 744975928 |
| **PREFERRED STOCKS - 3.4%** | **PREFERRED STOCKS - 3.4%** | **PREFERRED STOCKS - 3.4%** |
| **Brazil - 2.1%** | **Brazil - 2.1%** | **Brazil - 2.1%** |
|  Banco Bradesco SA, <br>3.17% <sup>(I)</sup> | 4258413 | 16372487 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** |
| **Republic of Korea - 1.3%** | **Republic of Korea - 1.3%** | **Republic of Korea - 1.3%** |
|  Samsung Electronics Co. Ltd., <br>2.71% <sup>(I)</sup> | 281022 | $10502323 |
|  **Total Preferred Stocks <br>(Cost $33,104,958)** | **Total Preferred Stocks <br>(Cost $33,104,958)** | 26874810 |
| **OTHER INVESTMENT COMPANY - 2.5%** | **OTHER INVESTMENT COMPANY - 2.5%** | **OTHER INVESTMENT COMPANY - 2.5%** |
| **Securities Lending Collateral - 2.5%** | **Securities Lending Collateral - 2.5%** | **Securities Lending Collateral - 2.5%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(I)</sup> | 20434203 | 20434203 |
|  **Total Other Investment Company <br>(Cost $20,434,203)** | **Total Other Investment Company <br>(Cost $20,434,203)** | 20434203 |
|  **Total Investments <br>(Cost $1,117,942,954)** | **Total Investments <br>(Cost $1,117,942,954)** | 792284941 |
|  **Net Other Assets (Liabilities) - 1.5%** |  | 12347136 |
|  **Net Assets - 100.0%** |  | **$804632077** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  MSCI Emerging Markets Index | 311 | 12/16/2022 | $15155240 | $13273480 | $— | $(1881760) |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Banks | 22.4% | $177578170 |
|  Semiconductors & Semiconductor Equipment | 8.8 | 69626825 |
|  Oil, Gas & Consumable Fuels | 7.2 | 57186765 |
|  Metals & Mining | 5.3 | 41658862 |
|  Technology Hardware, Storage & Peripherals | 4.4 | 35230949 |
|  Insurance | 4.4 | 34531354 |
|  Wireless Telecommunication Services | 4 | 31405710 |
|  Internet & Direct Marketing Retail | 3.9 | 30859112 |
|  Interactive Media & Services | 3.5 | 27908461 |
|  Hotels, Restaurants & Leisure | 2.9 | 23310584 |
|  Chemicals | 2.6 | 20297076 |
|  Electronic Equipment, Instruments & Components | 2.5 | 20081779 |
|  Real Estate Management & Development | 2 | 15493838 |
|  Electrical Equipment | 1.9 | 15052099 |
|  Textiles, Apparel & Luxury Goods | 1.6 | 12819479 |
|  Diversified Telecommunication Services | 1.5 | 12113040 |
|  IT Services | 1.4 | 11324156 |
|  Automobiles | 1.4 | 10772431 |
|  Independent Power & Renewable Electricity Producers | 1.3 | 10653419 |
|  Machinery | 1.3 | 9953752 |
|  Health Care Equipment & Supplies | 1 | 8229783 |
|  Food & Staples Retailing | 1 | 8201175 |
|  Health Care Providers & Services | 1 | 7576765 |
|  Specialty Retail | 0.9 | 7273490 |
|  Pharmaceuticals | 0.8 | 6229905 |
|  Software | 0.8 | 6055698 |

---

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

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 57** 

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**Transamerica Emerging Markets Opportunities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Gas Utilities | 0.8% | $5918857 |
|  Life Sciences Tools & Services | 0.7 | 5468471 |
|  Entertainment | 0.7 | 5396405 |
|  Water Utilities | 0.7 | 5282238 |
|  Construction Materials | 0.6 | 4929538 |
|  Food Products | 0.5 | 4092231 |
|  Capital Markets | 0.5 | 3980117 |
|  Electric Utilities | 0.5 | 3909168 |
|  Industrial Conglomerates | 0.5 | 3861066 |
|  Construction & Engineering | 0.5 | 3712953 |
|  Aerospace & Defense | 0.4 | 3484696 |
|  Multiline Retail | 0.4 | 3347525 |
|  Personal Products | 0.3 | 2459419 |
|  Beverages | 0.3 | 2378147 |
|  Biotechnology | 0.2 | 1922464 |
|  Equity Real Estate Investment Trusts | 0.0 <sup>(D)</sup> | 282766 |
|  **Investments** | **97.4** | **771850738** |
|  Short-Term Investments | 2.6 | 20434203 |
|  **Total Investments** | **100.0%** | $**792284941** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(J)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(K)</sup>** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $119637597 | $625338331 | $0 | $744975928 |
|  Preferred Stocks | 16372487 | 10502323 |  | 26874810 |
|  Other Investment Company | 20434203 |  |  | 20434203 |
|  **Total Investments** | $**156444287** | $**635840654** | $**0** | $**792284941** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(L)</sup> | $(1881760) | $— | $— | $(1881760) |
|  **Total Other Financial Instruments** | $**(1881760)** | $**—** | $**—** | $**(1881760)** |
|  **Transfers** | **Transfers** | **Transfers** | **Transfers** | **Transfers** |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Common Stocks <sup>(G)</sup> | $0 | $— | $0 | $— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $41,959,358, representing 5.2% of the Fund's net assets.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $30,339,544, collateralized by cash collateral of $20,434,203 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,277,268. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 58** 

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**Transamerica Emerging Markets Opportunities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(C) *Non-income producing securities.* 

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

(E) *Securities are Level 3 of the fair value hierarchy.* 

(F) *Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2022, the total value of securities is $0, representing less than 0.1% of the Fund's net assets.* 

(G) *For the period ended October 31, 2022, the valuation technique changed for investments in Russian Federation Common Stocks with a total value of $0 from using market comparable and market transactions, to being worthless because of the Russian invasion of Ukraine, liquidity concerns and US sanctions. This was considered to be a more relevant measure of fair value as of October 31, 2022.* 

(H) *Securities deemed worthless.* 

(I) *Rates disclosed reflect the yields at October 31, 2022.* 

(J) *The Fund recognized transfers in and out of Level 3 as of October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(K) *Level 3 securities were not considered significant to the Fund.* 

(L) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *GDR* | *Global Depositary Receipt* |
| *REIT* | *Real Estate Investment Trust* |

---

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

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**Page 59** 

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**Transamerica Energy Infrastructure** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Energy stocks were relatively resilient, outpacing the broader market's sell-off during the last fiscal year ended October 31, 2022. Several factors helped buoy energy stocks during the period even as oil prices have relatively weakened. For one, U.S. natural gas prices rebounded and reached multi-year highs. Further, energy companies largely reported strong results, that importantly highlighted free cash flow generation and returns to shareholders, helping support stock prices. Energy was also relatively unscathed in the wake of the U.S. Federal Reserve's (the "Fed") persistently hawkish stance with inherently less sensitivity to rising interest rates and inflationary periods likely working in its favor.

The midstream sector traded higher over the fiscal year, outperforming the broader equity market. The midstream sector's earnings results were positive with some big beats and fewer misses. The midstream sector has a modest amount of direct commodity exposure, but the sector experienced an outsized impact given the rise in commodity prices, which provided some upside to the sector. The midstream sector enjoyed a period of record profitability and, despite volatility in the broader markets, the investment case for the midstream sector remains centered around free cash flow generation and returning cash to shareholders via dividend increases and share buybacks. Meanwhile, renewable energy equities posted mixed results during the fiscal year as a wide disparity in performance within the sector continued and uncertainty persisted from a worsening European energy crisis.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Energy Infrastructure (Class A) returned 7.30%, excluding any sales charges. By comparison, its benchmark, the Alerian Midstream Energy Select Total Return Index, returned 14.52%.

**STRATEGY REVIEW** 

The Fund underperformed its primary (Alerian Midstream Energy Select Total Return Index) and secondary (Alerian MLP Total Return Index) benchmarks during the fiscal year ended October 31, 2022.

Sector performance drivers within the Fund were relatively in-line with the broader energy market. U.S. midstream holdings posted the best relative results, supported by fundamentals that remained positive despite a challenging energy environment, and proved better equipped to weather the periods of market volatility, followed by Canadian midstream names primarily driven by a broader energy market risk-off sentiment and subsequent profit-taking from gains garnered the prior year. The lowest contribution to performance was delivered by renewable infrastructure companies focused on Europe, as a worsening European energy crisis and soaring energy prices led to growing fears of government intervention in energy markets.

Notable positive contributors to performance during the fiscal year were Cheniere Energy, Inc., which showed substantial year-over-year improvements in its finances driven by the sharp increase in natural gas prices and sales volume improvements, and Targa Resources Corp., which posted impressive results with substantial growth in all measures of financial performance.

Negative contributors to performance included renewable infrastructure names such as Atlantica Sustainable Infrastructure PLC and Brookfield Renewable Corp. that suffered in the wake of the general negative performance drivers for the sector.

We continue to remain constructive on energy infrastructure as little has fundamentally changed for midstream infrastructure over the fiscal year and the outlook for the sector remains strong given its solid fundamentals. The outlook for renewable energy infrastructure continues to improve after a tough 18-month period that started in early 2021 as supply chain challenges and bottlenecks are slowly easing and a period of U.S. climate policy inaction has given way to the passage of the Inflation Reduction Act, which, in our view, likely provides a long-term tailwind for the sector.

It also bears noting that energy infrastructure, in general, may hold up better than other sectors of energy in a potential recession, given their fee-based business models. Additionally, geopolitical and energy security concerns stemming from Russia's invasion of Ukraine have highlighted the growing importance of investment in energy infrastructure and the global need for energy security and energy independence. The Fund's investments have, in our view, benefited from this backdrop of increased investment in domestic energy production and transportation, increased European reliance on U.S. energy exports, and increased investment into renewables as a path to energy independence.

**John C. Frey** 

**Portfolio Manager** 

**Kayne Anderson Capital Advisors, L.P.** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 70.2% |
|  Master Limited Partnerships | 24.8 |
|  Other Investment Company | 11.2 |
|  Repurchase Agreement | 3.3 |
|  Corporate Debt Securities | 1.3 |
|  Net Other Assets (Liabilities) | (10.8) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica Energy Infrastructure** 

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**(unaudited)**![LOGO](g404440g71o83.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | 1.37% | 3.11% | 0.08% | 04/30/2013 |
|  Class A (NAV) | 7.30% | 4.29% | 0.67% | 04/30/2013 |
|  Alerian Midstream Energy Select Total Return Index <sup>(A)</sup> | 14.52% | 6.41% | 4.40% |  |
|  Class C (POP) | 5.42% | 3.50% | (0.08)% | 04/30/2013 |
|  Class C (NAV) | 6.42% | 3.50% | (0.08)% | 04/30/2013 |
|  Class I (NAV) | 7.75% | 4.64% | 0.97% | 04/30/2013 |
|  Class I2 (NAV) | 7.78% | 4.70% | 1.06% | 04/30/2013 |

---

<sup>(A)</sup> *The Alerian Midstream Energy Select Total Return Index is a composite of North American energy infrastructure companies.* 

The Fund's benchmark is an unmanged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, depletion of energy reserves, the success of exploration projects, and tax and other government regulations. Investments in MLPs involve risks related to limited control and limited rights to vote on matters affecting the MLP, potential conflicts of interest, cash flow risks, dilution risks, and risks related to the general partner's right to require unit holders to sell their common units at an undesirable time or price. The Fund is subject to certain MLP tax risks. As the Fund is registered as a Regulated Investment Company, the Fund does not pay taxes. Changes to government regulations may impact future returns. The Fund is classified as "non-diversified", which means it may invest a larger percentage of its assets in a smaller number of issuers or sectors than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers. Renewable infrastructure companies are susceptible to various factors that may negatively impact their businesses or operations. These and other factors may negatively impact renewable infrastructure companies and adversely affect the fund's performance.

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**Page 62** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 70.2%** | **COMMON STOCKS - 70.2%** | **COMMON STOCKS - 70.2%** |
| **Electric Utilities - 5.5%** | **Electric Utilities - 5.5%** | **Electric Utilities - 5.5%** |
|  Duke Energy Corp. | 10200 | $950436 |
|  Eversource Energy | 6700 | 511076 |
|  NextEra Energy, Inc. | 47400 | 3673500 |
|  NRG Energy, Inc. | 38100 | 1691640 |
|  Xcel Energy, Inc. | 21700 | 1412887 |
|  |  | 8239539 |
| **Independent Power & Renewable Electricity Producers - 13.8%** | **Independent Power & Renewable Electricity Producers - 13.8%** | **Independent Power & Renewable Electricity Producers - 13.8%** |
|  AES Corp. | 61400 | 1606224 |
|  Atlantica Sustainable Infrastructure PLC | 187960 | 5208372 |
|  Brookfield Renewable Corp., Class A | 16800 | 521304 |
|  Clearway Energy, Inc., Class C | 129500 | 4498830 |
|  Innergex Renewable Energy, Inc. <sup>(A)</sup> | 78500 | 864315 |
|  Northland Power, Inc. | 95700 | 2784562 |
|  Polaris Renewable Energy, Inc. <sup>(A)</sup> | 99800 | 1216046 |
|  ReNew Energy Global PLC, A Shares <sup>(A)</sup> <sup>(B)</sup> | 80000 | 464800 |
|  TransAlta Corp. <sup>(A)</sup> | 231469 | 2038850 |
|  TransAlta Renewables, Inc. <sup>(A)</sup> | 117644 | 1263355 |
|  |  | 20466658 |
| **Multi-Utilities - 2.0%** | **Multi-Utilities - 2.0%** | **Multi-Utilities - 2.0%** |
|  Dominion Energy, Inc. | 15600 | 1091532 |
|  Sempra Energy | 12200 | 1841468 |
|  |  | 2933000 |
| **Oil, Gas & Consumable Fuels - 48.9%** | **Oil, Gas & Consumable Fuels - 48.9%** | **Oil, Gas & Consumable Fuels - 48.9%** |
|  Cheniere Energy, Inc. | 60116 | 10605064 |
|  DT Midstream, Inc. <sup>(B)</sup> | 46000 | 2746200 |
|  Enbridge, Inc. <sup>(A)</sup> | 119100 | 4638945 |
|  Enviva, Inc. <sup>(A)</sup> | 45387 | 2715958 |
|  Kinder Morgan, Inc. | 242400 | 4392288 |
|  ONEOK, Inc. | 35500 | 2105860 |
|  Pembina Pipeline Corp. | 154600 | 5103346 |
|  Phillips 66 | 60300 | 6288687 |
|  Plains GP Holdings LP, Class A <sup>(A)</sup> | 509900 | 6394146 |
|  Targa Resources Corp. | 169900 | 11616063 |
|  TC Energy Corp. | 128236 | 5632125 |
|  Williams Cos., Inc. | 315100 | 10313223 |
|  |  | 72551905 |
|  **Total Common Stocks <br>(Cost $73,589,524)** | **Total Common Stocks <br>(Cost $73,589,524)** | 104191102 |
| **MASTER LIMITED PARTNERSHIPS - 24.8% <sup>(C)</sup>** | **MASTER LIMITED PARTNERSHIPS - 24.8% <sup>(C)</sup>** | **MASTER LIMITED PARTNERSHIPS - 24.8% <sup>(C)</sup>** |
| **Independent Power & Renewable Electricity Producers - 7.0%** | **Independent Power & Renewable Electricity Producers - 7.0%** | **Independent Power & Renewable Electricity Producers - 7.0%** |
|  Brookfield Renewable Partners LP <sup>(B)</sup> | 151516 | 4421237 |
|  NextEra Energy Partners LP | 81400 | 6029298 |
|  |  | 10450535 |
| **Oil, Gas & Consumable Fuels - 17.8%** | **Oil, Gas & Consumable Fuels - 17.8%** | **Oil, Gas & Consumable Fuels - 17.8%** |
|  Cheniere Energy Partners LP | 28300 | 1701679 |
|  Energy Transfer LP | 684500 | 8741065 |
|  Enterprise Products Partners LP | 279600 | 7059900 |
|  Magellan Midstream Partners LP | 31106 | 1678169 |
|  MPLX LP | 213600 | 7164144 |
|  |  | 26344957 |
|  **Total Master Limited Partnerships <br>(Cost $30,651,108)** | **Total Master Limited Partnerships <br>(Cost $30,651,108)** | 36795492 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 1.3%** | **CORPORATE DEBT SECURITIES - 1.3%** | **CORPORATE DEBT SECURITIES - 1.3%** |
| **Oil, Gas & Consumable Fuels - 1.3%** | **Oil, Gas & Consumable Fuels - 1.3%** | **Oil, Gas & Consumable Fuels - 1.3%** |
|  Energy Transfer LP <br>6.00%, 06/15/2048 | $460000 | $385547 |
|  Enterprise Products Operating LLC <br>4.20%, 01/31/2050 | 540000 | 393340 |
|  Kinder Morgan, Inc. <br>5.55%, 06/01/2045 | 460000 | 396340 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>4.90%, 02/15/2045 | 460000 | 332926 |
|  Williams Cos., Inc. <br>5.10%, 09/15/2045 | 460000 | 376211 |
|  **Total Corporate Debt Securities <br>(Cost $2,249,124)** | **Total Corporate Debt Securities <br>(Cost $2,249,124)** | 1884364 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 11.2%** | **OTHER INVESTMENT COMPANY - 11.2%** | **OTHER INVESTMENT COMPANY - 11.2%** |
| **Securities Lending Collateral - 11.2%** | **Securities Lending Collateral - 11.2%** | **Securities Lending Collateral - 11.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 16585392 | 16585392 |
|  **Total Other Investment Company <br>(Cost $16,585,392)** | **Total Other Investment Company <br>(Cost $16,585,392)** | 16585392 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.3%** | **REPURCHASE AGREEMENT - 3.3%** | **REPURCHASE AGREEMENT - 3.3%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(D)</sup>, dated 10/31/2022, to be repurchased at $4,890,485 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $4,988,235. | $4890336 | 4890336 |
|  **Total Repurchase Agreement <br>(Cost $4,890,336)** | **Total Repurchase Agreement <br>(Cost $4,890,336)** | 4890336 |
|  **Total Investments <br>(Cost $127,965,484)** | **Total Investments <br>(Cost $127,965,484)** | 164346686 |
|  **Net Other Assets (Liabilities) - (10.8)%** | **Net Other Assets (Liabilities) - (10.8)%** | (16006407) |
|  **Net Assets - 100.0%** |  | **$148340279** |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 63** 

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##### [**Table of Contents**](#toc)
**Transamerica Energy Infrastructure** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $104191102 | $— | $— | $104191102 |
|  Master Limited Partnerships | 36795492 |  |  | 36795492 |
|  Corporate Debt Securities |  | 1884364 |  | 1884364 |
|  Other Investment Company | 16585392 |  |  | 16585392 |
|  Repurchase Agreement |  | 4890336 |  | 4890336 |
|  **Total Investments** | $**157571986** | $**6774700** | $**—** | $**164346686** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $17,818,639, collateralized by cash collateral of $16,585,392 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,836,331. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Non-income producing securities.* 

(C) *The Fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of master limited partnerships and other entities that are treated as qualified publicly traded partnerships for federal income tax purposes. This limit does not apply to master limited partnerships, which are not treated as publicly traded partnerships for federal income tax purposes.* 

(D) *Rates disclosed reflect the yields at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

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**Page 64** 

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**Transamerica Floating Rate** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September 2022 meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%. However, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Floating Rate (Class A) returned -2.61%, excluding any sales charges. By comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned -2.03%.

**STRATEGY REVIEW** 

Sector allocation and security selection within health care, gaming/leisure, and media/telecom contributed to performance, while allocation and selection in information technology, metals and energy detracted. Cash held throughout the fiscal year during periods of volatility, which was a benefit to performance. From a ratings standpoint, allocation in single Bs and double BBs was negative, mostly as a result of holding an allocation to bonds carrying those ratings. High yield bonds sold off during the fiscal year as interest rates increased across the curve.

With respect to positioning and themes, overweights included a number of sub-sectors within consumer and domestically focused sectors. This includes consumer non-durables, food, packaging, gaming and retail. The sub-adviser maintained a fairly positive view on the U.S. consumer during the period, and though inflation caused some headwinds, spending patterns, in our view, remained fairly strong. Examples of underweights included certain industrial and more commodity-oriented sectors such as chemicals, manufacturing, transportation, and energy. Underweights were largely due to our concern that we were at the later stages of the economic cycle.

With respect to ratings allocation, the sub-adviser maintained the underweight to BB-rated credit and overweight to single B-rated credit. The sub-adviser found the risk/return profile of single Bs relatively attractive, which has allowed the Fund to maintain an underweight to CCC-rated loans, which we believe are subject to material downside late in the economic cycle.

**John F. Bailey, CFA** 

**Jason P. Felderman, CFA** 

**Zach Halstead** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**Page 65** 

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**Transamerica Floating Rate** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Loan Assignments | 86.2% |
|  Corporate Debt Securities | 7.3 |
|  Repurchase Agreement | 1.5 |
|  Preferred Stocks | 0.3 |
|  Common Stocks | 0.2 |
|  Net Other Assets (Liabilities) | 4.5 |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 4.44 |
|  Duration † | 0.47 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  AAA | 1.5% |
|  BBB | 1.1 |
|  BB | 27.3 |
|  B | 59.2 |
|  CCC and Below | 5.6 |
|  Not Rated | 0.8 |
|  Net Other Assets (Liabilities) | 4.5 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 66** 

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**Transamerica Floating Rate** 

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**(unaudited)**![LOGO](g404440g83d89.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (7.20)% | 0.84% | 2.07% | 10/31/2013 |
|  Class A (NAV) | (2.61)% | 1.83% | 2.63% | 10/31/2013 |
|  Credit Suisse Leveraged Loan Index <sup>(A)</sup> | (2.03)% | 3.04% | 3.47% |  |
|  Class C (POP) | (4.27)% | 1.10% | 1.88% | 10/31/2013 |
|  Class C (NAV) | (3.33)% | 1.10% | 1.88% | 10/31/2013 |
|  Class I (NAV) | (2.29)% | 2.06% | 2.83% | 10/31/2013 |
|  Class I2 (NAV) | (2.32)% | 2.12% | 2.91% | 10/31/2013 |

---

<sup>(A)</sup> *The Credit Suisse Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to risks associated with high yield bonds. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

---

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**Page 67** 

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**Transamerica Floating Rate** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 7.3%** | **CORPORATE DEBT SECURITIES - 7.3%** | **CORPORATE DEBT SECURITIES - 7.3%** |
| **Chemicals - 0.4%** | **Chemicals - 0.4%** | **Chemicals - 0.4%** |
|  Olympus Water US Holding Corp. <br>4.25%, 10/01/2028 <sup>(A)</sup> | $1000000 | $812044 |
| **Commercial Services & Supplies - 0.5%** |  |  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL <br>4.63%, 06/01/2028 <sup>(A)</sup> | 1150000 | 959157 |
| **Communications Equipment - 0.6%** | **Communications Equipment - 0.6%** | **Communications Equipment - 0.6%** |
|  Avaya, Inc. <br>6.13%, 09/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 2100000 | 886137 |
|  CommScope, Inc. <br>6.00%, 03/01/2026 <sup>(A)</sup> | 250000 | 243005 |
|  |  | 1129142 |
| **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** |
|  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC <br>4.00%, 10/15/2027 <sup>(A)</sup> | 500000 | 446250 |
| **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** |
| Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2027 <sup>(A)</sup> | 500000 | 396265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2025 <sup>(A)</sup> | 500000 | 442373 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 <sup>(A)</sup> | 769000 | 647882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2024 - 06/15/2028 <sup>(A)</sup> | 500000 | 465487 |
|  |  | 1952007 |
| **Household Products - 0.2%** | **Household Products - 0.2%** | **Household Products - 0.2%** |
|  Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. <br>5.00%, 12/31/2026 <sup>(A)</sup> | 304000 | 273658 |
| **IT Services - 0.3%** | **IT Services - 0.3%** | **IT Services - 0.3%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc. <br>6.00%, 11/01/2029 <sup>(A)</sup> | 750000 | 615000 |
| **Machinery - 0.8%** | **Machinery - 0.8%** | **Machinery - 0.8%** |
|  Madison IAQ LLC <br>4.13%, 06/30/2028 <sup>(A)</sup> | 1273000 | 1056743 |
|  Vertiv Group Corp. <br>4.13%, 11/15/2028 <sup>(A)</sup> | 395000 | 343603 |
|  |  | 1400346 |
| **Media - 1.2%** | **Media - 1.2%** | **Media - 1.2%** |
|  Arches Buyer, Inc. <br>4.25%, 06/01/2028 <sup>(A)</sup> | 500000 | 410180 |
|  CSC Holdings LLC <br>5.38%, 02/01/2028 <sup>(A)</sup> | 750000 | 688687 |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 <sup>(A)</sup> | 250000 | 210625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 <sup>(A)</sup> | 760000 | 708746 |
|  Univision Communications, Inc. <br>6.63%, 06/01/2027 <sup>(A)</sup> | 333000 | 328838 |
|  |  | 2347076 |
| **Personal Products - 0.5%** | **Personal Products - 0.5%** | **Personal Products - 0.5%** |
|  Coty, Inc. <br>5.00%, 04/15/2026 <sup>(A)</sup> | 1000000 | 941760 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** |
|  Bausch Health Cos., Inc. <br>4.88%, 06/01/2028 <sup>(A)</sup> | $1000000 | $612500 |
|  Organon & Co. / Organon Foreign Debt Co-Issuer BV <br>4.13%, 04/30/2028 <sup>(A)</sup> | 250000 | 220205 |
|  |  | 832705 |
| **Software - 0.8%** | **Software - 0.8%** | **Software - 0.8%** |
|  Helios Software Holdings, Inc. / ION Corp. Solutions Finance SARL <br>4.63%, 05/01/2028 <sup>(A)</sup> | 1950000 | 1505322 |
| **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** |
|  First Student Bidco, Inc. / First Transit Parent, Inc. <br>4.00%, 07/31/2029 <sup>(A)</sup> | 500000 | 406300 |
| **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** |
|  Altice France SA <br>5.50%, 01/15/2028 <sup>(A)</sup> | 250000 | 200417 |
|  **Total Corporate Debt Securities <br>(Cost $17,676,752)** | **Total Corporate Debt Securities <br>(Cost $17,676,752)** | 13821184 |
| **LOAN ASSIGNMENTS - 86.2%** | **LOAN ASSIGNMENTS - 86.2%** | **LOAN ASSIGNMENTS - 86.2%** |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |
|  Avolon TLB Borrower 1 LLC <br>Term Loan B3, <br>1-Month LIBOR + 1.75%, <br>5.24% <sup>(C)</sup>, 01/15/2025 | 246256 | 241359 |
| **Airlines - 0.3%** | **Airlines - 0.3%** | **Airlines - 0.3%** |
|  American Airlines, Inc. <br>Term Loan B, <br>1-Month LIBOR + 1.75%, <br>5.35% <sup>(C)</sup>, 06/27/2025 | 173196 | 163333 |
|  United Airlines, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>8.11% <sup>(C)</sup>, 04/21/2028 | 492500 | 479634 |
|  |  | 642967 |
| **Auto Components - 1.5%** | **Auto Components - 1.5%** | **Auto Components - 1.5%** |
|  Clarios Global LP <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 04/30/2026 | 866010 | 840932 |
|  First Brands Group LLC <br>Term Loan, <br>3-Month Term SOFR + 5.00%, <br>8.37% <sup>(C)</sup>, 03/30/2027 | 2222123 | 2096203 |
|  |  | 2937135 |
| **Beverages - 0.2%** | **Beverages - 0.2%** | **Beverages - 0.2%** |
|  Naked Juice LLC <br>Term Loan, <br>3-Month Term SOFR + 3.25%, <br>6.90% <sup>(C)</sup>, 01/24/2029 | 498750 | 455109 |
| **Biotechnology - 0.5%** | **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |
| Curium BidCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.25%, <br>7.92% <sup>(C)</sup>, 12/02/2027 | 298500 | 281336 |

---

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

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**Page 68** 

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**Transamerica Floating Rate** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Curium BidCo SARL (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.00%, <br>7.67% <sup>(C)</sup>, 07/09/2026 | $696746 | $656683 |
|  |  | 938019 |
| **Building Products - 2.7%** | **Building Products - 2.7%** | **Building Products - 2.7%** |
|  Cornerstone Building Brands, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>6.59% <sup>(C)</sup>, 04/12/2028 | 1417411 | 1183538 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.62%, <br>6.38% <sup>(C)</sup>, 02/01/2027 | 1102843 | 1070545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 06/11/2028 | 348250 | 338818 |
|  Tamko Building Products LLC <br>Term Loan B, <br>3-Month LIBOR + 3.00%, <br>6.07% - 7.41% <sup>(C)</sup>, 06/01/2026 | 1201714 | 1157651 |
| VT Topco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 08/01/2025 | 658406 | 632893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 08/01/2025 <sup>(D)</sup> | 741532 | 720479 |
|  |  | 5103924 |
| **Capital Markets - 2.2%** | **Capital Markets - 2.2%** | **Capital Markets - 2.2%** |
|  Blucora, Inc. <br>Term Loan B, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(C)</sup>, 05/22/2024 | 1190518 | 1178612 |
|  Deerfield Dakota Holding LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.48% <sup>(C)</sup>, 04/09/2027 | 740103 | 698935 |
|  Kingpin Intermediate Holdings LLC <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.26% <sup>(C)</sup>, 07/03/2024 | 1640320 | 1596236 |
| Victory Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 2.25%, <br>5.96% <sup>(C)</sup>, 07/01/2026 | 6133 | 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 2.25%, <br>5.96% <sup>(C)</sup>, 12/29/2028 | 742574 | 724474 |
|  |  | 4204246 |
| **Chemicals - 0.3%** | **Chemicals - 0.3%** | **Chemicals - 0.3%** |
|  VAC Germany Holdings GmbH <br>Term Loan B, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(C)</sup>, 03/08/2025 | 608506 | 537007 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies - 8.3%** | **Commercial Services & Supplies - 8.3%** | **Commercial Services & Supplies - 8.3%** |
| ADMI Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.37%, <br>7.13% <sup>(C)</sup>, 12/23/2027 | $443250 | $393163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 12/23/2027 | 394983 | 352523 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B10, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 4.00%, <br>7.65% <sup>(C)</sup>, 08/19/2028 | 500000 | 449062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B9, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 07/31/2027 | 1085969 | 954748 |
|  Avis Budget Car Rental LLC <br>Term Loan C, <br>1-Month Term SOFR + 3.50%, <br>7.33% <sup>(C)</sup>, 03/16/2029 | 2238750 | 2207967 |
|  Corporation Service Co. <br>Term Loan B, <br>TBD, 08/31/2029 <sup>(D)</sup> <sup>(E)</sup> | 600000 | 586500 |
|  Creative Artists Agency LLC <br>Term Loan B1, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(C)</sup>, 11/27/2026 | 782000 | 772225 |
|  Garda World Security Corp. <br>Term Loan B, <br>3-Month LIBOR + 4.25%, <br>7.24% <sup>(C)</sup>, 10/30/2026 | 500000 | 475000 |
|  GFL Environmental, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.00%, <br>7.41% <sup>(C)</sup>, 05/30/2025 | 1684367 | 1673539 |
|  Harsco Corp. <br>Term Loan, <br>1-Month LIBOR + 2.25%, <br>6.06% <sup>(C)</sup>, 03/10/2028 | 742491 | 643739 |
|  Jadex, Inc. <br>Term Loan, <br>1-Month LIBOR + 4.75%, <br>8.50% <sup>(C)</sup>, 02/18/2028 | 728750 | 671665 |
|  LRS Holdings LLC <br>Term Loan B, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(C)</sup>, 08/31/2028 | 1191000 | 1144849 |
|  PECF USS Intermediate Holding III Corp. <br>Term Loan B, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(C)</sup>, 12/15/2028 | 689775 | 529649 |
|  Prime Security Services Borrower LLC <br>Term Loan, <br>3-Month LIBOR + 2.75%, <br>6.50% <sup>(C)</sup>, 09/23/2026 | 1508081 | 1483951 |
|  Spectrum Group Buyer, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 6.50%, <br>9.44% <sup>(C)</sup>, 05/19/2028 | 1250000 | 1187812 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 69** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  Spin Holdco, Inc. <br>Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.14% <sup>(C)</sup>, 03/04/2028 | $1453725 | $1278188 |
|  TruGreen LP <br>Term Loan, <br>1-Month LIBOR + 4.00%, <br>7.75% <sup>(C)</sup>, 11/02/2027 | 962526 | 887930 |
|  |  | 15692510 |
| **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** |
|  Avaya, Inc. <br>Term Loan B2, <br>1-Month LIBOR + 4.00%, <br>7.41% <sup>(C)</sup>, 12/15/2027 <sup>(B)</sup> | 500000 | 233750 |
|  CommScope, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 04/06/2026 | 1181339 | 1124044 |
|  |  | 1357794 |
| **Construction & Engineering - 3.0%** | **Construction & Engineering - 3.0%** | **Construction & Engineering - 3.0%** |
|  Centuri Group, Inc. <br>Term Loan B, <br>3-Month LIBOR + 2.50%, <br>5.57% <sup>(C)</sup>, 08/27/2028 | 440415 | 430175 |
|  Osmose Utilities Services, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.25%, <br>6.88% <sup>(C)</sup>, 06/23/2028 | 1348467 | 1247332 |
|  Pike Corp. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.76% <sup>(C)</sup>, 01/21/2028 | 1865614 | 1826748 |
|  VM Consolidated, Inc. <br>Term Loan B, <br>6-Month LIBOR + 3.25%, <br>6.13% <sup>(C)</sup>, 03/24/2028 | 1328459 | 1316005 |
|  WIN Waste Innovations Holdings, Inc. <br>Term Loan B, <br>3-Month LIBOR + 2.75%, <br>6.42% <sup>(C)</sup>, 03/24/2028 | 966388 | 950684 |
|  |  | 5770944 |
| **Containers & Packaging - 7.0%** | **Containers & Packaging - 7.0%** | **Containers & Packaging - 7.0%** |
|  Anchor Glass Container Corp. <br>1st Lien Term Loan, <br>3-Month LIBOR + 2.75%, <br>6.42% - 6.53% <sup>(C)</sup>, 12/07/2023 | 470709 | 349585 |
|  Berlin Packaging LLC <br>Term Loan B5, <br>1-Month LIBOR + 3.75%, 3-Month LIBOR + 3.75%, <br>6.88% - 7.43% <sup>(C)</sup>, 03/11/2028 | 982519 | 938919 |
|  Canister International Group, Inc. <br>Term Loan B, <br>1-Month LIBOR + 4.75%, <br>8.50% <sup>(C)</sup>, 12/21/2026 <sup>(D)</sup> | 1223570 | 1208275 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
|  Clydesdale Acquisition Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.18%, <br>8.00% <sup>(C)</sup>, 04/13/2029 | $1446375 | $1391051 |
|  Graham Packaging Co., Inc. <br>Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 08/04/2027 | 1610234 | 1566867 |
|  Klockner-Pentaplast of America, Inc. <br>Term Loan B, <br>6-Month LIBOR + 4.75%, <br>8.26% <sup>(C)</sup>, 02/12/2026 | 591000 | 487575 |
|  Liqui-Box Holdings, Inc. <br>Term Loan B, <br>3-Month LIBOR + 4.50%, <br>7.57% <sup>(C)</sup>, 02/26/2027 | 492471 | 443634 |
|  Packaging Coordinators Midco, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 3.75%, <br>7.42% <sup>(C)</sup>, 11/30/2027 | 134153 | 129424 |
|  Plastipak Packaging, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.31% <sup>(C)</sup>, 12/01/2028 | 928766 | 907288 |
|  Plaze, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 08/03/2026 | 245625 | 222905 |
| Pregis TopCo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.00%, <br>7.84% <sup>(C)</sup>, 07/31/2026 | 1317656 | 1255068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.00%, <br>7.75% <sup>(C)</sup>, 07/31/2026 | 371250 | 352997 |
|  Proampac PG Borrower LLC <br>Term Loan, <br>3-Month LIBOR + 3.75%, 6-Month LIBOR + 2.75%, <br>6.73% - 7.96% <sup>(C)</sup>, 11/03/2025 | 1224461 | 1161707 |
| Reynolds Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 09/24/2028 | 247500 | 239766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 02/05/2026 | 992424 | 963396 |
|  Tosca Services LLC <br>Term Loan, <br>1-Month LIBOR + 3.50%, <br>7.34% <sup>(C)</sup>, 08/18/2027 | 1201233 | 1021048 |
|  Trident TPI Holdings, Inc. <br>Term Loan B1, <br>3-Month LIBOR + 3.25%, <br>6.92% <sup>(C)</sup>, 10/17/2024 | 736317 | 722972 |
|  |  | 13362477 |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 70** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Diversified Consumer Services - 2.0%** | **Diversified Consumer Services - 2.0%** | **Diversified Consumer Services - 2.0%** |
|  Pre-Paid Legal Services, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.75%, <br>6.82% <sup>(C)</sup>, 12/15/2028 | $1241256 | $1199881 |
|  Solis IV BV <br>Term Loan B1, <br>3-Month Term SOFR + 3.50%, <br>6.34% <sup>(C)</sup>, 02/26/2029 | 997500 | 825224 |
|  William Morris Endeavor Entertainment LLC <br>1st Lien Term Loan, <br>1-Month LIBOR + 2.75%, <br>6.51% <sup>(C)</sup>, 05/18/2025 | 1785901 | 1727859 |
|  |  | 3752964 |
| **Diversified Financial Services - 0.9%** | **Diversified Financial Services - 0.9%** | **Diversified Financial Services - 0.9%** |
|  NBG Acquisition, Inc. <br>Term Loan, <br>6-Month LIBOR + 5.50%, <br>9.67% <sup>(C)</sup>, 04/26/2024 | 447097 | 201194 |
|  Primary Products Finance LLC <br>Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.71% <sup>(C)</sup>, 03/31/2029 | 748125 | 724746 |
|  TransUnion LLC <br>Term Loan B6, <br>1-Month LIBOR + 2.25%, <br>6.00% <sup>(C)</sup>, 12/01/2028 | 863468 | 849076 |
|  |  | 1775016 |
| **Diversified Telecommunication Services - 1.5%** | **Diversified Telecommunication Services - 1.5%** | **Diversified Telecommunication Services - 1.5%** |
|  CenturyLink, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.25%, <br>6.00% <sup>(C)</sup>, 03/15/2027 | 286888 | 266985 |
|  Global Tel\*Link Corp. <br>1st Lien Term Loan, <br>3-Month LIBOR + 4.25%, <br>8.34% <sup>(C)</sup>, 11/29/2025 | 820375 | 708452 |
|  Virgin Media Bristol LLC <br>Term Loan Q, <br>1-Month LIBOR + 3.25%, <br>6.66% <sup>(C)</sup>, 01/31/2029 | 1482278 | 1455875 |
|  Zayo Group Holdings, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 03/09/2027 | 500000 | 402250 |
|  |  | 2833562 |
| **Electrical Equipment - 0.5%** | **Electrical Equipment - 0.5%** | **Electrical Equipment - 0.5%** |
|  C&D Technologies, Inc. <br>Term Loan B, <br>1-Month LIBOR + 5.75%,<br>6-Month LIBOR + 5.75%, <br>7.83% - 9.50% <sup>(C)</sup>, 12/20/2025 | 1036538 | 932021 |
| **Electronic Equipment, Instruments & Components - 1.2%** | **Electronic Equipment, Instruments & Components - 1.2%** | **Electronic Equipment, Instruments & Components - 1.2%** |
|  Badger Buyer Corp. <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 09/30/2024 | 427918 | 372289 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Electro Rent Corp. <br>1st Lien Term Loan, <br>3-Month LIBOR + 5.00%, <br>9.28% <sup>(C)</sup>, 01/31/2024 | $1957980 | $1837237 |
|  |  | 2209526 |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  AMC Entertainment Holdings, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.31% <sup>(C)</sup>, 04/22/2026 | 982365 | 697206 |
| **Food & Staples Retailing - 2.6%** | **Food & Staples Retailing - 2.6%** | **Food & Staples Retailing - 2.6%** |
|  BW Gas & Convenience Holdings LLC <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 03/31/2028 | 1100963 | 1067934 |
|  Hostess Brands LLC <br>Term Loan, <br>1-Month LIBOR + 2.25%,<br>3-Month LIBOR + 2.25%, <br>6.00% - 6.66% <sup>(C)</sup>, 08/03/2025 | 1163398 | 1142166 |
|  Quirch Foods Holdings LLC <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>8.61% <sup>(C)</sup>, 10/27/2027 | 1487386 | 1396284 |
|  US Foods, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.50% <sup>(C)</sup>, 11/22/2028 | 1322083 | 1299608 |
|  |  | 4905992 |
| **Food Products - 1.8%** | **Food Products - 1.8%** | **Food Products - 1.8%** |
| 8th Avenue Food & Provisions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 10/01/2025 | 853265 | 735230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.75%, <br>8.38% <sup>(C)</sup>, 10/01/2025 | 495000 | 429412 |
|  B&G Foods, Inc. <br>Term Loan B4, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(C)</sup>, 10/10/2026 <sup>(D)</sup> | 1205154 | 1132092 |
|  Chef's Warehouse Leasing Co. LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.75%, <br>8.43% <sup>(C)</sup>, 08/23/2029 | 177143 | 172715 |
|  Del Monte Foods, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.35%, <br>7.83% <sup>(C)</sup>, 05/16/2029 | 1000000 | 968750 |
|  |  | 3438199 |
| **Health Care Equipment & Supplies - 1.1%** | **Health Care Equipment & Supplies - 1.1%** | **Health Care Equipment & Supplies - 1.1%** |
|  Bausch & Lomb, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>6.62% <sup>(C)</sup>, 05/10/2027 | 648375 | 606636 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 71** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Carestream Dental Equipment, Inc. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 09/01/2024 | $389155 | $363860 |
|  Medline Borrower LP <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 10/23/2028 | 960175 | 880960 |
|  YI LLC <br>1st Lien Term Loan, <br>1-Month LIBOR + 4.00%, <br>7.75% <sup>(C)</sup>, 11/07/2024 | 219656 | 210870 |
|  |  | 2062326 |
| **Health Care Providers & Services - 4.9%** | **Health Care Providers & Services - 4.9%** | **Health Care Providers & Services - 4.9%** |
|  AHP Health Partners, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 08/24/2028 | 1138909 | 1081963 |
|  Charlotte Buyer, Inc. <br>1st Lien Term Loan, <br>3-Month Term SOFR + 5.25%, <br>7.98% <sup>(C)</sup>, 02/11/2028 | 300000 | 283500 |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 4.25%, <br>4.00% - 8.00% <sup>(C)</sup>, 04/02/2029 | 76143 | 73098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 4.25%, <br>7.98% <sup>(C)</sup>, 04/02/2029 | 840413 | 806797 |
|  ICON Luxembourg SARL <br>Term Loan, <br>3-Month LIBOR + 2.25%, <br>5.94% <sup>(C)</sup>, 07/03/2028 | 380034 | 375917 |
|  Midwest Physician Administrative Services LLC <br>Term Loan, <br>3-Month LIBOR + 3.25%, <br>6.92% <sup>(C)</sup>, 03/12/2028 | 619446 | 557243 |
|  Pearl Intermediate Parent LLC <br>Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 02/14/2025 | 987147 | 914098 |
|  PetVet Care Centers LLC <br>Term Loan B3, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 02/14/2025 | 605932 | 566849 |
|  PRA Health Sciences, Inc. <br>Term Loan, <br>3-Month LIBOR + 2.25%, <br>5.94% <sup>(C)</sup>, 07/03/2028 | 94686 | 93660 |
|  Quorum Health Corp. <br>Term Loan, <br>3-Month LIBOR + 8.25%, <br>12.03% <sup>(C)</sup>, 04/29/2025 | 1474877 | 975878 |
|  Radnet Management, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 04/21/2028 | 2067812 | 2003838 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
|  RegionalCare Hospital Partners Holdings, Inc.<br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>8.16% <sup>(C)</sup>, 11/16/2025 | $415993 | $366222 |
|  Sound Inpatient Physicians <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 06/27/2025 | 494991 | 387330 |
|  Southern Veterinary Partners LLC <br>Term Loan, <br>1-Month LIBOR + 4.00%, <br>7.75% <sup>(C)</sup>, 10/05/2027 | 785349 | 743464 |
|  |  | 9229857 |
| **Health Care Technology - 0.5%** | **Health Care Technology - 0.5%** | **Health Care Technology - 0.5%** |
|  Athenahealth, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>6.97% <sup>(C)</sup>, 02/15/2029 | 1066168 | 967548 |
| **Hotels, Restaurants & Leisure - 5.8%** | **Hotels, Restaurants & Leisure - 5.8%** | **Hotels, Restaurants & Leisure - 5.8%** |
|  Bally's Corp. <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>6.55% <sup>(C)</sup>, 10/02/2028 | 1483763 | 1377426 |
| Caesars Resort Collection LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.75%, <br>6.50% <sup>(C)</sup>, 12/23/2024 | 271221 | 267923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 07/21/2025 | 1700087 | 1680961 |
|  Flynn Restaurant Group LP <br>Term Loan B, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(C)</sup>, 12/01/2028 | 963232 | 905639 |
|  Hilton Grand Vacations Borrower LLC <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 08/02/2028 | 738568 | 726302 |
|  IRB Holding Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.21% <sup>(C)</sup>, 12/15/2027 | 987437 | 956168 |
|  NEP / NCP Holdco, Inc. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 10/20/2025 | 769955 | 685581 |
|  Penn National Gaming, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.58% <sup>(C)</sup>, 05/03/2029 | 1346625 | 1328109 |
|  Scientific Games International, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.40% <sup>(C)</sup>, 04/14/2029 | 2294250 | 2263277 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 72** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  SeaWorld Parks & Entertainment, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.81% <sup>(C)</sup>, 08/25/2028 | $934260 | $909969 |
|  |  | 11101355 |
| **Household Durables - 2.3%** | **Household Durables - 2.3%** | **Household Durables - 2.3%** |
|  ACProducts, Inc. <br>Term Loan B, <br>3-Month LIBOR + 4.25%,<br>6-Month LIBOR + 4.25%, <br>7.13% - 7.92% <sup>(C)</sup>, 05/17/2028 | 1150438 | 790782 |
|  Hoffmaster Group, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(C)</sup>, 11/21/2023 | 1953085 | 1769983 |
|  Instant Brands Holdings, Inc. <br>Term Loan, <br>3-Month LIBOR + 5.00%, <br>7.08% <sup>(C)</sup>, 04/12/2028 | 1812500 | 1164532 |
|  Libbey Glass, Inc. <br>Term Loan, <br>3-Month LIBOR + 8.00%, <br>11.94% <sup>(C)</sup>, 11/13/2025 | 542504 | 551998 |
|  |  | 4277295 |
| **Household Products - 1.4%** | **Household Products - 1.4%** | **Household Products - 1.4%** |
|  Conair Holdings LLC <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>7.42% <sup>(C)</sup>, 05/17/2028 | 971753 | 811414 |
|  Energizer Holdings, Inc. <br>Term Loan, <br>1-Month LIBOR + 2.25%, <br>5.88% <sup>(C)</sup>, 12/22/2027 | 988068 | 951839 |
|  Journey Personal Care Corp. <br>Term Loan B, <br>3-Month LIBOR + 4.25%, <br>7.92% <sup>(C)</sup>, 03/01/2028 | 691250 | 436179 |
| Safety Products / JHC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.50%, <br>8.25% <sup>(C)</sup>, 06/28/2026 | 426152 | 362229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.50%, <br>8.25% <sup>(C)</sup>, 06/28/2026 | 23037 | 19582 |
|  |  | 2581243 |
| **Independent Power & Renewable Electricity Producers - 0.5%** | **Independent Power & Renewable Electricity Producers - 0.5%** | **Independent Power & Renewable Electricity Producers - 0.5%** |
|  Calpine Construction Finance Co. LP <br>Term Loan B, <br>1-Month LIBOR + 2.00%, <br>5.75% <sup>(C)</sup>, 01/15/2025 | 935491 | 921459 |
| **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** |
|  Magenta Buyer LLC <br>1st Lien Term Loan, <br>3-Month LIBOR + 4.75%, <br>9.17% <sup>(C)</sup>, 07/27/2028 | 904560 | 786967 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Insurance - 1.1%** | **Insurance - 1.1%** | **Insurance - 1.1%** |
|  Acrisure LLC <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 02/15/2027 | $1133463 | $1050720 |
|  Hub International Ltd. <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>7.23% - 7.53% <sup>(C)</sup>, 04/25/2025 | 987412 | 968281 |
|  |  | 2019001 |
| **IT Services - 1.7%** | **IT Services - 1.7%** | **IT Services - 1.7%** |
|  Banff Merger Sub, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 10/02/2025 | 1235573 | 1185437 |
|  Conduent Business Services LLC <br>Term Loan B, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(C)</sup>, 10/16/2028 | 346333 | 327573 |
|  Peraton Corp. <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 02/01/2028 | 767689 | 737804 |
|  Rackspace Technology Global, Inc. <br>Term Loan B, <br>3-Month LIBOR + 2.75%, <br>5.62% <sup>(C)</sup>, 02/15/2028 | 1496394 | 945637 |
|  |  | 3196451 |
| **Leisure Products - 1.8%** | **Leisure Products - 1.8%** | **Leisure Products - 1.8%** |
|  Polaris Newco LLC <br>Term Loan B, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(C)</sup>, 06/02/2028 | 1477519 | 1347414 |
|  Recess Holdings, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 3.75%, <br>8.16% <sup>(C)</sup>, 09/30/2024 | 210724 | 204139 |
|  SP PF Buyer LLC <br>Term Loan, <br>1-Month LIBOR + 4.50%, <br>8.25% <sup>(C)</sup>, 12/22/2025 | 1132689 | 909927 |
|  SRAM LLC <br>Term Loan B, <br>1-Month LIBOR + 2.75%,<br>3-Month LIBOR + 2.75%, <br>5.82% - 6.50% <sup>(C)</sup>, 05/18/2028 | 960227 | 929820 |
|  |  | 3391300 |
| **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** |
|  Parexel International Corp. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 11/15/2028 | 1313388 | 1263770 |
| **Machinery - 2.1%** | **Machinery - 2.1%** | **Machinery - 2.1%** |
|  Columbus McKinnon Corp. <br>Term Loan B, <br>3-Month LIBOR + 2.75%, <br>6.44% <sup>(C)</sup>, 05/14/2028 | 458677 | 451797 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 73** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
|  Filtration Group Corp. <br>Term Loan, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 10/21/2028 | $1980000 | $1905043 |
|  GrafTech Finance, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(C)</sup>, 02/12/2025 | 74341 | 70624 |
|  Patriot Container Corp. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 03/20/2025 | 728006 | 618501 |
|  SPX Flow, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.33% <sup>(C)</sup>, 04/05/2029 | 1050000 | 992906 |
|  |  | 4038871 |
| **Media - 8.2%** | **Media - 8.2%** | **Media - 8.2%** |
|  ABG Intermediate Holdings 2 LLC <br>Term Loan B1, <br>1-Month Term SOFR + 3.50%, <br>7.33% <sup>(C)</sup>, 12/21/2028 | 1047375 | 1003516 |
|  Arches Buyer, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 12/06/2027 | 510096 | 449841 |
|  CMG Media Corp. <br>Term Loan, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(C)</sup>, 12/17/2026 | 973816 | 908489 |
|  Cogeco Financing 2 LP <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(C)</sup>, 09/01/2028 | 487500 | 473397 |
|  Coral-US Co-Borrower LLC <br>Term Loan B6, <br>1-Month LIBOR + 3.00%, <br>6.41% <sup>(C)</sup>, 10/15/2029 | 706917 | 682175 |
|  CSC Holdings LLC <br>Term Loan B1, <br>1-Month LIBOR + 2.25%, <br>5.66% <sup>(C)</sup>, 07/17/2025 | 488372 | 471686 |
|  Diamond Sports Group LLC <br>2nd Lien Term Loan, <br>1-Month Term SOFR + 3.35%, <br>6.46% <sup>(C)</sup>, 08/24/2026 | 402604 | 77333 |
|  DirecTV Financing LLC <br>Term Loan, <br>1-Month LIBOR + 5.00%, <br>8.75% <sup>(C)</sup>, 08/02/2027 | 1410500 | 1337428 |
| EW Scripps Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.56%, <br>6.32% <sup>(C)</sup>, 05/01/2026 | 191061 | 186961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.75%, <br>6.50% <sup>(C)</sup>, 01/07/2028 | 1080398 | 1061941 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Gray Television, Inc. <br>Term Loan D, <br>1-Month LIBOR + 3.00%, <br>6.13% <sup>(C)</sup>, 12/01/2028 | $1982513 | $1951948 |
|  LCPR Loan Financing LLC <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.16% <sup>(C)</sup>, 10/16/2028 | 20000 | 19437 |
|  MH Sub I LLC <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 09/13/2024 | 984456 | 946801 |
|  Mission Broadcasting, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>5.63% <sup>(C)</sup>, 06/02/2028 | 645606 | 638209 |
|  NAI Entertainment Holdings LLC <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.26% <sup>(C)</sup>, 05/08/2025 | 637219 | 605358 |
|  Nexstar Broadcasting, Inc. <br>Term Loan B4, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(C)</sup>, 09/18/2026 | 519535 | 513366 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.50%, <br>6.26% <sup>(C)</sup>, 09/30/2026 | 981164 | 924011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 3.75%, <br>7.58% <sup>(C)</sup>, 04/21/2029 | 249375 | 232979 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 03/15/2026 | 736856 | 713040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 01/31/2029 | 149250 | 142534 |
|  UPC Financing Partnership <br>Term Loan AX, <br>1-Month LIBOR + 2.92%, <br>6.34% <sup>(C)</sup>, 01/31/2029 | 1477285 | 1441935 |
|  Ziggo Financing Partnership <br>Term Loan I, <br>1-Month LIBOR + 2.50%, <br>5.91% <sup>(C)</sup>, 04/30/2028 | 769000 | 747578 |
|  |  | 15529963 |
| **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** |
|  Highline Aftermarket Acquisition LLC <br>Term Loan B, <br>1-Month LIBOR + 4.50%, <br>8.25% <sup>(C)</sup>, 11/09/2027 | 261025 | 236228 |
| **Oil, Gas & Consumable Fuels - 0.4%** | **Oil, Gas & Consumable Fuels - 0.4%** | **Oil, Gas & Consumable Fuels - 0.4%** |
|  Delek US Holdings, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.25%, <br>6.00% <sup>(C)</sup>, 03/31/2025 | 248061 | 240885 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 74** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  EG Group Ltd. <br>Term Loan, <br>3-Month LIBOR + 4.25%, <br>7.92% <sup>(C)</sup>, 03/31/2026 | $396029 | $359644 |
| Phoenix Services International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 2.00%, <br>5.56% <sup>(C)</sup>, 03/28/2023 | 75474 | 74719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Rate + 2.75%, <br>8.25% <sup>(C)</sup>, 03/01/2025 | 769319 | 150017 |
|  Prairie ECI Acquiror LP <br>Term Loan B, <br>1-Month LIBOR + 4.75%, <br>8.50% <sup>(C)</sup>, 03/11/2026 | 2163 | 2035 |
|  |  | 827300 |
| **Paper & Forest Products - 0.7%** | **Paper & Forest Products - 0.7%** | **Paper & Forest Products - 0.7%** |
|  Domtar Corp. <br>Term Loan B, <br>1-Month LIBOR + 5.50%, <br>8.82% <sup>(C)</sup>, 11/30/2028 | 1515451 | 1409370 |
| **Personal Products - 0.8%** | **Personal Products - 0.8%** | **Personal Products - 0.8%** |
|  KDC/ONE Development Corp., Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 12/22/2025 | 904050 | 857999 |
|  Kronos Acquisition Holdings, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>6.82% <sup>(C)</sup>, 12/22/2026 | 644843 | 607966 |
|  |  | 1465965 |
| **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** |
|  Bausch Health Cos., Inc. <br>Term Loan B, <br>1-Month Term SOFR + 5.25%, <br>8.62% <sup>(C)</sup>, 02/01/2027 | 740625 | 552294 |
|  Elanco Animal Health, Inc. <br>Term Loan B, <br>1-Month LIBOR + 1.75%, <br>4.88% <sup>(C)</sup>, 08/01/2027 | 217324 | 209202 |
|  Organon & Co. <br>Term Loan, <br>3-Month LIBOR + 3.00%, <br>6.19% <sup>(C)</sup>, 06/02/2028 | 683503 | 665194 |
|  |  | 1426690 |
| **Professional Services - 0.8%** | **Professional Services - 0.8%** | **Professional Services - 0.8%** |
| Dun & Bradstreet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>6.85% <sup>(C)</sup>, 02/06/2026 | 675832 | 664005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 3.25%, <br>6.90% <sup>(C)</sup>, 01/18/2029 | 891759 | 867608 |
|  |  | 1531613 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Real Estate Management & Development - 1.3%** | **Real Estate Management & Development - 1.3%** | **Real Estate Management & Development - 1.3%** |
|  Cushman & Wakefield US Borrower LLC <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.50% <sup>(C)</sup>, 08/21/2025 | $1405063 | $1372278 |
|  RE/MAX International, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.31% <sup>(C)</sup>, 07/21/2028 | 611158 | 573725 |
|  Redstone Holdco 2 LP <br>Term Loan, <br>3-Month LIBOR + 4.75%, <br>9.11% <sup>(C)</sup>, 04/27/2028 | 717750 | 514986 |
|  |  | 2460989 |
| **Semiconductors & Semiconductor Equipment - 0.8%** | **Semiconductors & Semiconductor Equipment - 0.8%** | **Semiconductors & Semiconductor Equipment - 0.8%** |
|  MKS Instruments, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.32% <sup>(C)</sup>, 08/17/2029 | 1650000 | 1610812 |
| **Software - 4.7%** | **Software - 4.7%** | **Software - 4.7%** |
|  AppLovin Corp. <br>Term Loan B, <br>3-Month LIBOR + 3.00%, <br>6.67% <sup>(C)</sup>, 10/25/2028 | 248750 | 239111 |
|  Ceridian HCM Holding, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(C)</sup>, 04/30/2025 | 689458 | 665615 |
|  Cornerstone OnDemand, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 10/16/2028 | 746250 | 621253 |
|  Epicor Software Corp. <br>Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 07/30/2027 | 1717318 | 1628876 |
|  GoTo Group, Inc. <br>Term Loan B, <br>1-Month LIBOR + 4.75%, <br>8.32% <sup>(C)</sup>, 08/31/2027 | 2097070 | 1318533 |
|  Quest Software US Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.25%, <br>8.49% <sup>(C)</sup>, 02/01/2029 | 1496250 | 1103068 |
| Sophia LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.50%, <br>7.17% <sup>(C)</sup>, 10/07/2027 | 1277691 | 1229138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 4.25%, <br>7.98% <sup>(C)</sup>, 10/07/2027 | 498750 | 481709 |
| SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B6, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 2.25%, <br>6.08% <sup>(C)</sup>, 03/22/2029 | 170147 | 166723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B7, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 2.25%, <br>6.08% <sup>(C)</sup>, 03/22/2029 | 256373 | 251213 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 75** 

------

##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Ultimate Software Group, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.25%, <br>7.00% <sup>(C)</sup>, 05/04/2026 | $1189143 | $1145851 |
|  |  | 8851090 |
| **Specialty Retail - 3.7%** | **Specialty Retail - 3.7%** | **Specialty Retail - 3.7%** |
|  Apro LLC <br>Term Loan, <br>3-Month LIBOR + 3.75%, <br>6.89% <sup>(C)</sup>, 11/14/2026 | 979982 | 944457 |
|  Great Outdoors Group LLC <br>Term Loan B1, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 03/06/2028 | 1469463 | 1380682 |
|  Petco Health & Wellness Co., Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>6.92% <sup>(C)</sup>, 03/03/2028 | 845707 | 811175 |
|  PetSmart, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(C)</sup>, 02/11/2028 | 1174994 | 1128484 |
|  Rent-A-Center, Inc. <br>1st Lien Term Loan B, <br>3-Month LIBOR + 3.25%, <br>7.69% <sup>(C)</sup>, 02/17/2028 | 1410316 | 1292202 |
|  WOOF Holdings, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 3.75%, <br>7.32% <sup>(C)</sup>, 12/21/2027 | 1580950 | 1509807 |
|  |  | 7066807 |
| **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** |
|  Diebold, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.06% <sup>(C)</sup>, 11/06/2023 | 1474762 | 1151236 |
| **Textiles, Apparel & Luxury Goods - 0.6%** | **Textiles, Apparel & Luxury Goods - 0.6%** | **Textiles, Apparel & Luxury Goods - 0.6%** |
|  Crocs, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.20% <sup>(C)</sup>, 02/20/2029 | 1086250 | 1043705 |
| **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** |
| First Student Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.00%, <br>6.64% <sup>(C)</sup>, 07/21/2028 | 362457 | 339985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.00%, <br>6.64% <sup>(C)</sup>, 07/21/2028 | 134804 | 126446 |
|  |  | 466431 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** |
|  Altice France SA <br>Term Loan B13, <br>3-Month LIBOR + 4.00%, <br>6.91% <sup>(C)</sup>, 08/14/2026 | $989691 | $903093 |
|  **Total Loan Assignments <br>(Cost $177,213,237)** | **Total Loan Assignments <br>(Cost $177,213,237)** | 163606712 |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.2%** | **COMMON STOCKS - 0.2%** | **COMMON STOCKS - 0.2%** |
| **Health Care Providers & Services - 0.0%** | **Health Care Providers & Services - 0.0%** | **Health Care Providers & Services - 0.0%** |
|  Valitas Holdings, Inc. <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> | 21887 | 0 |
| **Household Durables - 0.2%** | **Household Durables - 0.2%** | **Household Durables - 0.2%** |
|  API Heat Transfer Intermediate Corp. <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(J)</sup> | 889572 | 1 |
|  LG Parent Holdco, Inc. <sup>(G)</sup> <sup>(H)</sup> | 30405 | 364860 |
|  |  | 364861 |
| **Software - 0.0% <sup>(K)</sup>** | **Software - 0.0% <sup>(K)</sup>** | **Software - 0.0% <sup>(K)</sup>** |
|  Avaya Holdings Corp. <sup>(B)</sup> <sup>(G)</sup> <sup>(L)</sup> | 4 | 6 |
| **Textiles, Apparel & Luxury Goods - 0.0% <sup>(K)</sup>** | **Textiles, Apparel & Luxury Goods - 0.0% <sup>(K)</sup>** | **Textiles, Apparel & Luxury Goods - 0.0% <sup>(K)</sup>** |
|  Men's Wearhouse, Inc. <sup>(G)</sup> <sup>(H)</sup> | 7650 | 45900 |
|  **Total Common Stocks <br>(Cost $375,454)** | **Total Common Stocks <br>(Cost $375,454)** | 410767 |
| **PREFERRED STOCKS - 0.3%** | **PREFERRED STOCKS - 0.3%** | **PREFERRED STOCKS - 0.3%** |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  API Heat Transfer Intermediate Corp., <br>0.00% <sup>(F)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(J)</sup> | 189500 | 0 |
|  LG Parent Holdco, Inc., <br>0.00% <sup>(H)</sup> | 4064 | 477564 |
|  **Total Preferred Stocks <br>(Cost $372,397)** | **Total Preferred Stocks <br>(Cost $372,397)** | 477564 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(M)</sup>, dated 10/31/2022, to be repurchased at $2,918,815 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $2,977,191. | $2918726 | 2918726 |
|  **Total Repurchase Agreement <br>(Cost $2,918,726)** | **Total Repurchase Agreement <br>(Cost $2,918,726)** | 2918726 |
|  **Total Investments <br>(Cost $198,556,566)** | **Total Investments <br>(Cost $198,556,566)** | 181234953 |
|  **Net Other Assets (Liabilities) - 4.5%** |  | 8581725 |
|  **Net Assets - 100.0%** |  | **$189816678** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 76** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(N)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(O)</sup>** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Corporate Debt Securities | $— | $13821184 | $— | $13821184 |
|  Loan Assignments |  | 163606712 |  | 163606712 |
|  Common Stocks | 6 | 410760 | 1 | 410767 |
|  Preferred Stocks |  | 477564 | 0 | 477564 |
|  Repurchase Agreement |  | 2918726 |  | 2918726 |
|  **Total Investments** | $**6** | $**181234946** | $**1** | $**181234953** |
| **Transfers** | **Transfers** | **Transfers** | **Transfers** | **Transfers** |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Common Stocks <sup>(J)</sup> | $— | $— | $1 | $— |
|  Preferred Stocks <sup>(J)</sup> |  |  | 0 |  |
|  **Total** | $**—** | $**—** | $**1** | $**—** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $13,821,184, representing 7.3% of the Fund's net assets.* 

(B) *Restricted securities. At October 31, 2022, the value of such securities held by the Fund are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Corporate Debt Securities | Avaya, Inc.<br>6.13%, 09/15/2028 | 09/11/2020 - 09/07/2021 | $2198650 | $886137 | 0.5% |
|  Loan Assignments | Avaya, Inc.<br>Term Loan B2<br>7.41%, 12/15/2027 | 11/22/2021 | 501250 | 233750 | 0.1 |
|  Common Stocks | Avaya Holdings Corp. | 11/15/2019 | 0 | 6 | 0.0 <sup>(D)</sup> |
|  **Total** |  |  | $**2699900** | $**1119893** | **0.6%** |

---

(C) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(D) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(E) *All or a portion of the security represents an unsettled loan commitment at October 31, 2022 where the rate will be determined at time of settlement.* 

(F) *Securities deemed worthless.* 

(G) *Non-income producing securities.* 

(H) *Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2022, the total value of securities is $888,325, representing 0.5% of the Fund's net assets.* 

(I) *Securities are Level 3 of the fair value hierarchy.* 

(J) *Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.* 

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 77** 

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##### [**Table of Contents**](#toc)
**Transamerica Floating Rate** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(L) *All or a portion of the security is on loan. The value of the security on loan is $6 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $7. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.* 

(M) *Rate disclosed reflects the yield at October 31, 2022.* 

(N) *Level 3 securities were not considered significant to the Fund.* 

(O) *The Fund recognized transfers in and out of Level 3 as of October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered Rate* |
| *Prime Rate* | *Interest rate charged by banks to their most credit worthy customers* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *TBD* | *To Be Determined* |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 78** 

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##### [**Table of Contents**](#toc)
**Transamerica Government Money Market** 

------

**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Repurchase Agreements | 47.5% |
|  U.S. Government Agency Obligations | 24.7 |
|  Short-Term U.S. Government Agency Obligations | 11.9 |
|  Short-Term U.S. Government Obligations | 9.5 |
|  U.S. Government Obligations | 6.3 |
|  Net Other Assets (Liabilities) | 0.1 |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 0.18 |
|  Duration † | 0.05 |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

*You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 79** 

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##### [**Table of Contents**](#toc)
**Transamerica Government Money Market** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.7%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/07/2023 | $875000 | $874957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.02%, <br>3.07% <sup>(A)</sup>, 05/16/2023 | 3835000 | 3834950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.03%, <br>3.08% <sup>(A)</sup>, 07/25/2023 | 1760000 | 1759961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.04%, <br>3.09% <sup>(A)</sup>, 03/10/2023 | 1475000 | 1475079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.05%, <br>3.10% <sup>(A)</sup>, 08/22/2023 - 02/20/2024 | 18370000 | 18370000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.06%, <br>3.11% <sup>(A)</sup>, 11/22/2023 - 01/10/2024 | 4350000 | 4350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.09%, <br>3.14% <sup>(A)</sup>, 08/26/2024 | 4670000 | 4670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.10%, <br>3.15% <sup>(A)</sup>, 08/01/2024 | 1175000 | 1175000 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 02/13/2023 | 4580000 | 4580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.01%, <br>3.06% <sup>(A)</sup>, 01/04/2023 | 11500000 | 11500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.01%, <br>3.06% <sup>(A)</sup>, 01/17/2023 - 01/25/2023 | 21105000 | 21105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.02%, <br>3.07% <sup>(A)</sup>, 12/16/2022 - 05/02/2023 | 17370000 | 17370000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.03%, <br>3.08% <sup>(A)</sup>, 02/03/2023 - 03/02/2023 | 22055000 | 22055000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.04%, <br>3.09% <sup>(A)</sup>, 02/13/2023 | 8980000 | 8980000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 02/17/2023 <sup>(A)</sup> | 5585000 | 5585000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/09/2023 | 5865000 | 5864757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2023 | 3640000 | 3633452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/10/2023 | 2665000 | 2664648 |
|  **Total U.S. Government Agency Obligations <br>(Cost $139,847,804)** | **Total U.S. Government Agency Obligations <br>(Cost $139,847,804)** | 139847804 |
| **U.S. GOVERNMENT OBLIGATIONS - 6.3%** | **U.S. GOVERNMENT OBLIGATIONS - 6.3%** | **U.S. GOVERNMENT OBLIGATIONS - 6.3%** |
| **U.S. Treasury - 6.3%** | **U.S. Treasury - 6.3%** | **U.S. Treasury - 6.3%** |
|  U.S. Treasury Floating Rate Notes <br>3-Month Treasury Money Market Yield + 0.03%, <br>4.14% <sup>(A)</sup>, 07/31/2023 | 8000000 | 8000181 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/28/2023 - 04/30/2023 | 18765000 | 18648355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/2022 | 2000000 | 2000653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/2023 | 1555000 | 1551407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/2023 | 5315000 | 5337499 |
|  **Total U.S. Government Obligations <br>(Cost $35,538,095)** | **Total U.S. Government Obligations <br>(Cost $35,538,095)** | 35538095 |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.9%** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.9%** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.9%** |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.01%, <br>3.06% <sup>(A)</sup>, 11/22/2022 | 6795000 | 6794990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.06%, <br>3.11% <sup>(A)</sup>, 12/13/2022 | 2040000 | 2040107 |
| Federal Farm Credit Discount Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.41% <sup>(B)</sup>, 11/01/2022 | 2220000 | 2220000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33% <sup>(B)</sup>, 11/14/2022 | 3240000 | 3238479 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.01%, <br>3.06% <sup>(A)</sup>, 12/01/2022 | $6490000 | $6490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.01%, <br>3.06% <sup>(A)</sup>, 12/23/2022 | 1485000 | 1485000 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.02%, <br>3.07% <sup>(A)</sup>, 11/14/2022 - 12/21/2022 | 26445000 | 26445000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.06%, <br>3.11% <sup>(A)</sup>, 12/08/2022 | 8450000 | 8450433 |
|  Federal Home Loan Bank Discount Notes<br>3.07% <sup>(B)</sup>, 11/04/2022 | 10300000 | 10297408 |
|  **Total Short-Term U.S. Government Agency Obligations <br>(Cost $67,461,417)** | **Total Short-Term U.S. Government Agency Obligations <br>(Cost $67,461,417)** | 67461417 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.5%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.5%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40% <sup>(B)</sup>, 12/29/2022 | 720000 | 719548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <sup>(B)</sup>, 01/26/2023 | 2790000 | 2785801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <sup>(B)</sup>, 02/23/2023 | 2465000 | 2456062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% <sup>(B)</sup>, 05/18/2023 | 880000 | 869836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 12/06/2022 - 01/12/2023 | 15990000 | 15923077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78% <sup>(B)</sup>, 12/06/2022 | 4260000 | 4248735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79% <sup>(B)</sup>, 12/06/2022 | 14215000 | 14177353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84% <sup>(B)</sup>, 12/13/2022 | 5410000 | 5392454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% <sup>(B)</sup>, 03/16/2023 | 7520000 | 7422287 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $53,995,153)** | **Total Short-Term U.S. Government Obligations <br>(Cost $53,995,153)** | 53995153 |
| **REPURCHASE AGREEMENTS - 47.5%** | **REPURCHASE AGREEMENTS - 47.5%** | **REPURCHASE AGREEMENTS - 47.5%** |
|  Barclays Capital, Inc., 3.05% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $57,004,829 on 11/01/2022. Collateralized by a U.S. Government Obligation, 2.25%, due 02/15/2052, and with a value of $58,140,014. | $57000000 | 57000000 |
|  BNP Paribas SA, 3.00% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $20,001,667 on 11/01/2022. Collateralized by U.S. Government Obligations, 0.25% - 1.88%, due 04/15/2024 - 02/15/2041, and with a total value of $20,400,059. | 20000000 | 20000000 |
|  BNP Paribas SA, 3.05% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $15,001,271 on 11/01/2022. Collateralized by U.S. Government Agency Obligations, 1.50% - 6.00%, due 06/01/2033 - 11/01/2052, and with a total value of $15,409,686. | 15000000 | 15000000 |
|  Citigroup Global Markets, Inc., 3.00% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $30,002,500 on 11/01/2022. Collateralized by U.S. Government Obligations, 0.88% - 2.63%, due 11/30/2028 - 02/15/2029, and with a total value of $30,656,548. | 30000000 | 30000000 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 80** 

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##### [**Table of Contents**](#toc)
**Transamerica Government Money Market** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $30,483,572 on 11/01/2022. Collateralized by a U.S. Government Obligation, 0.63%, due 04/15/2023, and with a value of $31,092,366. | $30482641 | $30482641 |
|  Goldman Sachs & Co., 3.01% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $25,002,090 on 11/01/2022. Collateralized by a U.S. Government Obligation, 1.63%, due 05/15/2031, and with a value of $25,500,083. | 25000000 | 25000000 |
|  Goldman Sachs & Co., 3.05% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $10,000,847 on 11/01/2022. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 09/20/2052, and with a value of $10,200,000. | 10000000 | 10000000 |
|  JPMorgan Chase & Co., 3.01% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $2,000,167 on 11/01/2022. Collateralized by U.S. Government Obligations, 0.13% - 3.63%, due 03/31/2023 - 02/15/2044, and with a total value of $2,039,567. | 2000000 | 2000000 |
|  JPMorgan Chase & Co., 3.05% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $10,000,847 on 11/01/2022. Collateralized by U.S. Government Agency Obligations, 2.50% - 6.00%, due 06/20/2035 - 08/20/2062, and with a total value of $10,200,001. | 10000000 | 10000000 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  Merrill Lynch & Co., Inc., 3.00% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $15,001,250 on 11/01/2022. Collateralized by a U.S. Government Obligation, 3.13%, due 11/15/2028, and with a value of $15,300,034. | $15000000 | $15000000 |
|  Merrill Lynch & Co., Inc., 3.05% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $20,001,694 on 11/01/2022. Collateralized by U.S. Government Agency Obligations, 2.45% - 4.95%, due 01/05/2037 - 08/09/2041, and with a total value of $20,400,642. | 20000000 | 20000000 |
|  Toronto-Dominion Bank, 3.02% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $25,002,097 on 11/01/2022. Collateralized by U.S. Government Obligations, 0.75% - 2.75%, due 01/15/2025 - 01/31/2028, and with a total value of $25,500,040. | 25000000 | 25000000 |
|  Toronto-Dominion Bank, 3.05% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $10,000,847 on 11/01/2022. Collateralized by U.S. Government Obligations, 0.38% - 2.25%, due 04/30/2023 - 08/15/2024, and with a total value of $10,200,020. | 10000000 | 10000000 |
|  **Total Repurchase Agreements <br>(Cost $269,482,641)** | **Total Repurchase Agreements <br>(Cost $269,482,641)** | 269482641 |
|  **Total Investments <br>(Cost $566,325,110)** | **Total Investments <br>(Cost $566,325,110)** | 566325110 |
|  **Net Other Assets (Liabilities) - 0.1%** |  | 468394 |
|  **Net Assets - 100.0%** |  | **$566793504** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  U.S. Government Agency Obligations | $— | $139847804 | $— | $139847804 |
|  U.S. Government Obligations |  | 35538095 |  | 35538095 |
|  Short-Term U.S. Government Agency Obligations |  | 67461417 |  | 67461417 |
|  Short-Term U.S. Government Obligations |  | 53995153 |  | 53995153 |
|  Repurchase Agreements |  | 269482641 |  | 269482641 |
|  **Total Investments** | $**—** | $**566325110** | $**—** | $**566325110** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 81** 

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##### [**Table of Contents**](#toc)
**Transamerica Government Money Market** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(B) *Rates disclosed reflect the yields at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

*LIBOR* *London Interbank Offered Rate* <br> *SOFR* *Secured Overnight Financing Rate*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 82** 

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##### [**Table of Contents**](#toc)
**Transamerica High Quality Bond** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022 was most influenced by the dramatic move upward in interest rates across the curve. Market participants began driving rates higher early in the fiscal year in anticipation of the U.S. Federal Reserve ("Fed") taking its target rate higher due to persistent inflation. The benchmark two-year U.S. Treasury began the fiscal year at 0.50% and climbed nearly 400 basis points to end the period at 4.51%. Outside the U.S., the Russian invasion of Ukraine in February raised concerns of widespread declines in economic activity as many countries imposed trading sanctions on Russia and global supply chains become further stressed. Meanwhile, the impacts of inflation and rising rates began to cool economic activity, with U.S. Gross Domestic Product falling into negative territory for the first half of calendar year 2022.

Reflecting the deteriorating economic picture and increasing uncertainty, volatility jumped, and risk assets sold off meaningfully. All spread sectors gapped wider during the fiscal year, with corporates and commercial mortgage-backed securities ("CMBS") posting the weakest relative performance, followed by asset-backed securities ("ABS") and residential mortgage-backed securities ("RMBS"). RMBS spreads held steady for most of the fiscal year – especially shorter average life securities – but capitulated in the Fall, as the Fed continued to pull back from that market. With spreads wider and rates dramatically higher, fixed income returns fell well into negative territory during the period. Longer duration strategies experienced the worst total returns, but shorter duration strategies also saw weakness.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica High Quality Bond (Class R4) returned -5.07%. By comparison, its benchmark, the ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned -4.98%.

**STRATEGY REVIEW** 

Transamerica High Quality Bond (the "Fund") underperformed its benchmark, the ICE BofAML U.S. Corporate & Government 1-3 Years Index during the fiscal year ended October 31, 2022. The sub-adviser uses relative value analysis in an effort to select high quality fixed income assets, maximize risk-adjusted spread, and to tactically adjust portfolio weightings to outperform the benchmark.

Throughout the fiscal year, the Fund targeted a moderately short duration stance relative to the benchmark, owing largely to its allocation to corporate and CMBS floating rate securities. During the fiscal year, the Fund's allocation to ABS and RMBS decreased (down approximately 4% and 3%, respectively), while the Fund's allocation to corporates increased modestly (up approximately 2%) and the CMBS allocation increased approximately 4%. Cash and U.S. Treasury holdings had little change year over year.

Despite widening spreads throughout the fiscal year, the Fund's yield advantage and security/sector rotation contributed to returns in the fiscal year. Curve positioning detracted modestly from performance for the trailing 12-month period, as exposure to the 3-year to 5-year bucket (out of index) suffered from the inflation-driven jump in interest rates.

**Peter S. Kaplan, CFA** 

**Adam Ware, CFA** 

**Jennifer K. Wynn, CFA** 

**Co-Portfolio Manager** 

**Merganser Capital Management, LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 48.8% |
|  Asset-Backed Securities | 29.3 |
|  Mortgage-Backed Securities | 13.6 |
|  U.S. Government Obligations | 4.6 |
|  U.S. Government Agency Obligations | 2.9 |
|  Other Investment Company | 0.6 |
|  Net Other Assets (Liabilities) | 0.2 |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 2.21 |
|  Duration † | 1.53 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 7.5% |
|  AAA | 11.3 |
|  AA | 8.3 |
|  A | 28.8 |
|  BBB | 40.2 |
|  Not Rated | 3.7 |
|  Net Other Assets (Liabilities) | 0.2 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**(unaudited)**![LOGO](g404440g95u25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception<br>Date** |
|  Class I3 (NAV) | (4.88)% | 0.94% | 0.95% | 04/21/2017 |
|  Class R (NAV) | (5.35)% | 0.43% | 0.45% | 04/21/2017 |
|  Class R4 (NAV) | (5.07)% | 0.71% | 0.72% | 09/11/2000 |
|  ICE BofAML U.S. Corporate & Government 1-3 Years Index <sup>(A)</sup> | (4.98)% | 0.69% | 0.81% |  |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Any U.S. government guarantees of the securities held in the Fund pertain only to those securities and not the Fund or its yield. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Fund may also go down.

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**Page 85** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 29.3%** | **ASSET-BACKED SECURITIES - 29.3%** | **ASSET-BACKED SECURITIES - 29.3%** |
| AmeriCredit Automobile Receivables<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class D,<br>4.01%, 07/18/2024 | $3000000 | $2987230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class D,<br>2.13%, 03/18/2026 | 1360000 | 1260320 |
| Avis Budget Rental Car Funding AESOP<br>LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A,<br>4.00%, 03/20/2025 <sup>(A)</sup> | 1425000 | 1395138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class B,<br>2.68%, 08/20/2026 <sup>(A)</sup> | 520000 | 468499 |
|  CLI Funding VIII LLC <br>Series 2021-1A, Class A, <br>1.64%, 02/18/2046 <sup>(A)</sup> | 1391407 | 1179840 |
|  CNH Equipment Trust <br>Series 2019-C, Class B, <br>2.35%, 04/15/2027 | 1730000 | 1680127 |
| Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class A2II,<br>4.47%, 10/25/2045 <sup>(A)</sup> | 1222000 | 1150907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2I,<br>4.12%, 07/25/2048 <sup>(A)</sup> | 768000 | 716433 |
|  Evergreen Credit Card Trust <br>Class B, Series 2022-CRT1, <br>5.61%, 07/15/2026 <sup>(A)</sup> | 625000 | 608972 |
|  FirstKey Homes Trust <br>Series 2020-SFR2, Class D, <br>1.97%, 10/19/2037 <sup>(A)</sup> | 2000000 | 1735041 |
|  Ford Credit Auto Lease Trust <br>Series 2021-A, Class C, <br>0.78%, 09/15/2025 | 1725000 | 1679277 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A,<br>3.52%, 07/15/2030 <sup>(A)</sup> | 1500000 | 1458810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class B,<br>2.13%, 05/15/2025 | 2130000 | 2078665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class C,<br>2.54%, 08/15/2031 <sup>(A)</sup> | 1135000 | 1013254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C,<br>2.14%, 07/15/2029 | 1625000 | 1472167 |
| GMF Floorplan Owner Revolving Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B,<br>1.03%, 08/15/2025 <sup>(A)</sup> | 715000 | 686325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class C,<br>1.31%, 10/15/2025 <sup>(A)</sup> | 1860000 | 1774287 |
|  Hilton Grand Vacations Trust <br>Series 2018-AA, Class A, <br>3.54%, 02/25/2032 <sup>(A)</sup> | 297790 | 287538 |
|  HPEFS Equipment Trust <br>Series 2022-1A, Class C, <br>1.96%, 05/21/2029 <sup>(A)</sup> | 1100000 | 1017174 |
|  Hyundai Auto Receivables Trust <br>Series 2021-A, Class C, <br>1.33%, 11/15/2027 | 1350000 | 1203499 |
|  Master Credit Card Trust II <br>Series 2018-1A, Class C, <br>3.74%, 07/21/2024 <sup>(A)</sup> | 675000 | 671800 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  MVW LLC <br>Series 2019-2A, Class A, <br>2.22%, 10/20/2038 <sup>(A)</sup> | $526071 | $493626 |
|  MVW Owner Trust <br>Series 2017-1A, Class A,<br>2.42%, 12/20/2034 <sup>(A)</sup> | 198061 | 193059 |
|  PFS Financing Corp. <br>Series 2021-A, Class A, <br>0.71%, 04/15/2026 <sup>(A)</sup> | 900000 | 839865 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SFR3, Class D,<br>2.87%, 09/17/2036 <sup>(A)</sup> | 1000000 | 928308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR3, Class D,<br>1.90%, 10/17/2027 <sup>(A)</sup> | 1355000 | 1190311 |
|  Sierra Timeshare Receivables Funding LLC <br>Series 2018-2A, Class A, <br>3.50%, 06/20/2035 <sup>(A)</sup> | 167894 | 164965 |
| Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class C,<br>0.89%, 05/20/2027 | 950000 | 878406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C,<br>1.39% <sup>(B)</sup>, 01/20/2027 | 1250000 | 1208105 |
| Verizon Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class C,<br>2.06%, 07/22/2024 | 450000 | 443217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class C,<br>0.83%, 02/20/2025 | 1000000 | 949230 |
|  Volvo Financial Equipment LLC <br>Series 2019-2A, Class B, <br>2.28%, 11/15/2024 <sup>(A)</sup> | 930000 | 908864 |
|  World Omni Auto Receivables Trust <br>Series 2019-B, Class B, <br>2.86%, 06/16/2025 | 625000 | 615579 |
|  World Omni Select Auto Trust <br>Series 2021-A, Class C, <br>1.09%, 11/15/2027 | 1515000 | 1369712 |
|  **Total Asset-Backed Securities <br>(Cost $39,226,002)** | **Total Asset-Backed Securities <br>(Cost $39,226,002)** | 36708550 |
| **CORPORATE DEBT SECURITIES - 48.8%** | **CORPORATE DEBT SECURITIES - 48.8%** | **CORPORATE DEBT SECURITIES - 48.8%** |
| **Banks - 15.2%** | **Banks - 15.2%** | **Banks - 15.2%** |
|  Bank of America Corp. <br>Fixed until 02/13/2025,<br>2.02% <sup>(B)</sup>, 02/13/2026 | 2485000 | 2273507 |
|  Bank of Montreal <br>2.65%, 03/08/2027 | 1220000 | 1081357 |
|  Barclays PLC <br>3-Month LIBOR + 1.38%, <br>4.30% <sup>(B)</sup>, 05/16/2024 | 2000000 | 1975434 |
|  BNP Paribas SA <br>Fixed until 06/09/2025,<br>2.22% <sup>(B)</sup>, 06/09/2026 <sup>(A)</sup> | 1600000 | 1430247 |
|  DNB Bank ASA <br>Fixed until 03/28/2024,<br>2.97% <sup>(B)</sup>, 03/28/2025 <sup>(A)</sup> | 1140000 | 1090425 |
|  HSBC Holdings PLC <br>Fixed until 03/10/2025,<br>3.00% <sup>(B)</sup>, 03/10/2026 | 1320000 | 1197877 |

---

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

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**Page 86** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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;&nbsp;&nbsp; Fixed until 06/23/2024,<br>0.97% <sup>(B)</sup>, 06/23/2025 | $1260000 | $1158229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/22/2026,<br>1.47% <sup>(B)</sup>, 09/22/2027 | 1170000 | 982107 |
|  Lloyds Banking Group PLC <br>Fixed until 11/07/2022,<br>2.91% <sup>(B)</sup>, 11/07/2023 | 1245000 | 1244425 |
|  NatWest Group PLC <br>Fixed until 03/22/2024,<br>4.27% <sup>(B)</sup>, 03/22/2025 | 1250000 | 1202990 |
|  PNC Bank NA <br>2.50%, 08/27/2024 | 1770000 | 1686710 |
|  Sumitomo Mitsui Financial Group, Inc. <br>3-Month SOFR + 0.88%, <br>3.93% <sup>(B)</sup>, 01/14/2027 | 1445000 | 1401116 |
|  Sumitomo Mitsui Trust Bank Ltd. <br>0.80%, 09/12/2023 <sup>(A)</sup> | 1075000 | 1032731 |
|  Wells Fargo & Co. <br>Fixed until 04/30/2025, 2.19% <sup>(B)</sup>, 04/30/2026 | 1470000 | 1337178 |
|  |  | 19094333 |
| **Capital Markets - 5.6%** | **Capital Markets - 5.6%** | **Capital Markets - 5.6%** |
|  Ameriprise Financial, Inc. <br>3.00%, 04/02/2025 | 1579000 | 1498120 |
|  Charles Schwab Corp. <br>3-Month SOFR Index + 1.05%, <br>3.92% <sup>(B)</sup>, 03/03/2027 | 450000 | 440378 |
|  Credit Suisse AG <br>1.00%, 05/05/2023 | 1095000 | 1061807 |
|  Goldman Sachs Group, Inc. <br>Fixed until 02/24/2027, 2.64% <sup>(B)</sup>, 02/24/2028 | 3000000 | 2592640 |
|  Morgan Stanley <br>Fixed until 02/18/2025, 2.63% <sup>(B)</sup>, 02/18/2026 | 1500000 | 1388340 |
|  |  | 6981285 |
| **Consumer Finance - 2.8%** | **Consumer Finance - 2.8%** | **Consumer Finance - 2.8%** |
|  American Express Co. <br>3-Month SOFR Index + 0.65%, <br>3.27% <sup>(B)</sup>, 11/04/2026 | 1210000 | 1174181 |
|  General Motors Financial Co., Inc. <br>3-Month SOFR + 1.20%, <br>3.93% <sup>(B)</sup>, 11/17/2023 | 1760000 | 1745708 |
|  Volkswagen Group of America Finance LLC <br>0.88%, 11/22/2023 <sup>(A)</sup> | 635000 | 604543 |
|  |  | 3524432 |
| **Diversified Financial Services - 0.9%** | **Diversified Financial Services - 0.9%** | **Diversified Financial Services - 0.9%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/2024 | 1015000 | 920997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 | 235000 | 230802 |
|  |  | 1151799 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** |
|  AT&T, Inc. <br>3-Month LIBOR + 1.18%, <br>4.42% <sup>(B)</sup>, 06/12/2024 | $1770000 | $1775768 |
| **Electric Utilities - 2.5%** | **Electric Utilities - 2.5%** | **Electric Utilities - 2.5%** |
|  Constellation Energy Generation LLC <br>3.25%, 06/01/2025 | 1000000 | 947832 |
|  Edison International <br>4.95%, 04/15/2025 | 1526000 | 1500208 |
|  Entergy Louisiana LLC <br>0.95%, 10/01/2024 | 810000 | 746729 |
|  |  | 3194769 |
| **Equity Real Estate Investment Trusts - 5.1%** | **Equity Real Estate Investment Trusts - 5.1%** | **Equity Real Estate Investment Trusts - 5.1%** |
|  American Tower Corp. <br>2.40%, 03/15/2025 | 965000 | 892176 |
|  Kimco Realty Corp. <br>4.45%, 01/15/2024 | 850000 | 838094 |
|  Office Properties Income Trust <br>4.50%, 02/01/2025 | 950000 | 789674 |
|  Simon Property Group LP <br>3.50%, 09/01/2025 | 1425000 | 1352831 |
|  Ventas Realty LP <br>3.85%, 04/01/2027 | 750000 | 690448 |
|  WEA Finance LLC / Westfield UK & Europe Finance PLC <br>3.75%, 09/17/2024 <sup>(A)</sup> | 1340000 | 1260592 |
|  Welltower, Inc. <br>3.63%, 03/15/2024 | 650000 | 631561 |
|  |  | 6455376 |
| **Food & Staples Retailing - 0.9%** | **Food & Staples Retailing - 0.9%** | **Food & Staples Retailing - 0.9%** |
|  7-Eleven, Inc. <br>0.80%, 02/10/2024 <sup>(A)</sup> | 1225000 | 1155016 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
|  Mondelez International, Inc. <br>2.13%, 03/17/2024 | 1120000 | 1073424 |
| **Gas Utilities - 0.6%** | **Gas Utilities - 0.6%** | **Gas Utilities - 0.6%** |
|  Atmos Energy Corp. <br>0.63%, 03/09/2023 | 705000 | 694838 |
| **Health Care Providers & Services - 0.2%** | **Health Care Providers & Services - 0.2%** | **Health Care Providers & Services - 0.2%** |
|  Cigna Corp. <br>3.50%, 06/15/2024 | 250000 | 243404 |
| **IT Services - 0.9%** | **IT Services - 0.9%** | **IT Services - 0.9%** |
|  Fiserv, Inc. <br>3.20%, 07/01/2026 | 1255000 | 1151187 |
| **Life Sciences Tools & Services - 1.2%** | **Life Sciences Tools & Services - 1.2%** | **Life Sciences Tools & Services - 1.2%** |
|  Illumina, Inc. <br>0.55%, 03/23/2023 <sup>(C)</sup> | 995000 | 976581 |
|  Thermo Fisher Scientific, Inc. <br>3-Month SOFR Index + 0.53%, <br>3.59% <sup>(B)</sup>, 10/18/2024 | 515000 | 509428 |
|  |  | 1486009 |
| **Media - 1.0%** | **Media - 1.0%** | **Media - 1.0%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.91%, 07/23/2025 | 1223000 | 1187707 |

---

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

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**Page 87** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Multi-Utilities - 2.4%** | **Multi-Utilities - 2.4%** | **Multi-Utilities - 2.4%** |
|  Dominion Energy, Inc. <br>3-Month LIBOR + 0.53%, <br>3.82% <sup>(B)</sup>, 09/15/2023 | $1775000 | $1767790 |
|  DTE Energy Co. <br>1.05%, 06/01/2025 | 1425000 | 1271401 |
|  |  | 3039191 |
| **Oil, Gas & Consumable Fuels - 2.3%** | **Oil, Gas & Consumable Fuels - 2.3%** | **Oil, Gas & Consumable Fuels - 2.3%** |
|  Energy Transfer LP <br>4.75%, 01/15/2026 | 1565000 | 1499354 |
|  Phillips 66 <br>3.70%, 04/06/2023 | 440000 | 437667 |
|  Williams Cos., Inc. <br>3.90%, 01/15/2025 | 990000 | 955092 |
|  |  | 2892113 |
| **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** |
|  AstraZeneca PLC <br>3-Month LIBOR + 0.67%, <br>3.61% <sup>(B)</sup>, 08/17/2023 | 1562000 | 1561510 |
| **Road & Rail - 2.2%** | **Road & Rail - 2.2%** | **Road & Rail - 2.2%** |
|  Norfolk Southern Corp. <br>5.59%, 05/17/2025 | 1432000 | 1420041 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 03/01/2024 <sup>(A)</sup> | 460000 | 432558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 04/03/2026 <sup>(A)</sup> | 1075000 | 931364 |
|  |  | 2783963 |
| **Software - 1.5%** | **Software - 1.5%** | **Software - 1.5%** |
|  Oracle Corp. <br>2.50%, 04/01/2025 | 1155000 | 1078679 |
|  VMware, Inc. <br>0.60%, 08/15/2023 | 765000 | 736579 |
|  |  | 1815258 |
|  **Total Corporate Debt Securities <br>(Cost $65,736,231)** | **Total Corporate Debt Securities <br>(Cost $65,736,231)** | 61261382 |
| **MORTGAGE-BACKED SECURITIES - 13.6%** | **MORTGAGE-BACKED SECURITIES - 13.6%** | **MORTGAGE-BACKED SECURITIES - 13.6%** |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class F,<br>1-Month LIBOR + 2.00%, <br>5.41% <sup>(B)</sup>, 10/15/2036 <sup>(A)</sup> | 1555500 | 1488968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class D,<br>1-Month LIBOR + 1.40%, <br>4.81% <sup>(B)</sup>, 06/15/2038 <sup>(A)</sup> | 1716993 | 1600910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C,<br> 1-Month LIBOR + 1.10%, <br>4.51% <sup>(B)</sup>, 09/15/2036 <sup>(A)</sup> | 700000 | 645694 |
|  BX Trust <br>Series 2021-LGCY, Class D, <br>1-Month LIBOR + 1.30%, <br>4.71% <sup>(B)</sup>, 10/15/2023 <sup>(A)</sup> | 1700000 | 1550740 |
|  CGDB Commercial Mortgage Trust <br>Series 2019-MOB, Class D, <br>1-Month LIBOR + 1.65%, <br>5.06% <sup>(B)</sup>, 11/15/2036 <sup>(A)</sup> | 2210000 | 2099336 |
|  CHC Commercial Mortgage Trust <br>Series 2019-CHC, Class D, <br>1-Month LIBOR + 2.05%, <br>5.46% <sup>(B)</sup>, 06/15/2034 <sup>(A)</sup> | 1756735 | 1652855 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  Citigroup Commercial Mortgage Trust <br>Series 2019-SMRT, Class B, <br>4.38%, 01/10/2036 <sup>(A)</sup> | $1600000 | $1546492 |
|  Cold Storage Trust <br>Series 2020-ICE5, Class D, <br>1-Month LIBOR + 2.10%, <br>5.51% <sup>(B)</sup>, 11/15/2037 <sup>(A)</sup> | 1474486 | 1407899 |
|  Credit Suisse Mortgage Capital Certificates <br>Series 2019-ICE4, Class D, <br>1-Month LIBOR + 1.60%, <br>5.01% <sup>(B)</sup>, 05/15/2036 <sup>(A)</sup> | 1810000 | 1754039 |
|  DBGS Mortgage Trust <br>Series 2018-BIOD, Class E, <br>1-Month LIBOR + 1.70%, <br>5.01% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> | 822386 | 781207 |
|  Extended Stay America Trust <br>Series 2021-ESH, Class C, <br>1-Month LIBOR + 1.70%, <br>5.11% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> | 439287 | 415637 |
|  STWD Trust <br>Series 2021-FLWR, Class D, <br>1-Month LIBOR + 1.38%, <br>4.79% <sup>(B)</sup>, 07/15/2036 <sup>(A)</sup> | 1700000 | 1580816 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C5, Class A4, <br>3.18%, 03/10/2046 | 512507 | 509936 |
|  **Total Mortgage-Backed Securities <br>(Cost $18,090,215)** | **Total Mortgage-Backed Securities <br>(Cost $18,090,215)** | 17034529 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.9%** |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates, Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51% <sup>(B)</sup>, 08/25/2031 | 17696911 | 612157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.72% <sup>(B)</sup>, 12/25/2030 | 4789634 | 212953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.93% <sup>(B)</sup>, 09/25/2030 | 19907972 | 1093133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04% <sup>(B)</sup>, 06/25/2031 | 7592640 | 506941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.29% <sup>(B)</sup>, 07/25/2026 | 19544021 | 733085 |
|  Federal National Mortgage Association, Interest Only STRIPS <br>Series 2013-M3, Class X2, <br>0.00% <sup>(B)</sup>, 11/25/2022 | 724707 | 7 |
|  Seasoned Loans Structured Transaction Trust <br>Series 2018-1, Class A1, <br>3.50%, 06/25/2028 | 525525 | 497390 |
|  **Total U.S. Government Agency Obligations <br>(Cost $4,117,571)** | **Total U.S. Government Agency Obligations <br>(Cost $4,117,571)** | 3655666 |
| **U.S. GOVERNMENT OBLIGATIONS - 4.6%** | **U.S. GOVERNMENT OBLIGATIONS - 4.6%** | **U.S. GOVERNMENT OBLIGATIONS - 4.6%** |
| **U.S. Treasury - 4.6%** | **U.S. Treasury - 4.6%** | **U.S. Treasury - 4.6%** |
|  U.S. Treasury Notes <br>2.75%, 05/15/2025 - 04/30/2027 | 6110000 | 5777608 |
|  **Total U.S. Government Obligations <br>(Cost $5,831,785)** | **Total U.S. Government Obligations <br>(Cost $5,831,785)** | 5777608 |

---

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

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**Transamerica High Quality Bond** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.6%** | **OTHER INVESTMENT COMPANY - 0.6%** | **OTHER INVESTMENT COMPANY - 0.6%** |
| **Securities Lending Collateral - 0.6%** | **Securities Lending Collateral - 0.6%** | **Securities Lending Collateral - 0.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 815033 | $815033 |
|  **Total Other Investment Company <br>(Cost $815,033)** | **Total Other Investment Company <br>(Cost $815,033)** | 815033 |
|  **Total Investments <br>(Cost $133,816,837)** | **Total Investments <br>(Cost $133,816,837)** | 125252768 |
|  **Net Other Assets (Liabilities) - 0.2%** |  | 221822 |
|  **Net Assets - 100.0%** |  | **$125474590** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $36708550 | $— | $36708550 |
|  Corporate Debt Securities |  | 61261382 |  | 61261382 |
|  Mortgage-Backed Securities |  | 17034529 |  | 17034529 |
|  U.S. Government Agency Obligations |  | 3655666 |  | 3655666 |
|  U.S. Government Obligations |  | 5777608 |  | 5777608 |
|  Other Investment Company | 815033 |  |  | 815033 |
|  **Total Investments** | $**815033** | $**124437735** | $**—** | $**125252768** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $43,345,085, representing 34.5% of the Fund's net assets.* 

(B) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(C) *All or a portion of the security is on loan. The value of the security on loan is $798,411, collateralized by cash collateral of $815,033. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.* 

(D) *Rate disclosed reflects the yield at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered Rate* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |

---

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

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**Page 89** 

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**Transamerica High Yield Bond** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September 2022 meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%. However, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica High Yield Bond (Class A) returned -11.74%, excluding any sales charges. By comparison, its benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned -11.76%.

**STRATEGY REVIEW** 

Outperformance was driven by favorable security selection decisions. By rating category, security selection was particularly strong in BBs, as well as CCCs and below. The underweight to lower-quality credit was also advantageous, as CCCs and below lagged the other rating categories during the fiscal year. Conversely, the selection in B-rated bonds and the modest off-benchmark exposure to investment grade credit detracted. However, this was more than offset by positive contribution effects from the security selection in other categories. By sub-sector, the largest contributors included consumer cyclicals, communications and real estate investment trusts, mainly due to strong security selection. The largest detractors by sub-sector included technology, capital goods and certain finance companies.

With respect to positioning and themes, overweights included a number of sub-sectors within communications and basic industry, as well as certain financials and other sectors. This included metals, paper, cable and satellite, wirelines, food/beverage, packaging, banking and others. Examples of underweights included certain consumer cyclicals such as retail and restaurants, as well as aerospace/defense, transportation, energy and others. Underweights were largely due to some idiosyncratic fundamental concerns and what were viewed as relatively unattractive valuations.

With respect to ratings allocation, the Fund maintained an underweight to BB-rated credit and continued to hold a modest allocation to investment grade credit. The Fund's B-rated exposure was generally in line with the benchmark. In terms of CCCs and below, the Fund was underweight versus the benchmark. During the fiscal year, the sub-adviser remained focused on credit selection as idiosyncratic situations were likely to provide the best opportunities to generate excess returns.

**Kevin Bakker, CFA** 

**Benjamin D. Miller, CFA** 

**James K. Schaeffer, Jr.** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 93.6% |
|  Other Investment Company | 8.3 |
|  Repurchase Agreement | 1.7 |
|  Loan Assignments | 0.6 |
|  Common Stocks | 0.1 |
|  Warrant | 0.0 \* |
|  Net Other Assets (Liabilities) | (4.3) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 7.09 |
|  Duration † | 4.07 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  AAA | 1.7% |
|  BBB | 7.6 |
|  BB | 43.0 |
|  B | 35.0 |
|  CCC and Below | 8.1 |
|  Not Rated | 8.9 |
|  Net Other Assets (Liabilities) | (4.3) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 91** 

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**(unaudited)**![LOGO](g404440g61z58.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (15.97)% | 0.07% | 2.76% | 06/14/1985 |
|  Class A (NAV) | (11.74)% | 1.06% | 3.27% | 06/14/1985 |
|  Bloomberg US Corporate High Yield 2% Issuer Capped Index <sup>(A)</sup> | (11.76)% | 2.00% | 4.11% |  |
|  Class C (POP) | (13.26)% | 0.35% | 2.53% | 11/11/2002 |
|  Class C (NAV) | (12.42)% | 0.35% | 2.53% | 11/11/2002 |
|  Class I (NAV) | (11.44)% | 1.45% | 3.58% | 11/30/2009 |
|  Class I2 (NAV) | (11.42)% | 1.49% | 3.67% | 11/08/2004 |
|  Class I3 (NAV) | (11.42)% | 1.49% | 2.30% | 03/24/2017 |
|  Class R (NAV) | (11.86)% | 0.99% | 1.79% | 03/24/2017 |
|  Class R4 (NAV) | (11.58)% | 1.21% | 2.03% | 03/24/2017 |
|  Class R6 (NAV) | (11.41)% | 1.49% | 2.75% | 05/29/2015 |

---

<sup>(A)</sup> *The Bloomberg US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Interest rates may go up, causing the value of the Fund's investments to decline. Changes, in interest rates, the market's perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments.

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**Page 92** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 93.6%** | **CORPORATE DEBT SECURITIES - 93.6%** | **CORPORATE DEBT SECURITIES - 93.6%** |
| **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | $5020000 | $4293380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 | 2906000 | 2634928 |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025 <sup>(A)</sup> | 2284000 | 1730313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/2024 <sup>(B)</sup> | 308000 | 311314 |
|  |  | 8969935 |
| **Auto Components - 2.2%** | **Auto Components - 2.2%** | **Auto Components - 2.2%** |
| Clarios Global LP / Clarios US Finance<br>Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 <sup>(B)</sup> | 3086000 | 2985705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 3876000 | 3816193 |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 | 3422000 | 2616413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | 1973000 | 1785565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 <sup>(A)</sup> | 1464000 | 1324203 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2027 <sup>(A)</sup> | 2303000 | 2095730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/2026 - 07/15/2029 <sup>(A)</sup> | 4435000 | 4052584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/2025 | 3075000 | 3197637 |
|  Patrick Industries, Inc. <br>7.50%, 10/15/2027 <sup>(B)</sup> | 3897000 | 3570322 |
|  |  | 25444352 |
| **Automobiles - 0.1%** | **Automobiles - 0.1%** | **Automobiles - 0.1%** |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | 849000 | 779407 |
| **Banks - 1.7%** | **Banks - 1.7%** | **Banks - 1.7%** |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/15/2023 <sup>(C)</sup>, 7.75% <sup>(D)</sup> | 1517000 | 1427876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(C)</sup>, 8.00% <sup>(D)</sup> | 3262000 | 3069372 |
|  Citigroup, Inc. <br>Fixed until 09/12/2024 <sup>(C)</sup>, 5.00% <sup>(D)</sup> | 5932000 | 5277700 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2031,<br>4.20% <sup>(D)</sup>, 06/01/2032 <sup>(B)</sup> | 1694000 | 1145777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026 <sup>(B)</sup> | 4247000 | 3955436 |
|  JPMorgan Chase & Co. <br>Fixed until 02/01/2025 <sup>(C)</sup>, 4.60% <sup>(D)</sup> | 3140000 | 2802136 |
|  Lloyds Banking Group PLC <br>Fixed until 06/27/2024 <sup>(C)</sup>, 7.50% <sup>(A)</sup> <sup>(D)</sup> | 2630000 | 2507636 |
|  |  | 20185933 |
| **Beverages - 0.5%** | **Beverages - 0.5%** | **Beverages - 0.5%** |
|  Primo Water Holdings, Inc. <br>4.38%, 04/30/2029 <sup>(B)</sup> | 7361000 | 6228209 |
| **Biotechnology - 0.3%** | **Biotechnology - 0.3%** | **Biotechnology - 0.3%** |
|  Grifols Escrow Issuer SA <br>4.75%, 10/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 4086000 | 3192188 |
| **Building Products - 0.9%** | **Building Products - 0.9%** | **Building Products - 0.9%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032 <sup>(B)</sup> | 905000 | 724181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(B)</sup> | 694000 | 601837 |
|  Cornerstone Building Brands, Inc. <br>6.13%, 01/15/2029 <sup>(B)</sup> | 6056000 | 3759160 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031 <sup>(B)</sup> | 2209000 | 1652774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 <sup>(B)</sup> | 880000 | 715000 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Standard Industries, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 <sup>(B)</sup> | $3121000 | $2827002 |
|  |  | 10279954 |
| **Capital Markets - 2.0%** | **Capital Markets - 2.0%** | **Capital Markets - 2.0%** |
|  Camelot Return Merger Sub, Inc. <br>8.75%, 08/01/2028 <sup>(B)</sup> | 3576000 | 2977020 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/11/2027 <sup>(C)</sup>, 5.25% <sup>(B)</sup> <sup>(D)</sup> | 2250000 | 1593833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/18/2024 <sup>(C)</sup>, 6.25% <sup>(B)</sup> <sup>(D)</sup> | 1350000 | 1134000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/21/2026 <sup>(C)</sup>, 6.38% <sup>(A)</sup> <sup>(B)</sup> <sup>(D)</sup> | 2982000 | 2224509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/12/2025 <sup>(C)</sup>, 7.25% <sup>(A)</sup> <sup>(B)</sup> <sup>(D)</sup> | 2450000 | 1918350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/11/2023 <sup>(C)</sup>, 7.50% <sup>(B)</sup> <sup>(D)</sup> | 4168000 | 3771965 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/14/2030,<br>3.73% <sup>(D)</sup>, 01/14/2032 | 1594000 | 1119911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/30/2025 <sup>(C)</sup>, 6.00% <sup>(A)</sup> <sup>(D)</sup> | 1400000 | 1095325 |
|  LPL Holdings, Inc. <br>4.00%, 03/15/2029 <sup>(B)</sup> | 4244000 | 3704121 |
|  MSCI, Inc. <br>3.63%, 09/01/2030 <sup>(B)</sup> | 4869000 | 4068536 |
|  |  | 23607570 |
| **Chemicals - 2.0%** | **Chemicals - 2.0%** | **Chemicals - 2.0%** |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/2028 <sup>(B)</sup> | 1038000 | 825020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029 <sup>(B)</sup> | 3029000 | 2029430 |
|  Avient Corp. <br>7.13%, 08/01/2030 <sup>(B)</sup> | 1136000 | 1086323 |
|  Eagle Intermediate Global Holding BV / Eagle US Finance LLC <br>7.50%, 05/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 7289000 | 5612530 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2024 <sup>(B)</sup> | 2559000 | 2488627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027 <sup>(B)</sup> | 6231000 | 5561666 |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 <sup>(A)</sup> | 3224000 | 2913013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/2027 | 1895000 | 1788880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/2029 <sup>(A)</sup> | 1471000 | 1381181 |
|  |  | 23686670 |
| **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. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 3889000 | 3367172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 4435000 | 4080200 |
| Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/2029 <sup>(B)</sup> | 2618000 | 2229096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 2115000 | 1761425 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027 <sup>(B)</sup> | 3043000 | 2696707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 <sup>(B)</sup> | 3381000 | 2634881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2027 <sup>(B)</sup> | 1015000 | 917909 |
|  Harsco Corp. <br>5.75%, 07/31/2027 <sup>(B)</sup> | 186000 | 131995 |
| Stericycle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029 <sup>(B)</sup> | 1603000 | 1393007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2024 <sup>(B)</sup> | 2299000 | 2264515 |
|  |  | 21476907 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 93** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment - 1.1%** | **Communications Equipment - 1.1%** | **Communications Equipment - 1.1%** |
|  Avaya, Inc. <br>6.13%, 09/15/2028 <sup>(B)</sup> <sup>(E)</sup> | $7118000 | $3003582 |
|  CommScope Technologies LLC <br>6.00%, 06/15/2025 <sup>(A)</sup> <sup>(B)</sup> | 3443000 | 3210598 |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/2029 <sup>(B)</sup> | 3920000 | 3316471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2026 <sup>(B)</sup> | 2100000 | 2041242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/2027 <sup>(A)</sup> <sup>(B)</sup> | 1989000 | 1767194 |
|  |  | 13339087 |
| **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** |
|  Abengoa Abenewco 2 SA <br>PIK Rate 1.50%, Cash Rate 0.00%, 10/26/2024 <sup>(B)</sup> <sup>(F)</sup> | 2023470 | 10117 |
| Ashton Woods USA LLC / Ashton Woods<br>Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 - 04/01/2030 <sup>(B)</sup> | 2445000 | 1823524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 <sup>(B)</sup> | 2609000 | 2230586 |
|  |  | 4064227 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Advanced Drainage Systems, Inc. <br>6.38%, 06/15/2030 <sup>(B)</sup> | 1435000 | 1386770 |
| **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** |
|  Altice Financing SA <br>5.00%, 01/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 1366000 | 1081536 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 1636000 | 1423320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 3066000 | 2781506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 4118000 | 3330556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 5019000 | 4655248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 | 1741000 | 1593816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/2025 | 1398000 | 1352705 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | 1020000 | 859703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2029 | 1464000 | 1161332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/2024 | 2160000 | 2100600 |
|  |  | 20340322 |
| **Containers & Packaging - 4.1%** | **Containers & Packaging - 4.1%** | **Containers & Packaging - 4.1%** |
|  ARD Finance SA <br>PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 <sup>(B)</sup> <sup>(F)</sup> | 3132216 | 2247365 |
| Ardagh Metal Packaging Finance USA<br>LLC / Ardagh Metal Packaging Finance<br>PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/2028 <sup>(B)</sup> | 2886000 | 2366246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 <sup>(B)</sup> | 5007000 | 3798260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027 <sup>(B)</sup> | 424000 | 406858 |
|  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. <br>5.25%, 08/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 2241000 | 1570694 |
|  Ball Corp. <br>2.88%, 08/15/2030 | 8739000 | 6786707 |
| Cascades, Inc. / Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2026 <sup>(B)</sup> | 1069000 | 960649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2028 <sup>(B)</sup> | 4698000 | 4017965 |
|  Clydesdale Acquisition Holdings, Inc. <br>6.63%, 04/15/2029 <sup>(B)</sup> | 3236000 | 3065107 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
|  Crown Americas LLC / Crown Americas Capital Corp. VI <br>4.75%, 02/01/2026 | $8832000 | $8453196 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 3882000 | 3356684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029 <sup>(B)</sup> | 1311000 | 1107492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2024 | 1236000 | 1204309 |
|  Mauser Packaging Solutions Holding Co. <br>5.50%, 04/15/2024 <sup>(B)</sup> | 3000 | 2940 |
|  Owens-Brockway Glass Container, Inc. <br>6.38%, 08/15/2025 <sup>(B)</sup> | 1014000 | 945555 |
|  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC <br>4.00%, 10/15/2027 <sup>(B)</sup> | 3297000 | 2942573 |
| Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2026 <sup>(B)</sup> | 3258000 | 2990632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 1285000 | 1208275 |
|  |  | 47431507 |
| **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** |
|  WW International, Inc. <br>4.50%, 04/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 5237000 | 2873522 |
| **Diversified Financial Services - 3.4%** | **Diversified Financial Services - 3.4%** | **Diversified Financial Services - 3.4%** |
|  Avation Capital SA <br>PIK Rate 9.00%, Cash Rate 8.25%, 10/31/2026 <sup>(B)</sup> <sup>(F)</sup> | 4041919 | 3230001 |
|  Dana Financing Luxembourg SARL <br>5.75%, 04/15/2025 <sup>(B)</sup> | 5713000 | 5555029 |
|  ILFC E-Capital Trust I <br>1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT,<br>5.12% <sup>(D)</sup>, 12/21/2065 <sup>(B)</sup> | 17977000 | 10965970 |
|  ILFC E-Capital Trust II <br>1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT,<br>5.37% <sup>(D)</sup>, 12/21/2065 <sup>(B)</sup> | 2974000 | 1933100 |
| Ladder Capital Finance Holdings LLLP /<br>Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2027 <sup>(B)</sup> | 1427000 | 1199041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2025 <sup>(B)</sup> | 3485000 | 3213972 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025 - 04/15/2029 <sup>(B)</sup> | 4243000 | 3496757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027 <sup>(B)</sup> | 3038000 | 2474542 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 <sup>(B)</sup> | 1369000 | 1131323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029 <sup>(B)</sup> | 7269000 | 6605486 |
|  |  | 39805221 |
| **Diversified Telecommunication Services - 3.3%** | **Diversified Telecommunication Services - 3.3%** | **Diversified Telecommunication Services - 3.3%** |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 <sup>(B)</sup> | 1852000 | 1625436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2030 <sup>(A)</sup> <sup>(B)</sup> | 2433000 | 1902606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029 <sup>(B)</sup> | 4606000 | 3782632 |
|  Hughes Satellite Systems Corp. <br>6.63%, 08/01/2026 | 3959000 | 3729378 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2026 <sup>(B)</sup> | 2271000 | 2103219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028 <sup>(B)</sup> | 3706000 | 3353930 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 94** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Intelsat Jackson Holdings SA <br>8.50%, 10/15/2024 <sup>(B)</sup> <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> | $3274000 | $0 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029 <sup>(B)</sup> | 4524000 | 3449550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 <sup>(B)</sup> | 1518000 | 1153285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028 <sup>(B)</sup> | 3398000 | 2803350 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 <sup>(B)</sup> | 3144000 | 2216371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 5840000 | 5007800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(B)</sup> | 5213000 | 3828375 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 | 2206000 | 1609784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | 2243000 | 1749562 |
|  |  | 38315278 |
| **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** |
|  Elwood Energy LLC <br>8.16%, 07/05/2026 | 1907150 | 1869007 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029 <sup>(B)</sup> | 1599000 | 1332944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032 <sup>(B)</sup> | 1461000 | 1151925 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029 <sup>(B)</sup> | 3383000 | 2893395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027 <sup>(B)</sup> | 4312000 | 3977820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027 <sup>(B)</sup> | 611000 | 582454 |
|  |  | 11807545 |
| **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** |
|  Sensata Technologies BV <br>4.00%, 04/15/2029 <sup>(B)</sup> | 2530000 | 2130766 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(B)</sup> | 667000 | 531099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 <sup>(B)</sup> | 1069000 | 919564 |
|  |  | 3581429 |
| **Energy Equipment & Services - 1.3%** | **Energy Equipment & Services - 1.3%** | **Energy Equipment & Services - 1.3%** |
|  Archrock Partners LP / Archrock Partners Finance Corp. <br>6.25%, 04/01/2028 <sup>(B)</sup> | 3967000 | 3688913 |
| CSI Compressco LP / CSI Compressco<br>Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 431000 | 385613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2025 <sup>(B)</sup> | 1546000 | 1383195 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIK Rate 3.50%, Cash Rate 7.25%, 04/01/2026 <sup>(B)</sup> <sup>(F)</sup> | 3997963 | 3513668 |
|  Sunnova Energy Corp. <br>5.88%, 09/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 2922000 | 2571360 |
|  USA Compression Partners LP / USA Compression Finance Corp. <br>6.88%, 09/01/2027 | 3259000 | 3112345 |
|  |  | 14655094 |
| **Entertainment - 0.9%** | **Entertainment - 0.9%** | **Entertainment - 0.9%** |
|  Carnival Holdings Bermuda Ltd. <br>10.38%, 05/01/2028 <sup>(B)</sup> | 1225000 | 1243008 |
|  CDI Escrow Issuer, Inc. <br>5.75%, 04/01/2030 <sup>(B)</sup> | 3778000 | 3409683 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/2028 | 2997000 | 2856793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2030 <sup>(B)</sup> | 1249000 | 1156558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 <sup>(B)</sup> | 984000 | 937260 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
|  Scientific Games Holdings LP / Scientific Games US FinCo, Inc. <br>6.63%, 03/01/2030 <sup>(B)</sup> | $775000 | $666011 |
|  |  | 10269313 |
| **Equity Real Estate Investment Trusts - 2.9%** | **Equity Real Estate Investment Trusts - 2.9%** | **Equity Real Estate Investment Trusts - 2.9%** |
| HAT Holdings I LLC / HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026 <sup>(B)</sup> | 4945000 | 4040757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2025 <sup>(B)</sup> | 1212000 | 1155436 |
|  Iron Mountain Information Management Services, Inc. <br>5.00%, 07/15/2032 <sup>(B)</sup> | 2443000 | 2014742 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 <sup>(B)</sup> | 881000 | 717676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028 <sup>(B)</sup> | 4992000 | 4592640 |
|  iStar, Inc. <br>5.50%, 02/15/2026 | 5248000 | 5232886 |
|  MPT Operating Partnership LP / MPT Finance Corp. <br>3.50%, 03/15/2031 | 4019000 | 2764549 |
| Park Intermediate Holdings LLC / PK<br>Domestic Property LLC / PK Finance<br>Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/2028 <sup>(B)</sup> | 1350000 | 1218375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2025 <sup>(B)</sup> | 3573000 | 3595117 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 | 3735000 | 3025350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 | 1912000 | 1725685 |
| VICI Properties LP / VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2029 <sup>(B)</sup> | 1731000 | 1458509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2025 <sup>(B)</sup> | 1364000 | 1279527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 <sup>(B)</sup> | 1358000 | 1282930 |
|  |  | 34104179 |
| **Food & Staples Retailing - 1.1%** | **Food & Staples Retailing - 1.1%** | **Food & Staples Retailing - 1.1%** |
| Albertsons Cos., Inc. / Safeway, Inc. / New<br>Albertsons LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2026 <sup>(B)</sup> | 1240000 | 1112801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 <sup>(B)</sup> | 4595000 | 3775252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2027 <sup>(B)</sup> | 2571000 | 2382571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2026 <sup>(B)</sup> | 1067000 | 1093675 |
| Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/2025 <sup>(B)</sup> | 3441000 | 2397172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 3055000 | 1978479 |
|  |  | 12739950 |
| **Food Products - 2.6%** | **Food Products - 2.6%** | **Food Products - 2.6%** |
|  Darling Ingredients, Inc. <br>6.00%, 06/15/2030 <sup>(B)</sup> | 684000 | 658288 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 1930000 | 1603333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 - 06/04/2042 | 8174000 | 7325484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/2039 | 1374000 | 1410839 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 <sup>(B)</sup> | 2870000 | 2202036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/2027 <sup>(B)</sup> | 6358000 | 6214564 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 <sup>(B)</sup> | 2950000 | 2440240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 <sup>(B)</sup> | 1647000 | 1385272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 <sup>(B)</sup> | 6759000 | 6082559 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 95** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Post Holdings, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2028 <sup>(B)</sup> | $1347000 | $1259310 |
|  |  | 30581925 |
| **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** |
|  Medline Borrower LP <br>3.88%, 04/01/2029 <sup>(B)</sup> | 5315000 | 4358300 |
| **Health Care Providers & Services - 5.6%** | **Health Care Providers & Services - 5.6%** | **Health Care Providers & Services - 5.6%** |
|  Acadia Healthcare Co., Inc. <br>5.00%, 04/15/2029 <sup>(B)</sup> | 4502000 | 4030206 |
| AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 <sup>(B)</sup> | 705000 | 594614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 973000 | 844078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028 <sup>(B)</sup> | 3972000 | 3673802 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 387000 | 321287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | 1538000 | 1420728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 790000 | 716017 |
| CHS / Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030 <sup>(B)</sup> | 3807000 | 2636347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029 <sup>(B)</sup> | 674000 | 271217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026 <sup>(B)</sup> | 5683000 | 4901587 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(B)</sup> | 6361000 | 4622857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 <sup>(B)</sup> | 4139000 | 3226868 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2028 | 1686000 | 1508801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2031 | 638000 | 532398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 | 927000 | 786263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2025 | 4174000 | 4134166 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2025 | 3103000 | 3062911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 - 02/01/2029 | 7853000 | 7746398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/2033 | 441000 | 440199 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(B)</sup> | 4554000 | 4084300 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 <sup>(B)</sup> | 3886000 | 3273955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/2026 <sup>(B)</sup> | 1897000 | 1787923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 <sup>(B)</sup> | 2487000 | 2291149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 - 06/15/2030 <sup>(B)</sup> | 9434000 | 8358173 |
|  |  | 65266244 |
| **Hotels, Restaurants & Leisure - 7.6%** | **Hotels, Restaurants & Leisure - 7.6%** | **Hotels, Restaurants & Leisure - 7.6%** |
| 1011778 BC ULC / New Red Finance,<br>Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028 <sup>(B)</sup> | 2008000 | 1767241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 <sup>(B)</sup> | 3173000 | 2570130 |
|  Boyd Gaming Corp. <br>4.75%, 06/15/2031 <sup>(B)</sup> | 910000 | 770497 |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029 <sup>(B)</sup> | 4440000 | 3885000 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 4807000 | 3835112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2025 <sup>(B)</sup> | 2172000 | 2108233 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029 <sup>(B)</sup> | 3225000 | 2139038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 1588000 | 1194097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/2026 <sup>(B)</sup> | 1638000 | 1605174 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
| Carnival Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 06/01/2030 <sup>(A)</sup> <sup>(B)</sup> | $2701000 | $2095112 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 | 3109000 | 2774782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028 <sup>(B)</sup> | 493000 | 475289 |
| Hilton Grand Vacations Borrower Escrow<br>LLC / Hilton Grand Vacations Borrower<br>Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031 <sup>(B)</sup> | 5142000 | 4201734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 <sup>(B)</sup> | 1165000 | 996541 |
| International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2026 <sup>(B)</sup> | 1429000 | 1326112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2029 <sup>(B)</sup> | 780000 | 715767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2027 <sup>(B)</sup> | 1213000 | 1201792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2025 <sup>(B)</sup> | 2272000 | 2272000 |
|  Lions Gate Capital Holdings LLC <br>5.50%, 04/15/2029 <sup>(B)</sup> | 3305000 | 2511899 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2026 | 942000 | 859575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 <sup>(A)</sup> | 2858000 | 2477979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 | 4203000 | 3898325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2025 | 3215000 | 3129063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2025 | 995000 | 984881 |
|  NCL Corp. Ltd. <br>5.88%, 03/15/2026 - 02/15/2027 <sup>(B)</sup> | 7783000 | 6504181 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 1192000 | 941680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 2377000 | 1867466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 1904000 | 1466080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 <sup>(B)</sup> | 341000 | 339883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025 <sup>(B)</sup> | 861000 | 927271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/2027 <sup>(B)</sup> | 700000 | 680540 |
|  Scientific Games International, Inc. <br>7.00%, 05/15/2028 <sup>(B)</sup> | 3390000 | 3280605 |
|  Station Casinos LLC <br>4.50%, 02/15/2028 <sup>(B)</sup> | 5333000 | 4548619 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2029 <sup>(B)</sup> | 3812000 | 3106780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/2024 | 2062000 | 2028205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027 | 4641000 | 4304467 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 5359000 | 4234338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2025 <sup>(B)</sup> | 4052000 | 3548171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 1701000 | 1350356 |
|  |  | 88924015 |
| **Household Durables - 1.1%** | **Household Durables - 1.1%** | **Household Durables - 1.1%** |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 | 2476000 | 2066717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2025 | 3196000 | 2943482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 <sup>(A)</sup> | 3316000 | 2765710 |
|  Century Communities, Inc. <br>6.75%, 06/01/2027 | 1598000 | 1525678 |
|  KB Home <br>7.25%, 07/15/2030 | 1840000 | 1699700 |
|  Meritage Homes Corp. <br>6.00%, 06/01/2025 | 2124000 | 2063171 |
|  |  | 13064458 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 96** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Household Products - 0.7%** | **Household Products - 0.7%** | **Household Products - 0.7%** |
|  Central Garden & Pet Co. <br>4.13%, 04/30/2031 <sup>(B)</sup> | $3119000 | $2588770 |
|  Energizer Holdings, Inc. <br>6.50%, 12/31/2027 <sup>(B)</sup> | 2489000 | 2277311 |
|  Spectrum Brands, Inc. <br>3.88%, 03/15/2031 <sup>(B)</sup> | 4084000 | 3011950 |
|  |  | 7878031 |
| **Independent Power & Renewable Electricity Producers - 1.2%** | **Independent Power & Renewable Electricity Producers - 1.2%** | **Independent Power & Renewable Electricity Producers - 1.2%** |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031 <sup>(B)</sup> | 3671000 | 3009143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 <sup>(B)</sup> | 2830000 | 2540829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 <sup>(B)</sup> | 1198000 | 1011769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028 <sup>(B)</sup> | 2084000 | 1847221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2026 <sup>(B)</sup> | 1526000 | 1452311 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(A)</sup> <sup>(B)</sup> | 2217000 | 1851195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2028 <sup>(B)</sup> | 2443000 | 2263101 |
|  |  | 13975569 |
| **Insurance - 1.6%** | **Insurance - 1.6%** | **Insurance - 1.6%** |
|  Global Atlantic Finance Co. <br>Fixed until 07/15/2026,<br>4.70% <sup>(D)</sup>, 10/15/2051 <sup>(A)</sup> <sup>(B)</sup> | 3645000 | 2684890 |
|  Hartford Financial Services Group, Inc. <br>3-Month LIBOR + 2.13%, <br>5.03% <sup>(D)</sup>, 02/12/2067 <sup>(B)</sup> | 5077000 | 4201165 |
|  Lincoln National Corp. <br>3-Month LIBOR + 2.36%, <br>5.30% <sup>(D)</sup>, 05/17/2066 | 9387000 | 7251845 |
|  Ohio National Financial Services, Inc. <br>6.05%, 01/24/2030 <sup>(B)</sup> | 5541000 | 4993704 |
|  |  | 19131604 |
| **IT Services - 1.0%** | **IT Services - 1.0%** | **IT Services - 1.0%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc. <br>6.00%, 11/01/2029 <sup>(B)</sup> | 4062000 | 3330840 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029 <sup>(B)</sup> | 326000 | 277915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030 <sup>(B)</sup> | 1745000 | 1466569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028 <sup>(B)</sup> | 3333000 | 3088791 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 5748000 | 3795763 |
|  |  | 11959878 |
| **Leisure Products - 0.2%** | **Leisure Products - 0.2%** | **Leisure Products - 0.2%** |
|  Mattel, Inc. <br>5.45%, 11/01/2041 | 2583000 | 2007147 |
| **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** |
| Charles River Laboratories International,<br>Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 660000 | 568306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031 <sup>(A)</sup> <sup>(B)</sup> | 660000 | 555210 |
|  |  | 1123516 |
| **Machinery - 1.9%** | **Machinery - 1.9%** | **Machinery - 1.9%** |
|  Allison Transmission, Inc. <br>3.75%, 01/30/2031 <sup>(B)</sup> | 2792000 | 2225280 |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 <sup>(A)</sup> <sup>(B)</sup> | 2453000 | 2036286 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Madison IAQ LLC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 <sup>(B)</sup> | $767000 | $524068 |
|  Smyrna Ready Mix Concrete LLC <br>6.00%, 11/01/2028 <sup>(B)</sup> | 7129000 | 6059241 |
|  SPX FLOW, Inc. <br>8.75%, 04/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 5281000 | 4277610 |
|  Vertiv Group Corp. <br>4.13%, 11/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 3399000 | 2956722 |
|  Wabash National Corp. <br>4.50%, 10/15/2028 <sup>(B)</sup> | 4877000 | 4099814 |
|  |  | 22179021 |
| **Media - 10.8%** | **Media - 10.8%** | **Media - 10.8%** |
| Adelphia Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/2049 <sup>(G)</sup> <sup>(I)</sup> | 1305000 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 06/15/2049 - 11/01/2049 <sup>(G)</sup> <sup>(I)</sup> <sup>(J)</sup> | 1460000 | 102 |
| Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 <sup>(B)</sup> | 3814000 | 3128853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 2463000 | 1898431 |
| CCO Holdings LLC / CCO Holdings Capital<br>Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 - 01/15/2034 <sup>(B)</sup> | 5545000 | 4227071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 <sup>(B)</sup> | 4451000 | 3642609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 | 3975000 | 3121353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 <sup>(B)</sup> | 5769000 | 4848268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 <sup>(A)</sup> <sup>(B)</sup> | 1925000 | 1540091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 <sup>(B)</sup> | 4251000 | 3857783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029 <sup>(B)</sup> | 1794000 | 1599817 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 <sup>(B)</sup> | 5106000 | 4570891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 1668000 | 1315802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 1123000 | 923005 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 <sup>(B)</sup> | 1778000 | 1388174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030 <sup>(B)</sup> | 842000 | 606048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 <sup>(B)</sup> | 1505000 | 1076075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 1942000 | 1783242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 <sup>(B)</sup> | 9448000 | 7307083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029 <sup>(B)</sup> | 2516000 | 2371330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028 <sup>(B)</sup> | 2569000 | 2225705 |
| Diamond Sports Group LLC / Diamond<br>Sports Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/2026 <sup>(B)</sup> | 10476000 | 2095200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2027 <sup>(B)</sup> | 609000 | 29689 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc. <br>5.88%, 08/15/2027 <sup>(B)</sup> | 5951000 | 5359619 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2023 | 1612000 | 1592011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 <sup>(B)</sup> | 2989000 | 2586382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 <sup>(B)</sup> | 3059000 | 2472513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 | 2449000 | 1861240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 | 2590000 | 2185416 |
|  Gray Escrow II, Inc. <br>5.38%, 11/15/2031 <sup>(B)</sup> | 3894000 | 3124935 |
| Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 <sup>(B)</sup> | 4827000 | 3813330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 4283000 | 4111680 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 97** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2026 | $1873000 | $1784937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/2027 <sup>(A)</sup> | 4588759 | 4122048 |
|  LCPR Senior Secured Financing DAC <br>6.75%, 10/15/2027 <sup>(B)</sup> | 5563000 | 5187831 |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 5395000 | 4035936 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2030 <sup>(B)</sup> | 2064000 | 1682325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 <sup>(B)</sup> | 250000 | 230000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029 <sup>(B)</sup> | 2467000 | 2258785 |
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2028 | 2359000 | 2245461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2026 <sup>(B)</sup> | 1223000 | 1188582 |
|  Univision Communications, Inc. <br>6.63%, 06/01/2027 <sup>(B)</sup> | 4399000 | 4344013 |
|  UPC Broadband Finco BV <br>4.88%, 07/15/2031 <sup>(B)</sup> | 3157000 | 2617753 |
|  UPC Holding BV <br>5.50%, 01/15/2028 <sup>(B)</sup> | 2314000 | 2030981 |
|  Virgin Media Finance PLC <br>5.00%, 07/15/2030 <sup>(B)</sup> | 3549000 | 2844125 |
|  VZ Secured Financing BV <br>5.00%, 01/15/2032 <sup>(B)</sup> | 10109000 | 8112473 |
|  Ziggo Bond Co. BV <br>6.00%, 01/15/2027 <sup>(B)</sup> | 2487000 | 2238182 |
|  |  | 125587271 |
| **Metals & Mining - 3.9%** | **Metals & Mining - 3.9%** | **Metals & Mining - 3.9%** |
|  Big River Steel LLC / BRS Finance Corp. <br>6.63%, 01/31/2029 <sup>(B)</sup> | 2078000 | 1954265 |
| Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 6339000 | 5562452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 <sup>(B)</sup> | 6910000 | 6432934 |
|  FMG Resources August Pty. Ltd. <br>5.88%, 04/15/2030 <sup>(B)</sup> | 4672000 | 4146400 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 | 2057000 | 1845651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 | 1417000 | 1240300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/2028 | 4277000 | 3859178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 | 1027000 | 907973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/2043 | 2827000 | 2326904 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/2027 <sup>(B)</sup> | 4307000 | 4285465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030 <sup>(B)</sup> | 4878000 | 4800242 |
|  New Gold, Inc. <br>7.50%, 07/15/2027 <sup>(B)</sup> | 5832000 | 4973449 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2026 <sup>(B)</sup> | 595000 | 520645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 <sup>(B)</sup> | 612000 | 474123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030 <sup>(B)</sup> | 1977000 | 1700971 |
|  |  | 45030952 |
| **Oil, Gas & Consumable Fuels - 11.4%** | **Oil, Gas & Consumable Fuels - 11.4%** | **Oil, Gas & Consumable Fuels - 11.4%** |
| Antero Midstream Partners LP / Antero<br>Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(B)</sup> | 3410000 | 3107363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2026 <sup>(B)</sup> | 3536000 | 3606720 |
|  Antero Resources Corp. <br>8.38%, 07/15/2026 <sup>(B)</sup> | 874000 | 925317 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
| Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/2026 <sup>(A)</sup> | $1021000 | $980059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2030 <sup>(B)</sup> | 2036000 | 1934200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2028 <sup>(B)</sup> | 813000 | 810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/15/2025 | 4645000 | 4632911 |
|  Cheniere Energy Partners LP <br>4.00%, 03/01/2031 | 4372000 | 3685968 |
|  Cheniere Energy, Inc. <br>4.63%, 10/15/2028 | 1621000 | 1493054 |
|  Chord Energy Corp. <br>6.38%, 06/01/2026 <sup>(B)</sup> | 3432000 | 3352721 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026 <sup>(B)</sup> | 2080000 | 1914515 |
|  Comstock Resources, Inc. <br>5.88%, 01/15/2030 <sup>(B)</sup> | 3059000 | 2760503 |
|  Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. <br>8.00%, 04/01/2029 <sup>(B)</sup> | 5557000 | 5557000 |
| CrownRock LP / CrownRock Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 <sup>(B)</sup> | 223000 | 202579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2025 <sup>(B)</sup> | 6411000 | 6200719 |
|  DCP Midstream LP <br>Fixed until 12/15/2022 <sup>(C)</sup>, 7.38% <sup>(D)</sup> | 3581000 | 3527484 |
|  DCP Midstream Operating LP <br>5.38%, 07/15/2025 | 4083000 | 3992664 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 <sup>(B)</sup> | 2010000 | 1737645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/2031 <sup>(B)</sup> | 535000 | 452765 |
| eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/2025 <sup>(B)</sup> | 3832000 | 3448800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/2025 <sup>(B)</sup> | 368000 | 339924 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2025 <sup>(B)</sup> | 554000 | 540820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 <sup>(B)</sup> | 1538000 | 1499550 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2030 <sup>(B)</sup> | 272000 | 232601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 3131000 | 2880520 |
|  Holly Energy Partners LP / Holly Energy Finance Corp. <br>6.38%, 04/15/2027 <sup>(B)</sup> | 2913000 | 2803662 |
|  Ithaca Energy North Sea PLC <br>9.00%, 07/15/2026 <sup>(B)</sup> | 4500000 | 4442310 |
|  Kinder Morgan, Inc. <br>8.05%, 10/15/2030 | 2486000 | 2642614 |
|  Moss Creek Resources Holdings, Inc. <br>7.50%, 01/15/2026 <sup>(B)</sup> | 853000 | 780688 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/2027 | 3359000 | 3116497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2025 | 944000 | 910739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 | 531000 | 514858 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 <sup>(A)</sup> | 871000 | 875372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 2345000 | 2255984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 6446000 | 6405712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 860000 | 847100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 | 2228000 | 2317243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 05/15/2028 | 4012000 | 4091518 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 98** 

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##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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)** |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 <sup>(B)</sup> | $1499000 | $1262128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/2030 <sup>(B)</sup> | 855000 | 711202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2027 <sup>(B)</sup> | 2354000 | 2211824 |
|  PDC Energy, Inc. <br>6.13%, 09/15/2024 | 2602000 | 2576181 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 <sup>(A)</sup> | 512000 | 496640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 <sup>(A)</sup> | 2965000 | 2905700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026 | 3319000 | 3269215 |
| Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 | 1410000 | 1217112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 | 1857000 | 1717725 |
| Summit Midstream Holdings LLC /<br>Summit Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2025 | 4578000 | 3834075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2026 <sup>(B)</sup> | 1675000 | 1608000 |
|  Summit Midstream Partners LP <br>Fixed until 12/15/2022 <sup>(C)</sup>, 9.50% <sup>(D)</sup> | 4423000 | 3129272 |
| Targa Resources Partners LP / Targa<br>Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2032 | 2747000 | 2258522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2031 | 3857000 | 3398306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 3140000 | 2895439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030 | 2086000 | 1925649 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048 | 4085000 | 3298637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2044 | 2246000 | 1822836 |
|  |  | 132359162 |
| **Paper & Forest Products - 0.6%** | **Paper & Forest Products - 0.6%** | **Paper & Forest Products - 0.6%** |
|  Domtar Corp. <br>6.75%, 10/01/2028 <sup>(B)</sup> | 3785000 | 3216271 |
|  Glatfelter Corp. <br>4.75%, 11/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 6159000 | 3966581 |
|  |  | 7182852 |
| **Personal Products - 0.4%** | **Personal Products - 0.4%** | **Personal Products - 0.4%** |
| Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2026 <sup>(B)</sup> | 2265000 | 2133086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 3142000 | 2990485 |
|  |  | 5123571 |
| **Pharmaceuticals - 1.5%** | **Pharmaceuticals - 1.5%** | **Pharmaceuticals - 1.5%** |
| Bausch Health Americas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/2027 <sup>(B)</sup> | 3188000 | 1377202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 1637000 | 946366 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2028 - 02/15/2029 <sup>(B)</sup> | 2008000 | 782270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 <sup>(B)</sup> | 1394000 | 540175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2025 <sup>(B)</sup> | 1346000 | 1080165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2028 <sup>(B)</sup> | 3255000 | 1302000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 12/15/2025 <sup>(A)</sup> <sup>(B)</sup> | 1353000 | 870020 |
|  Endo Luxembourg Finance Co. I SARL / Endo US, Inc. <br>6.13%, 04/01/2029 <sup>(B)</sup> | 3300000 | 2493027 |
| Organon & Co. / Organon Foreign Debt<br>Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/2028 <sup>(B)</sup> | 2786000 | 2453964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031 <sup>(B)</sup> | 1694000 | 1438663 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
|  Par Pharmaceutical, Inc. <br>7.50%, 04/01/2027 <sup>(B)</sup> | $4763000 | $3640894 |
|  |  | 16924746 |
| **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** |
|  Cushman & Wakefield US Borrower LLC <br>6.75%, 05/15/2028 <sup>(B)</sup> | 2676000 | 2548944 |
| **Road & Rail - 1.2%** | **Road & Rail - 1.2%** | **Road & Rail - 1.2%** |
| Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2026 <sup>(B)</sup> | 593000 | 505532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 <sup>(B)</sup> | 3757000 | 2976108 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2029 <sup>(B)</sup> | 3022000 | 2596049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2027 <sup>(B)</sup> | 4966000 | 4955671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2026 <sup>(B)</sup> | 3386000 | 3411395 |
|  |  | 14444755 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 <sup>(A)</sup> | 4095000 | 3451852 |
|  Helios Software Holdings, Inc. / ION Corp. Solutions Finance SARL <br>4.63%, 05/01/2028 <sup>(B)</sup> | 5217000 | 4027315 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 <sup>(B)</sup> | 1266000 | 1063826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 <sup>(B)</sup> | 3366000 | 2825161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 <sup>(B)</sup> | 1709000 | 1380018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2027 <sup>(B)</sup> | 1278000 | 1233270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 2085000 | 1987243 |
|  |  | 15968685 |
| **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2028 | 743000 | 657184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 | 1960000 | 1619450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/2035 | 1468000 | 1236790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 <sup>(A)</sup> | 3085000 | 2916844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 522000 | 541575 |
|  Gap, Inc. <br>3.88%, 10/01/2031 <sup>(A)</sup> <sup>(B)</sup> | 696000 | 480240 |
|  Staples, Inc. <br>7.50%, 04/15/2026 <sup>(B)</sup> | 5296000 | 4600000 |
|  |  | 12052083 |
| **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** |
|  Western Digital Corp. <br>4.75%, 02/15/2026 | 3292000 | 3058877 |
| **Trading Companies & Distributors - 1.4%** | **Trading Companies & Distributors - 1.4%** | **Trading Companies & Distributors - 1.4%** |
|  Boise Cascade Co. <br>4.88%, 07/01/2030 <sup>(B)</sup> | 4950000 | 4140824 |
|  Herc Holdings, Inc. <br>5.50%, 07/15/2027 <sup>(B)</sup> | 6775000 | 6402375 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 | 2679000 | 2169990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 | 3533000 | 3007502 |
|  |  | 15720691 |
| **Wireless Telecommunication Services - 1.4%** | **Wireless Telecommunication Services - 1.4%** | **Wireless Telecommunication Services - 1.4%** |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 <sup>(B)</sup> | 506000 | 381106 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 99** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Altice France SA (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 <sup>(B)</sup> | $3432000 | $2616900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/2027 <sup>(B)</sup> | 2933000 | 2687361 |
|  Sprint Corp. <br>7.63%, 03/01/2026 | 1427000 | 1489431 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 | 1052000 | 946832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 1110000 | 919656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2031 | 1127000 | 909647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 3160000 | 2738124 |
| Vmed O2 Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 <sup>(B)</sup> | 2322000 | 1847670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031 <sup>(B)</sup> | 2529000 | 2051424 |
|  |  | 16588151 |
|  **Total Corporate Debt Securities <br>(Cost $1,285,396,035)** | **Total Corporate Debt Securities <br>(Cost $1,285,396,035)** | 1091605017 |
| **LOAN ASSIGNMENTS - 0.6%** | **LOAN ASSIGNMENTS - 0.6%** | **LOAN ASSIGNMENTS - 0.6%** |
| **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** |
| Avaya, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.25%, <br>7.66% <sup>(D)</sup>, 12/15/2027 <sup>(E)</sup> | 5009865 | 2354637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.00%, <br>7.41% <sup>(D)</sup>, 12/15/2027 <sup>(E)</sup> | 2625000 | 1227187 |
|  |  | 3581824 |
| **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** |
|  Zayo Group Holdings, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(D)</sup>, 03/09/2027 | 4476329 | 3601207 |
|  **Total Loan Assignments <br>(Cost $12,051,635)** | **Total Loan Assignments <br>(Cost $12,051,635)** | 7183031 |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.1%** | **COMMON STOCKS - 0.1%** | **COMMON STOCKS - 0.1%** |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |
|  Intelsat SA <sup>(G)</sup> <sup>(I)</sup> <sup>(K)</sup> | 31634 | 822484 |
| **Electric Utilities - 0.0% <sup>(L)</sup>** | **Electric Utilities - 0.0% <sup>(L)</sup>** | **Electric Utilities - 0.0% <sup>(L)</sup>** |
|  Homer City Generation LLC <sup>(G)</sup> <sup>(I)</sup> <sup>(K)</sup> | 270659 | 2706 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels - 0.0% <sup>(L)</sup>** | **Oil, Gas & Consumable Fuels - 0.0% <sup>(L)</sup>** | **Oil, Gas & Consumable Fuels - 0.0% <sup>(L)</sup>** |
|  Ultra Resources, Inc. <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(K)</sup> | 3226 | $0 |
| **Software - 0.0% <sup>(L)</sup>** | **Software - 0.0% <sup>(L)</sup>** | **Software - 0.0% <sup>(L)</sup>** |
|  ASG WT Corp. <sup>(G)</sup> <sup>(I)</sup> <sup>(K)</sup> | 1265 | 124008 |
|  **Total Common Stocks <br>(Cost $16,880,061)** | **Total Common Stocks <br>(Cost $16,880,061)** | 949198 |
| **WARRANT - 0.0% <sup>(L)</sup>** | **WARRANT - 0.0% <sup>(L)</sup>** | **WARRANT - 0.0% <sup>(L)</sup>** |
| **Construction & Engineering - 0.0%** | **Construction & Engineering - 0.0%** | **Construction & Engineering - 0.0%** |
|  Abengoa Abenewco 2 SA, <sup>(B)</sup> <sup>(F)</sup> <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(K)</sup> <sup>(M)</sup> <br>Exercise Price $0.00, <br>Expiration Date 10/26/2024 | 2023470 | 0 |
|  **Total Warrant <br>(Cost $290,101)** | **Total Warrant <br>(Cost $290,101)** | 0 |
| **OTHER INVESTMENT COMPANY - 8.3%** | **OTHER INVESTMENT COMPANY - 8.3%** | **OTHER INVESTMENT COMPANY - 8.3%** |
| **Securities Lending Collateral - 8.3%** | **Securities Lending Collateral - 8.3%** | **Securities Lending Collateral - 8.3%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(N)</sup> | 97471528 | 97471528 |
|  **Total Other Investment Company <br>(Cost $97,471,528)** | **Total Other Investment Company <br>(Cost $97,471,528)** | 97471528 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(N)</sup>, dated 10/31/2022, to be repurchased at $19,551,949 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $19,942,385. | $19551351 | 19551351 |
|  **Total Repurchase Agreement <br>(Cost $19,551,351)** | **Total Repurchase Agreement <br>(Cost $19,551,351)** | 19551351 |
|  **Total Investments <br>(Cost $1,431,640,711)** | **Total Investments <br>(Cost $1,431,640,711)** | 1216760125 |
|  **Net Other Assets (Liabilities) - (4.3)%** | **Net Other Assets (Liabilities) - (4.3)%** | (50463107) |
|  **Net Assets - 100.0%** |  | **$1166297018** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 100** 

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##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(O)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(P)</sup>** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Corporate Debt Securities | $— | $1091604824 | $193 | $1091605017 |
|  Loan Assignments |  | 7183031 |  | 7183031 |
|  Common Stocks |  |  | 949198 | 949198 |
|  Warrant |  |  | 0 | 0 |
|  Other Investment Company | 97471528 |  |  | 97471528 |
|  Repurchase Agreement |  | 19551351 |  | 19551351 |
|  **Total Investments** | $**97471528** | $**1118339206** | $**949391** | $**1216760125** |
| **Transfers** | **Transfers** | **Transfers** | **Transfers** | **Transfers** |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Warrant <sup>(M)</sup> | $— | $— | $0 | $— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $98,760,941, collateralized by cash collateral of $97,471,528 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $3,390,953. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $775,532,584, representing 66.5% of the Fund's net assets.* 

(C) *Perpetual maturity. The date displayed is the next call date.* 

(D) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(E) *Restricted securities. At October 31, 2022, the value of such securities held by the Fund are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Corporate Debt Securities | Avaya, Inc. <br>6.13%, 09/15/2028 | 09/11/2020 - 09/27/2021 | $7334695 | $3003582 | 0.3% |
|  Loan Assignments | Avaya, Inc. <br>Term Loan B<br>1-Month LIBOR + 4.25%,<br>7.66%, 12/15/2027 | 09/25/2020 | 5017356 | 2354637 | 0.2 |
|  Loan Assignments | Avaya, Inc. <br>Term Loan B2<br>1-Month LIBOR + 4.00%,<br>7.41%, 12/15/2027 | 02/17/2021 | 2625000 | 1227187 | 0.1 |
|  **Total** |  |  | $**14977051** | $**6585406** | **0.6%** |

---

(F) *Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.* 

(G) *Securities are Level 3 of the fair value hierarchy.* 

(H) *Securities deemed worthless.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 101** 

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##### [**Table of Contents**](#toc)
**Transamerica High Yield Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(I) *Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2022, the total value of securities is $949,391, representing 0.1% of the Fund's net assets.* 

(J) *Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.* 

(K) *Non-income producing securities.* 

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

(M) *Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.* 

(N) *Rates disclosed reflect the yields at October 31, 2022.* 

(O) *The Fund recognized transfers in and out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(P) *Level 3 securities were not considered significant to the Fund.* 

**PORTFOLIO ABBREVIATION:** 

*LIBOR* *London Interbank Offered Rate*

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

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September 2022 meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%. However, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica High Yield ESG (Class I) returned -11.73%. By comparison, its benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned -11.76%.

**STRATEGY REVIEW** 

By rating category, the underweight to CCCs and below contributed the most. As the risk-off tone spread throughout the market, being underweight CCCs and below significantly contributed to excess returns as this segment lagged higher rating categories. The selection within CCCs and below was also advantageous. In addition, the overweight to B-rated bonds also contributed. Conversely, the selection within Bs and underweight to BBs detracted.

By sub-sector, the top three contributors included communications, consumer cyclicals and consumer non-cyclicals. The largest detractor by sub-sector was energy. Given the ESG focus, the Fund is typically significantly underweight energy. As this sector held up better than the overall high yield market during the fiscal year, the underweight detracted from returns. Other detractors included capital goods and real estate investment trusts.

With respect to positioning and themes, overweights included a number of sub-sectors within communications and basic industry, as well as certain financials and other sectors. This included media, wireless, wirelines, building materials, paper, food/beverage, banking and others. Examples of underweights included energy, certain consumer cyclicals such as retailers, gaming, leisure and restaurants, as well as transportation and others. Underweights were largely due to some idiosyncratic fundamental concerns and what were viewed as relatively unattractive valuations.

With respect to ratings allocation, the Fund maintained a modest up-in-quality bias with a focus on issuers with more favorable ESG profiles. The Fund remained underweight BB-rated credit and continued to hold a modest off-index allocation to investment grade credit. The Fund was underweight CCCs and below versus the benchmark. During the fiscal year, the sub-adviser remained focused on credit selection, as idiosyncratic situations were likely to provide the best opportunities to generate excess returns.

**Kevin Bakker, CFA** 

**Benjamin D. Miller, CFA** 

**James K. Schaeffer, Jr.** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 94.0% |
|  Other Investment Company | 12.0 |
|  Net Other Assets (Liabilities) | (6.0) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 6.23 |
|  Duration † | 4.16 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  BBB | 7.8% |
|  BB | 48.1 |
|  B | 33.0 |
|  CCC and Below | 5.1 |
|  Not Rated | 12.0 |
|  Net Other Assets (Liabilities) | (6.0) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**(unaudited)**![LOGO](g404440g23o04.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I (NAV) | (11.73)% | (3.04)% | 07/31/2020 |
|  Bloomberg US Corporate High Yield 2% Issuer Capped Index <sup>(A)</sup> | (11.76)% | (0.84)% |  |
|  Class I2 (NAV) | (11.31)% | (2.82)% | 07/31/2020 |

---

<sup>(A)</sup> *The Bloomberg US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Fund may also go down. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. These risks are described in more detail in the prospectus. 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. Securities of companies with what are defined by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and 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. ESG ratings and assessments of issuers can vary across third party data providers.

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 94.0%** | **CORPORATE DEBT SECURITIES - 94.0%** | **CORPORATE DEBT SECURITIES - 94.0%** |
| **Auto Components - 2.8%** | **Auto Components - 2.8%** | **Auto Components - 2.8%** |
| Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 <sup>(A)</sup> | $30000 | $29025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 120000 | 118148 |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 | 377000 | 288249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 <sup>(B)</sup> | 274000 | 247836 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2027 <sup>(B)</sup> | 130000 | 118300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 <sup>(B)</sup> | 35000 | 30350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/2025 | 18000 | 18718 |
|  Patrick Industries, Inc. <br>7.50%, 10/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 194000 | 177737 |
|  |  | 1028363 |
| **Automobiles - 0.0% <sup>(C)</sup>** | **Automobiles - 0.0% <sup>(C)</sup>** | **Automobiles - 0.0% <sup>(C)</sup>** |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | 13000 | 11934 |
| **Banks - 3.2%** | **Banks - 3.2%** | **Banks - 3.2%** |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>7.33% <sup>(D)</sup>, 11/02/2026 | 200000 | 199676 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/10/2025 <sup>(E)</sup>,<br>4.00% <sup>(D)</sup> | 318000 | 268233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/12/2024 <sup>(E)</sup>,<br>5.00% <sup>(D)</sup> | 135000 | 120110 |
|  Intesa Sanpaolo SpA <br>Fixed until 06/01/2031,<br>4.20% <sup>(D)</sup>, 06/01/2032 <sup>(A)</sup> | 600000 | 405824 |
|  JPMorgan Chase & Co. <br>Fixed until 02/01/2025 <sup>(E)</sup>,<br>4.60% <sup>(D)</sup> | 196000 | 174910 |
|  |  | 1168753 |
| **Beverages - 1.2%** | **Beverages - 1.2%** | **Beverages - 1.2%** |
|  Primo Water Holdings, Inc. <br>4.38%, 04/30/2029 <sup>(A)</sup> | 520000 | 439977 |
| **Biotechnology - 0.9%** | **Biotechnology - 0.9%** | **Biotechnology - 0.9%** |
|  Grifols Escrow Issuer SA <br>4.75%, 10/15/2028 <sup>(A)</sup> | 400000 | 312500 |
| **Building Products - 1.6%** | **Building Products - 1.6%** | **Building Products - 1.6%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032 <sup>(A)</sup> <sup>(B)</sup> | 12000 | 9602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(A)</sup> | 128000 | 111002 |
|  Cornerstone Building Brands, Inc. <br>6.13%, 01/15/2029 <sup>(A)</sup> | 556000 | 345128 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 <sup>(A)</sup> | 23000 | 18688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 <sup>(A)</sup> | 88000 | 79710 |
|  |  | 564130 |
| **Capital Markets - 2.1%** | **Capital Markets - 2.1%** | **Capital Markets - 2.1%** |
|  Camelot Return Merger Sub, Inc. <br>8.75%, 08/01/2028 <sup>(A)</sup> | 253000 | 210622 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 <sup>(A)</sup> | 457000 | 398865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 <sup>(A)</sup> | 50000 | 46049 |
|  MSCI, Inc. <br>3.63%, 09/01/2030 <sup>(A)</sup> | 143000 | 119491 |
|  |  | 775027 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals - 0.4%** | **Chemicals - 0.4%** | **Chemicals - 0.4%** |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/2028 <sup>(A)</sup> | $25000 | $19870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029 <sup>(A)</sup> | 72000 | 48240 |
|  Avient Corp. <br>7.13%, 08/01/2030 <sup>(A)</sup> | 72000 | 68852 |
|  |  | 136962 |
| **Commercial Services & Supplies - 4.7%** | **Commercial Services & Supplies - 4.7%** | **Commercial Services & Supplies - 4.7%** |
|  Ashtead Capital, Inc. <br>4.00%, 05/01/2028 <sup>(A)</sup> | 400000 | 351098 |
| Avis Budget Car Rental LLC / Avis Budget<br>Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2029 <sup>(A)</sup> | 178000 | 154116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 287000 | 264040 |
| Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/2029 <sup>(A)</sup> | 33000 | 28098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 414000 | 344790 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027 <sup>(A)</sup> | 196000 | 173695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 <sup>(A)</sup> | 76000 | 59228 |
|  Harsco Corp. <br>5.75%, 07/31/2027 <sup>(A)</sup> | 231000 | 163929 |
|  Stericycle, Inc. <br>5.38%, 07/15/2024 <sup>(A)</sup> | 186000 | 183210 |
|  |  | 1722204 |
| **Communications Equipment - 1.9%** | **Communications Equipment - 1.9%** | **Communications Equipment - 1.9%** |
|  Avaya, Inc. <br>6.13%, 09/15/2028 <sup>(A)</sup> | 334000 | 140938 |
|  CommScope Technologies LLC <br>6.00%, 06/15/2025 <sup>(A)</sup> <sup>(B)</sup> | 162000 | 151065 |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/2029 <sup>(A)</sup> | 127000 | 107447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2026 <sup>(A)</sup> | 290000 | 281886 |
|  |  | 681336 |
| **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** | **Construction & Engineering - 0.6%** |
| Ashton Woods USA LLC / Ashton Woods<br>Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 - 04/01/2030 <sup>(A)</sup> | 45000 | 33584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 <sup>(A)</sup> | 200000 | 170992 |
|  |  | 204576 |
| **Construction Materials - 1.3%** | **Construction Materials - 1.3%** | **Construction Materials - 1.3%** |
| Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/2027 <sup>(A)</sup> | 480000 | 445075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2030 <sup>(A)</sup> | 31000 | 29958 |
|  |  | 475033 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  Ford Motor Credit Co. LLC <br>4.00%, 11/13/2030 | 400000 | 323512 |
| **Containers & Packaging - 3.2%** | **Containers & Packaging - 3.2%** | **Containers & Packaging - 3.2%** |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC <br>3.25%, 09/01/2028 <sup>(A)</sup> | 400000 | 327962 |
| Cascades, Inc. / Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2026 <sup>(A)</sup> | 365000 | 328005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2028 <sup>(A)</sup> | 61000 | 52170 |

---

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 - 03/01/2029 <sup>(A)</sup> | $204000 | $176235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2024 | 99000 | 96462 |
|  Mauser Packaging Solutions Holding Co. <br>5.50%, 04/15/2024 <sup>(A)</sup> | 98000 | 96040 |
|  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC <br>4.00%, 10/15/2027 <sup>(A)</sup> | 78000 | 69615 |
|  Trident TPI Holdings, Inc. <br>9.25%, 08/01/2024 <sup>(A)</sup> | 31000 | 28914 |
|  |  | 1175403 |
| **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** |
|  WW International, Inc. <br>4.50%, 04/15/2029 <sup>(A)</sup> | 133000 | 72977 |
| **Diversified Financial Services - 1.3%** | **Diversified Financial Services - 1.3%** | **Diversified Financial Services - 1.3%** |
|  Dana Financing Luxembourg SARL <br>5.75%, 04/15/2025 <sup>(A)</sup> | 274000 | 266423 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. <br>5.25%, 10/01/2025 <sup>(A)</sup> | 78000 | 71934 |
|  United Wholesale Mortgage LLC <br>5.50%, 11/15/2025 - 04/15/2029 <sup>(A)</sup> | 146000 | 121102 |
|  |  | 459459 |
| **Diversified Telecommunication Services - 4.7%** | **Diversified Telecommunication Services - 4.7%** | **Diversified Telecommunication Services - 4.7%** |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 <sup>(A)</sup> | 156000 | 136916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2030 <sup>(A)</sup> <sup>(B)</sup> | 117000 | 91494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030 <sup>(A)</sup> | 25000 | 25346 |
|  Hughes Satellite Systems Corp. <br>6.63%, 08/01/2026 | 199000 | 187458 |
|  Iliad Holding SASU <br>6.50%, 10/15/2026 <sup>(A)</sup> | 400000 | 370448 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029 <sup>(A)</sup> | 18000 | 13725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 <sup>(A)</sup> | 216000 | 164104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028 <sup>(A)</sup> | 83000 | 68475 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 435000 | 373012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(A)</sup> | 46000 | 33782 |
| Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/2028 <sup>(A)</sup> | 75000 | 75151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 <sup>(A)</sup> | 79000 | 79039 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 | 53000 | 38676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | 19000 | 14820 |
|  Zayo Group Holdings, Inc. <br>4.00%, 03/01/2027 <sup>(A)</sup> | 38000 | 28958 |
|  |  | 1701404 |
| **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** |
|  Pattern Energy Operations LP / Pattern Energy Operations, Inc. <br>4.50%, 08/15/2028 <sup>(A)</sup> | 831000 | 745822 |
| **Electrical Equipment - 0.1%** | **Electrical Equipment - 0.1%** | **Electrical Equipment - 0.1%** |
|  Atkore, Inc. <br>4.25%, 06/01/2031 <sup>(A)</sup> | 23000 | 18688 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components - 0.5%** | **Electronic Equipment, Instruments & Components - 0.5%** | **Electronic Equipment, Instruments & Components - 0.5%** |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(A)</sup> <sup>(B)</sup> | $196000 | $168601 |
| **Energy Equipment & Services - 1.6%** | **Energy Equipment & Services - 1.6%** | **Energy Equipment & Services - 1.6%** |
|  CSI Compressco LP / CSI Compressco Finance, Inc. <br>7.50%, 04/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 88000 | 78733 |
|  Sunnova Energy Corp. <br>5.88%, 09/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 372000 | 327360 |
|  USA Compression Partners LP / USA Compression Finance Corp. <br>6.88%, 09/01/2027 | 196000 | 187180 |
|  |  | 593273 |
| **Entertainment - 0.3%** | **Entertainment - 0.3%** | **Entertainment - 0.3%** |
|  Netflix, Inc. <br>4.88%, 06/15/2030 <sup>(A)</sup> <sup>(B)</sup> | 137000 | 126860 |
| **Equity Real Estate Investment Trusts - 4.5%** | **Equity Real Estate Investment Trusts - 4.5%** | **Equity Real Estate Investment Trusts - 4.5%** |
| HAT Holdings I LLC / HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026 <sup>(A)</sup> | 282000 | 230433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/2030 <sup>(A)</sup> | 260000 | 179400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2025 <sup>(A)</sup> | 50000 | 47667 |
|  Iron Mountain Information Management Services, Inc. <br>5.00%, 07/15/2032 <sup>(A)</sup> | 82000 | 67625 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 <sup>(A)</sup> | 15000 | 12219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 420000 | 386400 |
|  iStar, Inc. <br>5.50%, 02/15/2026 | 72000 | 71793 |
|  MPT Operating Partnership LP / MPT Finance Corp. <br>3.50%, 03/15/2031 | 323000 | 222182 |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer <br>5.88%, 10/01/2028 <sup>(A)</sup> | 94000 | 84835 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 | 339000 | 274590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 | 55000 | 49641 |
|  |  | 1626785 |
| **Food & Staples Retailing - 1.0%** | **Food & Staples Retailing - 1.0%** | **Food & Staples Retailing - 1.0%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP <br>4.63%, 01/15/2027 <sup>(A)</sup> | 293000 | 271526 |
|  Rite Aid Corp. <br>7.50%, 07/01/2025 <sup>(A)</sup> | 147000 | 102408 |
|  |  | 373934 |
| **Food Products - 2.9%** | **Food Products - 2.9%** | **Food Products - 2.9%** |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2027 <sup>(A)</sup> | 410000 | 393600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2030 <sup>(A)</sup> | 12000 | 11549 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2027 | 176000 | 164819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 176000 | 146211 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 <sup>(A)</sup> | 27000 | 22334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 <sup>(A)</sup> | 321000 | 269989 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 107** 

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##### [**Table of Contents**](#toc)
**Transamerica High Yield ESG** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Post Holdings, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 <sup>(A)</sup> | $52000 | $46796 |
|  |  | 1055298 |
| **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** |
|  Medline Borrower LP <br>3.88%, 04/01/2029 <sup>(A)</sup> | 145000 | 118900 |
| **Health Care Providers & Services - 4.8%** | **Health Care Providers & Services - 4.8%** | **Health Care Providers & Services - 4.8%** |
|  Acadia Healthcare Co., Inc. <br>5.00%, 04/15/2029 <sup>(A)</sup> | 123000 | 110110 |
| AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 <sup>(A)</sup> | 5000 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030 <sup>(A)</sup> | 12000 | 10410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028 <sup>(A)</sup> | 240000 | 221982 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(A)</sup> | 154000 | 111920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 <sup>(A)</sup> | 147000 | 114605 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2031 | 5000 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 <sup>(B)</sup> | 280000 | 237490 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 | 215000 | 178500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 | 166000 | 164376 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(A)</sup> | 121000 | 108520 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 <sup>(A)</sup> | 44000 | 37070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 - 06/15/2030 <sup>(A)</sup> <sup>(B)</sup> | 513000 | 453810 |
|  |  | 1757182 |
| **Hotels, Restaurants & Leisure - 6.5%** | **Hotels, Restaurants & Leisure - 6.5%** | **Hotels, Restaurants & Leisure - 6.5%** |
|  1011778 BC ULC / New Red Finance, Inc. <br>3.88%, 01/15/2028 <sup>(A)</sup> | 63000 | 55446 |
|  Boyd Gaming Corp. <br>4.75%, 12/01/2027 <sup>(B)</sup> | 154000 | 141883 |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029 <sup>(A)</sup> | 311000 | 272125 |
|  GLP Capital LP / GLP Financing II, Inc. <br>5.25%, 06/01/2025 | 215000 | 207333 |
|  Hilton Domestic Operating Co., Inc. <br>4.88%, 01/15/2030 | 372000 | 332010 |
| Hilton Grand Vacations Borrower Escrow LLC /<br>Hilton Grand Vacations Borrower Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031 <sup>(A)</sup> | 366000 | 299073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 <sup>(A)</sup> | 131000 | 112057 |
|  Lions Gate Capital Holdings LLC <br>5.50%, 04/15/2029 <sup>(A)</sup> | 133000 | 101084 |
|  NCL Corp. Ltd. <br>5.88%, 03/15/2026 <sup>(A)</sup> | 192000 | 157200 |
|  Royal Caribbean Cruises Ltd. <br>4.25%, 07/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 14000 | 11060 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2029 <sup>(A)</sup> | 170000 | 138550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/2024 | 225000 | 221313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/2025 | 75000 | 73558 |
|  Viking Cruises Ltd. <br>6.25%, 05/15/2025 <sup>(A)</sup> | 293000 | 256568 |
|  |  | 2379260 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Household Durables - 2.3%** | **Household Durables - 2.3%** | **Household Durables - 2.3%** |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2025 | $12000 | $11052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 | 145000 | 120937 |
| KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 | 70000 | 57140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2030 | 120000 | 110850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/15/2023 | 196000 | 196138 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/2027 | 123000 | 110424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2025 | 37000 | 35940 |
|  Newell Brands, Inc. <br>4.88%, 06/01/2025 | 215000 | 207574 |
|  |  | 850055 |
| **Household Products - 1.3%** | **Household Products - 1.3%** | **Household Products - 1.3%** |
|  Central Garden & Pet Co. <br>4.13%, 04/30/2031 <sup>(A)</sup> | 82000 | 68060 |
|  Energizer Holdings, Inc. <br>6.50%, 12/31/2027 <sup>(A)</sup> | 300000 | 274485 |
|  Spectrum Brands, Inc. <br>3.88%, 03/15/2031 <sup>(A)</sup> | 186000 | 137175 |
|  |  | 479720 |
| **Independent Power & Renewable Electricity Producers - 2.4%** | **Independent Power & Renewable Electricity Producers - 2.4%** | **Independent Power & Renewable Electricity Producers - 2.4%** |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 <sup>(A)</sup> | 166000 | 149038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 <sup>(A)</sup> | 176000 | 148641 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(A)</sup> | 20000 | 16700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2028 <sup>(A)</sup> | 616000 | 570638 |
|  |  | 885017 |
| **Insurance - 1.4%** | **Insurance - 1.4%** | **Insurance - 1.4%** |
|  Hartford Financial Services Group, Inc. <br>3-Month LIBOR + 2.13%, <br>5.03% <sup>(D)</sup>, 02/12/2067 <sup>(A)</sup> | 117000 | 96816 |
|  Lincoln National Corp. <br>3-Month LIBOR + 2.36%, <br>5.30% <sup>(D)</sup>, 05/17/2066 | 295000 | 227900 |
|  Ohio National Financial Services, Inc. <br>6.05%, 01/24/2030 <sup>(A)</sup> | 200000 | 180246 |
|  |  | 504962 |
| **IT Services - 0.7%** | **IT Services - 0.7%** | **IT Services - 0.7%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc. <br>6.00%, 11/01/2029 <sup>(A)</sup> | 104000 | 85280 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 33000 | 27735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028 <sup>(A)</sup> | 98000 | 90819 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 104000 | 68678 |
|  |  | 272512 |
| **Leisure Products - 0.2%** | **Leisure Products - 0.2%** | **Leisure Products - 0.2%** |
| Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/2041 | 64000 | 49732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/2040 | 7000 | 5964 |
|  |  | 55696 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 108** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield ESG** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Life Sciences Tools & Services - 0.5%** | **Life Sciences Tools & Services - 0.5%** | **Life Sciences Tools & Services - 0.5%** |
| Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/2029 <sup>(A)</sup> <sup>(B)</sup> | $152000 | $130882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031 <sup>(A)</sup> | 52000 | 43744 |
|  |  | 174626 |
| **Machinery - 2.7%** | **Machinery - 2.7%** | **Machinery - 2.7%** |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 <sup>(A)</sup> | 266000 | 220812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 <sup>(A)</sup> | 31000 | 21181 |
|  Smyrna Ready Mix Concrete LLC <br>6.00%, 11/01/2028 <sup>(A)</sup> | 127000 | 107943 |
|  SPX FLOW, Inc. <br>8.75%, 04/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 100000 | 81000 |
|  Vertiv Group Corp. <br>4.13%, 11/15/2028 <sup>(A)</sup> | 172000 | 149619 |
|  Wabash National Corp. <br>4.50%, 10/15/2028 <sup>(A)</sup> | 473000 | 397624 |
|  |  | 978179 |
| **Media - 13.4%** | **Media - 13.4%** | **Media - 13.4%** |
| Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 <sup>(A)</sup> | 74000 | 60707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 43000 | 33144 |
| CCO Holdings LLC / CCO Holdings Capital<br>Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 - 01/15/2034 <sup>(A)</sup> | 99000 | 77116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 <sup>(A)</sup> | 40000 | 30375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 <sup>(A)</sup> | 184000 | 147209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 <sup>(A)</sup> | 225000 | 204187 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 <sup>(A)</sup> | 244000 | 218429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 20000 | 15777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 67000 | 55068 |
|  CSC Holdings LLC <br>4.50%, 11/15/2031 <sup>(A)</sup> | 400000 | 312300 |
|  Diamond Sports Group LLC / Diamond Sports Finance Co. <br>5.38%, 08/15/2026 <sup>(A)</sup> | 60000 | 12000 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc. <br>5.88%, 08/15/2027 <sup>(A)</sup> | 127000 | 114379 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 <sup>(A)</sup> | 113000 | 97779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 <sup>(A)</sup> | 39000 | 31523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 | 137000 | 115599 |
|  Gray Escrow II, Inc. <br>5.38%, 11/15/2031 <sup>(A)</sup> | 48000 | 38520 |
| Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 <sup>(A)</sup> <sup>(B)</sup> | 455000 | 359450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2027 <sup>(A)</sup> | 184000 | 176640 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2026 | 195000 | 185832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/2027 <sup>(B)</sup> | 133000 | 119473 |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 <sup>(A)</sup> | 250000 | 210625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 <sup>(A)</sup> | 180000 | 167861 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/2028 <sup>(A)</sup> | 23000 | 20185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027 <sup>(A)</sup> | 317000 | 301058 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030 <sup>(A)</sup> | $117000 | $87526 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026 <sup>(A)</sup> | 37000 | 33063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2030 <sup>(A)</sup> | 290000 | 236373 |
|  Summer BC Bidco B LLC <br>5.50%, 10/31/2026 <sup>(A)</sup> | 400000 | 318324 |
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2028 <sup>(B)</sup> | 270000 | 257005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2026 <sup>(A)</sup> | 34000 | 33043 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/2027 <sup>(A)</sup> | 145000 | 143187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030 <sup>(A)</sup> <sup>(B)</sup> | 9000 | 8708 |
|  UPC Broadband Finco BV <br>4.88%, 07/15/2031 <sup>(A)</sup> | 400000 | 331676 |
|  VZ Secured Financing BV <br>5.00%, 01/15/2032 <sup>(A)</sup> | 400000 | 321000 |
|  |  | 4875141 |
| **Metals & Mining - 2.4%** | **Metals & Mining - 2.4%** | **Metals & Mining - 2.4%** |
|  Big River Steel LLC / BRS Finance Corp. <br>6.63%, 01/31/2029 <sup>(A)</sup> | 178000 | 167401 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/2027 <sup>(A)</sup> | 45000 | 44775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030 <sup>(A)</sup> | 140000 | 137768 |
|  New Gold, Inc. <br>7.50%, 07/15/2027 <sup>(A)</sup> | 397000 | 338556 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2026 <sup>(A)</sup> | 42000 | 36752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 <sup>(A)</sup> | 12000 | 9297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030 <sup>(A)</sup> | 140000 | 120453 |
|  |  | 855002 |
| **Oil, Gas & Consumable Fuels - 2.0%** | **Oil, Gas & Consumable Fuels - 2.0%** | **Oil, Gas & Consumable Fuels - 2.0%** |
|  Cheniere Energy Partners LP <br>4.00%, 03/01/2031 | 196000 | 165245 |
|  DCP Midstream LP <br>Fixed until 12/15/2022 <sup>(E)</sup>,<br>7.38% <sup>(D)</sup> | 53000 | 52208 |
|  DCP Midstream Operating LP <br>5.38%, 07/15/2025 | 74000 | 72363 |
|  Hess Midstream Operations LP <br>5.13%, 06/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 225000 | 207000 |
|  NuStar Logistics LP <br>5.63%, 04/28/2027 | 98000 | 90925 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. <br>5.50%, 03/01/2030 | 166000 | 153239 |
|  |  | 740980 |
| **Paper & Forest Products - 0.3%** | **Paper & Forest Products - 0.3%** | **Paper & Forest Products - 0.3%** |
|  Glatfelter Corp. <br>4.75%, 11/15/2029 <sup>(A)</sup> | 151000 | 97249 |
| **Personal Products - 0.4%** | **Personal Products - 0.4%** | **Personal Products - 0.4%** |
| Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2026 <sup>(A)</sup> | 121000 | 113953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 33000 | 31409 |
|  |  | 145362 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 109** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield ESG** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** |
|  Cushman & Wakefield US Borrower LLC <br>6.75%, 05/15/2028 <sup>(A)</sup> | $88000 | $83822 |
| **Road & Rail - 1.6%** | **Road & Rail - 1.6%** | **Road & Rail - 1.6%** |
| Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2026 <sup>(A)</sup> | 6000 | 5115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 <sup>(A)</sup> | 239000 | 189324 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2029 <sup>(A)</sup> | 146000 | 125421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 5000 | 4797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2026 <sup>(A)</sup> | 250000 | 251875 |
|  |  | 576532 |
| **Software - 0.8%** | **Software - 0.8%** | **Software - 0.8%** |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 15000 | 12605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 <sup>(A)</sup> | 40000 | 33573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 <sup>(A)</sup> | 9000 | 7267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 240000 | 228747 |
|  |  | 282192 |
| **Specialty Retail - 0.0% <sup>(C)</sup>** | **Specialty Retail - 0.0% <sup>(C)</sup>** | **Specialty Retail - 0.0% <sup>(C)</sup>** |
|  Gap, Inc. <br>3.88%, 10/01/2031 <sup>(A)</sup> <sup>(B)</sup> | 8000 | 5520 |
| **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** |
|  Western Digital Corp. <br>4.75%, 02/15/2026 | 144000 | 133803 |
| **Trading Companies & Distributors - 2.7%** | **Trading Companies & Distributors - 2.7%** | **Trading Companies & Distributors - 2.7%** |
|  Boise Cascade Co. <br>4.88%, 07/01/2030 <sup>(A)</sup> | 469000 | 392333 |
|  Herc Holdings, Inc. <br>5.50%, 07/15/2027 <sup>(A)</sup> | 147000 | 138915 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 | $156000 | $126360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 | 374000 | 318371 |
|  |  | 975979 |
| **Wireless Telecommunication Services - 2.7%** | **Wireless Telecommunication Services - 2.7%** | **Wireless Telecommunication Services - 2.7%** |
|  Altice France SA <br>5.13%, 07/15/2029 <sup>(A)</sup> | 240000 | 180762 |
|  Sprint Corp. <br>7.88%, 09/15/2023 | 325000 | 330417 |
|  T-Mobile USA, Inc. <br>3.38%, 04/15/2029 | 31000 | 26861 |
|  Vmed O2 Financing I PLC <br>4.75%, 07/15/2031 <sup>(A)</sup> | 548000 | 444516 |
|  |  | 982556 |
|  **Total Corporate Debt Securities <br>(Cost $37,439,869)** | **Total Corporate Debt Securities <br>(Cost $37,439,869)** | 34173058 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 12.0%** | **OTHER INVESTMENT COMPANY - 12.0%** | **OTHER INVESTMENT COMPANY - 12.0%** |
| **Securities Lending Collateral - 12.0%** | **Securities Lending Collateral - 12.0%** | **Securities Lending Collateral - 12.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(F)</sup> | 4357358 | 4357358 |
|  **Total Other Investment Company <br>(Cost $4,357,358)** | **Total Other Investment Company <br>(Cost $4,357,358)** | 4357358 |
|  **Total Investments <br>(Cost $41,797,227)** | **Total Investments <br>(Cost $41,797,227)** | 38530416 |
|  **Net Other Assets (Liabilities) - (6.0)%** |  | (2196881) |
|  **Net Assets - 100.0%** |  | **$36333535** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Corporate Debt Securities | $— | $34173058 | $— | $34173058 |
|  Other Investment Company | 4357358 |  |  | 4357358 |
|  **Total Investments** | $**4357358** | $**34173058** | $**—** | $**38530416** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $25,730,621, representing 70.8% of the Fund's net assets.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $4,317,309, collateralized by cash collateral of $4,357,358 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $51,503. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

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

(D) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(E) *Perpetual maturity. The date displayed is the next call date.* 

(F) *Rate disclosed reflects the yield at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*LIBOR* *London Interbank Offered Rate*

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

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The Fund's fiscal year ended with the 10-year municipal/treasury ratio at 84%, cheaper than where it closed at 78% at the start of 2022. The U.S. Federal Reserve ("Fed") became increasingly hawkish throughout 2022, hiking policy rates five times between March and the Fund's fiscal year end, moving the fed funds rate from an upper bound of 0.25% to 3.00% by period end. The Fed has been vocal on their goal to tame inflation, and with slight moderation of the Consumer Price Index in the last couple of months, futures markets began to forecast a slowdown in the pace of future tightening. This could, in our view, provide a reprieve to fixed income markets which have suffered their largest losses in decades on the heels of rising interest rates. The Bloomberg High Yield Yield to Worst Index widened 315 basis points over the course of the fiscal year, a significant widening against Treasuries, which across the curve, averaged a widening of 270 basis points.

The Fed has expressed a willingness to do whatever it takes to tame inflation even if it results in putting the economy in a recession. At the end of the fiscal year, the Bloomberg recession probability forecast saw a 60% probability of the U.S. entering a recession within the next year. Historically, municipals have outperformed in recessionary periods as investors have tended to flock to safer assets. In addition, the municipal sell-off this year may prove to be over-done, as the broad municipal bond market, as measured by the Bloomberg Municipal Bond Index, has had negative yearly returns for only six of the 42 years of its history. It was down 11.98% during the fiscal year. The last time this index posted double digit negative returns was in the 1980s, and in the following year it posted a return of over 40%.

Despite the market headwinds, we believe municipal credits continued to look fundamentally strong at period end. The three major agencies have upgraded more issuers versus downgrade largely due to improved tax collections and a focus on improvement in total balances (i.e., general funds, rainy day funds, etc.). Some examples of such upgrades include New Jersey general obligation bonds, which were revised to positive from stable based on improved pension funding, as well as Illinois general obligation bonds, which were upgraded to BBB+ from BBB largely due to their improved balances and financial flexibility.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica High Yield Muni (Class A) returned -20.80%, excluding any sales charges. By comparison, its benchmark, the Bloomberg High Yield Municipal Bond Index, returned -16.45%.

**STRATEGY REVIEW** 

The Fund's duration increased from 5.00 years to 12.67 years during the fiscal year, longer than the benchmark duration of 10.68 years. This longer duration profile was the main detractor from Fund performance in the fiscal year. The Fund had approximately 38% allocated to the 9+ year duration bucket at fiscal year end versus the benchmark weighting of approximately 30%. The long end of the municipal yield curve saw the most underperformance during the fiscal year, which negatively affected Fund performance.

The Fund continued to overweight the charter schools and healthcare sectors during the period. Additionally, the Fund sought to participate opportunistically in smaller issues which required extra yield to clear the market at issuance.

By sector, an underweight to both the transportation and state general obligation sectors were the largest detractors. The Fund was underweight to both sectors during the fiscal year. Credit quality allocation was another detractor as an overweight to investment grade municipal credits and the corresponding underweight to high yield served as the largest detractor as higher quality segments of the municipal bond market severely underperformed high yield municipals throughout the fiscal year.

**Max Christiana** 

**Matthew Dalton** 

**Co-Portfolio Managers** 

**Belle Haven Investments, L.P.** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Municipal Government Obligations | 96.3% |
|  Repurchase Agreement | 1.7 |
|  Corporate Debt Security | 0.3 |
|  Net Other Assets (Liabilities) | 1.7 |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 24.62 |
|  Duration † | 12.67 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  AAA | 2.1% |
|  AA | 9.6 |
|  A | 0.5 |
|  BBB | 19.4 |
|  BB | 10.3 |
|  B | 0.1 |
|  Not Rated | 56.3 |
|  Net Other Assets (Liabilities) | 1.7 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**(unaudited)**![LOGO](g404440g22v51.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception<br>Date** |
|  Class A (POP) | (23.40)% | (1.27)% | 2.92% | 07/31/2013 |
|  Class A (NAV) | (20.80)% | (0.61)% | 3.29% | 07/31/2013 |
|  Bloomberg High Yield Municipal Bond Index <sup>(A)</sup> | (16.45)% | 1.83% | 3.66% |  |
|  Class C (POP) | (22.08)% | (1.20)% | 2.70% | 07/31/2013 |
|  Class C (NAV) | (21.32)% | (1.20)% | 2.70% | 07/31/2013 |
|  Class I (NAV) | (20.75)% | (0.51)% | 3.44% | 07/31/2013 |
|  Class I2 (NAV) | (20.65)% | (0.40)% | (0.17)% | 09/30/2016 |

---

<sup>(A)</sup> *The Bloomberg High Yield Municipal Bond Index is comprised of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody's Investors Service with a remaining maturity of at least one year.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The interest from municipal bonds is expected to be exempt from federal income tax. If a fund investor is a resident in the state of issuance of the bonds held by the Fund, interest dividends may also be free of state and local income taxes. Such interest dividends may be subject to federal and/or state alternative minimum taxes. Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund's investments to decline. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk. High-yield bond (junk bonds) funds may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. The Fund is classified as 'non-diversified,' which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events.

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITY - 0.3%** | **CORPORATE DEBT SECURITY - 0.3%** | **CORPORATE DEBT SECURITY - 0.3%** |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  Wildflower Improvement Association <br>6.63%, 03/01/2031 <sup>(A)</sup> <sup>(B)</sup> | $329040 | $308771 |
|  **Total Corporate Debt Security <br>(Cost $323,854)** | **Total Corporate Debt Security <br>(Cost $323,854)** | 308771 |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 96.3%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 96.3%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 96.3%** |
| **Alabama - 1.5%** | **Alabama - 1.5%** | **Alabama - 1.5%** |
|  Alabama State University, Revenue Bonds, <br>BAM, <br>5.00%, 09/01/2040 | 1045000 | 1071512 |
|  County of Perry, General Obligation Unlimited, <br>Series B, <br>7.38%, 12/01/2030 | 295000 | 294952 |
|  Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds, <br>Series A, <br>6.00%, 05/01/2040 <sup>(A)</sup> | 500000 | 462314 |
|  |  | 1828778 |
| **Arizona - 4.3%** | **Arizona - 4.3%** | **Arizona - 4.3%** |
|  Arizona Industrial Development Authority, Revenue Bonds, <br>5.00%, 07/01/2055 <sup>(A)</sup> | 195000 | 153164 |
|  Industrial Development Authority of the City of Phoenix, Revenue Bonds, <br>4.63%, 07/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 490000 | 490838 |
| Industrial Development Authority of the<br>County of Pima, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056 <sup>(A)</sup> | 2285000 | 1818708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>7.00%, 11/15/2057 <sup>(A)</sup> | 750000 | 740322 |
|  La Paz County Industrial Development Authority, Revenue Bonds, <br>5.88%, 06/15/2048 <sup>(A)</sup> | 500000 | 433916 |
|  Maricopa County Industrial Development Authority, Revenue Bonds, <br>5.00%, 07/01/2036 | 110000 | 107537 |
|  Tempe Industrial Development Authority, Revenue Bonds, <br>Class B, <br>4.00%, 12/01/2056 | 2130000 | 1348519 |
|  |  | 5093004 |
| **Arkansas - 0.0% <sup>(C)</sup>** | **Arkansas - 0.0% <sup>(C)</sup>** | **Arkansas - 0.0% <sup>(C)</sup>** |
|  Saline County Property Owners Improvement District No. 49, General Obligation Limited, <br>Series A, <br>5.75%, 02/01/2036 | 15000 | 13136 |
| **California - 6.0%** | **California - 6.0%** | **California - 6.0%** |
| California County Tobacco Securitization<br>Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/2035 | 85000 | 86365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.88%, 06/01/2043 | 30000 | 28638 |
|  California Infrastructure & Economic Development Bank, Revenue Bonds, <br>Series A-1, <br>5.00%, 01/01/2056 <sup>(A)</sup> | 400000 | 284492 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| California Municipal Finance Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2056 | $750000 | $530923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.50%, 06/01/2038 <sup>(A)</sup> | 700000 | 675830 |
| California Public Finance Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046 - 11/15/2056 <sup>(A)</sup> | 3910000 | 3075928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 06/15/2049 <sup>(A)</sup> | 250000 | 208291 |
| California Statewide Communities<br>Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.75%, 01/15/2045 <sup>(A)</sup> | 475000 | 467351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B,<br>6.00%, 12/01/2024 | 210000 | 213197 |
|  California Statewide Financing Authority, Revenue Bonds, <br>Series B, <br>6.00%, 05/01/2037 | 55000 | 55932 |
|  Golden State Tobacco Securitization Corp., Revenue Bonds, <br>Series B-2, <br>Zero Coupon, 06/01/2066 | 5000000 | 417060 |
|  River Islands Public Financing Authority, Special Tax, <br>Series A-1, AGM, <br>5.25%, 09/01/2052 | 855000 | 887931 |
|  Upland Community Facilities District, Special Tax, <br>Series A, <br>3.50%, 09/01/2049 | 350000 | 248808 |
|  |  | 7180746 |
| **Colorado - 15.7%** | **Colorado - 15.7%** | **Colorado - 15.7%** |
|  Aerotropolis Regional Transportation Authority, Revenue Bonds, <br>5.00%, 12/01/2051 | 290000 | 230946 |
|  Baseline Metropolitan District No. 1, General Obligation Unlimited, <br>Series A, <br>5.00%, 12/01/2051 | 1000000 | 789881 |
|  Brighton Crossing Metropolitan District No. 6, General Obligation Limited,<br>5.00%, 12/01/2035 | 525000 | 470815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 12/01/2050 | 2000000 | 1574479 |
|  Bromley Park Metropolitan District No. 2, General Obligation Limited, <br>Series B, <br>6.38%, 12/15/2047 | 937000 | 849381 |
|  Clear Creek Transit Metropolitan District No. 2, General Obligation Limited, <br>Series A, <br>5.00%, 12/01/2041 - 12/01/2050 | 1075000 | 883555 |
|  Colorado Educational & Cultural Facilities Authority, Revenue Bonds, <br>4.00%, 10/01/2061 | 500000 | 344781 |

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
|  Colorado International Center Metropolitan District No. 14, General Obligation Limited, <br>5.88%, 12/01/2046 | $1000000 | $888394 |
|  Denver International Business Center Metropolitan District No. 1, General Obligation Limited, <br>6.00%, 12/01/2048 | 500000 | 461900 |
|  Fiddlers Business Improvement District, General Obligation Unlimited, <br>5.55%, 12/01/2047 <sup>(A)</sup> | 500000 | 472008 |
|  High Plains Metropolitan District, General Obligation Unlimited, <br>NATL, <br>4.00%, 12/01/2047 | 240000 | 202867 |
|  Hogback Metropolitan District, General Obligation Limited, <br>Series A, <br>5.00%, 12/01/2051 | 1550000 | 1225390 |
|  Painted Prairie Metropolitan District No. 2, General Obligation Limited, <br>5.25%, 12/01/2048 | 2000000 | 1737453 |
|  Peak Metropolitan District No. 1, General Obligation Limited, <br>Series A, <br>5.00%, 12/01/2051 <sup>(A)</sup> | 1150000 | 919565 |
|  Public Authority for Colorado Energy, Revenue Bonds, <br>6.50%, 11/15/2038 | 65000 | 73362 |
|  Rampart Range Metropolitan District No. 5, Revenue Bonds, <br>4.00%, 12/01/2051 | 3000000 | 1929355 |
|  Ridgeline Vista Metropolitan District, General Obligation Limited, <br>Series A, <br>5.25%, 12/01/2060 | 2530000 | 2206163 |
| Transport Metropolitan District No. 3,<br>General Obligation Limited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1,<br>4.13%, 12/01/2031 | 1000000 | 858769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 | 1365000 | 1128436 |
|  Westerly Metropolitan District No. 4, General Obligation Limited, <br>Series A, <br>5.00%, 12/01/2040 - 12/01/2050 | 1700000 | 1388524 |
|  |  | 18636024 |
| **Connecticut - 0.6%** | **Connecticut - 0.6%** | **Connecticut - 0.6%** |
| Connecticut State Health & Educational<br>Facilities Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 01/01/2055 <sup>(A)</sup> | 500000 | 428443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1,<br>3.25%, 01/01/2027 <sup>(A)</sup> | 275000 | 264799 |
|  |  | 693242 |
| **Delaware - 0.6%** | **Delaware - 0.6%** | **Delaware - 0.6%** |
|  Delaware State Economic Development Authority, Revenue Bonds, <br>5.00%, 08/01/2054 | 835000 | 711425 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **District of Columbia - 2.8%** | **District of Columbia - 2.8%** | **District of Columbia - 2.8%** |
|  District of Columbia, Revenue Bonds, <br>Series B, <br>5.00%, 07/01/2048 | $100000 | $96786 |
|  District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, <br>Series A, <br>Zero Coupon, 06/15/2046 | 100000 | 19333 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Revenue Bonds,<br>AGM, <br>4.00%, 10/01/2052 | 3965000 | 3246052 |
|  |  | 3362171 |
| **Florida - 10.4%** | **Florida - 10.4%** | **Florida - 10.4%** |
| Capital Trust Agency, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2061 <sup>(A)</sup> | 7000000 | 283236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 01/01/2056 <sup>(A)</sup> | 450000 | 315876 |
|  City of Palmetto, Revenue Bonds, <br>5.63%, 06/01/2062 | 500000 | 458140 |
|  County of Lake, Revenue Bonds, <br>5.00%, 01/15/2039 - 01/15/2054 <sup>(A)</sup> | 1025000 | 857355 |
|  Edgewater East Community Development District, Special Assessment, <br>4.00%, 05/01/2052 | 1500000 | 1118215 |
| Florida Development Finance Corp.,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 - 07/01/2045 | 1165000 | 974225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2040 <sup>(A)</sup> | 400000 | 358275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 <sup>(A)</sup> | 1500000 | 1421139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>4.00%, 06/01/2030 | 500000 | 446824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B,<br>7.38%, 01/01/2049 <sup>(A)</sup> | 2230000 | 1882495 |
| Miami-Dade County Industrial Development<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>4.25%, 06/01/2030 <sup>(A)</sup> | 660000 | 582326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2047 <sup>(A)</sup> | 350000 | 275239 |
| Pinellas County Educational Facilities<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>4.00%, 06/01/2046 <sup>(A)</sup> | 500000 | 356832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2056 <sup>(A)</sup> | 1000000 | 800664 |
|  Silver Palms West Community Development District, Special Assessment, <br>3.25%, 06/15/2042 | 1000000 | 735871 |
|  St. Johns County Industrial Development Authority, Revenue Bonds, <br>4.00%, 12/15/2050 | 2300000 | 1557245 |
|  |  | 12423957 |
| **Georgia - 4.4%** | **Georgia - 4.4%** | **Georgia - 4.4%** |
|  Development Authority of Lagrange, Revenue Bonds, <br>5.00%, 10/15/2052 | 4000000 | 3303231 |
|  George L Smith II Congress Center Authority, Revenue Bonds, <br>5.00%, 01/01/2054 <sup>(A)</sup> | 2520000 | 1913750 |
|  |  | 5216981 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 116** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Idaho - 1.5%** | **Idaho - 1.5%** | **Idaho - 1.5%** |
|  Idaho Housing & Finance Association, Revenue Bonds, <br>Series A, <br>6.00%, 07/01/2049 - 07/01/2054 <sup>(A)</sup> | $1725000 | $1756025 |
| **Illinois - 8.1%** | **Illinois - 8.1%** | **Illinois - 8.1%** |
|  Chicago Board of Education, General Obligation Unlimited, <br>Series A, AGM, <br>5.00%, 12/01/2035 | 550000 | 551842 |
| City of Chicago, General Obligation<br>Unlimited,<br>7.52%, 01/01/2040 | 215000 | 212880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 01/01/2044 | 875000 | 802195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B,<br>6.21%, 01/01/2032 | 230000 | 216939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C,<br>5.00%, 01/01/2038 | 1000000 | 945012 |
|  Cook County School District No. 132, General Obligation Limited, <br>Series A, AGM, <br>4.20%, 12/01/2027 | 271000 | 274771 |
| Illinois Finance Authority, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2032 - 11/01/2056 | 2580000 | 2038193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 11/01/2049 | 1000000 | 770744 |
| State of Illinois, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 | 35000 | 33675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 500000 | 500980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/2035 | 25000 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 07/01/2035 | 155000 | 156002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/01/2035 | 18571 | 19017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 12/01/2034 - 05/01/2041 | 635000 | 593574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2047 | 335000 | 323918 |
| Village of Oak Lawn, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>3.35%, 12/01/2026 | 315000 | 302632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 12/01/2024 | 700000 | 672243 |
|  Village of Rosemont, General Obligation Unlimited, <br>Series A, AGC, <br>6.00%, 12/01/2035 | 15000 | 15372 |
|  Western Illinois Economic Development Authority, Revenue Bonds, <br>4.00%, 06/01/2036 | 1480000 | 1134385 |
|  |  | 9589295 |
| **Indiana - 1.3%** | **Indiana - 1.3%** | **Indiana - 1.3%** |
|  Indiana Finance Authority, Revenue Bonds, <br>Series A, <br>4.00%, 11/15/2026 | 10000 | 9699 |
|  Indiana Housing & Community Development Authority, Revenue Bonds,<br>Series A, <br>5.25%, 04/01/2041 <sup>(A)</sup> | 2000000 | 1507394 |
|  |  | 1517093 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Iowa - 0.8%** | **Iowa - 0.8%** | **Iowa - 0.8%** |
|  Iowa Finance Authority, Revenue Bonds, <br>Series A, <br>4.00%, 05/15/2053 | $1500000 | $980492 |
| **Kansas - 0.4%** | **Kansas - 0.4%** | **Kansas - 0.4%** |
|  City of Manhattan, Revenue Bonds, <br>Series A, <br>4.00%, 06/01/2046 | 525000 | 373172 |
|  Wyandotte County Unified Government Special Obligation Revenue, Revenue Bonds,<br>NATL,<br>Zero Coupon, 12/01/2027 | 155000 | 122425 |
|  |  | 495597 |
| **Kentucky - 0.0% <sup>(C)</sup>** | **Kentucky - 0.0% <sup>(C)</sup>** | **Kentucky - 0.0% <sup>(C)</sup>** |
|  County of Edmonson, Revenue Bonds, <br>5.00%, 03/01/2027 | 20000 | 18109 |
|  Kentucky Area Development Districts, Certificate of Participation, <br>Series M, <br>5.35%, 12/01/2028 | 25000 | 22536 |
|  |  | 40645 |
| **Louisiana - 1.2%** | **Louisiana - 1.2%** | **Louisiana - 1.2%** |
|  Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, <br>3.88%, 11/01/2045 <sup>(A)</sup> | 1285000 | 893517 |
|  Parish of St. James, Revenue Bonds, <br>Series 2, <br>6.35%, 07/01/2040 <sup>(A)</sup> | 500000 | 525396 |
|  |  | 1418913 |
| **Maryland - 0.1%** | **Maryland - 0.1%** | **Maryland - 0.1%** |
|  Maryland Economic Development Corp., Revenue Bonds, <br>5.75%, 09/01/2025 | 165000 | 164815 |
| **Massachusetts - 0.4%** | **Massachusetts - 0.4%** | **Massachusetts - 0.4%** |
|  Massachusetts Development Finance Agency, Revenue Bonds, <br>5.00%, 10/01/2049 | 500000 | 469744 |
| **Michigan - 0.8%** | **Michigan - 0.8%** | **Michigan - 0.8%** |
|  Kentwood Economic Development Corp., Revenue Bonds, <br>4.00%, 11/15/2045 | 130000 | 97766 |
|  Michigan Tobacco Settlement Finance Authority, Revenue Bonds, <br>Series C, <br>Zero Coupon, 06/01/2058 | 20000000 | 788880 |
|  |  | 886646 |
| **Minnesota - 1.9%** | **Minnesota - 1.9%** | **Minnesota - 1.9%** |
|  City of Deephaven, Revenue Bonds, <br>Series A, <br>5.25%, 07/01/2037 | 80000 | 77063 |
|  City of Ham Lake, Revenue Bonds, <br>Series A, <br>4.00%, 07/01/2028 | 375000 | 348610 |
|  City of Woodbury, Revenue Bonds, <br>4.00%, 07/01/2056 | 455000 | 304352 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 117** 

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##### [**Table of Contents**](#toc)
**Transamerica High Yield Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
|  Duluth Economic Development Authority, Revenue Bonds, <br>4.00%, 07/01/2041 | $930000 | $733409 |
|  Housing & Redevelopment Authority of the City of St. Paul, Revenue Bonds, <br>Series A, <br>5.00%, 12/01/2050 | 550000 | 508216 |
| Township of Baytown, Revenue Bonds,<br>Series A,<br>4.00%, 08/01/2041 | 200000 | 151671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2046 | 120000 | 89687 |
|  |  | 2213008 |
| **Missouri - 0.1%** | **Missouri - 0.1%** | **Missouri - 0.1%** |
|  Health & Educational Facilities Authority, Revenue Bonds, <br>4.25%, 12/01/2042 <sup>(A)</sup> <sup>(B)</sup> | 75000 | 63685 |
| **Montana - 0.1%** | **Montana - 0.1%** | **Montana - 0.1%** |
|  City of Forsyth, Revenue Bonds, <br>Series A, <br>3.90% <sup>(D)</sup>, 03/01/2031 | 135000 | 125389 |
| **Nevada - 0.0% <sup>(C)</sup>** | **Nevada - 0.0% <sup>(C)</sup>** | **Nevada - 0.0% <sup>(C)</sup>** |
|  City of Reno, Special Assessment, <br>7.25%, 12/01/2025 | 30000 | 29311 |
| **New Jersey - 1.3%** | **New Jersey - 1.3%** | **New Jersey - 1.3%** |
|  County of Essex, General Obligation Unlimited, <br>Series A, <br>0.05%, 08/15/2037 | 875000 | 415571 |
| Essex County Improvement Authority,<br>Revenue Bonds,<br>Series A,<br>5.00%, 12/01/2035 <sup>(E)</sup> <sup>(F)</sup> | 500000 | 440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/2045 <sup>(E)</sup> <sup>(F)</sup> | 30000 | 26400 |
| New Jersey Economic Development<br>Authority, Revenue Bonds,<br>Series A,<br>5.13%, 09/01/2052 <sup>(A)</sup> | 760000 | 644949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B,<br>6.50%, 04/01/2031 <sup>(B)</sup> | 10000 | 9962 |
|  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, <br>5.00%, 07/01/2030 | 40000 | 40284 |
|  |  | 1577166 |
| **New York - 1.8%** | **New York - 1.8%** | **New York - 1.8%** |
|  Buffalo & Erie County Industrial Land Development Corp., Revenue Bonds, <br>Series A, <br>5.00%, 08/01/2052 | 500000 | 423078 |
|  Build NYC Resource Corp., Revenue Bonds,<br>Series A,<br>4.00%, 06/15/2056 | 350000 | 231726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2051 <sup>(A)</sup> | 750000 | 586078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2056 | 340000 | 298378 |
|  New York City Industrial Development Agency, Revenue Bonds,<br>FGIC,<br>CPI + 0.89%, 9.15% <sup>(D)</sup>, 03/01/2027 | 20000 | 20075 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
|  New York Counties Tobacco Trust I, Revenue Bonds, <br>Series B, <br>6.50%, 06/01/2035 | $5000 | $5000 |
|  New York Counties Tobacco Trust IV, Revenue Bonds, <br>Series A, <br>5.00%, 06/01/2038 | 25000 | 22052 |
|  New York State Dormitory Authority, Revenue Bonds, <br>AMBAC, <br>5.25%, 07/01/2025 | 100000 | 102292 |
|  Village of Brewster, General Obligation Unlimited, <br>5.00%, 05/01/2033 | 50000 | 53667 |
|  Yonkers Economic Development Corp., Revenue Bonds, <br>Series A, <br>5.00%, 10/15/2054 | 465000 | 383349 |
|  |  | 2125695 |
| **North Carolina - 0.9%** | **North Carolina - 0.9%** | **North Carolina - 0.9%** |
| North Carolina Medical Care Commission,<br>Revenue Bonds,<br>4.00%, 09/01/2046 - 09/01/2051 | 1165000 | 873784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.00%, 10/01/2050 | 230000 | 208220 |
|  |  | 1082004 |
| **Ohio - 7.4%** | **Ohio - 7.4%** | **Ohio - 7.4%** |
| Buckeye Tobacco Settlement Financing<br>Authority, Revenue Bonds,<br>Series B-2, Class 2,<br>5.00%, 06/01/2055 | 1145000 | 963671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, Class 2,<br>Zero Coupon, 06/01/2057 | 13000000 | 1295094 |
|  City of Cleveland, Revenue Bonds, <br>5.38%, 09/15/2027 <sup>(B)</sup> | 20000 | 19939 |
|  County of Washington, Revenue Bonds, <br>6.75%, 12/01/2052 | 2250000 | 2003756 |
| Ohio Higher Educational Facility Commission,<br>Revenue Bonds,<br>5.25%, 01/01/2047 | 1030000 | 1006892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/2052 | 2975000 | 2794247 |
|  Triway Local School District, Certificate of Participation, <br>BAM, <br>4.25%, 12/01/2051 | 830000 | 723220 |
|  |  | 8806819 |
| **Oregon - 1.2%** | **Oregon - 1.2%** | **Oregon - 1.2%** |
|  Salem Hospital Facility Authority, Revenue Bonds, <br>4.00%, 05/15/2040 - 05/15/2057 | 1190000 | 860354 |
|  Yamhill County Hospital Authority, Revenue Bonds, <br>Series A, <br>5.00%, 11/15/2056 | 750000 | 560886 |
|  |  | 1421240 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 118** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Pennsylvania - 2.5%** | **Pennsylvania - 2.5%** | **Pennsylvania - 2.5%** |
|  Cumberland County Municipal Authority, Revenue Bonds, <br>5.00%, 01/01/2039 - 01/01/2045 | $650000 | $580095 |
|  Pennsylvania Economic Development Financing Authority, Revenue Bonds, <br>4.00%, 07/01/2046 | 3000000 | 2344984 |
|  Susquehanna Area Regional Airport Authority, Revenue Bonds, <br>Series B, <br>9.88%, 01/01/2034 | 10000 | 10695 |
|  |  | 2935774 |
| **Puerto Rico - 2.9%** | **Puerto Rico - 2.9%** | **Puerto Rico - 2.9%** |
| Children's Trust Fund, Revenue Bonds,<br>5.50%, 05/15/2039 | 55000 | 54996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/2043 | 45000 | 44996 |
|  Commonwealth of Puerto Rico, Revenue Bonds, <br>5.50%, 07/01/2029 | 150471 | 151158 |
|  Puerto Rico Electric Power Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, AGM,<br>3.63%, 07/01/2023 | 290000 | 288476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/01/2024 | 110000 | 108447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RR, AGC,<br>5.00%, 07/01/2028 | 270000 | 275041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series SS, AGM,<br>5.00%, 07/01/2030 | 110000 | 112054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, AGC-ICC,<br>5.00%, 07/01/2032 | 265000 | 269015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, AGM-CR,<br>5.00%, 07/01/2027 | 25000 | 25467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, AGC,<br>4.25%, 07/01/2027 | 140000 | 137048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 165000 | 167500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, AGM,<br>5.00%, 07/01/2023 - 07/01/2024 | 290000 | 294238 |
|  Puerto Rico Highway & Transportation Authority, Revenue Bonds, AGC-ICC,<br>5.00%, 07/01/2028 | 55000 | 55382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, AGC-ICC,<br>5.00%, 07/01/2035 | 85000 | 85591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA-1, AGM,<br>4.95%, 07/01/2026 | 155000 | 155051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AGM,<br>5.00%, 07/01/2027 - 07/01/2032 | 650000 | 654518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AGM,<br>5.50%, 07/01/2023 | 150000 | 151517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, AGC-ICC,<br>4.40%, 07/01/2025 | 30000 | 29961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 30000 | 30209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, AGC-ICC,<br>5.00%, 07/01/2032 | 160000 | 161114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, AGC,<br>5.25%, 07/01/2036 | 120000 | 116095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, AGM-CR, AGC-ICC, 5.50%, 07/01/2026 | 65000 | 66913 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
|  Puerto Rico Municipal Finance Agency, Revenue Bonds, <br>Series A, AGM-CR, <br>4.75%, 08/01/2025 | $70000 | $70012 |
|  |  | 3504799 |
| **Tennessee - 1.4%** | **Tennessee - 1.4%** | **Tennessee - 1.4%** |
| Metropolitan Government Nashville &<br>Davidson County Industrial Development<br>Board, Special Assessment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/01/2043 <sup>(A)</sup> | 4000000 | 1111523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051 <sup>(A)</sup> | 750000 | 545408 |
|  |  | 1656931 |
| **Texas - 4.2%** | **Texas - 4.2%** | **Texas - 4.2%** |
|  Bexar County Health Facilities Development Corp., Revenue Bonds, <br>5.00%, 07/15/2042 | 550000 | 486304 |
|  City of Lavon, Special Assessment, <br>4.13%, 09/15/2052 <sup>(A)</sup> | 1000000 | 752069 |
| City of Rowlett, Special Assessment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/15/2041 <sup>(A)</sup> | 448000 | 364833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2051 <sup>(A)</sup> | 514000 | 396170 |
| New Hope Cultural Education Facilities<br>Finance Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049 - 11/01/2055 | 2250000 | 1639537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2047 - 01/01/2055 | 1000000 | 779127 |
|  Pottsboro Higher Education Finance Corp., Revenue Bonds, <br>Series A, <br>5.00%, 08/15/2036 | 435000 | 396457 |
|  Van Alstyne Economic Development Corp., Revenue Bonds, <br>4.00%, 08/15/2031 | 240000 | 208992 |
|  |  | 5023489 |
| **Utah - 1.1%** | **Utah - 1.1%** | **Utah - 1.1%** |
|  Downtown East Streetcar Sewer Public Infrastructure District, General Obligation Limited, <br>6.00%, 03/01/2053 <sup>(A)</sup> | 1500000 | 1353373 |
| **Virginia - 2.1%** | **Virginia - 2.1%** | **Virginia - 2.1%** |
|  Buena Vista Public Service Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.13%, 01/01/2023 | 10000 | 9984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2027 | 50000 | 48403 |
|  Henrico County Economic Development Authority, Revenue Bonds, <br>Series C, <br>5.00%, 12/01/2047 | 375000 | 350601 |
|  James City County Economic Development Authority, Revenue Bonds, <br>Series A, <br>4.00%, 12/01/2050 | 2500000 | 1724703 |
|  Tobacco Settlement Financing Corp., Revenue Bonds, <br>Series B-1, <br>5.00%, 06/01/2047 | 190000 | 165509 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 119** 

------

##### [**Table of Contents**](#toc)
**Transamerica High Yield Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
|  Virginia College Building Authority, Revenue Bonds, <br>4.00%, 06/01/2046 | $310000 | $233526 |
|  |  | 2532726 |
| **West Virginia - 0.0% <sup>(C)</sup>** | **West Virginia - 0.0% <sup>(C)</sup>** | **West Virginia - 0.0% <sup>(C)</sup>** |
|  Tobacco Settlement Finance Authority, Revenue Bonds, <br>Series B, <br>Zero Coupon, 06/01/2047 | 450000 | 32516 |
| **Wisconsin - 6.5%** | **Wisconsin - 6.5%** | **Wisconsin - 6.5%** |
| Public Finance Authority, Revenue Bonds,<br>5.00%, 06/15/2053 | 175000 | 156783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>4.00%, 07/01/2051 | 250000 | 177861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2051 <sup>(A)</sup> | 1500000 | 1101685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2049 <sup>(A)</sup> | 90000 | 76624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/2062 <sup>(A)</sup> | 1250000 | 1261692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM,<br>4.00%, 07/01/2059 | 1000000 | 773390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 | 695000 | 657612 |
| Wisconsin Health & Educational<br>Facilities Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 - 12/01/2056 | 2350000 | 1638985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2039 | 500000 | 399281 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Wisconsin Health & Educational<br>Facilities Authority, Revenue Bonds,<br>(continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A,<br>5.13%, 04/01/2057 | $2000000 | $1483926 |
|  |  | 7727839 |
|  **Total Municipal Government Obligations <br>(Cost $145,681,607)** | **Total Municipal Government Obligations <br>(Cost $145,681,607)** | 114690493 |
| **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(G)</sup>, dated 10/31/2022, to be repurchased at $2,020,507 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $2,060,899. | 2020445 | 2020445 |
|  **Total Repurchase Agreement <br>(Cost $2,020,445)** | **Total Repurchase Agreement <br>(Cost $2,020,445)** | 2020445 |
|  **Total Investments <br>(Cost $148,025,906)** | **Total Investments <br>(Cost $148,025,906)** | 117019709 |
|  **Net Other Assets (Liabilities) - 1.7%** |  | 2058437 |
|  **Net Assets - 100.0%** |  | **$119078146** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(H)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Corporate Debt Security | $— | $308771 | $— | $308771 |
|  Municipal Government Obligations |  | 114690493 |  | 114690493 |
|  Repurchase Agreement |  | 2020445 |  | 2020445 |
|  **Total Investments** | $**—** | $**117019709** | $**—** | $**117019709** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $33,192,348, representing 27.9% of the Fund's net assets.* 

(B) *Restricted securities. At October 31, 2022, the value of such securities held by the Fund are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Corporate Debt Security | Wildflower Improvement Association 6.63%, 03/01/2031 | 12/10/2020 | $&nbsp;&nbsp;&nbsp;&nbsp;323035 | $&nbsp;&nbsp;&nbsp;&nbsp;308771 | 0.3% |
|  Municipal Government Obligations | Industrial Development Authority of the City of Phoenix Revenue Bonds 4.63%, 07/01/2026 | 04/06/2016 | 490008 | 490838 | 0.4 |
|  Municipal Government Obligations | Health & Educational Facilities Authority Revenue Bonds<br>4.25%, 12/01/2042 | 09/10/2019 | 78020 | 63685 | 0.1 |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 120** 

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**Transamerica High Yield Muni** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Municipal Government Obligations | New Jersey Economic Development Authority Revenue Bonds<br>Series B<br>6.50%, 04/01/2031 | 01/22/2015 | $10535 | $9962 | 0.0 %<sup>(C)</sup> |
|  Municipal Government Obligations | City of Cleveland Revenue Bonds 5.38%, 09/15/2027 | 07/27/2015 | 20062 | 19939 | 0.0 <sup>(C)</sup> |
|  **Total** |  |  | $**921660** | $**893195** | **0.8%** |

---

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

(D) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(E) *Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2022, the total value of such securities is $466,400, representing 0.4% of the Fund's net assets.* 

(F) *Non-income producing securities.* 

(G) *Rate disclosed reflects the yield at October 31, 2022.* 

(H) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**MUNICIPAL INSURER ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AGC* | *Assured Guaranty Corp.* |
| *AGM* | *Assured Guaranty Municipal Corp.* |
| *AMBAC* | *AMBAC Financial Group, Inc.* |
| *BAM* | *Build America Mutual Assurance Co.* |
| *FGIC* | *Financial Guaranty Insurance Co.* |
| *NATL* | *National Public Finance Guarantee Corp.* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *CPI* | *Consumer Price Index* |
| *CR* | *Custodial Receipts* |
| *ICC* | *Insured Custody Certificate* |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 121** 

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**Transamerica Inflation Opportunities** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

At the beginning of the fiscal year ended October 31, 2022, the federal funds rates were 0.00-0.25%. By the end of the fiscal year, the U.S. Federal Reserve ("Fed") had raised interest rates by 3% to 3.00-3.25%. The nominal yield curve shifted dramatically higher during the period, driven by higher and more persistent than anticipated inflation. The Fed began to fight inflation after mistakenly viewing higher prices as transitory. Supply chain issues associated with the COVID-19 pandemic doggedly kept prices higher for longer. China's "zero-COVID" policy, which shut down factories and caused global delays, exacerbated these issues. In February 2022, Russia invaded Ukraine which threatened fuel prices and natural gas prices and contributed to inflation globally. The Fed began to raise rates in March to counteract rising prices. The European Central Bank, the Bank of Japan and the Bank of England did not follow the Fed's lead initially. As a result, the dollar appreciated against other major currencies.

The combination of high inflation in Europe and a strengthening U.S. dollar made European and UK inflation linked bonds underperform the U.S. Treasury Inflation-Protected Securities ("U.S. TIPS") market in U.S. dollar terms. The aggressive Fed also sought to slow the economy with both rate hikes and quantitative tightening. The corporate bond market underperformed the U.S. TIPS market as well.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Inflation Opportunities (Class A) returned -11.94%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Global Inflation Linked Bond Index, returned -25.10%.

**STRATEGY REVIEW** 

For the fiscal year ended October 31, 2022, the Fund outperformed the Bloomberg Global Inflation Linked Bond Index (the "index") primarily due to yield curve positioning and foreign exchange. Nominal treasury rates were higher around the globe and the Fund's duration underweight was the largest contributor to outperformance. The next largest contributor to outperformance was the overweight of the U.S. dollar versus the index. The primary detractors to performance were the allocation to U.S. corporate bonds and under allocation to European Inflation linked bonds.

The sub-adviser continues to allocate to investment grade corporate bonds in inflation related industries but is taking a more cautious approach due to valuations and spreads. The sub-adviser continues to favor inflation linked government bonds from Europe and Japan. Japan is still practicing yield curve control which may stoke consumer prices and keep the Japan 10-year under 0.25%. Japanese inflation-linked bonds may benefit from inflation and the sub-adviser believes the downside nominal rate risk is limited.

**Robert A. Vanden Assem, CFA** 

**Roberto Coronado** 

**Gunter H. Seeger** 

**Co-Portfolio Managers** 

**PineBridge Investments LLC** 

---

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**Page 122** 

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**Transamerica Inflation Opportunities** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Obligations | 56.1% |
|  Foreign Government Obligations | 25.4 |
|  Corporate Debt Securities | 16.3 |
|  Short-Term Investment Company | 0.8 |
|  Other Investment Company | 0.8 |
|  Asset-Backed Security | 0.6 |
|  Mortgage-Backed Security | 0.5 |
|  Net Other Assets (Liabilities) ^ | (0.5) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 8.35 |
|  Duration † | 6.90 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 56.1% |
|  AAA | 13.2 |
|  AA | 8.5 |
|  A | 7.3 |
|  BBB | 10.0 |
|  BB | 2.2 |
|  B | 0.1 |
|  Not Rated | 3.1 |
|  Net Other Assets (Liabilities) ^ | (0.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

---

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 123** 

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**Transamerica Inflation Opportunities** 

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**(unaudited)**![LOGO](g404440g69d21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception<br>Date of Class** | **Inception Date** |
|  Class A (POP) | (16.10)% | 0.07% | 0.37% | 03/01/2014 |
|  Class A (NAV) | (11.94)% | 1.05% | 0.94% | 03/01/2014 |
|  Bloomberg Global Inflation Linked Bond Index <sup>(A)</sup> | (25.10)% | (1.61)% | (0.35)% |  |
|  Class C (POP) | (13.10)% | 0.36% | 0.23% | 03/01/2014 |
|  Class C (NAV) | (12.26)% | 0.36% | 0.23% | 03/01/2014 |
|  Class I (NAV) | (11.73)% | 1.30% | 1.19% | 03/01/2014 |
|  Class I2 (NAV) | (11.66)% | 1.35% | 1.25% | 03/01/2014 |
|  Class R6 (NAV) | (11.66)% | 1.34% | 1.53% | 07/25/2016 |

---

<sup>(A)</sup> *The Bloomberg Global Inflation Linked Bond Index covers eleven sovereign markets, quasi-sovereign issues in the Euro market and a full credit index in sterling.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. The price of an inflation-protected debt security can fall when real interest rates rise. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

---

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**Page 124** 

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**Transamerica Inflation Opportunities** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITY - 0.6%** | **ASSET-BACKED SECURITY - 0.6%** | **ASSET-BACKED SECURITY - 0.6%** |
|  American Express Credit Account Master Trust <br>Class A, Series 2022-3, <br>3.75%, 08/15/2027 | $725000 | $699316 |
|  **Total Asset-Backed Security <br>(Cost $706,564)** | **Total Asset-Backed Security <br>(Cost $706,564)** | 699316 |
| **CORPORATE DEBT SECURITIES - 16.3%** | **CORPORATE DEBT SECURITIES - 16.3%** | **CORPORATE DEBT SECURITIES - 16.3%** |
| **Banks - 6.3%** | **Banks - 6.3%** | **Banks - 6.3%** |
|  BAC Capital Trust XIV <br>3-Month LIBOR + 0.40%, <br>4.00% <sup>(A)</sup>, 11/16/2022 <sup>(B)</sup> | 726000 | 520905 |
|  Banco Santander Chile <br>3.18%, 10/26/2031 <sup>(C)</sup> | 489000 | 381525 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/20/2031,<br>2.57% <sup>(A)</sup>, 10/20/2032 | 500000 | 376410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/25/2027 | 528000 | 484211 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI-YoY + 1.10%, <br>9.62% <sup>(A)</sup>, 11/19/2024 | 1000000 | 1048440 |
|  Barclays Bank PLC <br>CPI-YoY + 1.00%, <br>10.02% <sup>(A)</sup>, 05/22/2023 | 2600000 | 2550831 |
|  BPCE SA <br>Fixed until 10/19/2041,<br>3.58% <sup>(A)</sup>, 10/19/2042 <sup>(C)</sup> | 303000 | 183891 |
|  Citigroup, Inc. <br>Fixed until 11/03/2031,<br>2.52% <sup>(A)</sup>, 11/03/2032 | 320000 | 239176 |
|  Corestates Capital II <br>3-Month LIBOR + 0.65%, <br>4.73% <sup>(A)</sup>, 01/15/2027 <sup>(C)</sup> | 269000 | 251171 |
|  HSBC Holdings PLC <br>Fixed until 11/03/2032,<br>8.11% <sup>(A)</sup>, 11/03/2033 | 379000 | 378379 |
|  Intesa Sanpaolo SpA <br>Fixed until 06/01/2041,<br>4.95% <sup>(A)</sup>, 06/01/2042 <sup>(C)</sup> | 215000 | 125503 |
|  NatWest Group PLC <br>Fixed until 08/28/2030,<br>3.03% <sup>(A)</sup>, 11/28/2035 | 381000 | 264200 |
|  UniCredit SpA <br>Fixed until 06/30/2030,<br>5.46% <sup>(A)</sup>, 06/30/2035 <sup>(C)</sup> | 621000 | 462011 |
|  |  | 7266653 |
| **Capital Markets - 2.4%** | **Capital Markets - 2.4%** | **Capital Markets - 2.4%** |
|  Deutsche Bank AG <br>Fixed until 05/28/2031,<br>3.04% <sup>(A)</sup>, 05/28/2032 | 1319000 | 926928 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/21/2031,<br>2.38% <sup>(A)</sup>, 07/21/2032 | 600000 | 446073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/01/2022 <sup>(B)</sup>,<br>5.00% <sup>(A)</sup> | 702000 | 653843 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/16/2031,<br>2.48% <sup>(A)</sup>, 09/16/2036 | 111000 | 78173 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI-YoY + 2.00%, <br>8.00% <sup>(A)</sup>, 04/25/2023 - 06/09/2023 | 643000 | 647395 |
|  |  | 2752412 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals - 0.3%** | **Chemicals - 0.3%** | **Chemicals - 0.3%** |
|  Albemarle Corp. <br>5.65%, 06/01/2052 | $370000 | $315994 |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  Triton Container International Ltd. <br>3.15%, 06/15/2031 <sup>(C)</sup> | 440000 | 324166 |
| **Consumer Finance - 0.4%** | **Consumer Finance - 0.4%** | **Consumer Finance - 0.4%** |
|  Synchrony Financial <br>2.88%, 10/28/2031 | 650000 | 452864 |
| **Food Products - 0.4%** | **Food Products - 0.4%** | **Food Products - 0.4%** |
|  Smithfield Foods, Inc. <br>5.20%, 04/01/2029 <sup>(C)</sup> | 581000 | 536262 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
|  Warnermedia Holdings, Inc. <br>5.14%, 03/15/2052 <sup>(C)</sup> | 675000 | 471593 |
| **Insurance - 1.1%** | **Insurance - 1.1%** | **Insurance - 1.1%** |
|  Enstar Group Ltd. <br>3.10%, 09/01/2031 | 742000 | 513615 |
|  Hartford Financial Services Group, Inc. <br>3-Month LIBOR + 2.13%, <br>5.03% <sup>(A)</sup>, 02/12/2067 <sup>(C)</sup> | 898000 | 743085 |
|  |  | 1256700 |
| **Metals & Mining - 2.5%** | **Metals & Mining - 2.5%** | **Metals & Mining - 2.5%** |
|  Anglo American Capital PLC <br>3.88%, 03/16/2029 <sup>(C)</sup> | 1100000 | 942571 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/23/2031 <sup>(C)</sup> <sup>(D)</sup> | 423000 | 316924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/2031 <sup>(C)</sup> <sup>(D)</sup> | 791000 | 611766 |
|  Newcrest Finance Pty Ltd. <br>5.75%, 11/15/2041 <sup>(C)</sup> | 446000 | 383843 |
|  South32 Treasury Ltd. <br>4.35%, 04/14/2032 <sup>(C)</sup> | 849000 | 710772 |
|  |  | 2965876 |
| **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** |
|  Nordstrom, Inc. <br>4.25%, 08/01/2031 | 127000 | 92202 |
| **Oil, Gas & Consumable Fuels - 2.1%** | **Oil, Gas & Consumable Fuels - 2.1%** | **Oil, Gas & Consumable Fuels - 2.1%** |
|  Apache Corp. <br>4.25%, 01/15/2030 <sup>(D)</sup> | 500000 | 445105 |
|  Enbridge, Inc. <br>Fixed until 07/15/2027,<br>5.50% <sup>(A)</sup>, 07/15/2077 | 731000 | 625937 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 | 253000 | 234429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/15/2023 <sup>(B)</sup>,<br>6.25% <sup>(A)</sup> <sup>(D)</sup> | 691000 | 575281 |
|  EnLink Midstream Partners LP <br>Fixed until 12/15/2022 <sup>(B)</sup>,<br>6.00% <sup>(A)</sup> | 133000 | 102290 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051 | 435000 | 291550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/16/2027,<br>5.25% <sup>(A)</sup>, 08/16/2077 | 243000 | 189056 |
|  |  | 2463648 |
|  **Total Corporate Debt Securities <br>(Cost $22,844,387)** | **Total Corporate Debt Securities <br>(Cost $22,844,387)** | 18898370 |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 125** 

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**Transamerica Inflation Opportunities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 25.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 25.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 25.4%** |
| **Australia - 4.5%** | **Australia - 4.5%** | **Australia - 4.5%** |
| Australia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/2030 <sup>(E)</sup> | AUD 1,750,000 | $1603332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27CI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/21/2027 <sup>(E)</sup> | 5000000 | 3590068 |
|  |  | 5193400 |
| **Canada - 1.7%** | **Canada - 1.7%** | **Canada - 1.7%** |
| Canada Government Real Return<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | CAD 584,528 | 528341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 | 1737720 | 1418507 |
|  |  | 1946848 |
| **France - 2.1%** | **France - 2.1%** | **France - 2.1%** |
| French Republic Government Bonds<br>OAT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 07/25/2030 <sup>(E)</sup> | EUR 1,176,270 | 1238380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/25/2032 <sup>(E)</sup> | 906413 | 1154198 |
|  |  | 2392578 |
| **Germany - 2.8%** | **Germany - 2.8%** | **Germany - 2.8%** |
| Deutsche Bundesrepublik Inflation-<br>Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 04/15/2026 <sup>(E)</sup> | 1477675 | 1503160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/2030 <sup>(E)</sup> | 1629746 | 1712335 |
|  |  | 3215495 |
| **Japan - 4.4%** | **Japan - 4.4%** | **Japan - 4.4%** |
| Japan Government CPI-Linked<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/10/2031 | JPY 248,467,200 | 1779600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/10/2026 | 470574000 | 3300774 |
|  |  | 5080374 |
| **Mexico - 0.4%** | **Mexico - 0.4%** | **Mexico - 0.4%** |
|  Mexico Government International Bonds <br>4.28%, 08/14/2041 | $686000 | 498487 |
| **New Zealand - 3.1%** | **New Zealand - 3.1%** | **New Zealand - 3.1%** |
|  New Zealand Government Inflation-Linked Bonds <br>2.00%, 09/20/2025 <sup>(E)</sup> | NZD 5,000,000 | 3557209 |
| **United Kingdom - 6.4%** | **United Kingdom - 6.4%** | **United Kingdom - 6.4%** |
| U.K. Inflation-Linked Gilt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/22/2024 - 03/22/2044 <sup>(E)</sup> | GBP 4,271,116 | 5005320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/22/2032 <sup>(E)</sup> | 1907424 | 2464152 |
|  |  | 7469472 |
|  **Total Foreign Government Obligations <br>(Cost $35,012,617)** | **Total Foreign Government Obligations <br>(Cost $35,012,617)** | 29353863 |
| **MORTGAGE-BACKED SECURITY - 0.5%** | **MORTGAGE-BACKED SECURITY - 0.5%** | **MORTGAGE-BACKED SECURITY - 0.5%** |
|  One Bryant Park Trust <br>Series 2019-OBP, Class A, <br>2.52%, 09/15/2054 <sup>(C)</sup> | $750000 | 597202 |
|  **Total Mortgage-Backed Security <br>(Cost $661,289)** | **Total Mortgage-Backed Security <br>(Cost $661,289)** | 597202 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 56.1%** | **U.S. GOVERNMENT OBLIGATIONS - 56.1%** | **U.S. GOVERNMENT OBLIGATIONS - 56.1%** |
| **U.S. Treasury - 6.4%** | **U.S. Treasury - 6.4%** | **U.S. Treasury - 6.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | $1925000 | $1400137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 2700000 | 2274750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 4400000 | 3781937 |
|  |  | 7456824 |
| **U.S. Treasury Inflation-Protected Securities - 49.7%** | **U.S. Treasury Inflation-Protected Securities - 49.7%** | **U.S. Treasury Inflation-Protected Securities - 49.7%** |
| U.S. Treasury Inflation-Protected<br>Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/2051 | 1990783 | 1263991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 2576420 | 2025232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 - 02/15/2045 | 5436179 | 4406553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/2046 | 2374943 | 1974125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 1016648 | 923253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 959203 | 1001355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/2025 | 3299604 | 3334791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2032 | 2002308 | 2293399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2029 | 2342106 | 2639124 |
| U.S. Treasury Inflation-Protected<br>Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/2024 - 07/15/2031 | 17892186 | 16763688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/2029 | 2084148 | 1900781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/2025 - 07/15/2027 | 6255967 | 5951625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 1801065 | 1693370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/15/2023 - 07/15/2032 | 11631503 | 11320905 |
|  |  | 57492192 |
|  **Total U.S. Government Obligations <br>(Cost $71,741,653)** | **Total U.S. Government Obligations <br>(Cost $71,741,653)** | 64949016 |
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANY - 0.8%** | **SHORT-TERM INVESTMENT COMPANY - 0.8%** | **SHORT-TERM INVESTMENT COMPANY - 0.8%** |
| **Money Market Fund - 0.8%** | **Money Market Fund - 0.8%** | **Money Market Fund - 0.8%** |
|  State Street Institutional U.S. Government Money Market Fund, <br>3.01% <sup>(F)</sup> | 932901 | 932901 |
|  **Total Short-Term Investment Company <br>(Cost $932,901)** | **Total Short-Term Investment Company <br>(Cost $932,901)** | 932901 |
| **OTHER INVESTMENT COMPANY - 0.8%** | **OTHER INVESTMENT COMPANY - 0.8%** | **OTHER INVESTMENT COMPANY - 0.8%** |
| **Securities Lending Collateral - 0.8%** | **Securities Lending Collateral - 0.8%** | **Securities Lending Collateral - 0.8%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(F)</sup> | 871260 | 871260 |
|  **Total Other Investment Company <br>(Cost $871,260)** | **Total Other Investment Company <br>(Cost $871,260)** | 871260 |
|  **Total Investments <br>(Cost $132,770,671)** | **Total Investments <br>(Cost $132,770,671)** | 116301928 |
|  **Net Other Assets (Liabilities) - (0.5)%** |  | (559020) |
|  **Net Assets - 100.0%** |  | **$115742908** |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 126** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  JPM | 01/26/2023 | USD | 750697 | CAD | 1000000 | $15784 | $— |
|  JPM | 01/26/2023 | USD | 4695997 | EUR | 4664000 | 52979 |  |
|  JPM | 01/26/2023 | USD | 6627854 | GBP | 5800000 |  | (43584) |
|  JPM | 01/26/2023 | USD | 5262514 | JPY | 745000000 | 193156 |  |
|  JPM | 01/26/2023 | USD | 2369499 | NZD | 4020000 | 29045 |  |
|  JPM | 01/27/2023 | USD | 5222486 | AUD | 7900000 | 153845 |  |
| **Total** |  |  |  |  |  | $**444809** | $**(43584)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Security | $— | $699316 | $— | $699316 |
|  Corporate Debt Securities |  | 18898370 |  | 18898370 |
|  Foreign Government Obligations |  | 29353863 |  | 29353863 |
|  Mortgage-Backed Security |  | 597202 |  | 597202 |
|  U.S. Government Obligations |  | 64949016 |  | 64949016 |
|  Short-Term Investment Company | 932901 |  |  | 932901 |
|  Other Investment Company | 871260 |  |  | 871260 |
|  **Total Investments** | $**1804161** | $**114497767** | $**—** | $**116301928** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(H)</sup> | $— | $444809 | $— | $444809 |
|  **Total Other Financial Instruments** | $**—** | $**444809** | $**—** | $**444809** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(H)</sup> | $— | $(43584) | $— | $(43584) |
|  **Total Other Financial Instruments** | $**—** | $**(43584)** | $**—** | $**(43584)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(B) *Perpetual maturity. The date displayed is the next call date.* 

(C) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $7,042,285, representing 6.1% of the Fund's net assets.* 

(D) *All or a portion of the securities are on loan. The total value of all securities on loan is $1,167,770, collateralized by cash collateral of $871,260 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $320,815. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(E) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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, 2022, the total value of Regulation S securities is $21,828,154, representing 18.9% of the Fund's net assets.* 

(F) *Rates disclosed reflect the yields at October 31, 2022.* 

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

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**Transamerica Inflation Opportunities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CAD* | *Canadian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *JPY* | *Japanese Yen* |
| *NZD* | *New Zealand Dollar* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION:** 

*JPM* *JPMorgan Chase Bank, N.A.*

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *CPI-YoY* | *Consumer Price Index-Year over Year* |
| *LIBOR* | *London Interbank Offered Rate* |
| *SOFR* | *Secured Overnight Financing Rate* |

---

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

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**Page 128** 

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**Transamerica Inflation-Protected Securities** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

At the beginning of the fiscal year ended October 31, 2022, the federal funds rates were 0.00-0.25%. By the end of the fiscal year, the U.S. Federal Reserve ("Fed") had raised interest rates by 3% to 3.00-3.25%. The nominal yield curve shifted dramatically higher during the period, driven by higher and more persistent than anticipated inflation. The Fed began to fight inflation after mistakenly viewing higher prices as transitory. Supply chain issues associated with the COVID-19 pandemic doggedly kept prices higher for longer. China's "zero-COVID" policy, which shut down factories and caused global delays, exacerbated these issues. In February 2022, Russia invaded Ukraine which threatened fuel prices and natural gas prices and contributed to inflation globally. The Fed began to raise rates in March to counteract rising prices. The European Central Bank, the Bank of Japan and the Bank of England did not follow the Fed's lead initially. As a result, the dollar appreciated against other major currencies.

The combination of high inflation in Europe and a strengthening U.S. dollar made European and UK inflation linked bonds underperform the U.S. Treasury Inflation-Protected Securities ("U.S. TIPS") market in U.S. dollar terms. The aggressive Fed also sought to slow the economy with both rate hikes and quantitative tightening. The corporate bond market underperformed the U.S. TIPS market as well.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Inflation-Protected Securities (Class R4) returned -11.77%. By comparison, its benchmark, the Bloomberg US Treasury Inflation Protection Securities Index, returned -11.48%.

**STRATEGY REVIEW** 

For the fiscal year ended October 31, 2022, the Fund underperformed the Bloomberg US Treasury Inflation Protection Securities Index. The largest contributor to performance was yield curve positioning. Nominal treasury rates rose over the fiscal year and the Fund was slightly underweight duration during the period. Security selection within U.S. TIPS also contributed to the Fund's performance. The allocation to U.S. corporate bonds detracted from performance as credit spreads widened after the Fed raised rates and started quantitative tightening to slow the economy.

The sub-adviser continues to believe that diversifying a portion of the Fund's portfolio into non-U.S. dollar inflation-linked bonds and opportunistic credit improves the risk/reward profile of the Fund. The more hawkish sentiment change of the European Central Bank and the Bank of England suggests that elevated inflation may continue in Europe. The Bank of Japan is still enacting full quantitative easing and yield curve control to spur more inflation. These divergent policies should provide opportunities for non-U.S. inflation-linked bonds in the future. The sub-adviser believes that inflation in the U.S. is at a plateau and will decline in the future whereas the rest of the world will experience a rising inflation curve.

**Robert A. Vanden Assem, CFA** 

**Roberto Coronado** 

**Gunter H. Seeger** 

**Co-Portfolio Managers** 

**PineBridge Investments LLC** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Obligations | 80.5% |
|  Foreign Government Obligations | 13.1 |
|  Corporate Debt Securities | 5.5 |
|  Other Investment Company | 0.6 |
|  Asset-Backed Security | 0.3 |
|  Short-Term Investment Company | 0.2 |
|  Net Other Assets (Liabilities) ^ | (0.2) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 8.07 |
|  Duration † | 6.74 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 80.5% |
|  AAA | 8.7 |
|  AA | 2.8 |
|  A | 1.3 |
|  BBB | 4.6 |
|  BB | 1 |
|  Not Rated | 1.3 |
|  Net Other Assets (Liabilities) ^ | (0.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

---

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**(unaudited)**![LOGO](g404440g42h76.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I3 (NAV) | (11.55)% | 1.69% | 1.55% | 04/21/2017 |
|  Class R (NAV) | (12.01)% | 1.20% | 1.05% | 04/21/2017 |
|  Class R4 (NAV) | (11.77)% | 1.51% | 0.42% | 09/11/2000 |
|  Bloomberg US Treasury Inflation Protection Securities Index <sup>(A)</sup> | (11.48)% | 2.16% | 1.02% |  |

---

<sup>(A)</sup> *The Bloomberg US Treasury Inflation Protection Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Any U.S. government guarantees of the securities held in the Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. The value of fixed-income securities generally goes down when interest rates rise. The price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

---

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**Page 131** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITY - 0.3%** | **ASSET-BACKED SECURITY - 0.3%** | **ASSET-BACKED SECURITY - 0.3%** |
|  American Express Credit Account Master Trust<br>Class A, Series 2022-3,<br>3.75%, 08/15/2027 | $300000 | $289372 |
|  **Total Asset-Backed Security <br>(Cost $292,371)** | **Total Asset-Backed Security <br>(Cost $292,371)** | 289372 |
| **CORPORATE DEBT SECURITIES - 5.5%** | **CORPORATE DEBT SECURITIES - 5.5%** | **CORPORATE DEBT SECURITIES - 5.5%** |
| **Banks - 1.4%** | **Banks - 1.4%** | **Banks - 1.4%** |
|  BAC Capital Trust XIV <br>3-Month LIBOR + 0.40%, <br>4.00% <sup>(A)</sup>, 11/16/2022 <sup>(B)</sup> | 394000 | 282695 |
|  Banco Santander Chile <br>3.18%, 10/26/2031 <sup>(C)</sup> | 263000 | 205196 |
|  Bank of America Corp. <br>4.18%, 11/25/2027 | 150000 | 137560 |
|  Citigroup, Inc. <br>Fixed until 11/03/2031,<br>2.52% <sup>(A)</sup>, 11/03/2032 | 170000 | 127062 |
|  HSBC Holdings PLC <br>Fixed until 11/03/2022,<br>8.11% <sup>(A)</sup>, 11/03/2033 | 200000 | 199672 |
|  Intesa Sanpaolo SpA <br>Fixed until 06/01/2041,<br>4.95% <sup>(A)</sup>, 06/01/2042 <sup>(C)</sup> | 215000 | 125503 |
|  NatWest Group PLC <br>Fixed until 08/28/2030,<br>3.03% <sup>(A)</sup>, 11/28/2035 | 200000 | 138688 |
|  |  | 1216376 |
| **Capital Markets - 0.4%** | **Capital Markets - 0.4%** | **Capital Markets - 0.4%** |
|  Goldman Sachs Group, Inc. <br>Fixed until 07/21/2031,<br>2.38% <sup>(A)</sup>, 07/21/2032 | 350000 | 260210 |
|  Morgan Stanley <br>Fixed until 09/16/2031,<br>2.48% <sup>(A)</sup>, 09/16/2036 | 55000 | 38734 |
|  |  | 298944 |
| **Chemicals - 0.2%** | **Chemicals - 0.2%** | **Chemicals - 0.2%** |
|  Albemarle Corp. <br>5.65%, 06/01/2052 | 200000 | 170807 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Triton Container International Ltd. <br>3.15%, 06/15/2031 <sup>(C)</sup> | 136000 | 100197 |
| **Food Products - 0.2%** | **Food Products - 0.2%** | **Food Products - 0.2%** |
|  Smithfield Foods, Inc. <br>5.20%, 04/01/2029 <sup>(C)</sup> | 200000 | 184600 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
|  Warnermedia Holdings, Inc. <br>5.14%, 03/15/2052 <sup>(C)</sup> | 247000 | 172568 |
| **Insurance - 0.6%** | **Insurance - 0.6%** | **Insurance - 0.6%** |
|  Enstar Group Ltd. <br>3.10%, 09/01/2031 <sup>(D)</sup> | 197000 | 136364 |
|  Hartford Financial Services Group, Inc. <br>3-Month LIBOR + 2.13%, <br>5.03% <sup>(A)</sup>, 02/12/2067 <sup>(C)</sup> | 487000 | 402987 |
|  |  | 539351 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining - 0.9%** | **Metals & Mining - 0.9%** | **Metals & Mining - 0.9%** |
|  Anglo American Capital PLC <br>3.88%, 03/16/2029 <sup>(C)</sup> | $300000 | $257065 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/23/2031 <sup>(C)</sup> | 152000 | 113882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/2031 <sup>(C)</sup> <sup>(D)</sup> | 200000 | 154682 |
|  South32 Treasury Ltd. <br>4.35%, 04/14/2032 <sup>(C)</sup> | 311000 | 260365 |
|  |  | 785994 |
| **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** |
|  Nordstrom, Inc. <br>4.25%, 08/01/2031 <sup>(D)</sup> | 66000 | 47916 |
| **Oil, Gas & Consumable Fuels - 1.4%** | **Oil, Gas & Consumable Fuels - 1.4%** | **Oil, Gas & Consumable Fuels - 1.4%** |
|  Apache Corp. <br>4.25%, 01/15/2030 <sup>(D)</sup> | 140000 | 124630 |
|  Enbridge, Inc. <br>Fixed until 07/15/2027,<br>5.50% <sup>(A)</sup>, 07/15/2077 | 397000 | 339941 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 | 169000 | 156595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/15/2023 <sup>(B)</sup>,<br>6.25% <sup>(A)</sup> <sup>(D)</sup> | 375000 | 312200 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051 | 152000 | 101875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/16/2027,<br>5.25% <sup>(A)</sup>, 08/16/2077 <sup>(D)</sup> | 132000 | 102697 |
|  |  | 1137938 |
|  **Total Corporate Debt Securities <br>(Cost $5,809,679)** | **Total Corporate Debt Securities <br>(Cost $5,809,679)** | 4654691 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 13.1%** | **FOREIGN GOVERNMENT OBLIGATIONS - 13.1%** | **FOREIGN GOVERNMENT OBLIGATIONS - 13.1%** |
| **Australia - 2.9%** | **Australia - 2.9%** | **Australia - 2.9%** |
| Australia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/2030 <sup>(E)</sup> | AUD 1,775,000 | 1626237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27CI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/21/2027 <sup>(E)</sup> | 1200000 | 861616 |
|  |  | 2487853 |
| **Canada - 2.0%** | **Canada - 2.0%** | **Canada - 2.0%** |
|  Canada Government Real Return Bonds<br>4.25%, 12/01/2026 | CAD 2,041,821 | 1666746 |
| **France - 0.7%** | **France - 0.7%** | **France - 0.7%** |
|  French Republic Government Bonds OAT<br>3.15%, 07/25/2032 <sup>(E)</sup> | EUR 507,591 | 646351 |
| **Germany - 1.8%** | **Germany - 1.8%** | **Germany - 1.8%** |
| Deutsche Bundesrepublik Inflation-<br>Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 04/15/2026 <sup>(E)</sup> | 1182140 | 1202528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/2030 <sup>(E)</sup> | 325949 | 342467 |
|  |  | 1544995 |
| **Japan - 1.6%** | **Japan - 1.6%** | **Japan - 1.6%** |
| Japan Government CPI-Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/10/2031 | JPY 62,116,800 | 444900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/10/2026 | 125486400 | 880206 |
|  |  | 1325106 |

---

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

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**Page 132** 

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**Transamerica Inflation-Protected Securities** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Mexico - 0.3%** | **Mexico - 0.3%** | **Mexico - 0.3%** |
|  Mexico Government International Bonds <br>4.28%, 08/14/2041 | $351000 | $255057 |
| **New Zealand - 1.7%** | **New Zealand - 1.7%** | **New Zealand - 1.7%** |
|  New Zealand Government Inflation-Linked Bonds <br>2.00%, 09/20/2025 <sup>(E)</sup> | NZD 2,000,000 | 1422884 |
| **United Kingdom - 2.1%** | **United Kingdom - 2.1%** | **United Kingdom - 2.1%** |
|  U.K. Inflation-Linked Gilt <br>0.13%, 03/22/2024 - 03/22/2044 <sup>(E)</sup> | GBP 1,487,773 | 1749343 |
|  **Total Foreign Government Obligations <br>(Cost $12,608,035)** | **Total Foreign Government Obligations <br>(Cost $12,608,035)** | 11098335 |
| **U.S. GOVERNMENT OBLIGATIONS - 80.5%** | **U.S. GOVERNMENT OBLIGATIONS - 80.5%** | **U.S. GOVERNMENT OBLIGATIONS - 80.5%** |
| **U.S. Treasury - 4.1%** | **U.S. Treasury - 4.1%** | **U.S. Treasury - 4.1%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | $1900000 | 1600750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 2200000 | 1890969 |
|  |  | 3491719 |
| **U.S. Treasury Inflation-Protected Securities - 76.4%** | **U.S. Treasury Inflation-Protected Securities - 76.4%** | **U.S. Treasury Inflation-Protected Securities - 76.4%** |
| U.S. Treasury Inflation-Protected<br>Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/2051 | 824753 | 523653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 1152000 | 762379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 1088537 | 855661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 - 02/15/2045 | 2846513 | 2306725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/2046 - 02/15/2048 | 4476296 | 3682583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 1080203 | 980969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 2919373 | 2924334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2026 | 3185911 | 3202152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 - 02/15/2041 | 3245216 | 3383736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/2025 - 01/15/2027 | 5295056 | 5387013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 1200010 | 1254596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2032 | 603028 | 690695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/2028 | 869810 | 952188 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** |
| U.S. Treasury Inflation-Protected<br>Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/2024 - 01/15/2032 | $16180748 | $14934430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/2025 | 2125765 | 2052671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/2023 - 07/15/2027 | 10136848 | 9755979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 2641492 | 2483544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/15/2023 - 01/15/2026 | 7747394 | 7554009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/2028 | 1179900 | 1122149 |
|  |  | 64809466 |
|  **Total U.S. Government Obligations <br>(Cost $74,806,474)** | **Total U.S. Government Obligations <br>(Cost $74,806,474)** | 68301185 |
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANY - 0.2%** | **SHORT-TERM INVESTMENT COMPANY - 0.2%** | **SHORT-TERM INVESTMENT COMPANY - 0.2%** |
| **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** | **Money Market Fund - 0.2%** |
|  State Street Institutional U.S. Government Money Market Fund, 3.01% <sup>(F)</sup> | 168564 | 168564 |
|  **Total Short-Term Investment Company <br>(Cost $168,564)** | **Total Short-Term Investment Company <br>(Cost $168,564)** | 168564 |
| **OTHER INVESTMENT COMPANY - 0.6%** | **OTHER INVESTMENT COMPANY - 0.6%** | **OTHER INVESTMENT COMPANY - 0.6%** |
| **Securities Lending Collateral - 0.6%** | **Securities Lending Collateral - 0.6%** | **Securities Lending Collateral - 0.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(F)</sup> | 494863 | 494863 |
|  **Total Other Investment Company <br>(Cost $494,863)** | **Total Other Investment Company <br>(Cost $494,863)** | 494863 |
|  **Total Investments <br>(Cost $94,179,986)** | **Total Investments <br>(Cost $94,179,986)** | 85007010 |
|  **Net Other Assets (Liabilities) - (0.2)%** |  | (208584) |
|  **Net Assets - 100.0%** |  | **$84798426** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  JPM | 01/26/2023 | USD | 1501393 | CAD | 2000000 | $31569 | $— |
|  JPM | 01/26/2023 | USD | 2013721 | EUR | 2000000 | 22718 |  |
|  JPM | 01/26/2023 | USD | 1485553 | GBP | 1300000 |  | (9769) |
|  JPM | 01/26/2023 | USD | 1363309 | JPY | 193000000 | 50039 |  |
|  JPM | 01/26/2023 | USD | 1119912 | NZD | 1900000 | 13728 |  |
|  JPM | 01/27/2023 | USD | 2557655 | AUD | 3840000 | 93910 |  |
| **Total** |  |  |  |  |  | $**211964** | $**(9769)** |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 133** 

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##### [**Table of Contents**](#toc)
**Transamerica Inflation-Protected Securities** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Security | $— | $289372 | $— | $289372 |
|  Corporate Debt Securities |  | 4654691 |  | 4654691 |
|  Foreign Government Obligations |  | 11098335 |  | 11098335 |
|  U.S. Government Obligations |  | 68301185 |  | 68301185 |
|  Short-Term Investment Company | 168564 |  |  | 168564 |
|  Other Investment Company | 494863 |  |  | 494863 |
|  **Total Investments** | $**663427** | $**84343583** | $**—** | $**85007010** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(H)</sup> | $— | $211964 | $— | $211964 |
|  **Total Other Financial Instruments** | $**—** | $**211964** | $**—** | $**211964** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(H)</sup> | $— | $(9769) | $— | $(9769) |
|  **Total Other Financial Instruments** | $**—** | $**(9769)** | $**—** | $**(9769)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(B) *Perpetual maturity. The date displayed is the next call date.* 

(C) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $1,977,045, representing 2.3% of the Fund's net assets.* 

(D) *All or a portion of the securities are on loan. The total value of all securities on loan is $806,549, collateralized by cash collateral of $494,863 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $328,600. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(E) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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, 2022, the total value of Regulation S securities is $7,851,426, representing 9.3% of the Fund's net assets.* 

(F) *Rates disclosed reflect the yields at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CAD* | *Canadian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *JPY* | *Japanese Yen* |
| *NZD* | *New Zealand Dollar* |
| *USD* | *United States Dollar* |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 134** 

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**Transamerica Inflation-Protected Securities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**COUNTERPARTY ABBREVIATION:** 

*JPM* *JPMorgan Chase Bank, N.A.*

**PORTFOLIO ABBREVIATIONS:** 

*CPI* *Consumer Price Index* <br> *LIBOR* *London Interbank Offered Rate*

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 135** 

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**Transamerica Intermediate Bond** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September 2022 meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%. However, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Intermediate Bond (Class R4) returned -15.85%. By comparison, its benchmark, the Bloomberg US Aggregate Bond Index, returned -15.68%.

**STRATEGY REVIEW** 

Although the Fund remained overweight spread-based assets during the period, overall portfolio risk was slightly reduced over the past fiscal year, as the chance of the Fed being able to navigate a soft landing for the economy became less and less likely, in the view of the portfolio managers. While corporate fundamentals remained generally healthy, margin pressures and rising interest costs became a concern for lower-rated credits, prompting the sub-adviser to modestly reduce exposure to BBB-rated credits and redeploy into higher quality defensive names offering attractive all-in yields.

From a duration perspective, the Fund started the fiscal year approximately one-half year short of the benchmark duration given the expectation of a move higher in rates. Over the latter half of the fiscal year, the short position was reduced to around 0.1 years given growing economic headwinds and more attractive yields.

The Fund's duration underweight and positioning across the curve were the largest contributors to relative returns in the fiscal year. Excess yield also contributed positively to relative performance, while spread factors were a detractor.

At an asset class level, an overweight allocation to asset-backed securities, security selection in commercial mortgage-backed securities and an off-index allocation to non-agency residential mortgage-backed securities were the largest contributors to relative returns. An underweight allocation to and security selection within government securities were the largest detractors in the fiscal year.

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Brian W. Westhoff, CFA** 

**Sivakumar N. Rajan** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**Page 136** 

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**Transamerica Intermediate Bond** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 32.0% |
|  U.S. Government Obligations | 29.8 |
|  U.S. Government Agency Obligations | 23.2 |
|  Commercial Paper | 15.1 |
|  Mortgage-Backed Securities | 6.4 |
|  Asset-Backed Securities | 5.8 |
|  Short-Term U.S. Government Obligations | 5.4 |
|  Other Investment Company | 1.5 |
|  Repurchase Agreement | 0.6 |
|  Foreign Government Obligations | 0.5 |
|  Preferred Stocks | 0.1 |
|  Municipal Government Obligation | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | (20.4) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 8.74 |
|  Duration † | 6.17 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 58.4% |
|  AAA | 10.4 |
|  AA | 2.2 |
|  A | 9.3 |
|  BBB | 20.4 |
|  BB | 2.8 |
|  B | 0.2 |
|  CCC and Below | 0.1 |
|  Not Rated | 16.6 |
|  Net Other Assets (Liabilities) ^ | (20.4) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 137** 

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**Transamerica Intermediate Bond** 

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**(unaudited)**![LOGO](g404440g24h64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I2 (NAV) | (15.67)% | (0.49)% | 0.07% | 03/24/2017 |
|  Class I3 (NAV) | (15.74)% | (0.52)% | 0.04% | 03/24/2017 |
|  Class R (NAV) | (16.15)% | (1.00)% | (0.45)% | 03/24/2017 |
|  Class R4 (NAV) | (15.85)% | (0.73)% | 0.85% | 09/11/2000 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (15.68)% | (0.54)% | 0.74% |  |
|  Class R6 (NAV) | (15.74)% | N/A | (10.81)% | 05/28/2021 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Any U.S. government guarantees of the securities held in the Fund pertain only to those securities and not the Fund or its yield. The values of bonds change in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities generally goes down when interest rates rise.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 138** 

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**Transamerica Intermediate Bond** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 5.8%** | **ASSET-BACKED SECURITIES - 5.8%** | **ASSET-BACKED SECURITIES - 5.8%** |
|  321 Henderson Receivables VI LLC <br>Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> | $3607125 | $3471728 |
|  Accelerated LLC <br>Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> | 880302 | 798370 |
|  Bavarian Sky UK 5 PLC <br>Series 2014-1A, Class A1A2, <br>3-Month LIBOR + 1.20%, <br>5.44% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> | 7305000 | 6937800 |
|  BXG Receivables Note Trust <br>Series 2015-A, Class A, <br>2.88%, 05/02/2030 <sup>(A)</sup> | 269755 | 263566 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A1L2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.00%, <br>5.19% <sup>(B)</sup>, 10/18/2030 <sup>(A)</sup> | 6195000 | 6066733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.22%, <br>5.46% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> | 10650679 | 10467647 |
|  Diameter Capital CLO 1 Ltd. <br>Series 2021-1A, Class A1A, <br>3-Month LIBOR + 1.24%, <br>5.32% <sup>(B)</sup>, 07/15/2036 <sup>(A)</sup> | 4000000 | 3824748 |
| GoodLeap Sustainable Home Solutions<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/20/2048 <sup>(A)</sup> | 9614695 | 7523507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 10/20/2048 <sup>(A)</sup> | 3713058 | 2590904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/20/2049 <sup>(A)</sup> | 4887778 | 3694103 |
|  Hilton Grand Vacations Trust <br>Series 2017-AA, Class A, <br>2.66%, 12/26/2028 <sup>(A)</sup> | 1794512 | 1758338 |
|  JG Wentworth XXI LLC <br>Series 2010-2A, Class A, <br>4.07%, 01/15/2048 <sup>(A)</sup> | 370724 | 359526 |
|  JG Wentworth XXII LLC <br>Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(A)</sup> | 533425 | 518469 |
|  JGWPT XXVIII LLC <br>Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(A)</sup> | 959704 | 834435 |
|  Laurel Road Prime Student Loan Trust <br>Series 2018-B, Class A2FX, <br>3.54%, 05/26/2043 <sup>(A)</sup> | 311943 | 306005 |
|  MVW LLC <br>Series 2022-1A, Class A, <br>4.15%, 11/21/2039 <sup>(A)</sup> | 7752644 | 7404726 |
|  MVW Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(A)</sup> | 402136 | 379041 |
| New Residential Advance Receivables<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-APT1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 12/16/2052 <sup>(A)</sup> | 12270000 | 12181446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 08/15/2053 <sup>(A)</sup> | 11450000 | 10941298 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  NRZ Advance Receivables Trust <br>Series 2020-T2, Class AT2, <br>1.48%, 09/15/2053 <sup>(A)</sup> | $7643553 | $7285754 |
|  Octagon Investment Partners 33 Ltd. <br>Series 2017-1A, Class A1, <br>3-Month LIBOR + 1.19%, <br>5.43% <sup>(B)</sup>, 01/20/2031 <sup>(A)</sup> | 3600000 | 3526322 |
| Orange Lake Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/08/2030 <sup>(A)</sup> | 777482 | 750254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/08/2030 <sup>(A)</sup> | 636116 | 613502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 04/09/2038 <sup>(A)</sup> | 508011 | 478813 |
|  Palmer Square CLO Ltd. <br>Series 2015-2A, Class A1R2, <br>3-Month LIBOR + 1.10%, <br>5.34% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> | 7848376 | 7680664 |
|  RAAC Trust <br>Series 2007-RP4, Class A, <br>1-Month LIBOR + 0.35%, <br>3.94% <sup>(B)</sup>, 11/25/2046 <sup>(A)</sup> | 420689 | 367418 |
| Sierra Timeshare Receivables Funding<br>LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 09/20/2035 <sup>(A)</sup> | 1037314 | 1019916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/20/2036 <sup>(A)</sup> | 989004 | 946262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 01/20/2036 <sup>(A)</sup> | 2247737 | 2114641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 11/20/2037 <sup>(A)</sup> | 2866339 | 2642451 |
|  SPS Servicer Advance Receivables Trust II <br>Series 2020-T1, Class AT1, <br>1.28%, 11/15/2052 <sup>(A)</sup> | 286667 | 286089 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 10/25/2056 <sup>(A)</sup> | 502249 | 492817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 07/25/2057 <sup>(A)</sup> | 745897 | 729153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> | 1373859 | 1298597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> | 2072293 | 1978319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> | 3016396 | 2903170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> | 2470626 | 2223938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> | 7269655 | 6674889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/2060 <sup>(A)</sup> | 2364007 | 2090105 |
|  Trafigura Securitisation Finance PLC <br>Series 2021-1A, Class A2, <br>1.08%, 01/15/2025 <sup>(A)</sup> | 4500000 | 4008551 |
|  Welk Resorts LLC <br>Series 2017-AA, Class A, <br>2.82%, 06/15/2033 <sup>(A)</sup> | 1392833 | 1383303 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 139** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Wellfleet CLO Ltd. <br>Series 2016-2A, Class A1R, <br>3-Month LIBOR + 1.14%, <br>5.38% <sup>(B)</sup>, 10/20/2028 <sup>(A)</sup> | $5208447 | $5134169 |
|  **Total Asset-Backed Securities <br>(Cost $143,882,369)** |  | 136951487 |
| **CORPORATE DEBT SECURITIES - 32.0%** |  |  |
| **Aerospace & Defense - 0.6%** |  |  |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2039 | 7305000 | 4777755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 5153000 | 4766025 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 4624000 | 3712112 |
|  |  | 13255892 |
| **Air Freight & Logistics - 0.3%** |  |  |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | 9977000 | 7107604 |
| **Airlines - 0.5%** |  |  |
|  American Airlines Pass-Through Trust <br>3.20%, 12/15/2029 | 166 | 139 |
|  JetBlue Pass-Through Trust <br>Series 2019, Class AA, <br>2.75%, 11/15/2033 | 3965237 | 3148058 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027 <sup>(A)</sup> | 4783553 | 4729045 |
|  United Airlines Pass-Through Trust <br>3.75%, 03/03/2028 | 3926041 | 3529663 |
|  |  | 11406905 |
| **Auto Components - 0.3%** |  |  |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 3121000 | 2487084 |
|  BorgWarner, Inc. <br>3.38%, 03/15/2025 | 3645000 | 3480088 |
|  |  | 5967172 |
| **Automobiles - 0.3%** |  |  |
|  General Motors Co. <br>6.25%, 10/02/2043 | 1445000 | 1265007 |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(A)</sup> | 6271000 | 5801573 |
|  |  | 7066580 |
| **Banks - 3.6%** |  |  |
|  Banco Santander SA <br>2.75%, 12/03/2030 | 2400000 | 1657245 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2031,<br>2.65% <sup>(B)</sup>, 03/11/2032 | 5492000 | 4221227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2027,<br>3.42% <sup>(B)</sup>, 12/20/2028 | 5781000 | 5102590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(B)</sup>, 04/27/2033 | 11175000 | 9893992 |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>1.00% <sup>(B)</sup>, 11/02/2026 | 7149000 | 7137420 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | | |
|  Citigroup, Inc. <br>Fixed until 10/27/2027,<br>3.52% <sup>(B)</sup>, 10/27/2028 | $12004000 | $10617533 |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(A)</sup> | 4227000 | 4212080 |
|  HSBC Holdings PLC <br>Fixed until 08/11/2027,<br>5.21% <sup>(B)</sup>, 08/11/2028 | 6664000 | 6100059 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2031,<br>4.20% <sup>(B)</sup>, 06/01/2032 <sup>(A)</sup> | 1044000 | 706134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/2024 <sup>(A)</sup> | 2745000 | 2591078 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2026,<br>1.58% <sup>(B)</sup>, 04/22/2027 | 7011000 | 6028438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2027,<br>3.78% <sup>(B)</sup>, 02/01/2028 | 2474000 | 2251040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(B)</sup>, 09/14/2033 | 11009000 | 10258063 |
|  UniCredit SpA <br>Fixed until 06/03/2031,<br>3.13% <sup>(B)</sup>, 06/03/2032 <sup>(A)</sup> | 6341000 | 4463826 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 | 6005000 | 5678388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2027,<br>4.81% <sup>(B)</sup>, 07/25/2028 | 2268000 | 2147326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(C)</sup>,<br>5.90% <sup>(B)</sup> | 2943000 | 2668933 |
|  |  | 85735372 |
| **Beverages - 0.4%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | 4426000 | 3570215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 2789000 | 2711106 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 1440000 | 1230973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 1889000 | 1761517 |
|  |  | 9273811 |
| **Biotechnology - 0.5%** |  |  |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 2346000 | 2185160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 3184000 | 2556823 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 4897000 | 3721804 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(A)</sup> | 2753000 | 2315141 |
|  Gilead Sciences, Inc. <br>4.15%, 03/01/2047 | 1594000 | 1239320 |
|  |  | 12018248 |
| **Building Products - 0.6%** |  |  |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 3830000 | 2813503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 3740000 | 3411369 |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | 2352000 | 1932349 |
|  Owens Corning <br>7.00%, 12/01/2036 | 6916000 | 6982512 |
|  |  | 15139733 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 140** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **Capital Markets - 2.2%** | **Capital Markets - 2.2%** | **Capital Markets - 2.2%** |
|  Bank of New York Mellon Corp. <br>Fixed until 10/25/2032,<br>5.83% <sup>(B)</sup>, 10/25/2033 | $4755000 | $4757382 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/11/2024,<br>2.59% <sup>(B)</sup>, 09/11/2025 <sup>(A)</sup> | 4526000 | 4018326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/12/2032,<br>6.54% <sup>(B)</sup>, 08/12/2033 <sup>(A)</sup> | 8211000 | 7141393 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/26/2024,<br>3.96% <sup>(B)</sup>, 11/26/2025 | 3026000 | 2792331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2023,<br>4.30% <sup>(B)</sup>, 05/24/2028 | 3673000 | 3359860 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/24/2032,<br>3.10% <sup>(B)</sup>, 02/24/2033 | 10385000 | 8101861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 4965000 | 4950545 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/10/2025,<br>0.99% <sup>(B)</sup>, 12/10/2026 | 2210000 | 1890417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2032,<br>4.89% <sup>(B)</sup>, 07/20/2033 | 5027000 | 4570055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 2775000 | 2730374 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 6903000 | 6902251 |
|  |  | 51214795 |
| **Chemicals - 0.2%** | **Chemicals - 0.2%** | **Chemicals - 0.2%** |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(A)</sup> | 4965000 | 3728632 |
| **Commercial Services & Supplies - 0.7%** | **Commercial Services & Supplies - 0.7%** | **Commercial Services & Supplies - 0.7%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(A)</sup> | 2731000 | 2341860 |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(A)</sup> | 3037000 | 2639368 |
| ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/2023 <sup>(A)</sup> | 2767000 | 2685569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/2024 <sup>(A)</sup> | 4063000 | 3915713 |
|  Triton Container International Ltd. / TAL International Container Corp. <br>3.25%, 03/15/2032 | 6048000 | 4336177 |
|  |  | 15918687 |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 3740000 | 2948510 |
| **Consumer Finance - 1.1%** | **Consumer Finance - 1.1%** | **Consumer Finance - 1.1%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 6502000 | 6664981 |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(A)</sup> | 4981000 | 4563919 |
|  Ford Motor Credit Co. LLC <br>3.38%, 11/13/2025 | 3928000 | 3563521 |
|  General Motors Financial Co., Inc. <br>5.00%, 04/09/2027 | 4041000 | 3818023 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(A)</sup> | 4767000 | 3436780 |
|  Volkswagen Group of America Finance LLC<br>1.63%, 11/24/2027 <sup>(A)</sup> | 3463000 | 2775474 |
|  |  | 24822698 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | $3740000 | $3273420 |
| **Diversified Financial Services - 1.1%** | **Diversified Financial Services - 1.1%** | **Diversified Financial Services - 1.1%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 6388000 | 4232675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 6232000 | 5757563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 | 4363000 | 4285068 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(A)</sup> | 3332000 | 2782531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(A)</sup> | 8463000 | 8140293 |
|  |  | 25198130 |
| **Diversified Telecommunication Services - 0.5%** | **Diversified Telecommunication Services - 0.5%** | **Diversified Telecommunication Services - 0.5%** |
|  Sprint Capital Corp. <br>6.88%, 11/15/2028 | 822000 | 848287 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 5851000 | 4352144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 9757000 | 5587074 |
|  |  | 10787505 |
| **Electric Utilities - 1.3%** | **Electric Utilities - 1.3%** | **Electric Utilities - 1.3%** |
|  Appalachian Power Co. <br>3.40%, 06/01/2025 | 4135000 | 3944930 |
|  Cleveland Electric Illuminating Co. <br>5.95%, 12/15/2036 | 614000 | 596111 |
|  DTE Electric Co. <br>4.30%, 07/01/2044 | 7295000 | 5877414 |
|  Duke Energy Corp. <br>3.75%, 04/15/2024 - 09/01/2046 | 10102000 | 8323760 |
|  Duke Energy Progress LLC <br>3.60%, 09/15/2047 | 2726000 | 1916546 |
|  Entergy Arkansas LLC <br>3.70%, 06/01/2024 | 1493000 | 1466400 |
|  Oncor Electric Delivery Co. LLC <br>5.30%, 06/01/2042 | 707000 | 661484 |
|  Pacific Gas & Electric Co. <br>2.50%, 02/01/2031 | 4892000 | 3652095 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2024 | 2917000 | 2861246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2037 | 535000 | 507476 |
|  Public Service Electric & Gas Co. <br>3.00%, 05/15/2025 | 1955000 | 1856022 |
|  |  | 31663484 |
| **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 3592000 | 2728743 |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | 3395000 | 3252298 |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(A)</sup> | 2585000 | 2223643 |
|  |  | 8204684 |
| **Energy Equipment & Services - 0.3%** | **Energy Equipment & Services - 0.3%** | **Energy Equipment & Services - 0.3%** |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(A)</sup> | 5457000 | 4953803 |
|  Schlumberger Investment SA <br>3.65%, 12/01/2023 | 1121000 | 1104960 |
|  |  | 6058763 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 141** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **Equity Real Estate Investment Trusts - 2.7%** | **Equity Real Estate Investment Trusts - 2.7%** | **Equity Real Estate Investment Trusts - 2.7%** |
|  American Tower Trust #1 <br>3.65%, 03/23/2028 <sup>(A)</sup> | $2800000 | $2517525 |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 6211000 | 4474867 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2029 | 1623000 | 1209826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/2026 | 1209000 | 1047449 |
|  Invitation Homes Operating Partnership LP<br>4.15%, 04/15/2032 | 2844000 | 2361053 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 | 2512000 | 1537285 |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | 5653000 | 4188707 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 2319000 | 2264800 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2051 <sup>(A)</sup> | 6278000 | 5236452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/15/2050 <sup>(A)</sup> | 1100000 | 962276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 01/15/2050 <sup>(A)</sup> | 13134000 | 12192560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/2048 <sup>(A)</sup> | 8244000 | 8162897 |
|  Simon Property Group LP <br>2.20%, 02/01/2031 | 3744000 | 2801952 |
|  Ventas Realty LP <br>3.25%, 10/15/2026 | 5018000 | 4540273 |
|  VICI Properties LP <br>4.95%, 02/15/2030 | 6748000 | 6098857 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 5505000 | 4807229 |
|  |  | 64404008 |
| **Food & Staples Retailing - 0.4%** | **Food & Staples Retailing - 0.4%** | **Food & Staples Retailing - 0.4%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(A)</sup> | 5842000 | 4307564 |
|  Sysco Corp. <br>3.30%, 07/15/2026 | 5932000 | 5480997 |
|  |  | 9788561 |
| **Food Products - 0.8%** | **Food Products - 0.8%** | **Food Products - 0.8%** |
|  Bunge Ltd. Finance Corp. <br>2.75%, 05/14/2031 | 4825000 | 3785456 |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(A)</sup> | 2894000 | 2819376 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>3.00%, 02/02/2029 <sup>(A)</sup> | 2483000 | 2011243 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(A)</sup> | 6300000 | 4833738 |
|  Viterra Finance BV <br>4.90%, 04/21/2027 <sup>(A)</sup> | 5002000 | 4568901 |
|  |  | 18018714 |
| **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** |
|  Alcon Finance Corp. <br>2.75%, 09/23/2026 <sup>(A)</sup> | 3484000 | 3097704 |
|  Koninklijke Philips NV <br>5.00%, 03/15/2042 | 2162000 | 1775463 |
|  |  | 4873167 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** |
|  Centene Corp. <br>3.38%, 02/15/2030 | $2847000 | $2363579 |
|  Cigna Corp. <br>2.40%, 03/15/2030 | 4530000 | 3684371 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/2040 | 3472000 | 2234892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 | 2613000 | 2305397 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 3178000 | 2549773 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 1870000 | 1648946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2025 | 1795000 | 1763533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 2893000 | 2408090 |
|  Laboratory Corp. of America Holdings <br>2.95%, 12/01/2029 | 2929000 | 2452875 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(A)</sup> | 1520000 | 1363227 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 6847000 | 6296652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 4135000 | 4234160 |
|  |  | 33305495 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 402000 | 304772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 2801000 | 2489780 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 2477000 | 2309744 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(A)</sup> | 6515000 | 4752723 |
|  |  | 9857019 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |
|  General Electric Co. <br>4.13%, 10/09/2042 | 2771000 | 2141367 |
| **Insurance - 1.3%** | **Insurance - 1.3%** | **Insurance - 1.3%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 8075000 | 5157615 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 6254000 | 5872811 |
|  Global Atlantic Finance Co. <br>3.13%, 06/15/2031 <sup>(A)</sup> | 9317000 | 6556358 |
|  Muenchener Rueckversicherungs-Gesellschaft AG <br>Fixed until 11/23/2031,<br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> | 3400000 | 3238146 |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/24/2030 <sup>(A)</sup> | 4906000 | 4421424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(A)</sup> | 1348000 | 1265190 |
|  Prudential Financial, Inc. <br>Fixed until 07/01/2030,<br>3.70% <sup>(B)</sup>, 10/01/2050 | 6079000 | 4725268 |
|  |  | 31236812 |
| **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 <sup>(D)</sup> | 4652000 | 4570916 |
|  Tencent Holdings Ltd. <br>3.28%, 04/11/2024 <sup>(A)</sup> | 2683000 | 2595963 |
|  |  | 7166879 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 142** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(A)</sup> | $2902000 | $1916372 |
| **Machinery - 0.2%** | **Machinery - 0.2%** | **Machinery - 0.2%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 5538000 | 5474830 |
| **Media - 0.4%** | **Media - 0.4%** | **Media - 0.4%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.80%, 03/01/2050 | 3602000 | 2539884 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.13%, 08/15/2027 <sup>(A)</sup> | 2020000 | 1808304 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 1620000 | 933694 |
|  NBCUniversal Media LLC <br>4.45%, 01/15/2043 | 3353000 | 2733272 |
|  Paramount Global <br>4.20%, 05/19/2032 | 2941000 | 2352503 |
|  |  | 10367657 |
| **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** |
|  Anglo American Capital PLC <br>4.50%, 03/15/2028 <sup>(A)</sup> | 3182000 | 2887762 |
|  Freeport-McMoRan, Inc. <br>3.88%, 03/15/2023 | 7230000 | 7180011 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(A)</sup> | 4976000 | 3728160 |
|  |  | 13795933 |
| **Multi-Utilities - 0.4%** | **Multi-Utilities - 0.4%** | **Multi-Utilities - 0.4%** |
|  Black Hills Corp. <br>4.25%, 11/30/2023 | 4781000 | 4735687 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2024 | 723000 | 705753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2044 | 974000 | 806322 |
|  Public Service Enterprise Group, Inc. <br>2.65%, 11/15/2022 | 2086000 | 2084359 |
|  |  | 8332121 |
| **Oil, Gas & Consumable Fuels - 2.1%** | **Oil, Gas & Consumable Fuels - 2.1%** | **Oil, Gas & Consumable Fuels - 2.1%** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 3125000 | 2517749 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 4089000 | 3662917 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2024 | 2863000 | 2834721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2045 | 1668000 | 1294433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 | 1293000 | 1091120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 02/01/2024 | 4041000 | 4100766 |
|  Enterprise Products Operating LLC <br>4.25%, 02/15/2048 | 8341000 | 6159725 |
|  Kinder Morgan Energy Partners LP <br>4.15%, 02/01/2024 | 3178000 | 3137113 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 5039000 | 5114585 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | 3109000 | 2481386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 | 1410000 | 1304484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 641000 | 417567 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | $6139000 | $4744342 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>3.55%, 12/15/2029 | 3097000 | 2578731 |
|  Sabine Pass Liquefaction LLC <br>4.20%, 03/15/2028 | 2888000 | 2632260 |
|  Saudi Arabian Oil Co. <br>1.25%, 11/24/2023 <sup>(A)</sup> | 323000 | 310087 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026 | 3121000 | 2846504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2046 | 2857000 | 2125422 |
|  Williams Cos., Inc. <br>5.40%, 03/04/2044 | 1095000 | 925447 |
|  |  | 50279359 |
| **Personal Products - 0.3%** | **Personal Products - 0.3%** | **Personal Products - 0.3%** |
|  GSK Consumer Healthcare Capital US LLC <br>3.38%, 03/24/2027 | 6802000 | 6150050 |
| **Pharmaceuticals - 0.7%** | **Pharmaceuticals - 0.7%** | **Pharmaceuticals - 0.7%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 2588000 | 2254910 |
|  AstraZeneca PLC <br>4.38%, 08/17/2048 | 2386000 | 2008367 |
|  Bayer US Finance II LLC <br>4.38%, 12/15/2028 <sup>(A)</sup> | 4174000 | 3798577 |
|  Bristol-Myers Squibb Co. <br>1.45%, 11/13/2030 | 3184000 | 2435962 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 4157000 | 3143357 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 2488000 | 2045260 |
|  |  | 15686433 |
| **Professional Services - 0.4%** | **Professional Services - 0.4%** | **Professional Services - 0.4%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 4000000 | 3775715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 4636000 | 4467408 |
|  |  | 8243123 |
| **Road & Rail - 0.7%** | **Road & Rail - 0.7%** | **Road & Rail - 0.7%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(A)</sup> | 8743000 | 7827568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(A)</sup> | 3257000 | 2991042 |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | 7909000 | 6593664 |
|  |  | 17412274 |
| **Semiconductors & Semiconductor Equipment - 1.3%** | **Semiconductors & Semiconductor Equipment - 1.3%** | **Semiconductors & Semiconductor Equipment - 1.3%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 | 6496000 | 5787607 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028 <sup>(A)</sup> <sup>(D)</sup> | 2070000 | 1686005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 <sup>(A)</sup> | 3314000 | 2177241 |
|  KLA Corp. <br>3.30%, 03/01/2050 <sup>(D)</sup> | 4337000 | 2903377 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 4561000 | 4184682 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 143** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NXP BV / NXP Funding LLC / NXP USA,<br>Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/2051 | $1240000 | $714401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 | 1216000 | 1008318 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 3552000 | 3299072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(D)</sup> | 2992000 | 2051573 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 2526000 | 2154030 |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(A)</sup> | 5908000 | 4294181 |
|  |  | 30260487 |
| **Software - 0.8%** | **Software - 0.8%** | **Software - 0.8%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 <sup>(D)</sup> | 570000 | 480478 |
|  Infor, Inc. <br>1.75%, 07/15/2025 <sup>(A)</sup> | 5112000 | 4594738 |
|  Oracle Corp. <br>3.65%, 03/25/2041 | 3404000 | 2297980 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 6520000 | 6217186 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 6126000 | 5649102 |
|  |  | 19239484 |
| **Specialty Retail - 0.2%** | **Specialty Retail - 0.2%** | **Specialty Retail - 0.2%** |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 4632000 | 3995538 |
| **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** |
|  Apple, Inc. <br>2.65%, 05/11/2050 | 3716000 | 2313880 |
|  Dell International LLC / EMC Corp. <br>6.02%, 06/15/2026 | 4176000 | 4167386 |
|  Seagate HDD Cayman <br>4.13%, 01/15/2031 | 3751000 | 2838249 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 7039000 | 5442414 |
|  |  | 14761929 |
| **Tobacco - 0.2%** | **Tobacco - 0.2%** | **Tobacco - 0.2%** |
|  BAT Capital Corp. <br>2.26%, 03/25/2028 | 5667000 | 4489323 |
| **Wireless Telecommunication Services - 0.4%** | **Wireless Telecommunication Services - 0.4%** | **Wireless Telecommunication Services - 0.4%** |
|  America Movil SAB de CV <br>4.38%, 07/16/2042 | 2100000 | 1640084 |
|  Sprint Corp. <br>7.88%, 09/15/2023 | 1290000 | 1311503 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 1310000 | 1108142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 6794000 | 5996473 |
|  |  | 10056202 |
|  **Total Corporate Debt Securities <br>(Cost $843,579,231)** | **Total Corporate Debt Securities <br>(Cost $843,579,231)** | 752043762 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** |
| **Chile - 0.0% <sup>(E)</sup>** | **Chile - 0.0% <sup>(E)</sup>** | **Chile - 0.0% <sup>(E)</sup>** |
|  Chile Government International Bonds <br>3.50%, 01/25/2050 <sup>(D)</sup> | 825000 | 543374 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Colombia - 0.2%** | **Colombia - 0.2%** | **Colombia - 0.2%** |
|  Colombia Government International Bonds <br>4.50%, 01/28/2026 | $3650000 | $3280320 |
| **Indonesia - 0.1%** | **Indonesia - 0.1%** | **Indonesia - 0.1%** |
|  Indonesia Government International Bonds <br>4.75%, 01/08/2026 <sup>(A)</sup> | 3205000 | 3137113 |
| **Mexico - 0.1%** | **Mexico - 0.1%** | **Mexico - 0.1%** |
|  Mexico Government International Bonds <br>3.75%, 01/11/2028 | 2481000 | 2276903 |
| **Panama - 0.0% <sup>(E)</sup>** | **Panama - 0.0% <sup>(E)</sup>** | **Panama - 0.0% <sup>(E)</sup>** |
|  Panama Government International Bonds <br>3.88%, 03/17/2028 <sup>(D)</sup> | 735000 | 668589 |
| **Peru - 0.0% <sup>(E)</sup>** | **Peru - 0.0% <sup>(E)</sup>** | **Peru - 0.0% <sup>(E)</sup>** |
|  Peru Government International Bonds <br>7.35%, 07/21/2025 | 390000 | 405892 |
| **Poland - 0.0% <sup>(E)</sup>** | **Poland - 0.0% <sup>(E)</sup>** | **Poland - 0.0% <sup>(E)</sup>** |
|  Republic of Poland Government International Bonds <br>3.00%, 03/17/2023 | 500000 | 496250 |
| **Qatar - 0.1%** | **Qatar - 0.1%** | **Qatar - 0.1%** |
|  Qatar Government International Bonds <br>3.88%, 04/23/2023 <sup>(A)</sup> | 913000 | 909370 |
|  **Total Foreign Government Obligations <br>(Cost $12,901,211)** | **Total Foreign Government Obligations <br>(Cost $12,901,211)** | 11717811 |
| **MORTGAGE-BACKED SECURITIES - 6.4%** | **MORTGAGE-BACKED SECURITIES - 6.4%** | **MORTGAGE-BACKED SECURITIES - 6.4%** |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-36, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.62%, <br>4.21% <sup>(B)</sup>, 08/25/2035 | 300929 | 253861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-50CB, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/25/2035 | 446243 | 360779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-51, Class 3A3A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.64%, <br>4.13% <sup>(B)</sup>, 11/20/2035 | 339647 | 273149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-22, Class 2A16, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/25/2037 | 4664831 | 1949771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5CB, Class 1A31, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/25/2037 | 703662 | 367248 |
|  BB-UBS Trust <br>Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(A)</sup> | 1769257 | 1703452 |
|  BBCMS Trust <br>Series 2015-MSQ, Class B, <br>3.89%, 09/15/2032 <sup>(A)</sup> | 1100000 | 1097419 |
|  Bear Stearns Alt-A Trust <br>Series 2004-11, Class 2A2, <br>3.72% <sup>(B)</sup>, 11/25/2034 | 26482 | 24151 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-60, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17% <sup>(B)</sup>, 02/25/2034 | 20496 | 19290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.58%, <br>4.17% <sup>(B)</sup>, 04/25/2035 | 67392 | 57814 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 144** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  CIM Trust <br>Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> | $5908125 | $5153608 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/10/2047 | 1280763 | 1253838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/10/2047 | 4165000 | 4066145 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> | 240538 | 222075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PS1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 09/25/2042 <sup>(A)</sup> | 190877 | 176822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RP1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> | 1186104 | 1127893 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class AM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% <sup>(B)</sup>, 08/10/2050 | 565000 | 555322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GAM, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 02/10/2028 <sup>(A)</sup> | 1611456 | 1590955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/10/2047 | 4680000 | 4558057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3BP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 02/10/2035 <sup>(A)</sup> | 17005000 | 15663071 |
|  Commercial Mortgage Pass-Through Certificates Trust <br>Series 2012-LTRT, Class A2, <br>3.40%, 10/05/2030 <sup>(A)</sup> | 1573535 | 1343485 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-11R, Class 17A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.15%, <br>3.23% <sup>(B)</sup>, 12/27/2036 <sup>(A)</sup> | 137698 | 136328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> | 6443680 | 5276434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> | 4276492 | 3699403 |
| Fontainebleau Miami Beach Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 12/10/2036 <sup>(A)</sup> | 1300000 | 1197360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/10/2036 <sup>(A)</sup> | 6050000 | 5580162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/10/2036 <sup>(A)</sup> | 4570000 | 4221004 |
|  GMACM Mortgage Loan Trust <br>Series 2005-AR1, Class 3A, <br>3.22% <sup>(B)</sup>, 03/18/2035 | 3647 | 3156 |
|  GS Mortgage Securities Trust <br>Series 2013-G1, Class A2, <br>3.56% <sup>(B)</sup>, 04/10/2031 <sup>(A)</sup> | 881183 | 873927 |
|  HarborView Mortgage Loan Trust <br>Series 2004-4, Class 2A, <br>1-Month LIBOR + 0.56%, <br>4.04% <sup>(B)</sup>, 06/19/2034 | 113964 | 99898 |
|  Impac CMB Trust <br>Series 2004-6, Class 1A1, <br>1-Month LIBOR + 0.80%, <br>4.39% <sup>(B)</sup>, 10/25/2034 | 5866 | 5560 |
|  IndyMac INDX Mortgage Loan Trust <br>Series 2007-AR15, Class 2A1, <br>3.26% <sup>(B)</sup>, 08/25/2037 | 294953 | 225164 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  JPMorgan Chase Commercial Mortgage Securities Trust <br>Series 2014-DSTY, Class B, <br>3.77%, 06/10/2027 <sup>(A)</sup> | $4800000 | $912000 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A1, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10% <sup>(B)</sup>, 02/25/2034 | 12213 | 10796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A2, Class 5A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71% <sup>(B)</sup>, 11/25/2033 | 8647 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S3, Class 1A12, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/25/2036 | 152496 | 62451 |
|  Manhattan West Mortgage Trust <br>Series 2020-1MW, Class A, <br>2.13%, 09/10/2039 <sup>(A)</sup> | 3365000 | 2830434 |
|  MASTR Adjustable Rate Mortgages Trust <br>Series 2007-R5, Class A1, <br>3.59% <sup>(B)</sup>, 11/25/2035 <sup>(A)</sup> | 193267 | 123053 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-F, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.64%, <br>4.23% <sup>(B)</sup>, 10/25/2028 | 5376 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A1, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94% <sup>(B)</sup>, 02/25/2034 | 46003 | 43012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A4, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12% <sup>(B)</sup>, 07/25/2035 | 44153 | 37806 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2013-C11, Class B, <br>4.35% <sup>(B)</sup>, 08/15/2046 | 1035000 | 713455 |
|  Nationstar Mortgage Loan Trust <br>Series 2013-A, Class A, <br>3.75% <sup>(B)</sup>, 12/25/2052 <sup>(A)</sup> | 783459 | 696132 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 01/25/2054 <sup>(A)</sup> | 333782 | 306766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 05/25/2054 <sup>(A)</sup> | 256045 | 232614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class AFX3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/25/2054 <sup>(A)</sup> | 880086 | 806748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 08/25/2055 <sup>(A)</sup> | 1108738 | 1015096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/26/2035 <sup>(A)</sup> | 984556 | 905697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 09/25/2056 <sup>(A)</sup> | 1961882 | 1776376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> | 1777594 | 1667594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 03/25/2057 <sup>(A)</sup> | 1988412 | 1857386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> | 2795256 | 2638422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 05/25/2057 <sup>(A)</sup> | 1399148 | 1296456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | 858823 | 804617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | 7719246 | 7210167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> | 5855789 | 5264814 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 145** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan Trust (continued) | New Residential Mortgage Loan Trust (continued) | New Residential Mortgage Loan Trust (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> | $1455448 | $1360364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> | 2088406 | 1925041 |
|  One Market Plaza Trust <br>Series 2017-1MKT, Class A, <br>3.61%, 02/10/2032 <sup>(A)</sup> | 11917000 | 11470157 |
|  Palisades Center Trust <br>Series 2016-PLSD, Class A, <br>2.71%, 04/13/2033 <sup>(A)</sup> | 6500000 | 5090150 |
|  RALI Trust <br>Series 2007-QO4, Class A1A, <br>1-Month LIBOR + 0.38%, <br>3.97% <sup>(B)</sup>, 05/25/2047 | 270034 | 239357 |
| Structured Adjustable Rate Mortgage<br>Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-15, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% <sup>(B)</sup>, 07/25/2035 | 201944 | 125155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-3, Class 3A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49% <sup>(B)</sup>, 04/25/2047 | 508405 | 260680 |
|  Structured Asset Mortgage Investments II Trust <br>Series 2003-AR4, Class A1, <br>1-Month LIBOR + 0.70%, <br>4.18% <sup>(B)</sup>, 01/19/2034 | 13701 | 12810 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> | 10499311 | 9567038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> | 4559791 | 4028533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 09/25/2062 <sup>(A)</sup> | 14687393 | 13569794 |
| WaMu Mortgage Pass-Through<br>Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR8, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.58%, <br>4.17% <sup>(B)</sup>, 07/25/2045 | 19496 | 17672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA6, Class 1A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-MTA + 0.81%, <br>2.18% <sup>(B)</sup>, 07/25/2047 | 24560 | 491 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/15/2048 | 3000000 | 2770710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29,Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 06/15/2048 <sup>(B)</sup> | 6250000 | 5842008 |
|  **Total Mortgage-Backed Securities <br>(Cost $168,158,526)** | **Total Mortgage-Backed Securities <br>(Cost $168,158,526)** | 150641687 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% <sup>(E)</sup>** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% <sup>(E)</sup>** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% <sup>(E)</sup>** |
| **Georgia - 0.0% <sup>(E)</sup>** | **Georgia - 0.0% <sup>(E)</sup>** | **Georgia - 0.0% <sup>(E)</sup>** |
|  Municipal Electric Authority of Georgia, Revenue Bonds, <br>Series A, <br>6.64%, 04/01/2057 | 270000 | 271877 |
|  **Total Municipal Government Obligation <br>(Cost $319,313)** | **Total Municipal Government Obligation <br>(Cost $319,313)** | 271877 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 23.2%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.66%, <br>1.96% <sup>(B)</sup>, 01/01/2038 | $52601 | $52478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.75%, <br>2.00% <sup>(B)</sup>, 12/01/2034 | 6146 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.90%, <br>2.40% <sup>(B)</sup>, 02/01/2041 | 20815 | 20457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.57%, <br>2.82% <sup>(B)</sup>, 02/01/2037 | 1923 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 2.12%, <br>2.91% <sup>(B)</sup>, 05/01/2037 | 4724 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.36%, <br>3.56% <sup>(B)</sup>, 05/01/2037 | 13622 | 13697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.57%, <br>3.69% <sup>(B)</sup>, 04/01/2037 | 12212 | 12229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.73%, <br>3.98% <sup>(B)</sup>, 09/01/2035 | 155725 | 156961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.80%, <br>4.05% <sup>(B)</sup>, 09/01/2037 | 9991 | 10115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 | 201118 | 201384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2031 | 148515 | 150583 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 01/25/2025 | 10399334 | 9942798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 06/25/2027 | 3398152 | 3333879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 07/25/2025 | 12812000 | 12198669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% <sup>(B)</sup>, 08/25/2024 | 4877128 | 4718506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 10/25/2024 | 17140000 | 16559506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 01/25/2024 | 6965000 | 6841201 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.75%, <br>2.25% <sup>(B)</sup>, 03/01/2041 | 11840 | 11611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.51%, <br>3.14% <sup>(B)</sup>, 01/01/2035 | 3825 | 3882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 0.93%, <br>3.15% <sup>(B)</sup>, 08/01/2037 | 1011 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2028 - 01/01/2029 | 901113 | 868543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.53%, <br>3.65% <sup>(B)</sup>, 08/01/2034 | 683 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.74%, <br>3.70% <sup>(B)</sup>, 08/01/2035 | 17311 | 17556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 - 04/01/2025 | 23941 | 23719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039 - 11/01/2039 | 4832577 | 4753831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2036 - 12/01/2041 | 2137383 | 2189491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2034 - 01/01/2040 | 2141480 | 2197380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2038 - 05/01/2040 | 856459 | 890559 |
|  Government National Mortgage Association, Interest Only STRIPS <br>Series 2012-120, Class IO, <br>0.65% <sup>(B)</sup>, 02/16/2053 | 2552128 | 41862 |
|  Tennessee Valley Authority <br>5.88%, 04/01/2036 | 2768000 | 2994032 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(F)</sup> | 83540000 | 69172542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(F)</sup> | 144609000 | 120215098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(F)</sup> | 106511000 | 91315171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(F)</sup> | 108700000 | 96429838 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 146** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Uniform Mortgage-Backed Security (continued) | Uniform Mortgage-Backed Security (continued) | Uniform Mortgage-Backed Security (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(F)</sup> | $71248000 | $64835680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(F)</sup> | 36282000 | 34038468 |
|  **Total U.S. Government Agency Obligations <br>(Cost $559,576,559)** | **Total U.S. Government Agency Obligations <br>(Cost $559,576,559)** | 544225982 |
| **U.S. GOVERNMENT OBLIGATIONS - 29.8%** | **U.S. GOVERNMENT OBLIGATIONS - 29.8%** | **U.S. GOVERNMENT OBLIGATIONS - 29.8%** |
| **U.S. Treasury - 28.5%** | **U.S. Treasury - 28.5%** | **U.S. Treasury - 28.5%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 21429000 | 10979851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 - 11/15/2051 | 11868000 | 7195570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 9112000 | 5766899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 - 02/15/2052 | 25918000 | 17312459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 - 05/15/2051 | 18112000 | 13026883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 - 05/15/2046 | 42510200 | 30382448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2047 | 20088500 | 15305285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 - 05/15/2049 | 9895500 | 7622432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 - 08/15/2052 | 65700300 | 52331799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 - 05/15/2048 | 18503000 | 15300979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 9479600 | 8337234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 25842100 | 27157423 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/2025 | 3253000 | 2920584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 2059000 | 1599103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 <sup>(D)</sup> | 9737000 | 7513084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 2410100 | 2124654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 5731000 | 4578756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 12997000 | 11501837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 4848000 | 3863629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 - 02/15/2030 | 73171700 | 65104740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2022 - 05/15/2031 | 48633300 | 45155485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 21448800 | 17815909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 <sup>(D)</sup> | 1956500 | 1834142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 123937400 | 112584541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/31/2023 | 1558000 | 1551247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 - 05/31/2024 | 10916000 | 10711336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 2275400 | 2071681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/2025 - 08/15/2032 | 77906400 | 69788360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 - 05/15/2032 | 75516800 | 69237074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 13172000 | 12374991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/2024 <sup>(D)</sup> | 13397000 | 13087718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 <sup>(D)</sup> | 3536000 | 3515557 |
|  |  | 669653690 |
| **U.S. Treasury Inflation-Protected Securities - 1.3%** | **U.S. Treasury Inflation-Protected Securities - 1.3%** | **U.S. Treasury Inflation-Protected Securities - 1.3%** |
| U.S. Treasury Inflation-Protected<br>Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 7467264 | 4941739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 4405355 | 4412841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 13214867 | 13815988 |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.13%, 07/15/2030 | 7715380 | 6881004 |
|  |  | 30051572 |
|  **Total U.S. Government Obligations <br>(Cost $781,501,128)** | **Total U.S. Government Obligations <br>(Cost $781,501,128)** | 699705262 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.1%** | **PREFERRED STOCKS - 0.1%** | **PREFERRED STOCKS - 0.1%** |
| **Banks - 0.1%** | **Banks - 0.1%** | **Banks - 0.1%** |
|  Citigroup Capital XIII, <br>3-Month LIBOR + 6.37%, 10.83% <sup>(B)</sup> | 98502 | $2703880 |
| **Electric Utilities - 0.0% <sup>(E)</sup>** | **Electric Utilities - 0.0% <sup>(E)</sup>** | **Electric Utilities - 0.0% <sup>(E)</sup>** |
|  SCE Trust III, <br>Series H, Fixed until 03/15/2024,<br>5.75% <sup>(B)</sup> <sup>(D)</sup> | 7998 | 154681 |
|  **Total Preferred Stocks <br>(Cost $2,900,924)** | **Total Preferred Stocks <br>(Cost $2,900,924)** | 2858561 |
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER - 15.1%** | **COMMERCIAL PAPER - 15.1%** | **COMMERCIAL PAPER - 15.1%** |
| **Banks - 4.7%** | **Banks - 4.7%** | **Banks - 4.7%** |
|  ABN AMRO Funding USA LLC <br>4.14% <sup>(G)</sup>, 01/11/2023 | $11073000 | 10981493 |
|  Concord Minutemen Capital Co. LLC <br>3.36% <sup>(G)</sup>, 12/19/2022 | 9000000 | 8951796 |
|  Korea Development Bank <br>3.07% <sup>(G)</sup>, 12/01/2022 | 9320000 | 9290081 |
| Lloyds Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83% <sup>(G)</sup>, 11/08/2022 | 14425000 | 14413841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% <sup>(G)</sup>, 01/17/2023 | 7908000 | 7832850 |
|  Mackinac Funding Co. LLC <br>3.19% <sup>(G)</sup>, 12/01/2022 | 17500000 | 17442420 |
|  Macquarie Bank Ltd. <br>3.01% <sup>(G)</sup>, 11/21/2022 | 17500000 | 17462515 |
|  Swedbank AB <br>4.47% <sup>(G)</sup>, 01/27/2023 | 23785000 | 23530284 |
|  |  | 109905280 |
| **Diversified Financial Services - 8.5%** | **Diversified Financial Services - 8.5%** | **Diversified Financial Services - 8.5%** |
| Anglesea Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78% <sup>(G)</sup>, 12/14/2022 | 2350000 | 2338824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41% <sup>(G)</sup>, 01/19/2023 | 7000000 | 6930778 |
| Atlantic Asset Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% <sup>(G)</sup>, 11/17/2022 | 12773000 | 12751183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(G)</sup>, 12/15/2022 | 10000000 | 9951500 |
|  CAFCO LLC <br>3.02% <sup>(G)</sup>, 11/09/2022 | 14000000 | 13987666 |
|  Cancara Asset Securitisation LLC <br>3.15% <sup>(G)</sup>, 12/02/2022 | 10500000 | 10464655 |
|  Chariot Funding LLC <br>3.98% <sup>(G)</sup>, 01/09/2023 | 14900000 | 14776491 |
|  Glencove Funding LLC <br>3.66% <sup>(G)</sup>, 12/14/2022 | 7100000 | 7066235 |
|  Gotham Funding Corp. <br>3.63% <sup>(G)</sup>, 12/12/2022 | 21000000 | 20904891 |
| Liberty Street Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12% <sup>(G)</sup>, 11/28/2022 | 10250000 | 10220136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63% <sup>(G)</sup>, 12/22/2022 | 10900000 | 10837274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83% <sup>(G)</sup>, 02/07/2023 | 1275000 | 1258153 |
| Longship Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93% <sup>(G)</sup>, 11/03/2022 | 4008000 | 4006910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43% <sup>(G)</sup>, 01/17/2023 | 14000000 | 13867807 |
| Mont Blanc Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% <sup>(G)</sup>, 11/09/2022 | 2927000 | 2924421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51% <sup>(G)</sup>, 01/20/2023 | 15000000 | 14849576 |
|  Nieuw Amsterdam Receivables Corp. BV<br>4.21% <sup>(G)</sup>, 01/23/2023 | 15000000 | 14841380 |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Transamerica Intermediate Bond** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Sheffield Receivables Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19% <sup>(G)</sup>, 12/01/2022 | $14000000 | $13953598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60% <sup>(G)</sup>, 12/15/2022 | 9000000 | 8955338 |
|  Starbird Funding Corp. <br>2.94% <sup>(G)</sup>, 11/07/2022 | 5400000 | 5396325 |
|  |  | 200283141 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
| Britannia Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96% <sup>(G)</sup>, 11/08/2022 | 14000000 | 13989042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56% <sup>(G)</sup>, 01/10/2023 | 8000000 | 7932361 |
|  |  | 21921403 |
| **Software - 1.0%** | **Software - 1.0%** | **Software - 1.0%** |
| Manhattan Asset Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31% <sup>(G)</sup>, 11/14/2022 | 9000000 | 8987463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% <sup>(G)</sup>, 01/05/2023 | 14000000 | 13893432 |
|  |  | 22880895 |
|  **Total Commercial Paper <br>(Cost $355,159,509)** | **Total Commercial Paper <br>(Cost $355,159,509)** | 354990719 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.4%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.4%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.4%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52% <sup>(G)</sup>, 11/03/2022 <sup>(D)</sup> | 44174000 | 43945650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% <sup>(G)</sup>, 12/29/2022 <sup>(D)</sup> | 83304000 | 82891606 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $126,878,158)** | **Total Short-Term U.S. Government Obligations <br>(Cost $126,878,158)** | 126837256 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.5%** | **OTHER INVESTMENT COMPANY - 1.5%** | **OTHER INVESTMENT COMPANY - 1.5%** |
| **Securities Lending Collateral - 1.5%** | **Securities Lending Collateral - 1.5%** | **Securities Lending Collateral - 1.5%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(G)</sup> | 33777023 | $33777023 |
|  **Total Other Investment Company <br>(Cost $33,777,023)** | **Total Other Investment Company <br>(Cost $33,777,023)** | 33777023 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.6%** | **REPURCHASE AGREEMENT - 0.6%** | **REPURCHASE AGREEMENT - 0.6%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(G)</sup>, dated 10/31/2022, to be repurchased at $14,048,056 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $14,328,637. | $14047627 | 14047627 |
|  **Total Repurchase Agreement <br>(Cost $14,047,627)** | **Total Repurchase Agreement <br>(Cost $14,047,627)** | 14047627 |
|  **Total Investments <br>(Cost $3,042,681,578)** | **Total Investments <br>(Cost $3,042,681,578)** | 2828069054 |
|  **Net Other Assets (Liabilities) - (20.4)%** | **Net Other Assets (Liabilities) - (20.4)%** | (478839960) |
|  **Net Assets - 100.0%** |  | **$2349229094** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | (125) | 12/30/2022 | $(26007546) | $(25547852) | $459694 | $— |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(H)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $136951487 | $— | $136951487 |
|  Corporate Debt Securities |  | 752043762 |  | 752043762 |
|  Foreign Government Obligations |  | 11717811 |  | 11717811 |
|  Mortgage-Backed Securities |  | 150641687 |  | 150641687 |
|  Municipal Government Obligation |  | 271877 |  | 271877 |
|  U.S. Government Agency Obligations |  | 544225982 |  | 544225982 |
|  U.S. Government Obligations |  | 699705262 |  | 699705262 |
|  Preferred Stocks | 2858561 |  |  | 2858561 |
|  Commercial Paper |  | 354990719 |  | 354990719 |
|  Short-Term U.S. Government Obligations |  | 126837256 |  | 126837256 |
|  Other Investment Company | 33777023 |  |  | 33777023 |
|  Repurchase Agreement |  | 14047627 |  | 14047627 |
|  **Total Investments** | $**36635584** | $**2791433470** | $**—** | $**2828069054** |

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

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**Transamerica Intermediate Bond** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION (continued):** 

------

**Valuation Inputs (continued) <sup>(H)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(I)</sup> | $459694 | $— | $— | $459694 |
|  **Total Other Financial Instruments** | $**459694** | $**—** | $**—** | $**459694** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $460,506,302, representing 19.6% of the Fund's net assets.* 

(B) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(C) *Perpetual maturity. The date displayed is the next call date.* 

(D) *All or a portion of the securities are on loan. The total value of all securities on loan is $57,290,065, collateralized by cash collateral of $33,777,023 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $24,682,223. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

(F) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(G) *Rates disclosed reflect the yields at October 31, 2022.* 

(H) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(I) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered Rate* |
| *MTA* | *Month Treasury Average* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

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

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**Page 149** 

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**Transamerica Intermediate Muni** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

In March of 2022, the U.S. Federal Reserve ("Fed") began hiking rates in order to combat inflation. The fed funds rate was increased by 25 basis points in March followed by four additional hikes throughout the Fund's fiscal year ended October 31, 2022. This, rising interest rates, was the main driver of underperformance within the municipal sector.

The fiscal year ended with the 10-year municipal/treasury ratio at 84%, cheaper than where it closed at 78% at the start of 2022. Over the fiscal year, the entire curve saw widening with the front end most affected. The front end of the curve widened an average of 288 basis points, whereas the back end widened an average of 240 basis points. For the most part, municipals outperformed Treasuries for the fiscal year. The only underperformance in municipals when compared to Treasuries can be found on the back end of the curve. For example, 30-year municipals widened by 243 basis points versus a 229 basis point widening in 30-year Treasuries.

The Fed has expressed a willingness to do whatever it takes to tame inflation even if it results in putting the economy in a recession. At the end of the fiscal year, the Bloomberg recession probability forecast saw a 60% probability of the U.S. entering a recession within the next year. Historically, municipals have outperformed in recessionary periods as investors have tended to flock to safer assets. In addition, the municipal sell-off this year may prove to be over-done, as the broad municipal bond market, as measured by the Bloomberg Municipal Bond Index, has had negative yearly returns for only six of the 42 years of its history. It was down 11.98% during the fiscal year. The last time this index posted double digit negative returns was in the 1980s, and in the following year it posted a return of over 40%.

Despite the market headwinds, we believe municipal credits continued to look fundamentally strong at period end. The three major agencies have upgraded more issuers versus downgrade largely due to improved tax collections and a focus on improvement in total balances (i.e., general funds, rainy day funds, etc.). Some examples of such upgrades include New Jersey general obligation bonds which were revised to positive from stable based on improved pension funding, as well as Illinois general obligation bonds which were upgraded to BBB+ from BBB largely due to their improved balances and financial flexibility.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Intermediate Muni (Class A) returned -15.92%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Muni Managed Money Intermediate Index, returned -10.70%.

**STRATEGY REVIEW** 

The Fund increased its duration from 5.12 years to 8.65 years during the fiscal year, positioning itself 2.66 years longer than the benchmark. This was the largest detractor from returns in the period, as the yield curve widened throughout the fiscal year. The long end of the yield curve saw the largest underperformance throughout the fiscal year, which detracted from returns as the Fund was overweight relative to the benchmark.

The Fund focused on adding to states with strong demand and excess spread in the period, such as high state income tax rates like California and New York. Additionally, the Fund sought to participate opportunistically in smaller issues which required extra yield to clear the market at issuance.

An overweight to the hospital sector acted as a detractor to performance. The sector was hit particularly hard due to rising labor costs and declining financial metrics. The Fund's underweight to local general obligation bonds contributed to performance.

Credit quality was a large contributor to underperformance in the Fund during the fiscal year. An off-benchmark allocation to the single-A bucket was the largest detractor from performance on a credit quality basis. However, an underweight to the AAA bucket contributed to performance.

**Max Christiana** 

**Matthew Dalton** 

**Cara Grealy** 

**Co-Portfolio Managers** 

**Belle Haven Investments, L.P.** 

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**Page 150** 

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**Transamerica Intermediate Muni** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of<br>Net Assets** |
|  Municipal Government Obligations | 95.9% |
|  U.S. Government Obligation | 1.6 |
|  Repurchase Agreement | 1.5 |
|  Net Other Assets (Liabilities) | 1 |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 13.74 |
|  Duration † | 8.65 |
| **Credit Quality ‡** | **Percentage of<br>Net Assets** |
|  U.S. Government and Agency Securities | 1.6% |
|  AAA | 3.6 |
|  AA | 58.3 |
|  A | 16.5 |
|  BBB | 11.5 |
|  BB | 0.7 |
|  CCC and Below | 0.2 |
|  Not Rated | 6.6 |
|  Net Other Assets (Liabilities) | 1 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 151** 

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**(unaudited)**![LOGO](g404440g32u10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (18.64)% | (1.34)% | 1.88% | 10/31/2012 |
|  Class A (NAV) | (15.92)% | (0.69)% | 2.22% | 10/31/2012 |
|  Bloomberg Muni Managed Money Intermediate Index <sup>(A)</sup> | (10.70)% | 0.39% | 1.47% |  |
|  Class C (POP) | (17.23)% | (1.31)% | 1.60% | 10/31/2012 |
|  Class C (NAV) | (16.40)% | (1.31)% | 1.60% | 10/31/2012 |
|  Class I (NAV) | (15.67)% | (0.57)% | 2.34% | 10/31/2012 |
|  Class I2 (NAV) | (15.67)% | (0.49)% | (0.36)% | 09/30/2016 |

---

<sup>(A)</sup> *The Bloomberg Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from 1 to 17 years that are rated Aa3/AA- or higher by at least two of the following statistical ratings agencies: Moody's, S&P and Fitch.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I and I2 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The interest from municipal bonds is expected to be exempt from federal income tax. If a fund investor is a resident in the state of issuance of the bonds held by the fund, interest dividends may also be free of state and local income taxes. Such interest dividends may be subject to federal and/or state alternative minimum taxes. Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund's investments to decline. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk.

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**Page 152** 

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**Transamerica Intermediate Muni** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.9%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.9%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.9%** |
| **Alabama - 4.2%** | **Alabama - 4.2%** | **Alabama - 4.2%** |
|  Alabama State University, Revenue Bonds, <br>BAM, <br>5.00%, 09/01/2038 - 09/01/2039 | $6045000 | $6223010 |
|  Black Belt Energy Gas District, Revenue Bonds, <br>Fixed until 12/01/2031,<br>4.00% <sup>(A)</sup>, 06/01/2051 | 8875000 | 8181487 |
|  County of Jefferson Sewer Revenue, Revenue Bonds, <br>Series A, AGM, <br>5.50%, 10/01/2053 | 1075000 | 1105659 |
|  Muscle Shoals Sheffield & Tuscumbia Solid Waste Disposal Authority, Revenue Bonds, <br>Series A, <br>6.00%, 05/01/2040 <sup>(B)</sup> | 2850000 | 2635189 |
|  Southeast Energy Authority Cooperative District, Revenue Bonds, <br>Series B, <br>Fixed until 12/01/2031,<br>4.00% <sup>(A)</sup>, 12/01/2051 | 42975000 | 38686176 |
|  University of North Alabama, Revenue Bonds, <br>Series A, BAM, <br>4.00%, 11/01/2044 | 2860000 | 2479607 |
|  |  | 59311128 |
| **Alaska - 0.0% <sup>(C)</sup>** | **Alaska - 0.0% <sup>(C)</sup>** | **Alaska - 0.0% <sup>(C)</sup>** |
|  State of Alaska International Airports System, Revenue Bonds, <br>Series A, <br>5.00%, 10/01/2031 | 65000 | 66687 |
| **Arizona - 1.7%** | **Arizona - 1.7%** | **Arizona - 1.7%** |
| Arizona Industrial Development Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2049 | 950000 | 735849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 | 45000 | 45698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2049 - 06/01/2058 | 17120000 | 17384718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 - 07/01/2051 | 1525000 | 1109014 |
|  City of Litchfield Park Excise Tax Revenue, Revenue Bonds, <br>4.00%, 07/01/2041 | 575000 | 521375 |
|  County of Pima, Certificate of Participation, <br>5.00%, 12/01/2026 | 35000 | 35557 |
|  Industrial Development Authority of the City of Phoenix, Revenue Bonds, <br>5.00%, 07/01/2036 | 1440000 | 1416034 |
|  Industrial Development Authority of the County of Pima, Revenue Bonds, <br>4.00%, 04/01/2036 | 240000 | 214964 |
|  La Paz County Industrial Development Authority, Revenue Bonds, <br>4.90%, 06/15/2028 <sup>(B)</sup> | 405000 | 382878 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
|  Maricopa County Industrial Development Authority, Revenue Bonds, <br>4.00%, 07/01/2049 - 07/01/2054 | $1705000 | $1339045 |
|  Tempe Industrial Development Authority, Revenue Bonds, <br>Class A, <br>4.00%, 12/01/2023 - 12/01/2026 | 510000 | 496262 |
|  |  | 23681394 |
| **Arkansas - 0.5%** | **Arkansas - 0.5%** | **Arkansas - 0.5%** |
|  Little Rock School District, General Obligation Limited, <br>3.00%, 02/01/2026 - 02/01/2028 | 7515000 | 7312149 |
| **California - 11.3%** | **California - 11.3%** | **California - 11.3%** |
|  Adelanto Elementary School District Community Facilities District No. 1, Special Tax, <br>BAM, <br>5.00%, 09/01/2036 - 09/01/2039 | 2925000 | 3092112 |
|  Adelanto School District, Special Tax, <br>BAM, <br>4.00%, 09/01/2035 - 09/01/2036 | 205000 | 199470 |
|  Avalon Community Improvement Agency Successor Agency, Tax Allocation, <br>Series A, AGM, <br>5.00%, 09/01/2026 | 155000 | 160965 |
|  Baldwin Park / Monrovia School Facilities Grant Financing Authority, Revenue Bonds, <br>AGM, <br>3.00%, 10/01/2033 | 60000 | 52489 |
|  Beaumont Public Improvement Authority, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 09/01/2038 - 09/01/2049 | 7565000 | 7829458 |
|  California Housing Finance Agency, Revenue Bonds, <br>Series E, FNMA, <br>2.50%, 02/01/2038 | 73608 | 58593 |
|  California Municipal Finance Authority, Certificate of Participation, <br>Series A, <br>5.25%, 11/01/2052 <sup>(D)</sup> | 9250000 | 9147708 |
| California Municipal Finance Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2050 | 3705000 | 3131360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/01/2025 <sup>(B)</sup> | 395000 | 396421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 - 01/01/2049 | 12385000 | 13042365 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2034 - 05/15/2040 | 6635000 | 6033914 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 - 05/15/2041 | 2385000 | 2389395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2031 <sup>(E)</sup> | 14655000 | 14431658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 - 10/01/2044 | 5630000 | 4965389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2028 <sup>(B)</sup> | 200000 | 192536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 - 02/01/2047 | 8575000 | 8500147 |

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

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
|  California Public Finance Authority, Revenue Bonds, <br>Series A, <br>4.25%, 06/15/2029 <sup>(B)</sup> | $690000 | $640472 |
|  California School Finance Authority, Revenue Bonds, <br>Series A, <br>4.00%, 08/01/2025 <sup>(B)</sup> | 300000 | 296235 |
| California Statewide Communities<br>Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2022 <sup>(B)</sup> | 140000 | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2025 - 12/01/2029 <sup>(B)</sup> | 475000 | 474849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/2057 <sup>(D)</sup> | 6600000 | 6548965 |
| California Statewide Communities<br>Development Authority, Special<br>Assessment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/02/2028 | 2040000 | 1979277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/02/2034 | 870000 | 888808 |
|  Carmichael Water District, Certificate of Participation, <br>Series A, <br>4.00%, 11/01/2037 | 75000 | 69594 |
| Cascade Union Elementary School District,<br>General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2036 | 80000 | 77668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2034 - 08/01/2037 | 155000 | 150560 |
|  Chowchilla Elementary School District, General Obligation Unlimited, <br>5.00%, 08/01/2048 | 650000 | 667624 |
|  City of Azusa, Special Tax, <br>AGM, <br>5.00%, 09/01/2049 | 1305000 | 1344992 |
|  City of Lemoore Water Revenue, Revenue Bonds, <br>BAM, <br>5.00%, 06/01/2049 | 5400000 | 5580924 |
|  City of Los Angeles Department of Airports, Revenue Bonds, <br>Series C, <br>5.00%, 05/15/2038 | 450000 | 456307 |
|  City of Porterville Sewer Revenue, Certificate of Participation, <br>Series C, AGM, <br>4.00%, 09/15/2049 | 2955000 | 2551222 |
|  City of Rancho Cordova, Special Tax, <br>Series B, <br>4.00%, 09/01/2041 | 135000 | 113494 |
|  City of Sacramento, Special Tax, <br>Series 02, <br>5.00%, 09/01/2049 | 1125000 | 1083551 |
|  Coachella Redevelopment Agency Successor Agency, Tax Allocation, <br>Series A, AGM, <br>5.00%, 09/01/2030 | 275000 | 288933 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
|  Colton Joint Unified School District, General Obligation Unlimited, <br>BAM, <br>4.00%, 02/01/2033 | $55000 | $55057 |
| Compton Unified School District, General<br>Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/01/2034 | 355000 | 208492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 | 5805000 | 5017138 |
| County of El Dorado, Special Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 1110000 | 1161380 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2025 - 09/01/2026 | 260000 | 256882 |
|  Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax, <br>Series A, AGM, <br>4.00%, 09/01/2029 | 60000 | 60700 |
| Department of Veterans Affairs Veteran's<br>Farm & Home Purchase Program, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 | 585000 | 525201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/2036 | 3150000 | 2694244 |
|  Desert Community College District, General Obligation Unlimited, <br>Series A, <br>4.00%, 08/01/2051 | 7825000 | 6842061 |
|  Etiwanda School District, Special Tax, <br>Series 2, <br>3.50%, 09/01/2023 | 75000 | 74226 |
|  Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 01/15/2042 | 70000 | 71161 |
|  Fresno Unified School District, General Obligation Unlimited, <br>Series B, <br>4.00%, 08/01/2055 | 2890000 | 2470761 |
|  Golden State Tobacco Securitization Corp., Revenue Bonds, <br>Series B-2, <br>Zero Coupon, 06/01/2066 | 45000000 | 3753540 |
|  Konocti Unified School District, General Obligation Unlimited, <br>AGM, <br>5.00%, 08/01/2042 | 630000 | 650249 |
|  Lynwood Unified School District, General Obligation Unlimited, <br>Series B, BAM, <br>4.00%, 08/01/2045 - 08/01/2049 | 5100000 | 4396793 |
|  Madera County Public Financing Authority, Revenue Bonds, <br>BAM, <br>4.00%, 10/01/2050 | 7970000 | 6796742 |
| Menifee Union School District Public<br>Financing Authority, Special Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2023 | 225000 | 226730 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 154** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
|  Menifee Union School District Public Financing Authority, Special Tax, (continued) | Menifee Union School District Public Financing Authority, Special Tax, (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 - 09/01/2034 | $1100000 | $1138629 |
| Mountain House Public Financing<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2046 - 10/01/2051 | 4350000 | 3718128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 | 235000 | 218487 |
|  Oxnard Financing Authority, Revenue Bonds, <br>Series A, BAM, <br>4.00%, 06/01/2055 | 2325000 | 1966148 |
|  Palomar Health, Certificate of Participation, <br>AGM-CR, <br>4.00%, 11/01/2047 | 375000 | 328769 |
|  Parlier Unified School District, General Obligation Unlimited, <br>Series B, AGM, <br>4.00%, 08/01/2048 | 1010000 | 865421 |
|  Rio Elementary School District Community Facilities District, Special Tax, <br>BAM, <br>5.00%, 09/01/2029 - 09/01/2032 | 855000 | 899140 |
|  River Islands Public Financing Authority, Revenue Bonds, <br>AGM, <br>4.00%, 09/01/2050 | 1400000 | 1194236 |
|  River Islands Public Financing Authority, Special Tax, <br>Series A-1, AGM, <br>5.25%, 09/01/2052 | 1715000 | 1781055 |
|  San Bernardino County Redevelopment Successor Agency, Tax Allocation, <br>Series B, AGM, <br>5.00%, 09/01/2026 | 150000 | 155772 |
|  San Diego Public Facilities Financing Authority, Revenue Bonds, <br>Series A, <br>5.00%, 10/15/2044 | 365000 | 373205 |
| San Diego Unified School District,<br>General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2030 | 50000 | 36982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2049 | 2550000 | 2225904 |
|  San Leandro Unified School District, General Obligation Unlimited, <br>AGC, <br>Zero Coupon <sup>(F)</sup>, 08/01/2039 | 305000 | 269255 |
|  Sanger Unified School District, Certificate of Participation, <br>AGM, <br>5.00%, 06/01/2052 | 2500000 | 2504438 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
|  Sanger Unified School District, General Obligation Unlimited, <br>Series A, BAM, <br>4.00%, 08/01/2055 | $1005000 | $838992 |
|  Santa Ana Unified School District, General Obligation Unlimited, <br>Series A, <br>4.00%, 08/01/2048 | 4265000 | 3691457 |
|  Saugus Union School District Financing Authority, Revenue Bonds, <br>Series A, BAM, <br>4.00%, 09/01/2049 | 810000 | 667199 |
|  Stockton Public Financing Authority, Special Tax, <br>Series A, BAM, <br>4.00%, 09/02/2030 | 685000 | 692945 |
|  Sunnyvale School District, General Obligation Unlimited, <br>Series A, <br>4.00%, 09/01/2050 | 3530000 | 3083438 |
|  Sutter Union High School District, General Obligation Unlimited, <br>BAM, <br>Zero Coupon, 08/01/2028 | 140000 | 110613 |
|  Tahoe-Truckee Unified School District, Certificate of Participation, <br>BAM, <br>4.00%, 06/01/2043 | 95000 | 84008 |
|  Temescal Valley Water District, Special Tax, <br>4.00%, 09/01/2025 | 390000 | 386380 |
|  Tulare Local Health Care District, General Obligation Unlimited, <br>BAM, <br>4.00%, 08/01/2039 | 1325000 | 1207709 |
|  Upland Community Facilities District, Special Tax, <br>Series A, <br>4.00%, 09/01/2049 | 150000 | 119383 |
|  West Kern Community College District, Certificate of Participation, <br>AGM, <br>4.00%, 11/01/2040 - 11/01/2044 | 990000 | 873333 |
|  |  | 161669838 |
| **Colorado - 2.0%** | **Colorado - 2.0%** | **Colorado - 2.0%** |
|  BNC Metropolitan District No. 1, General Obligation Limited, <br>Series A, BAM, <br>5.00%, 12/01/2032 | 360000 | 378783 |
|  Bradburn Metropolitan District No. 2, General Obligation Limited, <br>Series A, <br>4.00%, 12/01/2028 <sup>(E)</sup> | 294000 | 272463 |
|  Brighton Crossing Metropolitan District No. 4, General Obligation Limited, <br>Series A, <br>5.00%, 12/01/2037 | 525000 | 484625 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 155** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
|  Brighton Crossing Metropolitan District No. 6, General Obligation Limited, <br>Series A, <br>5.00%, 12/01/2050 | $2005000 | $1578415 |
|  Bromley Park Metropolitan District No. 2, General Obligation Limited, <br>Series A, BAM, <br>5.00%, 12/01/2031 | 285000 | 302197 |
|  Castle Oaks Metropolitan District No. 3, General Obligation Limited, <br>AGM, <br>4.00%, 12/01/2040 - 12/01/2045 | 1070000 | 933516 |
|  City of Arvada, Certificate of Participation,<br>4.00%, 12/01/2032 - 12/01/2033 | 1080000 | 1089100 |
| Colorado Educational & Cultural Facilities<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 - 08/01/2031 | 1490000 | 1540336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 | 200000 | 204471 |
| Colorado Health Facilities Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2049 | 1950000 | 1518270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 100000 | 100231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 3295000 | 3017817 |
|  Erie Commons Metropolitan District No. 2, General Obligation Limited, <br>Series A, AGM, <br>4.00%, 12/01/2039 | 1260000 | 1122995 |
|  Heather Gardens Metropolitan District, General Obligation Unlimited, <br>AGM, <br>4.00%, 12/01/2026 - 12/01/2030 | 570000 | 583356 |
|  Highpointe Vista Metropolitan District No. 2, General Obligation Limited, <br>BAM, <br>4.00%, 12/01/2046 | 525000 | 483034 |
|  Northglenn Urban Renewal Authority, Tax Allocation, <br>4.00%, 12/01/2026 - 12/01/2038 | 1670000 | 1502193 |
| Park Creek Metropolitan District, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 - 12/01/2037 | 1205000 | 1233842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 | 6530000 | 5382003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, NATL-IBC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 | 1220000 | 1237529 |
|  Rampart Range Metropolitan District No. 5, Revenue Bonds, <br>4.00%, 12/01/2051 | 4000000 | 2572473 |
|  Sand Creek Metropolitan District, General Obligation Limited, <br>AGM, <br>4.00%, 12/01/2032 | 475000 | 484117 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
|  Silver Peaks Metropolitan District No. 2, General Obligation Limited, <br>BAM, <br>5.00%, 12/01/2037 - 12/01/2042 | $1520000 | $1570872 |
|  South Sloan's Lake Metropolitan District No. 2, General Obligation Limited, <br>AGM, <br>4.00%, 12/01/2044 | 385000 | 330807 |
|  Transport Metropolitan District No. 3, General Obligation Limited, <br>Series A-2, <br>Zero Coupon <sup>(F)</sup>, 12/01/2051 | 1000000 | 664463 |
|  Wyndham Hill Metropolitan District No. 2, General Obligation Limited, <br>Series A, BAM, <br>4.00%, 12/01/2034 | 540000 | 535027 |
|  |  | 29122935 |
| **Connecticut - 0.7%** | **Connecticut - 0.7%** | **Connecticut - 0.7%** |
| City of Hartford, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 20000 | 20025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 135000 | 139031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2025 | 765000 | 766051 |
| City of New Haven, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2035 - 08/01/2037 | 505000 | 533546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 | 335000 | 347188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2025 | 40000 | 41460 |
| Connecticut State Health & Educational<br>Facilities Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/01/2031 | 7790000 | 6265510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/01/2026 <sup>(B)</sup> | 650000 | 631137 |
|  State of Connecticut, General Obligation Unlimited, <br>Series B, <br>4.00%, 03/01/2029 | 25000 | 25015 |
| Town of Hamden, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/2033 | 100000 | 110330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 440000 | 461880 |
|  |  | 9341173 |
| **Delaware - 0.1%** | **Delaware - 0.1%** | **Delaware - 0.1%** |
|  Delaware Municipal Electric Corp., Revenue Bonds, <br>Series A, BAM, <br>5.00%, 10/01/2035 - 10/01/2038 | 1400000 | 1498590 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 156** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Delaware (continued)** | **Delaware (continued)** | **Delaware (continued)** |
|  Delaware State Economic Development Authority, Revenue Bonds, <br>5.00%, 08/01/2049 | $375000 | $325447 |
|  |  | 1824037 |
| **District of Columbia - 1.7%** | **District of Columbia - 1.7%** | **District of Columbia - 1.7%** |
| District of Columbia, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2049 | 1000000 | 792903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2052 | 880000 | 775844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2027 | 810000 | 758655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1500000 | 1381758 |
|  District of Columbia Housing Finance Agency, Revenue Bonds, <br>Series A, <br>3.70%, 09/01/2033 | 1310000 | 1201302 |
| Metropolitan Washington Airports Authority<br>Dulles Toll Road Revenue, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052 | 19975000 | 16353059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2053 | 1195000 | 948628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(F)</sup>, 10/01/2044 | 1150000 | 1304433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AGC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% <sup>(F)</sup>, 10/01/2041 | 285000 | 316908 |
|  |  | 23833490 |
| **Florida - 2.8%** | **Florida - 2.8%** | **Florida - 2.8%** |
|  Board of Governors International University Dormitory Revenue, Revenue Bonds, <br>Series A, BAM, <br>4.00%, 07/01/2032 | 2195000 | 2189938 |
|  City of Cape Coral Water & Sewer Revenue, Special Assessment, <br>AGM, <br>2.75%, 09/01/2026 | 55000 | 52947 |
|  City of Fort Myers, Revenue Bonds, <br>4.00%, 12/01/2032 - 12/01/2033 | 310000 | 312397 |
|  City of Miami Parking System Revenue, Revenue Bonds, <br>BAM, <br>5.00%, 10/01/2028 - 10/01/2029 | 745000 | 802012 |
| City of Orlando Tourist Development Tax<br>Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 - 11/01/2031 | 2980000 | 3168327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 - 11/01/2038 | 7820000 | 8161974 |
|  City of Tallahassee, Revenue Bonds, <br>5.00%, 10/01/2023 | 55000 | 55085 |
|  City of Tampa, Revenue Bonds, <br>Series B, <br>4.00%, 07/01/2045 | 940000 | 765745 |
| Florida Development Finance Corp.,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2042 - 02/01/2046 | 4990000 | 4177622 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| Florida Development Finance Corp.,<br>Revenue Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2035 - 06/15/2040 | $2000000 | $1906514 |
|  Florida Higher Educational Facilities Financial Authority, Revenue Bonds, <br>5.00%, 04/01/2035 | 650000 | 660041 |
|  Florida Keys Aqueduct Authority, Revenue Bonds, <br>Series A, <br>5.00%, 09/01/2049 | 200000 | 203697 |
|  Florida State Board of Governors, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 11/01/2028 | 390000 | 417119 |
|  Herons Glen Recreation District, Special Assessment, <br>BAM, <br>3.00%, 05/01/2034 - 05/01/2035 | 405000 | 338950 |
|  Hillsborough County Industrial Development Authority, Revenue Bonds,<br>4.00%, 08/01/2055 | 6040000 | 4461591 |
|  Lee County Industrial Development Authority, Revenue Bonds, <br>5.00%, 11/15/2039 | 1000000 | 974251 |
|  Miami-Dade County Industrial Development Authority, Revenue Bonds,<br>Series A, <br>5.00%, 06/01/2047 <sup>(B)</sup> | 1875000 | 1474492 |
|  North Sumter County Utility Dependent District, Revenue Bonds, <br>BAM, <br>5.00%, 10/01/2036 - 10/01/2037 | 500000 | 528889 |
|  Orange County Health Facilities Authority, Revenue Bonds, <br>Series A, <br>5.00%, 10/01/2033 - 10/01/2034 | 7810000 | 7964447 |
|  Palm Beach County Health Facilities Authority, Revenue Bonds, <br>5.00%, 05/15/2032 | 900000 | 847176 |
|  St. Johns County Industrial Development Authority, Revenue Bonds, <br>4.00%, 12/15/2022 - 12/15/2024 | 370000 | 364517 |
|  Village Community Development District No. 12, Special Assessment, <br>3.25%, 05/01/2023 <sup>(B)</sup> | 95000 | 94539 |
|  Volusia County School Board, Certificate of Participation, <br>Series A, BAM, <br>5.00%, 08/01/2028 | 225000 | 235003 |
|  |  | 40157273 |
| **Georgia - 4.0%** | **Georgia - 4.0%** | **Georgia - 4.0%** |
|  Bibb County Development Authority, Revenue Bonds, <br>5.25%, 06/01/2050 | 4920000 | 5106411 |
|  City of Bainbridge Combined Utility Revenue, Revenue Bonds, <br>BAM, <br>4.00%, 12/01/2051 | 75000 | 64244 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 157** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
|  Cobb County Kennestone Hospital Authority Revenue, Revenue Bonds, <br>5.00%, 04/01/2050 | $6010000 | $5704067 |
|  Cornelia Urban Redevelopment Agency, Revenue Bonds, <br>AGM, <br>5.00%, 10/01/2054 | 1140000 | 1177326 |
|  Development Authority of Lagrange, Revenue Bonds, <br>4.50%, 10/15/2031 | 1935000 | 1747361 |
|  Fulton County Development Authority Revenue, Revenue Bonds, <br>4.00%, 07/01/2039 - 04/01/2050 | 10785000 | 8723484 |
|  Gainesville & Hall County Hospital Authority, Revenue Bonds, <br>Class A, <br>4.00%, 02/15/2051 | 9535000 | 7642465 |
|  George L Smith II Congress Center Authority, Revenue Bonds, <br>4.00%, 01/01/2036 | 1250000 | 1078345 |
|  Georgia Housing & Finance Authority, Revenue Bonds, <br>Series A-1, <br>3.25%, 12/01/2037 | 1320000 | 1121717 |
|  Municipal Electric Authority of Georgia, Revenue Bonds, <br>AGM, <br>5.00%, 01/01/2062 | 25650000 | 24818339 |
|  |  | 57183759 |
| **Guam - 0.0% <sup>(C)</sup>** | **Guam - 0.0% <sup>(C)</sup>** | **Guam - 0.0% <sup>(C)</sup>** |
|  Guam Government Waterworks Authority, Revenue Bonds, <br>5.00%, 07/01/2025 - 07/01/2031 | 260000 | 264910 |
| **Idaho - 0.3%** | **Idaho - 0.3%** | **Idaho - 0.3%** |
|  County of Nez Perce, Revenue Bonds, <br>2.75%, 10/01/2024 | 4500000 | 4389174 |
| Idaho Housing & Finance Association,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2026 <sup>(B)</sup> | 100000 | 97421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/2029 <sup>(B)</sup> | 170000 | 169075 |
|  |  | 4655670 |
| **Illinois - 16.1%** | **Illinois - 16.1%** | **Illinois - 16.1%** |
| Adams County School District No. 172,<br>General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2033 | 335000 | 298222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2032 - 02/01/2035 | 3000000 | 2967556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 1320000 | 1373335 |
|  Berwyn Municipal Securitization Corp., Revenue Bonds, <br>Series A, AGM- CR, <br>5.00%, 01/01/2035 | 8230000 | 8722203 |
|  Carol Stream Park District, General Obligation Unlimited, <br>BAM, <br>5.00%, 01/01/2037 | 1375000 | 1427670 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  Channahon Park District, General Obligation Unlimited, <br>Series A, BAM, <br>4.00%, 12/15/2038 | $50000 | $46089 |
|  Chicago Board of Education, General Obligation Unlimited, <br>Series A, NATL, <br>Zero Coupon, 12/01/2022 | 25000 | 24926 |
|  Chicago O'Hare International Airport, Revenue Bonds, <br>Series D, BAM-TCRS, <br>5.00%, 01/01/2039 | 25000 | 25074 |
| City of Chicago Wastewater Transmission<br>Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024 | 100000 | 100148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 | 645000 | 657871 |
| City of Chicago Waterworks Revenue,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 500000 | 509154 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 165000 | 165514 |
| City of Country Club Hills, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 - 12/01/2031 | 1340000 | 1358550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2030 - 12/01/2031 | 1295000 | 1308576 |
|  City of East Moline, General Obligation Unlimited, <br>Series A, AGM, <br>4.00%, 01/15/2036 - 01/15/2037 | 1100000 | 1018931 |
|  City of Monmouth, General Obligation Unlimited, <br>Series A, AGM, <br>Zero Coupon, 12/01/2044 | 100000 | 33089 |
|  City of Peoria, General Obligation Unlimited,<br>Series B, BAM-TCRS, <br>5.00%, 01/01/2026 - 01/01/2027 | 1320000 | 1381862 |
|  City of Rock Island, General Obligation Unlimited, <br>Series B, AGM, <br>4.00%, 12/01/2030 | 255000 | 257559 |
| City of Waukegan, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/30/2035 - 12/30/2036 | 2220000 | 2334734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/30/2030 - 12/30/2032 | 1620000 | 1708793 |
|  Cook & Will Counties Community College District No. 515, General Obligation Limited, <br>5.00%, 12/01/2024 | 45000 | 46253 |
|  Cook & Will Counties School District No. 194, General Obligation Limited, <br>Series B, BAM, <br>5.00%, 12/01/2033 | 775000 | 799406 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 158** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  Cook & Will Counties School District No. 194, General Obligation Unlimited, <br>BAM, <br>4.13%, 12/01/2035 | $680000 | $690152 |
| Cook County Community College District<br>No. 508, General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2024 | 1050000 | 1056801 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2027 - 12/01/2043 | 3050000 | 3105913 |
|  Cook County High School District No. 209 Proviso Township, General Obligation Limited, <br>Series B, AGM, <br>5.00%, 12/01/2032 | 1500000 | 1610934 |
|  Cook County School District No. 111, General Obligation Limited, <br>Series A, BAM, <br>5.00%, 12/01/2037 | 2350000 | 2485080 |
|  Cook County School District No. 111, General Obligation Unlimited, <br>AGM, <br>4.00%, 12/01/2033 - 12/01/2034 | 1195000 | 1182533 |
|  Cook County School District No. 149, General Obligation Limited, <br>Series A-1, AGM, <br>4.00%, 12/01/2028 | 980000 | 990550 |
|  Cook County School District No. 160, General Obligation Unlimited, <br>Series A, BAM, <br>4.00%, 12/01/2026 - 12/01/2027 | 235000 | 239022 |
|  Cook County School District No. 94, General Obligation Unlimited, <br>BAM, <br>4.00%, 12/01/2037 - 12/01/2040 | 1230000 | 1143748 |
|  Cook County Township High School District No. 220, General Obligation Unlimited, <br>BAM, <br>5.00%, 12/01/2034 | 280000 | 290293 |
|  County of Logan, General Obligation Unlimited, <br>Series B, BAM, <br>3.25%, 11/01/2037 | 50000 | 42641 |
|  County of Sangamon, General Obligation Limited, <br>BAM, <br>4.00%, 12/15/2040 | 300000 | 274579 |
|  DeKalb & Kane Counties Community Unit School District No. 427, General Obligation Limited, <br>Series B, BAM, <br>4.00%, 02/01/2039 - 02/01/2040 | 805000 | 749273 |
|  Douglas & Champaign Counties Community Unit School District No. 302, General Obligation Unlimited, <br>Series B, AGM, <br>4.00%, 12/01/2034 | 385000 | 390703 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited, <br>Series A, AGM, <br>5.00%, 08/15/2028 | $150000 | $156284 |
| Illinois Finance Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2032 - 10/15/2037 | 12875000 | 10887088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2025 - 04/01/2034 | 4005000 | 4078479 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2023 | 140000 | 140844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 1900000 | 1966528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2023 - 05/01/2050 | 1980000 | 1594584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2047 | 5335000 | 4417067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2025 - 11/01/2029 | 4760000 | 4786539 |
|  Illinois Housing Development Authority, Revenue Bonds, <br>FNMA, <br>2.63%, 09/01/2032 | 1414759 | 1212805 |
|  Illinois Sports Facilities Authority, Revenue Bonds, <br>BAM-TCRS, <br>5.00%, 06/15/2029 | 1980000 | 2013594 |
| Illinois State Toll Highway Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 | 1500000 | 1513263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 40000 | 40609 |
|  Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited, <br>Series A, <br>5.00%, 01/01/2033 | 135000 | 136087 |
|  Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited, <br>Series D, <br>5.00%, 01/01/2025 - 01/01/2026 | 130000 | 131438 |
| Knox & Warren Counties Community Unit<br>School District No. 205, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1300000 | 1204060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2027 | 135000 | 133531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 - 01/01/2036 | 1785000 | 1757629 |
| Macon County School District No. 61,<br>General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 | 550000 | 558596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 - 01/01/2045 | 4205000 | 3735681 |
|  Macoupin Sangamon & Montgomery Counties Community Unit School District, General Obligation Unlimited, <br>BAM, <br>4.50%, 12/01/2036 - 12/01/2041 | 1625000 | 1632902 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 159** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Madison & Jersey Counties Unit School<br>District No. 11, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | $3270000 | $3519241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029 | 1700000 | 1685442 |
| Madison-Macoupin Etc. Counties<br>Community College District No. 536,<br>General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 - 11/01/2033 | 3530000 | 3696517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 975000 | 1002857 |
|  McHenry County Community Unit School District No. 12, General Obligation Unlimited, <br>BAM, <br>5.00%, 01/01/2035 | 2625000 | 2698572 |
|  McHenry County Conservation District, General Obligation Unlimited, <br>5.00%, 02/01/2026 | 110000 | 113819 |
|  McLean County Public Building Commission, Revenue Bonds, <br>4.00%, 12/01/2034 | 1245000 | 1209404 |
|  Metropolitan Pier & Exposition Authority, Revenue Bonds, <br>NATL, <br>5.70% <sup>(F)</sup>, 06/15/2023 | 165000 | 166716 |
|  Northeastern Illinois University, Certificate of Participation, <br>AGM, <br>4.00%, 07/01/2025 | 145000 | 142255 |
|  Northern Illinois University, Certificate of Participation, <br>AGM, <br>5.00%, 09/01/2024 | 105000 | 107279 |
| Northern Illinois University, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 | 950000 | 793138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2036 - 04/01/2041 | 4395000 | 3811416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 355000 | 368829 |
|  Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited, <br>Series C, AGM, <br>4.00%, 12/01/2026 - 12/01/2029 | 625000 | 628945 |
|  Regional Transportation Authority, Revenue Bonds, <br>Series A, NATL, <br>5.50%, 07/01/2025 | 65000 | 68586 |
|  Rock Island County Public Building Commission, Revenue Bonds, <br>AGM, <br>5.00%, 12/01/2025 - 12/01/2041 | 1530000 | 1609636 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  Sales Tax Securitization Corp., Revenue Bonds, <br>BAM-TCRS, <br>5.00%, 01/01/2038 | $6525000 | $6563169 |
|  Sangamon County Water Reclamation District, General Obligation Unlimited, <br>Series A, BAM-TCRS, <br>4.00%, 01/01/2044 | 14135000 | 12430354 |
| Sangamon Logan & Menard Counties<br>Community Unit School District No. 15,<br>General Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 - 12/01/2040 | 1270000 | 1204046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 | 345000 | 366238 |
|  Southern Illinois University, Certificate of Participation, <br>Series A-1, BAM, <br>4.00%, 02/15/2026 | 455000 | 454562 |
|  Southern Illinois University, Revenue Bonds, <br>BAM, <br>4.00%, 04/01/2028 - 04/01/2040 | 530000 | 473453 |
|  Southwestern Illinois Development Authority, Revenue Bonds, <br>Series B, BAM-TCRS, <br>5.00%, 10/15/2026 | 1000000 | 1045092 |
|  St. Clair County School District No. 119, General Obligation Unlimited, <br>Series A, AGM, <br>4.00%, 04/01/2038 | 500000 | 486559 |
| State of Illinois, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 - 11/01/2038 | 6170000 | 5951389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030 | 1020000 | 1021532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2025 - 05/01/2039 | 5885000 | 5911871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2045 | 810000 | 812039 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 | 16840000 | 14026083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2030 | 225000 | 211656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1250000 | 1025306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 - 10/01/2033 | 19760000 | 19536672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 8865000 | 8868824 |
|  Taylorville Community Unit School District No. 3, General Obligation Limited, <br>Series A, AGM, <br>4.00%, 12/01/2040 | 585000 | 538180 |
|  Tazewell County School District No. 51, General Obligation Unlimited, <br>NATL, <br>9.00%, 12/01/2022 | 770000 | 773540 |
|  University of Illinois, Revenue Bonds, <br>Series A, AGM, <br>4.00%, 04/01/2043 | 5560000 | 4767504 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 160** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  Village of Bedford Park Water System Revenue, Revenue Bonds, <br>Series A, AGM, <br>4.00%, 12/01/2026 | $95000 | $96057 |
| Village of Bellwood, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 235000 | 242305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2029 | 1000000 | 929682 |
|  Village of Calumet Park, General Obligation Unlimited, <br>BAM, <br>4.00%, 12/01/2022 - 12/01/2032 | 2020000 | 2032540 |
| Village of Crestwood, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/2027 - 12/15/2029 | 2395000 | 2397762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 - 12/15/2035 | 7305000 | 7383833 |
|  Village of Dolton, General Obligation Unlimited, <br>Series A, AGC, <br>4.50%, 12/01/2024 | 300000 | 300191 |
|  Village of Franklin Park, Revenue Bonds, <br>BAM, <br>5.00%, 04/01/2026 | 230000 | 238653 |
|  Village of Lombard, General Obligation Unlimited, <br>5.00%, 01/01/2024 | 250000 | 254004 |
| Village of Lyons, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 - 12/01/2037 | 2055000 | 2025366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 125000 | 125141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2023 | 235000 | 235144 |
|  Village of Matteson, Revenue Bonds, <br>BAM, <br>5.00%, 12/01/2024 - 12/01/2035 | 3610000 | 3810303 |
| Village of Montgomery, Special<br>Assessment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/2024 | 133000 | 131060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2025 | 130000 | 127184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/2026 | 186000 | 180917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/2028 | 177000 | 171004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/2029 | 641000 | 619807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/2030 | 121000 | 116793 |
|  Village of Mundelein, General Obligation Unlimited, <br>AGM, <br>4.00%, 12/15/2039 | 720000 | 662711 |
|  Village of Rosemont, General Obligation Unlimited, <br>Series A, BAM, <br>5.00%, 12/01/2042 | 11270000 | 11816399 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  Western Illinois Economic Development Authority, Revenue Bonds, <br>4.00%, 06/01/2023 - 06/01/2033 | $2250000 | $2091064 |
|  Western Illinois University, Revenue Bonds, <br>BAM, <br>5.00%, 04/01/2024 | 145000 | 147589 |
|  Will County Community High School District No. 210, General Obligation Unlimited, <br>Series A, AGM-CR, <br>5.00%, 01/01/2027 | 1600000 | 1604705 |
|  Will County Community Unit School District No. 201, General Obligation Limited, <br>Series C, AGM, <br>5.00%, 01/01/2027 | 1075000 | 1125624 |
|  |  | 229871904 |
| **Indiana - 1.4%** | **Indiana - 1.4%** | **Indiana - 1.4%** |
|  Bloomington Redevelopment District, Tax Allocation, <br>Series A-1, <br>5.00%, 02/01/2026 - 02/01/2040 | 1520000 | 1593415 |
|  City of Rockport, Revenue Bonds, <br>Series A, <br>2.75%, 06/01/2025 | 1680000 | 1635155 |
|  Evansville Redevelopment Authority, Revenue Bonds, <br>BAM, <br>4.00%, 02/01/2029 | 1545000 | 1562305 |
| Indiana Finance Authority, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 2220000 | 2312811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2030 | 3470000 | 2941156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%. 11/01/2030 | 2500000 | 2044306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2030 | 625000 | 529747 |
|  Indiana Health Facility Financing Authority, Revenue Bonds, <br>5.00%, 11/15/2034 | 1725000 | 1762223 |
|  Merrillville Building Corp., Revenue Bonds, <br>BAM, <br>4.00%, 07/15/2036 - 12/15/2039 | 2455000 | 2317200 |
|  Merrillville Redevelopment Authority, Revenue Bonds, <br>BAM, <br>4.00%, 07/15/2036 - 12/15/2039 | 2685000 | 2510374 |
|  Wawasee High School Building Corp., Revenue Bonds, <br>5.00%, 07/15/2038 | 865000 | 904910 |
|  |  | 20113602 |
| **Iowa - 0.6%** | **Iowa - 0.6%** | **Iowa - 0.6%** |
| Iowa Finance Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 - 05/15/2047 | 7790000 | 6685999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2053 | 2500000 | 1634154 |
|  |  | 8320153 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 161** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Kansas - 0.1%** | **Kansas - 0.1%** | **Kansas - 0.1%** |
|  Geary County Public Building Commission, Revenue Bonds, <br>Series A, <br>5.00%, 08/01/2051 | $910000 | $874448 |
|  Marais Des Cygnes Public Utility Authority, Revenue Bonds, <br>AGM, <br>3.00%, 12/01/2026 - 12/01/2027 | 445000 | 426493 |
|  |  | 1300941 |
| **Kentucky - 3.3%** | **Kentucky - 3.3%** | **Kentucky - 3.3%** |
|  City of Winchester Combined Utilities Revenue, Revenue Bonds, <br>Series A, BAM, <br>4.00%, 07/01/2029 | 285000 | 288685 |
|  County of Hardin, Revenue Bonds, <br>AGM, <br>5.75%, 08/01/2033 - 08/01/2045 | 105000 | 106869 |
|  County of Knox, General Obligation Unlimited, <br>BAM, <br>5.00%, 10/01/2035 | 495000 | 523654 |
|  Kentucky Bond Development Corp., Revenue Bonds, <br>BAM, <br>5.00%, 09/01/2049 | 16590000 | 16980062 |
|  Kentucky Economic Development Finance Authority, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 12/01/2045 - 12/01/2047 | 9935000 | 9475242 |
| Kentucky Municipal Power Agency,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NATL, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1000000 | 1049373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/01/2026,<br>3.45% <sup>(A)</sup>, 09/01/2042 | 2450000 | 2263794 |
|  Kentucky State Property & Building Commission, Revenue Bonds, <br>BAM-TCRS, <br>5.00%, 04/01/2029 | 3150000 | 3313406 |
|  Kentucky State University, Certificate of Participation, <br>BAM, <br>4.00%, 11/01/2041 - 11/01/2046 | 2550000 | 2188449 |
|  Louisville & Jefferson County Visitors & Convention Commission, Revenue Bonds, <br>AGM-CR, <br>4.00%, 06/01/2026 - 06/01/2029 | 8635000 | 8791135 |
|  Louisville / Jefferson County Metropolitan Government, Revenue Bonds, <br>Series A, <br>4.00%, 10/01/2040 | 140000 | 121826 |
|  Morehead State University, Revenue Bonds,<br>Series A, <br>4.00%, 04/01/2030 - 04/01/2032 | 435000 | 436900 |
|  Nicholas County School District Finance Corp., Revenue Bonds, <br>3.00%, 02/01/2028 | 115000 | 110165 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Kentucky (continued)** | **Kentucky (continued)** | **Kentucky (continued)** |
|  Northern Kentucky University, Revenue Bonds, <br>Series A, AGM, <br>4.00%, 09/01/2030 | $650000 | $656615 |
|  Paducah Electric Plant Board, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 10/01/2030 - 10/01/2032 | 1260000 | 1332125 |
|  |  | 47638300 |
| **Louisiana - 2.6%** | **Louisiana - 2.6%** | **Louisiana - 2.6%** |
| Louisiana Local Government Environmental<br>Facilities & Community Development<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 - 08/01/2029 | 11095000 | 11774259 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 385000 | 410618 |
|  Louisiana Public Facilities Authority, Revenue Bonds, <br>5.00%, 07/01/2022 - 07/01/2027 <sup>(G)</sup> <sup>(H)</sup> | 3160000 | 2844000 |
|  New Orleans Aviation Board, Revenue Bonds, <br>AGM, <br>5.00%, 10/01/2033 - 10/01/2048 | 6440000 | 6501395 |
| Parish of St. John the Baptist, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/01/2024,<br>2.10% <sup>(A)</sup>, 06/01/2037 | 1220000 | 1174663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/01/2026,<br>2.20% <sup>(A)</sup>, 06/01/2037 | 4180000 | 3787209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/01/2026,<br>2.38% <sup>(A)</sup>, 06/01/2037 | 11000000 | 10012768 |
|  |  | 36504912 |
| **Maine - 0.2%** | **Maine - 0.2%** | **Maine - 0.2%** |
|  City of Portland General Airport Revenue, Revenue Bonds, <br>5.00%, 01/01/2028 | 385000 | 396082 |
|  Maine Governmental Facilities Authority, Revenue Bonds, <br>Series A, <br>5.00%, 10/01/2028 | 250000 | 263051 |
|  Maine Health & Higher Educational Facilities Authority Revenue, Revenue Bonds, <br>4.00%, 07/01/2051 | 2305000 | 1806247 |
| Maine State Housing Authority, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/2039 | 345000 | 274951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2031 | 665000 | 585111 |
|  |  | 3325442 |
| **Maryland - 2.7%** | **Maryland - 2.7%** | **Maryland - 2.7%** |
| City of Rockville, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2023 | 100000 | 99683 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 162** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
|  City of Rockville, Revenue Bonds, (continued) | City of Rockville, Revenue Bonds, (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/2022 | $85000 | $85000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2023 | 345000 | 343908 |
|  County of Prince George, General Obligation Limited, <br>Series A, <br>3.00%, 07/01/2033 - 07/01/2034 | 18025000 | 15970658 |
|  Maryland Stadium Authority Built to Learn Revenue, Revenue Bonds, <br>Series A, <br>4.00%, 06/01/2052 | 26605000 | 21254684 |
|  |  | 37753933 |
| **Massachusetts - 0.1%** | **Massachusetts - 0.1%** | **Massachusetts - 0.1%** |
|  City of Brockton, General Obligation Limited,<br>4.00%, 08/01/2052 | 770000 | 644256 |
| Lynn Housing Authority & Neighborhood<br>Development, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2028 | 315000 | 315228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/2029 | 300000 | 300501 |
|  Massachusetts Development Finance Agency, Revenue Bonds, <br>5.00%, 10/01/2039 | 250000 | 244959 |
|  Massachusetts Housing Finance Agency, Revenue Bonds, <br>Series 183, <br>2.80%, 06/01/2031 | 125000 | 120414 |
|  |  | 1625358 |
| **Michigan - 4.3%** | **Michigan - 4.3%** | **Michigan - 4.3%** |
|  Capac Community School District, General Obligation Unlimited, <br>BAM, <br>4.00%, 05/01/2027 - 05/01/2029 | 575000 | 587144 |
|  Clarkston Community Schools, General Obligation Unlimited, <br>Series I, <br>5.00%, 05/01/2041 | 20000 | 21100 |
|  Detroit Wayne County Stadium Authority, Revenue Bonds, <br>AGM, <br>5.00%, 10/01/2026 | 2795000 | 2797561 |
|  Eastern Michigan University, Revenue Bonds, <br>Series A, BAM-TCRS, <br>4.00%, 03/01/2047 | 1270000 | 1056636 |
|  Grand Rapids Economic Development Corp., Revenue Bonds, <br>3.00%, 11/01/2022 | 410000 | 410000 |
|  Grand Rapids Public Schools, General Obligation Unlimited, <br>AGM, <br>5.00%, 05/01/2030 | 370000 | 384889 |
|  Lake City Area Schools, General Obligation Unlimited, <br>BAM, <br>5.00%, 05/01/2035 | 2640000 | 2754149 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Michigan Finance Authority, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 - 12/01/2046 | $8850000 | $7940675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2054 | 36750000 | 34831411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2043 | 20000 | 20369 |
|  Michigan Strategic Fund, Revenue Bonds,<br>5.00%, 11/15/2049 | 2415000 | 2004335 |
|  Southgate Community School District, General Obligation Unlimited, <br>5.00%, 05/01/2032 - 05/01/2035 | 1850000 | 1936613 |
|  Stockbridge Community Schools, General Obligation Unlimited, <br>Series A, <br>5.00%, 05/01/2031 | 375000 | 392971 |
|  Sturgis Public School District, General Obligation Unlimited, <br>Series A, <br>5.00%, 05/01/2026 | 45000 | 46815 |
|  Tri-County Area School District, General Obligation Unlimited, <br>AGM, <br>4.00%, 05/01/2044 | 5070000 | 4444731 |
|  Wayne County Airport Authority, Revenue Bonds, <br>Series A, <br>5.00%, 12/01/2032 | 250000 | 257868 |
|  Zeeland Public Schools, General Obligation Unlimited, <br>Series B, BAM, <br>5.00%, 05/01/2030 | 750000 | 800924 |
|  |  | 60688191 |
| **Minnesota - 2.0%** | **Minnesota - 2.0%** | **Minnesota - 2.0%** |
| City of Deephaven, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/2027 | 235000 | 222192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2025 | 70000 | 68960 |
| City of Minneapolis, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2037 | 1045000 | 961116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 - 11/15/2036 | 19925000 | 20337904 |
|  City of Red Wing, Revenue Bonds, <br>Series A, <br>5.00%, 08/01/2047 | 1050000 | 849652 |
| City of Stillwater, Tax Allocation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2023 - 02/01/2027 | 1495000 | 1438923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2030 | 500000 | 474349 |
|  Duluth Economic Development Authority, Revenue Bonds, <br>4.00%, 07/01/2041 | 930000 | 733408 |
| Housing & Redevelopment Authority of<br>the City of St. Paul, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 350000 | 351940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/2025 <sup>(E)</sup> | 80000 | 78029 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 163** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| Minnesota Housing Finance Agency,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2031 | $100000 | $99782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/01/2032 | 1135000 | 928580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2032 | 545000 | 442598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/01/2032 | 560000 | 519622 |
|  Shakopee Independent School District No. 720, General Obligation Unlimited, <br>Series C, <br>Zero Coupon, 02/01/2027 | 675000 | 571345 |
|  Township of Baytown, Revenue Bonds, <br>Series A, <br>4.00%, 08/01/2036 | 675000 | 544913 |
|  |  | 28623313 |
| **Mississippi - 0.3%** | **Mississippi - 0.3%** | **Mississippi - 0.3%** |
| Mississippi Development Bank, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/01/2040 | 3160000 | 3229056 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2049 | 1215000 | 1252897 |
|  |  | 4481953 |
| **Missouri - 0.7%** | **Missouri - 0.7%** | **Missouri - 0.7%** |
|  Branson Industrial Development Authority, Tax Allocation, <br>Series A, <br>4.00%, 11/01/2022 | 350000 | 350000 |
|  Health & Educational Facilities Authority, Revenue Bonds, <br>Series A, <br>5.00%, 02/01/2029 | 2145000 | 2143696 |
|  Lincoln University Auxiliary System Revenue, Revenue Bonds, <br>AGM, <br>4.00%, 06/01/2037 | 280000 | 260734 |
|  Missouri Health & Educational Facilities Authority Revenue, Revenue Bonds, <br>4.00%, 06/01/2053 | 4420000 | 3570915 |
|  Missouri Housing Development Commission, Revenue Bonds, <br>Series B, GNMA, FNMA, FHLMC, <br>2.55%, 11/01/2029 | 135000 | 121580 |
|  Missouri Joint Municipal Electric Utility Commission, Revenue Bonds, <br>5.00%, 12/01/2043 | 250000 | 250685 |
|  Missouri Southern State University, Revenue Bonds, <br>Series A, AGM, <br>4.00%, 10/01/2037 | 145000 | 133765 |
|  St. Louis Municipal Finance Corp., Revenue Bonds, <br>Series A, AGM, <br>5.00%, 02/15/2030 - 02/15/2033 | 2835000 | 2984633 |
|  |  | 9816008 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Montana - 0.0% <sup>(C)</sup>** | **Montana - 0.0% <sup>(C)</sup>** | **Montana - 0.0% <sup>(C)</sup>** |
|  Montana Facility Finance Authority, Revenue Bonds, <br>5.00%, 07/01/2030 | $180000 | $190213 |
| **Nebraska - 0.6%** | **Nebraska - 0.6%** | **Nebraska - 0.6%** |
|  Central Plains Energy Project, Revenue Bonds, <br>Series A, <br>5.00%, 09/01/2034 | 140000 | 139672 |
|  Madison County Hospital Authority No. 1, Revenue Bonds, <br>5.00%, 07/01/2025 | 1765000 | 1806524 |
|  Southeast Community College Area, Revenue Bonds, <br>AGM, <br>4.00%, 03/15/2042 - 03/15/2052 | 7180000 | 5965716 |
|  |  | 7911912 |
| **Nevada - 0.0% <sup>(C)</sup>** | **Nevada - 0.0% <sup>(C)</sup>** | **Nevada - 0.0% <sup>(C)</sup>** |
|  Henderson Local Improvement Districts, Special Assessment, <br>2.50%, 09/01/2025 | 120000 | 113263 |
|  Nevada System of Higher Education, Revenue Bonds, <br>Series A, <br>5.00%, 07/01/2024 | 25000 | 25284 |
|  |  | 138547 |
| **New Jersey - 3.1%** | **New Jersey - 3.1%** | **New Jersey - 3.1%** |
|  City of Atlantic City, General Obligation Unlimited, <br>Series B, AGM, <br>5.00%, 03/01/2037 | 900000 | 926165 |
|  City of Paterson, General Obligation Unlimited, <br>BAM, <br>5.00%, 01/15/2024 | 775000 | 777323 |
| County of Essex, General Obligation<br>Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2033 | 760000 | 578924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2033 | 700000 | 533220 |
|  Essex County Improvement Authority, Revenue Bonds, <br>Series A, <br>5.00%, 12/01/2035 <sup>(G)</sup> <sup>(H)</sup> | 535000 | 470800 |
| Lindenwold Boro School District, General<br>Obligation Unlimited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 - 02/01/2042 | 1295000 | 1185341 |
| New Jersey Economic Development<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044 | 5565000 | 5348261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/2027 <sup>(B)</sup> | 200000 | 193122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 <sup>(B)</sup> | 750000 | 685218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/2031 | 2620000 | 2294647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 - 07/01/2028 | 4095000 | 4252069 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 164** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| New Jersey Economic Development<br>Authority, Revenue Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | $2490000 | $2609966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 1900000 | 1843328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 1000000 | 1048179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2040 | 185000 | 185568 |
| New Jersey Transportation Trust Fund<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2029 | 5190000 | 3793845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AMBAC, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2028 | 2625000 | 2017399 |
|  Newark Board of Education, General Obligation Unlimited, <br>BAM, <br>4.00%, 07/15/2035 | 545000 | 505599 |
|  Parking Authority of the City of Trenton, Revenue Bonds, <br>Series B, AGM, <br>4.00%, 04/01/2027 | 325000 | 330466 |
|  State of New Jersey, General Obligation Unlimited, <br>5.00%, 06/01/2039 - 06/01/2041 | 7290000 | 7528594 |
|  Tobacco Settlement Financing Corp., Revenue Bonds, <br>Series A, <br>5.25%, 06/01/2046 | 6775000 | 6561083 |
|  |  | 43669117 |
| **New York - 5.5%** | **New York - 5.5%** | **New York - 5.5%** |
|  Brookhaven Local Development Corp., Revenue Bonds, <br>Series B, <br>4.00%, 11/01/2045 | 1000000 | 795608 |
|  Brooklyn Arena Local Development Corp., Revenue Bonds, <br>Series A, AGM, <br>4.00%, 07/15/2029 - 07/15/2035 | 3935000 | 3860637 |
|  Broome County Local Development Corp., Revenue Bonds, <br>AGM, <br>5.00%, 04/01/2030 | 400000 | 424030 |
| Buffalo & Erie County Industrial Land<br>Development Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 400000 | 389473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/2027 | 2545000 | 2400496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 | 1320000 | 1218629 |
|  Buffalo Municipal Water Finance Authority, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 07/01/2039 | 55000 | 56998 |
|  City of Niagara Falls, General Obligation Limited, <br>BAM, <br>5.00%, 05/15/2028 | 55000 | 57680 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
|  County of Suffolk, General Obligation Limited,<br>Series D, BAM, <br>4.00%, 10/15/2028 | $1820000 | $1849672 |
|  East Ramapo Central School District, General Obligation Unlimited, <br>AGM, <br>5.00%, 03/15/2039 - 03/15/2047 | 7235000 | 7510283 |
|  Jefferson County Civic Facility Development Corp., Revenue Bonds, <br>Series A, <br>4.00%, 11/01/2030 | 250000 | 226534 |
|  Lockport City School District, General Obligation Unlimited, <br>2.50%, 08/01/2028 | 370000 | 348887 |
| Metropolitan Transportation Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2038 | 3930000 | 4009698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-1, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 | 9700000 | 9964171 |
|  MTA Hudson Rail Yards Trust Obligations, Revenue Bonds, <br>Series A, <br>5.00%, 11/15/2051 | 2000000 | 1953636 |
| New York City Housing Development<br>Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 07/01/2042 | 25000 | 22972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/01/2027 | 65000 | 60430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2026,<br>2.95% <sup>(A)</sup>, 11/01/2045 | 4950000 | 4743932 |
| New York City Industrial Development<br>Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2032 | 5155000 | 5132649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 1325000 | 1421079 |
|  New York Counties Tobacco Trust VI, Revenue Bonds, <br>Series C, <br>3.75%, 06/01/2045 | 180000 | 130308 |
| New York State Dormitory Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 665000 | 563898 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 110000 | 115652 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2037 - 02/01/2039 | 295000 | 270252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2048 | 3820000 | 3154632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 100000 | 104513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 | 3900000 | 3836478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 155000 | 168461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2028 | 610000 | 622063 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 165** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| New York State Thruway Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2056 | $3355000 | $3393158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2041 | 9555000 | 8301535 |
|  Niagara Tobacco Asset Securitization Corp., Revenue Bonds, <br>4.00%, 05/15/2029 | 125000 | 119174 |
|  Oneida County Local Development Corp. Revenue, Revenue Bonds, <br>AGM, <br>4.00%, 12/01/2049 | 2000000 | 1662088 |
|  Port Authority of New York & New Jersey, Revenue Bonds, <br>5.00%, 09/01/2048 | 1350000 | 1371845 |
|  State of New York Mortgage Agency, Revenue Bonds, <br>Series 190, <br>3.45%, 10/01/2030 | 110000 | 103814 |
|  Town of North Hempstead, General Obligation Limited, <br>Series A, <br>2.75%, 03/15/2031 - 03/15/2033 | 2330000 | 2120842 |
|  Town of Oyster Bay, General Obligation Limited, <br>Series B, AGM, <br>3.00%, 08/15/2030 - 08/15/2034 | 6355000 | 5559748 |
|  Windsor Central School District, General Obligation Unlimited, <br>3.00%, 06/15/2031 | 145000 | 130287 |
|  |  | 78176242 |
| **North Carolina - 1.6%** | **North Carolina - 1.6%** | **North Carolina - 1.6%** |
| North Carolina Housing Finance Agency,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 38-B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/01/2025 | 855000 | 837160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/01/2025 | 505000 | 491654 |
| North Carolina Medical Care Commission,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049 | 6360000 | 5403822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 | 560000 | 549462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 - 10/01/2050 | 3920000 | 3629966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 09/01/2026 | 1575000 | 1427063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/01/2025 | 1250000 | 1155678 |
|  North Carolina Turnpike Authority, Revenue Bonds, <br>AGM, <br>5.00%, 01/01/2031 - 01/01/2049 | 7185000 | 7308542 |
|  Winston-Salem State University, Revenue Bonds, <br>BAM, <br>5.00%, 06/01/2029 - 06/01/2036 | 2425000 | 2498314 |
|  |  | 23301661 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **North Dakota - 0.4%** | **North Dakota - 0.4%** | **North Dakota - 0.4%** |
|  City of Grand Forks, Revenue Bonds, <br>4.00%, 12/01/2051 | $7280000 | $5417730 |
|  Fargo Public School District No. 1, General Obligation Limited, <br>Series A, <br>3.00%, 08/01/2026 | 25000 | 24420 |
|  |  | 5442150 |
| **Ohio - 4.0%** | **Ohio - 4.0%** | **Ohio - 4.0%** |
|  Brunswick City School District, General Obligation Unlimited, <br>Series A, <br>5.00%, 12/01/2032 - 12/01/2034 | 170000 | 171801 |
| Buckeye Tobacco Settlement Financing<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, Class 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 | 40340000 | 33951532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-3, Class 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 06/01/2057 | 38000000 | 3785659 |
|  Cardinal Local School District, Certificate of Participation, <br>5.25%, 04/01/2038 | 1515000 | 1318921 |
|  Cleveland Heights & University Heights City School District, General Obligation Unlimited, <br>4.00%, 12/01/2029 - 12/01/2030 | 720000 | 724767 |
| Conotton Valley Union Local School<br>District, Certificate of Participation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 | 150000 | 148390 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 | 440000 | 428684 |
|  County of Franklin, Revenue Bonds, <br>Series A, <br>5.00%, 12/01/2047 | 765000 | 738777 |
|  County of Scioto, Revenue Bonds, <br>AGM-CR, <br>3.50%, 02/15/2038 | 330000 | 278979 |
|  Dayton City School District, Certificate of Participation, <br>4.00%, 12/01/2026 | 295000 | 299219 |
|  Euclid City School District, Certificate of Participation, <br>BAM, <br>4.00%, 12/01/2044 | 510000 | 443530 |
|  Little Miami Local School District, General Obligation Unlimited, <br>Series B, <br>5.00%, 11/01/2048 | 1795000 | 1828334 |
| Ohio Air Quality Development Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/01/2024,<br>1.38% <sup>(A)</sup>, 02/01/2026 | 1675000 | 1557146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/04/2025,<br>1.50% <sup>(A)</sup>, 02/01/2026 | 2000000 | 1797934 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 166** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
|  Ohio Higher Educational Facility Commission, Revenue Bonds, <br>Series B, <br>4.00%, 07/01/2046 | $1050000 | $868170 |
| Ohio Housing Finance Agency, Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/01/2032 | 530000 | 499577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/2037 | 1465000 | 1376755 |
|  Pinnacle Community Infrastructure Financing Authority, Revenue Bonds, <br>Series A, AGM, <br>4.00%, 12/01/2031 | 1040000 | 1046619 |
|  Summit County Development Finance Authority, Revenue Bonds, <br>4.00%, 12/01/2028 - 12/01/2032 | 570000 | 570261 |
|  Triway Local School District, Certificate of Participation, <br>BAM, <br>5.00%, 12/01/2047 | 3910000 | 3951276 |
|  Wayne County Southeast Local School District, Certificate of Participation, <br>BAM, <br>4.00%, 12/01/2028 - 12/01/2033 | 1315000 | 1308854 |
|  |  | 57095185 |
| **Oklahoma - 0.1%** | **Oklahoma - 0.1%** | **Oklahoma - 0.1%** |
|  Cleveland County Educational Facilities Authority, Revenue Bonds, <br>5.00%, 06/01/2023 | 45000 | 45420 |
|  Garfield County Educational Facilities Authority, Revenue Bonds, <br>Series A, <br>5.00%, 09/01/2027 | 1315000 | 1382810 |
|  Oklahoma City Public Property Authority, Revenue Bonds, <br>4.50%, 10/01/2036 | 150000 | 150018 |
|  Oklahoma Housing Finance Agency, Revenue Bonds, <br>Series A, GNMA, FNMA, FHLMC, <br>2.75%, 09/01/2034 | 45000 | 41858 |
|  |  | 1620106 |
| **Oregon - 1.0%** | **Oregon - 1.0%** | **Oregon - 1.0%** |
|  City of Boardman, General Obligation Unlimited, <br>BAM, <br>3.00%, 06/15/2037 - 06/15/2039 | 825000 | 649302 |
|  City of Sherwood, General Obligation Limited, <br>Series B, <br>4.00%, 06/01/2051 | 1730000 | 1474374 |
|  Klamath Falls Intercommunity Hospital Authority, Revenue Bonds, <br>3.00%, 09/01/2035 | 770000 | 614816 |
| Medford Hospital Facilities Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2050 | 135000 | 111448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 | 1700000 | 1738789 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| Medford Hospital Facilities Authority,<br>Revenue Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2040 | $1460000 | $1311852 |
|  Oregon State Facilities Authority, Revenue Bonds, <br>Series A, <br>5.50%, 06/15/2035 <sup>(B)</sup> | 750000 | 722864 |
| State of Oregon Housing & Community<br>Services Department, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/01/2034 | 3090000 | 2503211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/2039 | 7025000 | 5262334 |
|  |  | 14388990 |
| **Pennsylvania - 6.8%** | **Pennsylvania - 6.8%** | **Pennsylvania - 6.8%** |
|  Aliquippa Municipal Water Authority Water & Sewer Revenue, Revenue Bonds, <br>BAM, <br>4.00%, 11/15/2051 | 305000 | 257276 |
|  Allegheny County Hospital Development Authority, Revenue Bonds, <br>Series A, <br>4.00%, 07/15/2036 - 07/15/2038 | 13425000 | 11873280 |
|  Beaver County Economic Development Authority, Revenue Bonds, <br>BAM, <br>4.00%, 11/15/2035 - 11/15/2036 | 3110000 | 3008249 |
|  Borough of Monaca, General Obligation Unlimited, <br>Series C, BAM, <br>4.00%, 11/15/2050 | 500000 | 439675 |
|  Bristol Township School District, General Obligation Limited, <br>BAM-TCRS, <br>5.00%, 06/01/2027 | 80000 | 80801 |
|  Bucks County Industrial Development Authority, Revenue Bonds, <br>5.00%, 10/01/2033 - 10/01/2037 | 1950000 | 1943523 |
|  County of Lackawanna, General Obligation Unlimited, <br>BAM, <br>4.00%, 09/15/2032 - 09/15/2033 | 4245000 | 4265712 |
|  Cumberland County Municipal Authority, Revenue Bonds, <br>5.00%, 01/01/2029 | 900000 | 873019 |
|  Delaware Valley Regional Finance Authority, Revenue Bonds, <br>Series B, AMBAC, <br>5.70%, 07/01/2027 | 350000 | 380946 |
|  Erie Sewer Authority, Revenue Bonds, <br>Series B, AGM, <br>5.00%, 12/01/2036 | 2000000 | 2141167 |
|  Geisinger Authority, Revenue Bonds, <br>Series A-1, <br>5.00%, 02/15/2045 | 4075000 | 4011422 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 167** 

------

##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
|  Indiana County Hospital Authority, Revenue Bonds, <br>Series A, <br>5.50%, 06/01/2029 | $250000 | $253000 |
|  Lancaster County Hospital Authority, Revenue Bonds, <br>5.00%, 11/01/2051 | 3995000 | 3896650 |
|  Lancaster Industrial Development Authority, Revenue Bonds, <br>4.00%, 12/01/2044 | 755000 | 655449 |
|  Lancaster School District, General Obligation Limited, <br>Series A, AGM, <br>5.00%, 06/01/2031 | 75000 | 77627 |
|  Montgomery County Industrial Development Authority, Revenue Bonds, <br>4.00%, 10/01/2041 | 115000 | 93436 |
| Mountaintop Area Joint Sanitary Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2049 | 3830000 | 3258908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2046 | 465000 | 399560 |
|  Penn Hills School District, General Obligation Limited, <br>Series A, BAM, <br>5.00%, 11/15/2025 | 85000 | 88260 |
| Pennsylvania Higher Educational Facilities<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2044 - 08/15/2049 | 15740000 | 13479097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 1920000 | 1730611 |
| Pennsylvania Housing Finance Agency,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 121, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 04/01/2026 | 1220000 | 1154667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/2026 | 370000 | 347410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 124B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/01/2028 | 595000 | 556922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/2028 | 650000 | 608064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 129, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 04/01/2027 | 95000 | 88117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/2027 | 80000 | 73757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/2028 | 660000 | 602084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/01/2029 - 10/01/2029 | 2420000 | 2183231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/2030 | 1280000 | 1144861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/2030 | 355000 | 316079 |
| Pennsylvania Turnpike Commission,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 | 8410000 | 8166640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049 | 11160000 | 9431916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 45000 | 45650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, BAM-TCRS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2044 | 7970000 | 8174411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 | 300000 | 299902 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Revenue Bonds, <br>Series B, <br>5.00%, 12/01/2038 | $1180000 | $1206688 |
| Philadelphia Gas Works Co., Revenue<br>Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2037 | 175000 | 158314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2050 | 1365000 | 1398722 |
|  Reading School District, General Obligation Unlimited, <br>Series A, AGM, <br>5.00%, 02/01/2026 - 02/01/2027 | 1940000 | 1993813 |
|  School District of Philadelphia, General Obligation Limited, <br>Series A, <br>4.00%, 09/01/2036 | 1235000 | 1126603 |
|  State Public School Building Authority, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 06/01/2032 | 1790000 | 1839659 |
|  Township of Northampton, General Obligation Limited, <br>4.00%, 05/15/2046 | 250000 | 217358 |
| Upper Dublin School District, General<br>Obligation Limited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2037 - 05/15/2044 | 1360000 | 1280617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2038 - 05/15/2039 | 360000 | 349211 |
| Wilkes-Barre Area School District,<br>General Obligation Limited, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2054 | 795000 | 643471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2059 | 440000 | 436042 |
|  |  | 97051877 |
| **Puerto Rico - 0.9%** | **Puerto Rico - 0.9%** | **Puerto Rico - 0.9%** |
|  Children's Trust Fund, Revenue Bonds, <br>5.63%, 05/15/2043 | 125000 | 124990 |
|  Commonwealth of Puerto Rico, Revenue Bonds, <br>5.50%, 07/01/2029 | 85984 | 86376 |
| Puerto Rico Electric Power Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DDD, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/01/2024 | 620000 | 611249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2023 | 40000 | 40747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RR, AGC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 345000 | 351441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series SS, AGC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/01/2030 | 145000 | 144210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series SS, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 2100000 | 2139206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, AGC-ICC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 50000 | 50758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, AGC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2027 | 20000 | 19578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 650000 | 659849 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 168** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** | **Puerto Rico (continued)** |
| Puerto Rico Electric Power Authority,<br>Revenue Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2023 | $120000 | $119660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2023 - 07/01/2024 | 870000 | 882712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VV, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2027 | 40000 | 40100 |
| Puerto Rico Highway & Transportation<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC-ICC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 30000 | 30209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGC-ICC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/01/2038 | 185000 | 185031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/01/2038 | 395000 | 395067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2034 - 07/01/2036 | 300000 | 291026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, AGM-CR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029 - 07/01/2031 | 160000 | 160925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 - 07/01/2032 | 3575000 | 3599852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2023 | 65000 | 65657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, AGC-ICC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 - 07/01/2037 | 1175000 | 1183180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, AGC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2034 - 07/01/2036 | 260000 | 251776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, AGM-CR, AGC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2034 | 335000 | 325156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, AGM-CR, AGC-ICC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2025 | 95000 | 97584 |
|  Puerto Rico Municipal Finance Agency, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 08/01/2027 | 1030000 | 1044647 |
|  |  | 12900986 |
| **Rhode Island - 1.1%** | **Rhode Island - 1.1%** | **Rhode Island - 1.1%** |
|  Providence Public Building Authority, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 09/15/2028 - 09/15/2037 | 10455000 | 11049712 |
|  Providence Redevelopment Agency, Revenue Bonds, <br>Series A, AGM-CR, <br>5.00%, 04/01/2027 | 1200000 | 1241197 |
|  Rhode Island Commerce Corp., Revenue Bonds, <br>BAM-TCRS, <br>5.00%, 07/01/2034 | 1395000 | 1423302 |
| Rhode Island Health & Educational Building<br>Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 560000 | 562935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 180000 | 188835 |
|  Tobacco Settlement Financing Corp., Revenue Bonds, <br>Series A, <br>5.00%, 06/01/2027 | 1075000 | 1084529 |
|  |  | 15550510 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **South Carolina - 0.7%** | **South Carolina - 0.7%** | **South Carolina - 0.7%** |
|  Patriots Energy Group, Revenue Bonds, <br>Series A, <br>4.00%, 06/01/2051 | $1400000 | $1144096 |
| South Carolina Jobs-Economic<br>Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2044 | 9110000 | 7786159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 <sup>(B)</sup> | 1675000 | 1664950 |
|  |  | 10595205 |
| **South Dakota - 0.0% <sup>(C)</sup>** | **South Dakota - 0.0% <sup>(C)</sup>** | **South Dakota - 0.0% <sup>(C)</sup>** |
| South Dakota Housing Development<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/01/2027 | 55000 | 51997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/2028 | 95000 | 90374 |
|  |  | 142371 |
| **Tennessee - 0.5%** | **Tennessee - 0.5%** | **Tennessee - 0.5%** |
|  City of Jackson, Revenue Bonds, <br>5.00%, 04/01/2041 | 5000 | 5390 |
|  Greeneville Health & Educational Facilities Board, Revenue Bonds, <br>Series A, <br>5.00%, 07/01/2034 | 3035000 | 3034972 |
|  Knox County Health Educational & Housing Facility Board, Revenue Bonds, <br>Series A, <br>5.00%, 01/01/2026 | 100000 | 103133 |
| Tennessee Housing Development<br>Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/01/2026 | 45000 | 43626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/01/2025 | 40000 | 38667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/01/2028 | 2095000 | 2033295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/01/2029 | 1690000 | 1641589 |
|  |  | 6900672 |
| **Texas - 1.9%** | **Texas - 1.9%** | **Texas - 1.9%** |
|  City of Liberty Hill, Special Assessment, <br>3.38%, 09/01/2042 <sup>(B)</sup> | 1000000 | 729660 |
|  City of Pearland, General Obligation Limited, <br>5.00%, 03/01/2023 | 25000 | 25144 |
|  City of Round Rock, Revenue Bonds, <br>AGM, <br>4.00%, 12/01/2035 - 12/01/2037 | 1445000 | 1402655 |
|  City of Rowlett, Special Assessment, <br>3.13%, 09/15/2031 <sup>(B)</sup> | 226000 | 191808 |
|  City of Temple, Tax Allocation, <br>BAM, <br>4.00%, 08/01/2039 - 08/01/2041 | 700000 | 640931 |
|  Dallas County Flood Control District No. 1, General Obligation Unlimited, <br>5.00%, 04/01/2023 - 04/01/2024 <sup>(B)</sup> | 2320000 | 2314798 |
|  Dallas-Fort Worth International Airport, Revenue Bonds, <br>Series C, <br>5.00%, 11/01/2034 | 40000 | 40269 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 169** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
|  Decatur Hospital Authority, Revenue Bonds, <br>Series B, AGM, <br>4.00%, 09/01/2050 | $4395000 | $3579559 |
|  El Paso County Hospital District, General Obligation Limited, <br>5.00%, 08/15/2026 | 150000 | 150948 |
|  Elm Ridge Water Control & Improvement District of Denton County, General Obligation Unlimited, <br>AGM, <br>2.75%, 09/01/2030 | 80000 | 72250 |
|  Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited, <br>BAM, <br>4.00%, 09/01/2029 - 09/01/2032 | 380000 | 380857 |
|  Grand Parkway Transportation Corp., Revenue Bonds, <br>Series B, <br>5.00%, 04/01/2053 | 25000 | 25394 |
|  Harris County Municipal Utility District No. 399, General Obligation Unlimited, <br>AGM, <br>4.00%, 09/01/2033 | 270000 | 270769 |
|  Harris County-Houston Sports Authority, Revenue Bonds, <br>Series A, AGM, <br>5.00%, 11/15/2027 | 35000 | 35734 |
|  Kaufman County Municipal Utility District No. 10, General Obligation Unlimited, <br>BAM, <br>4.50%, 03/01/2041 | 275000 | 252634 |
|  Montgomery County Municipal Utility District No. 113, General Obligation Unlimited, <br>AGM, <br>3.00%, 09/01/2033 | 150000 | 133406 |
|  Nacogdoches County Hospital District, Revenue Bonds, <br>AGM, <br>4.00%, 05/15/2037 | 400000 | 390615 |
| New Hope Cultural Education Facilities<br>Finance Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2024 | 80000 | 77069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024 - 01/01/2028 | 3125000 | 3091955 |
|  Northwoods Road District No. 1, General Obligation Unlimited, <br>BAM, <br>4.00%, 08/15/2027 | 140000 | 142489 |
|  Old Spanish Trail-Alemda Corridors Redevelopment Authority, Tax Allocation, <br>BAM, <br>4.00%, 09/01/2036 - 09/01/2037 | 2450000 | 2397089 |
|  Pottsboro Higher Education Finance Corp., Revenue Bonds, <br>Series A, <br>3.88%, 08/15/2026 | 285000 | 268880 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
|  Southwest Houston Redevelopment Authority, Tax Allocation, <br>Series B, AGM, <br>5.00%, 09/01/2034 | $2000000 | $2080206 |
|  Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, <br>5.00%, 02/15/2041 | 700000 | 700362 |
|  Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, <br>5.00%, 12/15/2032 | 5640000 | 5641583 |
|  Travis County Municipal Utility District No. 4, General Obligation Unlimited, <br>AGM, <br>4.00%, 09/01/2035 | 450000 | 438385 |
|  Viridian Municipal Management District, General Obligation Unlimited, <br>BAM, <br>4.00%, 12/01/2026 | 430000 | 433408 |
|  Wichita Falls Economic Development Corp., Revenue Bonds, <br>AGM, <br>4.00%, 09/01/2046 - 09/01/2050 | 2110000 | 1808482 |
|  |  | 27717339 |
| **U.S. Virgin Islands - 0.0% <sup>(C)</sup>** | **U.S. Virgin Islands - 0.0% <sup>(C)</sup>** | **U.S. Virgin Islands - 0.0% <sup>(C)</sup>** |
|  Virgin Islands Public Finance Authority, Revenue Bonds, <br>Series A, AGM-CR, <br>5.00%, 10/01/2032 <sup>(E)</sup> | 200000 | 200846 |
| **Utah - 0.0% <sup>(C)</sup>** | **Utah - 0.0% <sup>(C)</sup>** | **Utah - 0.0% <sup>(C)</sup>** |
|  City of Herriman Water Revenue, Revenue Bonds, <br>AGM, <br>4.00%, 01/01/2038 | 115000 | 106770 |
| Utah Charter School Finance Authority,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2023 - 10/15/2025 | 440000 | 442675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2034 | 120000 | 117055 |
|  |  | 666500 |
| **Vermont - 0.2%** | **Vermont - 0.2%** | **Vermont - 0.2%** |
|  City of Burlington, General Obligation Unlimited, <br>Series A, <br>5.00%, 11/01/2035 | 190000 | 201889 |
| Vermont Housing Finance Agency,<br>Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/01/2042 | 645000 | 527759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/01/2029 | 120000 | 118168 |
|  Vermont Municipal Bond Bank, Revenue Bonds, <br>Series A, <br>4.00%, 10/01/2040 | 300000 | 277481 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 170** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Vermont (continued)** | **Vermont (continued)** | **Vermont (continued)** |
|  Vermont Public Power Supply Authority, Revenue Bonds, <br>Series A, <br>5.00%, 07/01/2026 - 07/01/2027 | $1130000 | $1176680 |
|  |  | 2301977 |
| **Virginia - 0.4%** | **Virginia - 0.4%** | **Virginia - 0.4%** |
|  Chesapeake Bay Bridge & Tunnel District, Revenue Bonds, <br>AGM, <br>5.00%, 07/01/2041 | 2230000 | 2276760 |
|  Hampton Roads Transportation Accountability Commission, Revenue Bonds, <br>Series A, <br>4.00%, 07/01/2052 | 1565000 | 1339968 |
|  Loudoun County Economic Development Authority, Revenue Bonds, <br>Zero Coupon, 07/01/2049 | 7515000 | 2004942 |
|  |  | 5621670 |
| **Washington - 0.5%** | **Washington - 0.5%** | **Washington - 0.5%** |
|  Central Puget Sound Regional Transit Authority, Revenue Bonds, <br>NATL, <br>4.75%, 02/01/2028 | 45000 | 45710 |
|  Everett Housing Authority, Revenue Bonds, <br>4.00%, 07/01/2036 | 2070000 | 1862792 |
| Washington Health Care Facilities<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 | 4115000 | 3985962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 85000 | 88900 |
| Washington State Housing Finance<br>Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/01/2023 <sup>(B)</sup> <sup>(E)</sup> | 40000 | 39527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 <sup>(B)</sup> | 375000 | 338876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3-N, GNMA, FNMA, FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/01/2028 | 65000 | 62682 |
|  |  | 6424449 |
| **West Virginia - 0.1%** | **West Virginia - 0.1%** | **West Virginia - 0.1%** |
|  City of Buckhannon, Revenue Bonds, <br>Series C, <br>4.25%, 08/01/2023 | 520000 | 519062 |
|  West Virginia Housing Development Fund, Revenue Bonds, <br>Series B, <br>3.70%, 11/01/2032 | 335000 | 326054 |
|  |  | 845116 |
| **Wisconsin - 1.7%** | **Wisconsin - 1.7%** | **Wisconsin - 1.7%** |
| Public Finance Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2025 <sup>(B)</sup> | 255000 | 242198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 <sup>(B)</sup> | 850000 | 781804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(A)</sup>, 10/01/2041 | 16820000 | 16150546 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| Public Finance Authority, Revenue<br>Bonds, (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2045 | $1500000 | $1256797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 - 07/01/2038 | 725000 | 702957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, AGM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 - 07/01/2045 | 1075000 | 906993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 - 07/01/2044 | 1100000 | 1089998 |
|  Wisconsin Health & Educational Facilities Authority, Revenue Bonds,<br>5.00%, 08/15/2023 - 08/01/2039 | 2795000 | 2486769 |
|  |  | 23618062 |
| **Wyoming - 1.1%** | **Wyoming - 1.1%** | **Wyoming - 1.1%** |
|  Carbon County Specific Purpose Tax Joint Powers Board, Revenue Bonds,<br>Series A, <br>4.00%, 06/15/2026 - 06/15/2035 | 3970000 | 3981079 |
|  University of Wyoming, Revenue Bonds, <br>Series C, <br>4.00%, 06/01/2037 - 06/01/2038 | 10840000 | 10020306 |
| Wyoming Community Development<br>Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/2031 | 255000 | 220911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/2033 | 2485000 | 2150616 |
|  |  | 16372912 |
|  **Total Municipal Government Obligations <br>(Cost $1,612,994,368)** | **Total Municipal Government Obligations <br>(Cost $1,612,994,368)** | 1367333068 |
| **U.S. GOVERNMENT OBLIGATION - 1.6%** | **U.S. GOVERNMENT OBLIGATION - 1.6%** | **U.S. GOVERNMENT OBLIGATION - 1.6%** |
| **U.S. Treasury - 1.6%** | **U.S. Treasury - 1.6%** | **U.S. Treasury - 1.6%** |
|  U.S. Treasury Notes <br>2.88%, 05/15/2032 | 25000000 | 22628906 |
|  **Total U.S. Government Obligation <br>(Cost $25,289,870)** | **Total U.S. Government Obligation <br>(Cost $25,289,870)** | 22628906 |
| **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(J)</sup>, dated 10/31/2022, to be repurchased at $21,500,818 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $21,930,191. | &nbsp;&nbsp;&nbsp;&nbsp;21500161 | 21500161 |
|  **Total Repurchase Agreement <br>(Cost $21,500,161)** | **Total Repurchase Agreement <br>(Cost $21,500,161)** | 21500161 |
|  **Total Investments <br>(Cost $1,659,784,399)** | **Total Investments <br>(Cost $1,659,784,399)** | 1411462135 |
|  **Net Other Assets (Liabilities) - 1.0%** | **Net Other Assets (Liabilities) - 1.0%** | 13913028 |
|  **Net Assets - 100.0%** |  | **$1425375163** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 171** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(I)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Municipal Government Obligations | $— | $1367333068 | $— | $1367333068 |
|  U.S. Government Obligation |  | 22628906 |  | 22628906 |
|  Repurchase Agreement |  | 21500161 |  | 21500161 |
|  **Total Investments** | $**—** | $**1411462135** | $**—** | $**1411462135** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $15,530,069, representing 1.1% of the Fund's net assets.* 

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

(D) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(E) *Restricted securities. At October 31, 2022, the value of such securities held by the Fund are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Municipal Government Obligations | California Municipal Finance Authority<br>Revenue Bonds<br>Series A<br>4.00%, 11/01/2031 | 01/04/2022 | $18027984 | $14431658 | 1.0% |
|  Municipal Government Obligations | Bradburn Metropolitan District No. 2<br>General Obligation Limited<br>Series A<br>4.00%, 12/01/2028 | 03/08/2018 | 291210 | 272463 | 0.0 <sup>(C)</sup> |
|  Municipal Government Obligations | Housing & Redevelopment Authority of the City of St. Paul<br>Revenue Bonds<br>Series B<br>4.25%, 04/01/2025 | 06/19/2015 | 80003 | 78029 | 0.0 <sup>(C)</sup> |
|  Municipal Government Obligations | Virgin Islands Public Finance Authority<br>Revenue Bonds<br>Series A, AGM-CR<br>5.00%, 10/01/2032 | 07/14/2020 - 02/09/2021 | 212946 | 200846 | 0.0 <sup>(C)</sup> |
|  Municipal Government Obligations | Washington State Housing Finance Commission<br>Revenue Bonds<br>3.70%, 07/01/2023 | 05/11/2018 | 40002 | 39527 | 0.0 <sup>(C)</sup> |
|  **Total** |  |  | $**18652145** | $**15022523** | **1.0%** |

---

(F) *Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2022; the maturity dates disclosed are the ultimate maturity dates.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 172** 

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##### [**Table of Contents**](#toc)
**Transamerica Intermediate Muni** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(G) *Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2022, the total value of such securities is $3,314,800, representing 0.2% of the Fund's net assets.* 

(H) *Non-income producing securities.* 

(I) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(J) *Rate disclosed reflects the yield at October 31, 2022.* 

**MUNICIPAL INSURER ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AGC* | *Assured Guaranty Corp.* |
| *AGM* | *Assured Guaranty Municipal Corp.* |
| *AMBAC* | *AMBAC Financial Group, Inc.* |
| *BAM* | *Build America Mutual Assurance Co.* |
| *FHA* | *Federal Housing Administration* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association* |
| *GNMA* | *Government National Mortgage Association* |
| *NATL* | *National Public Finance Guarantee Corp.* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *CR* | *Custodial Receipts* |
| *IBC* | *Insured Bond Certificate* |
| *ICC* | *Insured Custody Certificate* |
| *TCRS* | *Temporary Custodian Receipts* |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 173** 

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**Transamerica International Equity** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022 was fundamentally characterized by increasingly clear signs of inflation, the hawkish response of central banks and corresponding fears of recession. Two major geopolitical issues, Russia's invasion of Ukraine and China's growing nationalism, amplified all these concerns. The U.K. was the best-performing region, while Europe was the worst. All sectors except energy had negative returns. Information technology, consumer discretionary and real estate were the primary underperformers.

Since the above macroeconomic and geopolitical issues remain in place, the outlook for markets is mixed. Corporate profit guidance is likely to be cautious for 2023, but balance sheets are generally healthy across many sectors. Investor sentiment may improve if monetary authorities gain the upper hand over inflation.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica International Equity (Class I) returned -22.03%. By comparison, its benchmark, the MSCI EAFE Index, returned -22.62%.

**STRATEGY REVIEW** 

Holdings in Europe, led by Engie SA, was a top contributor to relative return. The French energy company reported a series of strong results due to higher power prices exacerbated by the Russia-Ukraine war. Holdings in the U.K. detracted the most with Persimmon PLC the primary laggard. The homebuilder sold off with peers after the country's housing secretary announced developers would be responsible for an estimated £4 billion of cladding remediation. Investor concerns over near-term liquidity and the U.K. economy also weighed on the company's shares. We believed the company's net cash position, significant shareholder return policy, and strong asset base were undervalued as of period end.

Information technology and financial holdings were two of the top contributors to Fund performance. Within information technology, Checkpoint Software Technologies was a top performer. The firewall security firm's shares rose as the onset of the Russia-Ukraine conflict increased investor focus on cyber protection and prevention. Within financials, UBS Group AG was one of the best performers. The Swiss bank reported a series of robust results driven by cost control and revenue growth in its global wealth management and investment banking divisions. The company also announced an increase in its dividend policy and a share buyback program that would exceed its $5 billion goal set for 2022.

Health care and consumer discretionary holdings detracted most from performance at the sector level. Within health care, Koninklijke Philips NV was a primary detractor. The Dutch medical equipment company faced supply-chain constraints that affected their hospital smart devices business. Additionally, litigation involving CPAP device recalls further depressed the company's share price. Among positives, the image guided therapy, patient monitoring, and ultrasound portions of the business maintained strong demand. However, since litigation cases can often span multiple years, we trimmed the position. Among consumer discretionary holdings, Sony Group Corp. ("Sony") underperformed after reporting mixed results. The company's gaming segment faced higher costs following the Bungie studio acquisition and suffered from the continued supply shortage of PS5 consoles. However, Sony reported strong results across its other business segments. We believed Sony was undervalued and continued to hold the position at period end.

**Brandon H. Harrell, CFA** 

**Portfolio Manager** 

**Thompson, Siegel & Walmsley LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 99.8% |
|  Other Investment Company | 1.2 |
|  Net Other Assets (Liabilities) | (1.0) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 174** 

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**Transamerica International Equity** 

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**(unaudited)**![LOGO](g404440g14z77.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (26.65)% | (1.98)% | 3.13% | 03/01/2011 |
|  Class A (NAV) | (22.39)% | (0.87)% | 3.72% | 03/01/2011 |
|  Class C (POP) | (23.61)% | (1.55)% | 3.01% | 03/01/2011 |
|  Class C (NAV) | (22.86)% | (1.55)% | 3.01% | 03/01/2011 |
|  Class I (NAV) | (22.03)% | (0.47)% | 4.11% | 12/18/1992 |
|  MSCI EAFE Index <sup>(A)</sup> | (22.62)% | 0.39% | 4.61% |  |
|  Class I2 (NAV) | (22.01)% | (0.40)% | 4.20% | 03/01/2011 |
|  Class I3 (NAV) | (22.03)% | (0.40)% | 1.92% | 03/10/2017 |
|  Class R (NAV) | (22.40)% | (0.89)% | 1.42% | 03/10/2017 |
|  Class R4 (NAV) | (22.22)% | (0.64)% | 1.66% | 03/10/2017 |
|  Class R6 (NAV) | (21.97)% | (0.40)% | 1.02% | 05/29/2015 |

---

<sup>(A)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size, lower market volumes and lesser liquidity of the markets.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 175** 

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##### [**Table of Contents**](#toc)
**Transamerica International Equity** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** |
| **Australia - 4.4%** | **Australia - 4.4%** | **Australia - 4.4%** |
|  BHP Group Ltd., ADR <sup>(A)</sup> | 407176 | $19471156 |
|  BHP Group Ltd. | 519000 | 12466486 |
|  Lendlease Corp. Ltd. <sup>(A)</sup> | 3491900 | 19417616 |
|  Macquarie Group Ltd. | 450900 | 48914893 |
|  Santos Ltd. | 12466600 | 60857658 |
|  Woodside Energy Group Ltd. | 935678 | 21631423 |
|  |  | 182759232 |
| **Belgium - 3.3%** | **Belgium - 3.3%** | **Belgium - 3.3%** |
|  Anheuser-Busch InBev SA | 1454600 | 72759654 |
|  Groupe Bruxelles Lambert NV | 359520 | 26506107 |
|  KBC Group NV | 765900 | 38383641 |
|  |  | 137649402 |
| **Canada - 0.7%** | **Canada - 0.7%** | **Canada - 0.7%** |
|  TFI International, Inc. <sup>(A)</sup> | 298900 | 27207831 |
| **Finland - 1.3%** | **Finland - 1.3%** | **Finland - 1.3%** |
|  Nokia OYJ <sup>(A)</sup> | 12449900 | 55326271 |
| **France - 10.4%** | **France - 10.4%** | **France - 10.4%** |
|  Amundi SA <sup>(A)</sup> <sup>(B)</sup> | 561700 | 26500949 |
|  Capgemini SE | 301752 | 49454347 |
|  Cie de Saint-Gobain | 502937 | 20560532 |
|  Dassault Aviation SA | 155660 | 23118360 |
|  Engie SA | 4510700 | 58609113 |
|  Rexel SA <sup>(C)</sup> | 1047117 | 18686110 |
|  Sanofi | 787501 | 67770600 |
|  Societe Generale SA | 1282600 | 29419022 |
|  TotalEnergies SE | 1179000 | 64318401 |
|  Ubisoft Entertainment SA <sup>(C)</sup> | 506500 | 13896283 |
|  Veolia Environnement SA | 2872923 | 64112180 |
|  |  | 436445897 |
| **Germany - 10.7%** | **Germany - 10.7%** | **Germany - 10.7%** |
|  Allianz SE | 289702 | 52118672 |
|  BASF SE | 981500 | 44040530 |
|  Bayer AG | 458752 | 24121652 |
|  Deutsche Boerse AG | 246382 | 40066551 |
|  Deutsche Post AG | 1551101 | 54831087 |
|  Gerresheimer AG | 3100 | 177595 |
|  HeidelbergCement AG | 958635 | 44084535 |
|  Infineon Technologies AG | 1664627 | 40392948 |
|  SAP SE | 769947 | 74109525 |
|  Siemens AG | 531195 | 58011253 |
|  Talanx AG | 442584 | 16620956 |
|  |  | 448575304 |
| **Hong Kong - 2.0%** | **Hong Kong - 2.0%** | **Hong Kong - 2.0%** |
|  CK Asset Holdings Ltd. | 4968400 | 27468128 |
|  CK Hutchison Holdings Ltd. | 11351200 | 56504335 |
|  |  | 83972463 |
| **Ireland - 4.6%** | **Ireland - 4.6%** | **Ireland - 4.6%** |
|  AerCap Holdings NV <sup>(C)</sup> | 1050300 | 56096523 |
|  AIB Group PLC <sup>(A)</sup> | 14127700 | 40870211 |
|  DCC PLC | 776931 | 43120309 |
|  Ryanair Holdings PLC, ADR <sup>(C)</sup> | 57972 | 3993691 |
|  Smurfit Kappa Group PLC | 1506415 | 49866770 |
|  |  | 193947504 |
| **Israel - 1.1%** | **Israel - 1.1%** | **Israel - 1.1%** |
|  Check Point Software Technologies Ltd. <sup>(C)</sup> | 341400 | 44119122 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Italy - 0.4%** | **Italy - 0.4%** | **Italy - 0.4%** |
|  Prysmian SpA | 543666 | $17695299 |
| **Japan - 18.8%** | **Japan - 18.8%** | **Japan - 18.8%** |
|  Astellas Pharma, Inc. | 3704800 | 51119504 |
|  Denka Co. Ltd. | 776680 | 17992610 |
|  FANUC Corp. | 259700 | 33982165 |
|  Fujitsu Ltd. | 323360 | 37205327 |
|  Hitachi Ltd. | 1221580 | 55427738 |
|  Kirin Holdings Co. Ltd. | 1893500 | 27834320 |
|  Kyocera Corp. | 984700 | 47685501 |
|  Nintendo Co. Ltd. | 1340000 | 54402784 |
|  Olympus Corp. | 1013600 | 21371238 |
|  ORIX Corp. | 3865300 | 56772331 |
|  Rakuten Group, Inc. <sup>(A)</sup> | 6464900 | 28861677 |
|  SBI Holdings, Inc. | 2152500 | 38882884 |
|  Sega Sammy Holdings, Inc. | 1328900 | 16998368 |
|  Seven & i Holdings Co. Ltd. | 1675000 | 62524996 |
|  Sony Group Corp. | 1101000 | 74245532 |
|  Square Enix Holdings Co. Ltd. | 443400 | 19785409 |
|  Sumitomo Mitsui Financial Group, Inc. <sup>(A)</sup> | 1840100 | 51672875 |
|  Toshiba Corp. | 1072750 | 37226069 |
|  Toyota Industries Corp. | 1050600 | 54121876 |
|  |  | 788113204 |
| **Luxembourg - 0.9%** | **Luxembourg - 0.9%** | **Luxembourg - 0.9%** |
|  ArcelorMittal SA | 1626535 | 36358988 |
| **Netherlands - 3.7%** | **Netherlands - 3.7%** | **Netherlands - 3.7%** |
|  ASML Holding NV | 99400 | 46627208 |
|  EXOR NV <sup>(C)</sup> | 228900 | 15382304 |
|  Heineken Holding NV | 667485 | 45545289 |
|  Koninklijke Philips NV | 833934 | 10578351 |
|  NXP Semiconductors NV | 250100 | 36534608 |
|  |  | 154667760 |
| **Norway - 1.5%** | **Norway - 1.5%** | **Norway - 1.5%** |
|  Aker BP ASA <sup>(A)</sup> | 648499 | 20600445 |
|  DNB Bank ASA | 2393800 | 42338847 |
|  Mowi ASA | 42500 | 634346 |
|  |  | 63573638 |
| **Republic of Korea - 1.6%** | **Republic of Korea - 1.6%** | **Republic of Korea - 1.6%** |
|  E-MART, Inc. | 3672 | 217686 |
|  KB Financial Group, Inc. | 25031 | 842270 |
|  LG Corp. | 11149 | 618914 |
|  Samsung Electronics Co. Ltd. | 1530919 | 63716579 |
|  |  | 65395449 |
| **Singapore - 1.5%** | **Singapore - 1.5%** | **Singapore - 1.5%** |
|  DBS Group Holdings Ltd. | 2579200 | 62355520 |
| **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** |
|  Essity AB, Class B | 1872100 | 39554389 |
|  Husqvarna AB, B Shares | 1106400 | 6568859 |
|  Investor AB, B Shares | 1661688 | 27119762 |
|  Volvo AB, B Shares | 1730737 | 28326844 |
|  |  | 101569854 |
| **Switzerland - 11.2%** | **Switzerland - 11.2%** | **Switzerland - 11.2%** |
|  ABB Ltd. | 1946400 | 54052110 |
|  Accelleron Industries AG <sup>(C)</sup> | 97320 | 1650266 |
|  Alcon, Inc. | 189773 | 11554395 |
|  Cie Financiere Richemont SA, Class A | 412100 | 40275986 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 176** 

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##### [**Table of Contents**](#toc)
**Transamerica International Equity** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
|  Glencore PLC | 7389400 | $42363938 |
|  Nestle SA | 790064 | 86005420 |
|  Novartis AG | 845215 | 68370040 |
|  Roche Holding AG | 252461 | 83766086 |
|  Siemens Energy AG | 1800997 | 20995331 |
|  UBS Group AG | 3802974 | 60292928 |
|  |  | 469326500 |
| **United Kingdom - 19.3%** | **United Kingdom - 19.3%** | **United Kingdom - 19.3%** |
|  Ashtead Group PLC | 851700 | 44367626 |
|  Aviva PLC | 6451112 | 30943561 |
|  Barratt Developments PLC | 3150042 | 13586400 |
|  BP PLC | 11069900 | 61245342 |
|  Bunzl PLC | 979148 | 31906020 |
|  Burberry Group PLC | 611000 | 12731467 |
|  CNH Industrial NV | 3246100 | 41995046 |
|  Entain PLC | 1246900 | 18038361 |
|  GSK PLC | 2763280 | 45265509 |
|  Imperial Brands PLC | 293694 | 7154112 |
|  Inchcape PLC | 2208796 | 18843016 |
|  Informa PLC | 4623951 | 29463434 |
|  Kingfisher PLC | 13363500 | 33574891 |
|  Legal & General Group PLC | 8370600 | 22393528 |
|  Liberty Global PLC, Class C <sup>(C)</sup> | 1869900 | 33022434 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Linde PLC | 168700 | $50162945 |
|  Lloyds Banking Group PLC | 100513654 | 48273393 |
|  Melrose Industries PLC | 16382820 | 21975632 |
|  Persimmon PLC | 1516000 | 22685215 |
|  Reckitt Benckiser Group PLC | 887200 | 58878102 |
|  Smith & Nephew PLC | 3425600 | 40479976 |
|  Tesco PLC | 19497432 | 48156326 |
|  Unilever PLC | 1563914 | 71086677 |
|  |  | 806229013 |
|  **Total Common Stocks <br>(Cost $4,448,139,348)** | **Total Common Stocks <br>(Cost $4,448,139,348)** | 4175288251 |
| **OTHER INVESTMENT COMPANY - 1.2%** | **OTHER INVESTMENT COMPANY - 1.2%** | **OTHER INVESTMENT COMPANY - 1.2%** |
| **Securities Lending Collateral - 1.2%** | **Securities Lending Collateral - 1.2%** | **Securities Lending Collateral - 1.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 48457289 | 48457289 |
|  **Total Other Investment Company <br>(Cost $48,457,289)** | **Total Other Investment Company <br>(Cost $48,457,289)** | 48457289 |
|  **Total Investments <br>(Cost $4,496,596,637)** | **Total Investments <br>(Cost $4,496,596,637)** | 4223745540 |
|  **Net Other Assets (Liabilities) - (1.0)%** | **Net Other Assets (Liabilities) - (1.0)%** | (40052078) |
|  **Net Assets - 100.0%** |  | **$4183693462** |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Pharmaceuticals | 8.1% | $340413391 |
|  Banks | 7.4 | 314155779 |
|  Industrial Conglomerates | 6.5 | 272884250 |
|  Oil, Gas & Consumable Fuels | 5.4 | 228653269 |
|  Capital Markets | 5.1 | 214658205 |
|  Machinery | 3.9 | 164994790 |
|  Beverages | 3.5 | 146139263 |
|  Diversified Financial Services | 3.0 | 125780504 |
|  Semiconductors & Semiconductor Equipment | 2.9 | 123554764 |
|  Multi-Utilities | 2.9 | 122721293 |
|  Insurance | 2.9 | 122076717 |
|  Software | 2.8 | 118228647 |
|  Chemicals | 2.7 | 112196085 |
|  Food & Staples Retailing | 2.6 | 110899008 |
|  Metals & Mining | 2.6 | 110660568 |
|  Household Durables | 2.6 | 110517147 |
|  Trading Companies & Distributors | 2.5 | 106688653 |
|  Household Products | 2.3 | 98432491 |
|  Electrical Equipment | 2.2 | 94393006 |
|  Entertainment | 2.1 | 88084476 |
|  IT Services | 2.1 | 86659674 |
|  Food Products | 2.1 | 86639766 |
|  Health Care Equipment & Supplies | 2.0 | 83983960 |
|  Personal Products | 1.7 | 71086677 |
|  Technology Hardware, Storage & Peripherals | 1.5 | 63716579 |
|  Communications Equipment | 1.3 | 55326271 |
|  Air Freight & Logistics | 1.3 | 54831087 |
|  Textiles, Apparel & Luxury Goods | 1.3 | 53007453 |

---

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

---

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|:---|:---|
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**Page 177** 

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**Transamerica International Equity** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Containers & Packaging | 1.2% | $49866770 |
|  Electronic Equipment, Instruments & Components | 1.1 | 47685501 |
|  Real Estate Management & Development | 1.1 | 46885744 |
|  Commercial Services & Supplies | 1.1 | 44367626 |
|  Construction Materials | 1 | 44084535 |
|  Specialty Retail | 0.8 | 33574891 |
|  Diversified Telecommunication Services | 0.8 | 33022434 |
|  Media | 0.7 | 29463434 |
|  Internet & Direct Marketing Retail | 0.7 | 28861677 |
|  Road & Rail | 0.6 | 27207831 |
|  Aerospace & Defense | 0.5 | 23118360 |
|  Building Products | 0.5 | 20560532 |
|  Distributors | 0.4 | 18843016 |
|  Hotels, Restaurants & Leisure | 0.4 | 18038361 |
|  Leisure Products | 0.4 | 16998368 |
|  Tobacco | 0.2 | 7154112 |
|  Airlines | 0.1 | 3993691 |
|  Life Sciences Tools & Services | 0.0 <sup>(E)</sup> | 177595 |
|  **Investments** | **98.9** | **4175288251** |
|  Short-Term Investments | 1.1 | 48457289 |
|  **Total Investments** | **100.0%** | $**4223745540** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(F)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $270608310 | $3904679941 | $— | $4175288251 |
|  Other Investment Company | 48457289 |  |  | 48457289 |
|  **Total Investments** | $**319065599** | $**3904679941** | $**—** | $**4223745540** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The totals value of all securities on loan is $57,390,937, collateralized by cash collateral of $48,457,289 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,764,174. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.*

(B) *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, 2022, the value of the 144A security is $26,500,949, representing 0.6% of the Fund's net assets.*

(C) *Non-income producing securities.*

(D) *Rate disclosed reflects the yield at October 31, 2022.*

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

(F) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.*

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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| **Transamerica Funds** | **Annual Report 2022** |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

International equity markets sold off during the fiscal year ended October 31, 2022. The outbreak of the Russian-Ukraine war at the end of February 2022 caused the first leg down. In subsequent months, entrenched higher inflation caused developed market central banks to raise interest rates very aggressively. Equity markets fell precipitously in response to heightened recession risks and equity valuation compression. There was also a significant rotation from growth to value stocks. All regions fell with the U.K. outperforming on a relative basis. Developed Europe ex-UK fared the worst as the war was the biggest negative impact on the European economy from weakened domestic demand and higher energy prices. Japan also underperformed due to the weaker yen from currency translation effects. All sectors fell except for energy. More expensive sectors like information technology performed the worst as higher growth stocks suffered the most from multiple deratings.

The downside risk intensified during the period due to rapidly rising interest rates, entrenched inflation, and escalation in the Russian-Ukraine war. The market was also increasingly concerned with slowing corporate profit growth. We believe quality and valuation will be desirable attributes to weather market drawdown and continued heightened volatility. We are disciplined in managing the Fund's risks and to ensure broad diversification to sectors, regions, and styles. At period end, the Fund's portfolio was balanced with an increased focus on companies with more defensive characteristics.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica International Focus (Class I2) returned -26.24%. By comparison, its benchmark, the MSCI EAFE Index, returned -22.62%.

**STRATEGY REVIEW** 

Japan detracted the most from relative performance as many of the Fund's holdings underperformed during the fiscal year, including Food and Life Company, Taiyo Yuden Co. Ltd., Open House Group Co. Ltd., Tokyo Electron Ltd., Nitori Holdings Co., Ltd., Asahi Group Holdings Ltd. and Lasertec Corp. From a regional perspective, developed Europe ex-UK holdings contributed most to returns, led by Equinor ASA. The Norwegian oil and gas company, which has the most leverage to European oil and gas of the majors, continued to benefit from high commodity prices. Equinor returned most of its higher profit to shareholders via higher buybacks and distributions.

Among sectors, holdings in consumer discretionary, industrials and health care weighed most on Fund performance. In industrials, Kingspan Group PLC, a building materials company based in Ireland, detracted. While building efficiency continued to be an attractive market, the company's heavy exposure to European/U.K. building activity was a headwind. As a result, we trimmed the Fund's position to lessen exposure. In health care, hearing aid retailer Amplifon Ltd. underperformed most due to business growth remaining sluggish as weakening consumer sentiment impacted demand. We exited the Fund's position in July. Energy and financials led our sector contributors. An overweight allocation and strong security selection from energy holdings, such as Equinor ASA and TotalEnergies SE, were positive contributors. Financial holdings, such as DBS Group Holdings Ltd., Beazley PLC, and Swiss Life Holding AG, were also positive contributors. Singapore-based bank DBS Group Holdings Ltd. continued to execute well with growth and margin expansion across its franchise and solid management of credit risks. The stock also has an attractive and well-covered yield. We took some profits to risk-manage the Fund's position size.

At the stock level, the best-performing holding was Equinor ASA, as discussed above. Not-owning ASML Holding NV and Nestle SA also aided Fund performance. In fact, seven out of the top 10 contributors were not owned in the Fund's portfolio, an unusual circumstance. Another contributor was Beazley PLC, a specialist insurance company that reported strong results as their short-duration investment book benefited from higher reinvestment rates. We trimmed the position after strong gains. Among detractors, Food and Life Companies and Kingspan Group PLC topped the list. Taiwan Semiconductor Manufacturing Co. Ltd, ADR, a semiconductor contract manufacturing and design company, also underperformed. While the share price performance was lackluster due to U.S./China tension, export restrictions and valuation compression, the company continued to execute well and was pulling further ahead of the competition, in our view. Revenue and earnings continued to beat expectations. We took advantage of a more attractive share price to add to the position.

**Michael E. Brown, CFA** 

**Alfred Li, CFA** 

**Jeff Tiefenbach, CFA** 

**Co-Portfolio Managers** 

**Epoch Investment Partners, Inc.** 

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**Transamerica International Focus** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.0% |
|  Other Investment Company | 1.3 |
|  Repurchase Agreement | 1.1 |
|  Net Other Assets (Liabilities) | 0.6 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g404440g85k09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (30.73)% | N/A | (0.86)% | 03/01/2018 |
|  Class A (NAV) | (26.67)% | N/A | 0.36% | 03/01/2018 |
|  Class I (NAV) | (26.47)% | N/A | 0.58% | 03/01/2018 |
|  Class I2 (NAV) | (26.24)% | 0.79% | 4.59% | 06/10/2008 |
|  MSCI EAFE Index <sup>(A)</sup> | (22.62)% | 0.39% | 4.61% |  |
|  Class R6 (NAV) | (26.23)% | N/A | 0.81% | 03/01/2018 |

---

<sup>(A)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size, lower market volumes and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.0%** | **COMMON STOCKS - 97.0%** | **COMMON STOCKS - 97.0%** |
| **Australia - 4.3%** | **Australia - 4.3%** | **Australia - 4.3%** |
|  Computershare Ltd. | 1051301 | $17018502 |
|  National Australia Bank Ltd. | 977590 | 20306540 |
|  |  | 37325042 |
| **Austria - 1.0%** | **Austria - 1.0%** | **Austria - 1.0%** |
|  Erste Group Bank AG | 352023 | 8675583 |
| **China - 5.3%** | **China - 5.3%** | **China - 5.3%** |
|  Airtac International Group | 420144 | 9614334 |
|  ANTA Sports Products Ltd. | 1188700 | 10450594 |
|  Ganfeng Lithium Group Co. Ltd., H Shares <sup>(A)</sup> <sup>(B)</sup> | 1782800 | 12058178 |
|  Zijin Mining Group Co. Ltd., H Shares | 14734000 | 14053850 |
|  |  | 46176956 |
| **Denmark - 2.1%** | **Denmark - 2.1%** | **Denmark - 2.1%** |
|  Novo Nordisk AS, Class B | 164156 | 17848887 |
| **Finland - 2.0%** | **Finland - 2.0%** | **Finland - 2.0%** |
|  Neste OYJ | 403615 | 17689823 |
| **France - 12.5%** | **France - 12.5%** | **France - 12.5%** |
|  LVMH Moet Hennessy Louis Vuitton SE | 29175 | 18409267 |
|  Sanofi | 340120 | 29269977 |
|  TotalEnergies SE | 574695 | 31351538 |
|  Vinci SA | 331935 | 30550284 |
|  |  | 109581066 |
| **Germany - 4.1%** | **Germany - 4.1%** | **Germany - 4.1%** |
|  Bayerische Motoren Werke AG | 262243 | 20583942 |
|  Merck KGaA | 93903 | 15302902 |
|  |  | 35886844 |
| **Ireland - 5.5%** | **Ireland - 5.5%** | **Ireland - 5.5%** |
|  ICON PLC <sup>(C)</sup> | 94117 | 18620108 |
|  Kingspan Group PLC | 294042 | 14824624 |
|  Smurfit Kappa Group PLC | 442945 | 14662783 |
|  |  | 48107515 |
| **Israel - 4.1%** | **Israel - 4.1%** | **Israel - 4.1%** |
|  Bank Leumi Le-Israel BM | 1875168 | 17888622 |
|  Nice Ltd., ADR <sup>(B)</sup> <sup>(C)</sup> | 96363 | 18298370 |
|  |  | 36186992 |
| **Italy - 2.5%** | **Italy - 2.5%** | **Italy - 2.5%** |
|  Enel SpA | 3172241 | 14171502 |
|  Interpump Group SpA | 200173 | 7749794 |
|  |  | 21921296 |
| **Japan - 14.6%** | **Japan - 14.6%** | **Japan - 14.6%** |
|  Asahi Group Holdings Ltd. | 310200 | 8679621 |
|  Food & Life Cos. Ltd. | 639500 | 10757055 |
|  ITOCHU Corp. | 1153400 | 29809087 |
|  Lasertec Corp. <sup>(B)</sup> | 94500 | 13278275 |
|  Open House Group Co. Ltd. | 415800 | 14789756 |
|  Pan Pacific International Holdings Corp. | 1043900 | 17131151 |
|  Taiyo Yuden Co. Ltd. | 543300 | 14783989 |
|  Tokyo Electron Ltd. | 71500 | 18811395 |
|  |  | 128040329 |
| **Netherlands - 2.2%** | **Netherlands - 2.2%** | **Netherlands - 2.2%** |
|  Wolters Kluwer NV | 178053 | 18919647 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Norway - 6.2%** | **Norway - 6.2%** | **Norway - 6.2%** |
|  DNB Bank ASA | 1228104 | $21721325 |
|  Equinor ASA | 901258 | 32836181 |
|  |  | 54557506 |
| **Republic of Korea - 1.4%** | **Republic of Korea - 1.4%** | **Republic of Korea - 1.4%** |
|  Samsung Electronics Co. Ltd. | 294000 | 12236228 |
| **Singapore - 2.9%** | **Singapore - 2.9%** | **Singapore - 2.9%** |
|  DBS Group Holdings Ltd. | 1062400 | 25684904 |
| **Sweden - 2.5%** | **Sweden - 2.5%** | **Sweden - 2.5%** |
|  Epiroc AB, Class A | 361705 | 5537142 |
|  Epiroc AB, Class B | 1041104 | 13979082 |
|  Thule Group AB <sup>(A)</sup> <sup>(B)</sup> | 113138 | 2228888 |
|  |  | 21745112 |
| **Switzerland - 6.5%** | **Switzerland - 6.5%** | **Switzerland - 6.5%** |
|  Lonza Group AG | 35406 | 18226439 |
|  Roche Holding AG | 77305 | 25649654 |
|  Swiss Life Holding AG | 25823 | 12504066 |
|  |  | 56380159 |
| **Taiwan - 3.2%** | **Taiwan - 3.2%** | **Taiwan - 3.2%** |
|  E Ink Holdings, Inc. | 1900000 | 12072924 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 261724 | 16109112 |
|  |  | 28182036 |
| **United Kingdom - 14.1%** | **United Kingdom - 14.1%** | **United Kingdom - 14.1%** |
|  Ashtead Group PLC | 243245 | 12671367 |
|  Beazley PLC | 1420943 | 10190733 |
|  British American Tobacco PLC | 547796 | 21634352 |
|  Compass Group PLC | 800676 | 16863690 |
|  Diageo PLC | 507897 | 20901212 |
|  Legal & General Group PLC | 8266484 | 22114991 |
|  Rio Tinto PLC, ADR <sup>(B)</sup> | 349378 | 18639316 |
|  |  | 123015661 |
|  **Total Common Stocks <br>(Cost $831,772,622)** | **Total Common Stocks <br>(Cost $831,772,622)** | 848161586 |
| **OTHER INVESTMENT COMPANY - 1.3%** | **OTHER INVESTMENT COMPANY - 1.3%** | **OTHER INVESTMENT COMPANY - 1.3%** |
| **Securities Lending Collateral - 1.3%** | **Securities Lending Collateral - 1.3%** | **Securities Lending Collateral - 1.3%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 11797466 | 11797466 |
|  **Total Other Investment Company <br>(Cost $11,797,466)** | **Total Other Investment Company <br>(Cost $11,797,466)** | 11797466 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.1%** | **REPURCHASE AGREEMENT - 1.1%** | **REPURCHASE AGREEMENT - 1.1%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(D)</sup>, dated 10/31/2022, to be repurchased at $9,536,951 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $9,727,403. | $9536659 | 9536659 |
|  **Total Repurchase Agreement <br>(Cost $9,536,659)** | **Total Repurchase Agreement <br>(Cost $9,536,659)** | 9536659 |
|  **Total Investments <br>(Cost $853,106,747)** | **Total Investments <br>(Cost $853,106,747)** | 869495711 |
|  **Net Other Assets (Liabilities) - 0.6%** | **Net Other Assets (Liabilities) - 0.6%** | 5330467 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$874826178** |

---

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

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**Page 182** 

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**Transamerica International Focus** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Banks | 10.8% | $94276974 |
|  Pharmaceuticals | 10.1 | 88071420 |
|  Oil, Gas & Consumable Fuels | 9.4 | 81877542 |
|  Semiconductors & Semiconductor Equipment | 5.5 | 48198782 |
|  Insurance | 5.2 | 44809790 |
|  Metals & Mining | 5.1 | 44751344 |
|  Machinery | 4.2 | 36880352 |
|  Life Sciences Tools & Services | 4.2 | 36846547 |
|  Construction & Engineering | 3.5 | 30550284 |
|  Trading Companies & Distributors | 3.4 | 29809087 |
|  Beverages | 3.4 | 29580833 |
|  Textiles, Apparel & Luxury Goods | 3.3 | 28859861 |
|  Hotels, Restaurants & Leisure | 3.2 | 27620745 |
|  Electronic Equipment, Instruments & Components | 3.1 | 26856913 |
|  Tobacco | 2.5 | 21634352 |
|  Automobiles | 2.4 | 20583942 |
|  Professional Services | 2.2 | 18919647 |
|  Software | 2.1 | 18298370 |
|  Multiline Retail | 2.0 | 17131151 |
|  IT Services | 2.0 | 17018502 |
|  Building Products | 1.7 | 14824624 |
|  Household Durables | 1.7 | 14789756 |
|  Containers & Packaging | 1.7 | 14662783 |
|  Electric Utilities | 1.6 | 14171502 |
|  Commercial Services & Supplies | 1.5 | 12671367 |
|  Technology Hardware, Storage & Peripherals | 1.4 | 12236228 |
|  Leisure Products | 0.3 | 2228888 |
|  **Investments** | **97.5** | **848161586** |
|  Short-Term Investments | 2.5 | 21334125 |
|  **Total Investments** | **100.0%** | $**869495711** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $71666906 | $776494680 | $— | $848161586 |
|  Other Investment Company | 11797466 |  |  | 11797466 |
|  Repurchase Agreement |  | 9536659 |  | 9536659 |
|  **Total Investments** | $**83464372** | $**786031339** | $**—** | $**869495711** |

---

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $14,287,066, representing 1.6% of the Fund's net assets.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $41,946,972, collateralized by cash collateral of $11,797,466 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $31,194,355. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Non-income producing securities.* 

(D) *Rates disclosed reflect the yields at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**Page 184** 

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**Transamerica International Small Cap Value** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022 was fundamentally characterized by increasingly clear signs of inflation, the hawkish response of central banks and corresponding fears of recession. Two major geopolitical issues, Russia's invasion of Ukraine and China's growing nationalism, amplified all these concerns. Asia ex-Japan was the best-performing region, while the U.K. was the worst. All sectors except energy had a negative return. Health care and information technology were the primary underperformers.

Since the above macroeconomic and geopolitical issues remain in place, the outlook for markets is mixed. Corporate profit guidance is likely to be cautious for 2023, but balance sheets are generally healthy across many sectors. Investor sentiment may improve if monetary authorities gain the upper hand over inflation.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica International Small Cap Value (Class I) returned -28.23%. By comparison, its benchmark, the MSCI EAFE Small Cap Index Gross, returned -29.95%.

**STRATEGY REVIEW** 

Holdings in Japan, led by Kintetsu World Express, Inc., were the top regional contributors to relative performance. The freight-forwarding company received an acquisition offer from Kintetsu Group Holdings Co., Ltd., that represented a significant premium to the share price. Videogame producer Capcom Co., Ltd. also outperformed after reporting a series of solid results and raising full-year guidance. Management outlined a path for growth through regional expansion and intellectual property monetization.

An underweight and holdings in Asia Ex-Japan were the largest regional detractors. Among holdings, Singapore-based semiconductor equipment manufacturer ASMPT Ltd. lagged. The company reported a series of results above expectations; however, investor concerns over consumer end markets negatively impacted the company's shares. Additionally, supply-chain challenges continued to complicate operations. ASMPT Ltd. acknowledged the potential for short-term weakness in its consumer segment but pointed to strong automotive and industrial demand. We believed ASMPT Ltd.'s order backlog and diversified product portfolio were underappreciated as of period end.

Holdings in communication services and industrials were the leading sector contributors. In communication services, Square Enix Holdings Co. Ltd. was a top performer. The Japan-based videogame maker reported a series of strong results, driven by growth in its massive multiplayer online and mobile businesses. In addition, the company sold overseas studios Crystal Dynamics, Inc. and Eidos Interactive as well as several game titles. Investors appreciated the renewed focus on Square Enix Holdings Co. Ltd.'s remaining console titles. In industrials, Compania de Distribucion Integral Logista Holdings S.A. was a leading contributor. The convenience store distributor performed well after releasing results that demonstrated the resilience of its business model. The company reported increased volumes of both tobacco and pharmaceuticals while passing through higher fuel costs to customers.

Materials and consumer discretionary were two of the primary sector detractors. An underweight and holdings, primarily Smurfit Kappa Group PLC, negatively impacted materials relative returns. Shares of the Irish paper and packaging firm declined following Russia's invasion of Ukraine. It is the leading corrugated packaging producer in Western Europe, and the company has very little direct exposure to Russia/Ukraine. We believed Smurfit Kappa Group PLC's market position, pricing power, and operational execution were underappreciated as of period end. U.K. homebuilders Bellway PLC and Redrow PLC were among the primary underperformers in consumer discretionary. There was a sell-off of homebuilders after the country's housing secretary announced developers would be responsible for an estimated £4 billion of cladding remediation costs. Investor concern over near-term liquidity and the U.K. economy weighed on the companies' share prices as well. On an operational level, however, both Bellway PLC and Redrow PLC highlighted a favorable demand backdrop, sales growth, and strong balance sheets.

**Brandon H. Harrell, CFA** 

**Stedman D. Oakey, CFA** 

**Co-Portfolio Managers** 

**Thompson, Siegel & Walmsley LLC** 

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**Transamerica International Small Cap Value** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 99.3% |
|  Other Investment Company | 5.0 |
|  Net Other Assets (Liabilities) | (4.3) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica International Small Cap Value** 

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**(unaudited)**![LOGO](g404440g02b90.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I (NAV) | (28.23)% | (0.26)% | 4.48% | 01/04/2013 |
|  MSCI EAFE Small Cap Index Gross <sup>(A)</sup> | (29.95)% | (0.92)% | 5.41% |  |
|  Class I2 (NAV) | (28.23)% | (0.17)% | 4.58% | 01/04/2013 |

---

<sup>(A)</sup> *The MSCI EAFE Small Cap Index Gross is an equity index which captures small cap representation across developed markets countries around the world, excluding the U.S. and Canada.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size, lower market volumes and lesser liquidity of the markets. The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 187** 

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##### [**Table of Contents**](#toc)
**Transamerica International Small Cap Value** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.3%** | **COMMON STOCKS - 99.3%** | **COMMON STOCKS - 99.3%** |
| **Australia - 3.7%** | **Australia - 3.7%** | **Australia - 3.7%** |
|  BlueScope Steel Ltd. | 788800 | $7943196 |
|  Charter Hall Group, REIT <sup>(A)</sup> | 633932 | 5262169 |
|  Omni Bridgeway Ltd. <sup>(A)</sup> <sup>(B)</sup> | 2619469 | 7541396 |
|  |  | 20746761 |
| **Austria - 0.4%** | **Austria - 0.4%** | **Austria - 0.4%** |
|  ams-OSRAM AG <sup>(B)</sup> | 444400 | 2515459 |
| **Belgium - 6.1%** | **Belgium - 6.1%** | **Belgium - 6.1%** |
|  Barco NV | 337634 | 7289607 |
|  D'ieteren Group <sup>(A)</sup> | 75808 | 12616577 |
|  Fagron | 230648 | 2871362 |
|  Groupe Bruxelles Lambert NV | 108227 | 7979184 |
|  Telenet Group Holding NV | 238639 | 3638347 |
|  |  | 34395077 |
| **Denmark - 2.6%** | **Denmark - 2.6%** | **Denmark - 2.6%** |
|  Scandinavian Tobacco Group AS <sup>(C)</sup> | 570028 | 9548347 |
|  Schouw & Co. AS | 83967 | 5327299 |
|  |  | 14875646 |
| **Finland - 0.7%** | **Finland - 0.7%** | **Finland - 0.7%** |
|  Kamux Corp. <sup>(A)</sup> | 251300 | 1215405 |
|  Raisio OYJ, V Shares | 1549483 | 2998239 |
|  |  | 4213644 |
| **France - 5.1%** | **France - 5.1%** | **France - 5.1%** |
|  Elis SA | 633200 | 7251346 |
|  ICADE, REIT | 83500 | 3106106 |
|  Kaufman & Broad SA <sup>(A)</sup> | 227529 | 5528645 |
|  Rothschild & Co. | 375219 | 13306677 |
|  |  | 29192774 |
| **Germany - 5.9%** | **Germany - 5.9%** | **Germany - 5.9%** |
|  Bertrandt AG | 37409 | 1114084 |
|  Borussia Dortmund GmbH & Co. KGaA <sup>(B)</sup> | 561880 | 2077211 |
|  DIC Asset AG | 488978 | 3370830 |
|  DWS Group GmbH & Co. KGaA <sup>(C)</sup> | 102000 | 2757707 |
|  Elmos Semiconductor SE | 49000 | 2239892 |
|  Gerresheimer AG | 170200 | 9750523 |
|  Hamburger Hafen und Logistik AG | 345740 | 4049450 |
|  SAF-Holland SE | 530600 | 3927979 |
|  Takkt AG | 305613 | 3958011 |
|  |  | 33245687 |
| **Greece - 1.4%** | **Greece - 1.4%** | **Greece - 1.4%** |
|  Motor Oil Hellas Corinth Refineries SA | 461551 | 7932683 |
| **Hong Kong - 1.8%** | **Hong Kong - 1.8%** | **Hong Kong - 1.8%** |
|  ASMPT Ltd. | 722700 | 3975213 |
|  Great Eagle Holdings Ltd. | 1756493 | 3221214 |
|  Kerry Logistics Network Ltd. | 436181 | 692374 |
|  Pacific Textiles Holdings Ltd. | 7368600 | 2197164 |
|  |  | 10085965 |
| **Ireland - 4.6%** | **Ireland - 4.6%** | **Ireland - 4.6%** |
|  Bank of Ireland Group PLC | 1771700 | 12757341 |
|  C&C Group PLC | 1967385 | 3691356 |
|  Smurfit Kappa Group PLC | 293510 | 9716045 |
|  |  | 26164742 |
| **Italy - 5.3%** | **Italy - 5.3%** | **Italy - 5.3%** |
|  BFF Bank SpA <sup>(C)</sup> | 999700 | 7052455 |
|  Buzzi Unicem SpA | 291800 | 4842938 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
|  Danieli & C Officine Meccaniche SpA | 167690 | $2303309 |
|  doValue SpA <sup>(C)</sup> | 433900 | 2499048 |
|  Prysmian SpA | 312952 | 10185995 |
|  Saras SpA <sup>(B)</sup> | 2584800 | 3123991 |
|  |  | 30007736 |
| **Japan - 31.0%** | **Japan - 31.0%** | **Japan - 31.0%** |
|  Aida Engineering Ltd. | 400700 | 2328039 |
|  Air Water, Inc. | 400400 | 4470394 |
|  Capcom Co. Ltd. | 611800 | 17017183 |
|  CKD Corp. | 288500 | 3538261 |
|  Denka Co. Ltd. | 423660 | 9814530 |
|  DTS Corp. | 357100 | 8489919 |
|  Fuji Corp. | 378500 | 4997775 |
|  FULLCAST Holdings Co. Ltd. | 71600 | 1432124 |
|  Furyu Corp. | 151200 | 1187819 |
|  GMO internet group, Inc. | 382500 | 6594627 |
|  Hikari Tsushin, Inc. | 54200 | 6547055 |
|  Horiba Ltd. | 156500 | 6420801 |
|  Hosokawa Micron Corp. | 109600 | 1988714 |
|  Japan Petroleum Exploration Co. Ltd. | 167100 | 4341743 |
|  Kumiai Chemical Industry Co. Ltd. <sup>(A)</sup> | 764700 | 5025698 |
|  Kyushu Railway Co. | 124000 | 2593300 |
|  MatsukiyoCocokara & Co. | 184600 | 6721036 |
|  Meitec Corp. | 333900 | 5624140 |
|  Nakanishi, Inc. | 586700 | 10704948 |
|  Nextage Co. Ltd. <sup>(A)</sup> | 161700 | 3116687 |
|  Nichiha Corp. | 228300 | 4323202 |
|  Nippon Parking Development Co. Ltd. | 3092300 | 5367978 |
|  Organo Corp. | 78200 | 1349223 |
|  Paramount Bed Holdings Co. Ltd. | 355800 | 6333887 |
|  PCA Corp. <sup>(A)</sup> | 386100 | 2961068 |
|  Rohto Pharmaceutical Co. Ltd. | 232000 | 7217066 |
|  Sanwa Holdings Corp. | 1253300 | 10796069 |
|  Square Enix Holdings Co. Ltd. | 270500 | 12070260 |
|  Takasago Thermal Engineering Co. Ltd. | 327600 | 3985273 |
|  Token Corp. | 86100 | 4538714 |
|  Wakita & Co. Ltd. | 367100 | 2898032 |
|  Yonex Co. Ltd. | 144100 | 1334952 |
|  |  | 176130517 |
| **Netherlands - 3.8%** | **Netherlands - 3.8%** | **Netherlands - 3.8%** |
|  ASM International NV <sup>(A)</sup> | 38900 | 8605446 |
|  Euronext NV <sup>(C)</sup> | 79480 | 5044503 |
|  Van Lanschot Kempen NV, CVA | 377500 | 8147142 |
|  |  | 21797091 |
| **New Zealand - 0.3%** | **New Zealand - 0.3%** | **New Zealand - 0.3%** |
|  Pushpay Holdings Ltd. <sup>(B)</sup> | 2150900 | 1560207 |
| **Norway - 3.1%** | **Norway - 3.1%** | **Norway - 3.1%** |
|  ABG Sundal Collier Holding ASA | 5181427 | 2751160 |
|  Aker ASA, A Shares | 91000 | 6421296 |
|  Kongsberg Gruppen ASA | 162800 | 5838074 |
|  Protector Forsikring ASA | 218500 | 2601511 |
|  |  | 17612041 |
| **Philippines - 0.2%** | **Philippines - 0.2%** | **Philippines - 0.2%** |
|  Alliance Global Group, Inc. | 8177400 | 1275591 |

---

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

---

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 188** 

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##### [**Table of Contents**](#toc)
**Transamerica International Small Cap Value** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Republic of Korea - 2.1%** | **Republic of Korea - 2.1%** | **Republic of Korea - 2.1%** |
|  Eugene Technology Co. Ltd. | 314909 | $4750884 |
|  Gradiant Corp. | 116243 | 1112094 |
|  Value Added Technology Co. Ltd. | 300800 | 6354178 |
|  |  | 12217156 |
| **Spain - 2.6%** | **Spain - 2.6%** | **Spain - 2.6%** |
|  Cia de Distribucion Integral Logista Holdings SA | 502064 | 10383422 |
|  Fluidra SA <sup>(A)</sup> | 94600 | 1284749 |
|  Vidrala SA <sup>(A)</sup> | 39709 | 3035391 |
|  |  | 14703562 |
| **Sweden - 4.1%** | **Sweden - 4.1%** | **Sweden - 4.1%** |
|  Cloetta AB, B Shares | 2838300 | 5188245 |
|  Dios Fastigheter AB | 1176974 | 7728910 |
|  Husqvarna AB, B Shares <sup>(A)</sup> | 749400 | 4449298 |
|  Nobia AB | 976100 | 1625462 |
|  Trelleborg AB, B Shares | 185200 | 4077929 |
|  |  | 23069844 |
| **Switzerland - 1.5%** | **Switzerland - 1.5%** | **Switzerland - 1.5%** |
|  Swissquote Group Holding SA | 71276 | 8442722 |
| **United Kingdom - 13.0%** | **United Kingdom - 13.0%** | **United Kingdom - 13.0%** |
|  Bellway PLC | 374700 | 7968802 |
|  Burberry Group PLC | 271700 | 5661440 |
|  Domino's Pizza Group PLC | 1356500 | 3508296 |
|  Howden Joinery Group PLC | 726100 | 4277160 |
|  IG Group Holdings PLC | 1023035 | 9331365 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Inchcape PLC | 449300 | $3832933 |
|  Informa PLC | 1145027 | 7296017 |
|  Intermediate Capital Group PLC | 379235 | 4617853 |
|  International Personal Finance PLC | 766200 | 683849 |
|  Lancashire Holdings Ltd. | 789500 | 4480519 |
|  Oxford Metrics PLC | 906700 | 852638 |
|  Redde Northgate PLC | 301268 | 1150495 |
|  Redrow PLC | 1876600 | 9030235 |
|  Savills PLC | 675200 | 6379289 |
|  Vistry Group PLC <sup>(A)</sup> | 678000 | 4688506 |
|  |  | 73759397 |
|  **Total Common Stocks <br>(Cost $636,601,428)** | **Total Common Stocks <br>(Cost $636,601,428)** | 563944302 |
| **OTHER INVESTMENT COMPANY - 5.0%** | **OTHER INVESTMENT COMPANY - 5.0%** | **OTHER INVESTMENT COMPANY - 5.0%** |
| **Securities Lending Collateral - 5.0%** | **Securities Lending Collateral - 5.0%** | **Securities Lending Collateral - 5.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 28433884 | 28433884 |
|  **Total Other Investment Company <br>(Cost $28,433,884)** | **Total Other Investment Company <br>(Cost $28,433,884)** | 28433884 |
|  **Total Investments <br>(Cost $665,035,312)** | **Total Investments <br>(Cost $665,035,312)** | 592378186 |
|  **Net Other Assets (Liabilities) - (4.3)%** | **Net Other Assets (Liabilities) - (4.3)%** | (24503605) |
|  **Net Assets - 100.0%** |  | **$567874581** |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Capital Markets | 9.2% | $54399129 |
|  Household Durables | 5.6 | 33380364 |
|  Entertainment | 5.3 | 31164654 |
|  Machinery | 4.4 | 26317297 |
|  Diversified Financial Services | 4.2 | 25072083 |
|  Health Care Equipment & Supplies | 4.0 | 23393013 |
|  Semiconductors & Semiconductor Equipment | 3.7 | 22086894 |
|  Real Estate Management & Development | 3.5 | 20700243 |
|  Chemicals | 3.3 | 19310622 |
|  Building Products | 3.2 | 19104544 |
|  IT Services | 2.8 | 16644753 |
|  Distributors | 2.8 | 16449510 |
|  Oil, Gas & Consumable Fuels | 2.6 | 15398417 |
|  Electronic Equipment, Instruments & Components | 2.3 | 13710408 |
|  Food Products | 2.3 | 13513783 |
|  Banks | 2.2 | 12757341 |
|  Containers & Packaging | 2.2 | 12751436 |
|  Commercial Services & Supplies | 2.1 | 12619324 |
|  Air Freight & Logistics | 1.9 | 11075796 |
|  Media | 1.9 | 10934364 |
|  Specialty Retail | 1.8 | 10879147 |
|  Electrical Equipment | 1.7 | 10185995 |
|  Life Sciences Tools & Services | 1.7 | 9750523 |
|  Tobacco | 1.6 | 9548347 |
|  Equity Real Estate Investment Trusts | 1.4 | 8368275 |

---

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

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**Page 189** 

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##### [**Table of Contents**](#toc)
**Transamerica International Small Cap Value** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Professional Services | 1.4% | $8170348 |
|  Metals & Mining | 1.3 | 7943196 |
|  Textiles, Apparel & Luxury Goods | 1.3 | 7858604 |
|  Industrial Conglomerates | 1.3 | 7696887 |
|  Personal Products | 1.2 | 7217066 |
|  Trading Companies & Distributors | 1.2 | 7175192 |
|  Insurance | 1.2 | 7082030 |
|  Food & Staples Retailing | 1.1 | 6721036 |
|  Aerospace & Defense | 1 | 5838074 |
|  Internet & Direct Marketing Retail | 0.9 | 5070105 |
|  Construction Materials | 0.8 | 4842938 |
|  Transportation Infrastructure | 0.7 | 4049450 |
|  Auto Components | 0.7 | 3927979 |
|  Software | 0.6 | 3813706 |
|  Road & Rail | 0.6 | 3743795 |
|  Beverages | 0.6 | 3691356 |
|  Hotels, Restaurants & Leisure | 0.6 | 3508296 |
|  Health Care Providers & Services | 0.5 | 2871362 |
|  Leisure Products | 0.4 | 2522771 |
|  Consumer Finance | 0.1 | 683849 |
|  **Investments** | **95.2** | **563944302** |
|  Short-Term Investments | 4.8 | 28433884 |
|  **Total Investments** | **100.0%** | $**592378186** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |  |
|  **Investments** | **Investments** | **Investments** | **Investments** |  |
|  Common Stocks | $— | $563944302 | $— | $563944302 |
|  Other Investment Company | 28433884 |  |  | 28433884 |
|  **Total Investments** | $**28433884** | $**563944302** | $**—** | $**592378186** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $32,076,127, collateralized by cash collateral of $28,433,884 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $5,330,330. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Non-income producing securities.* 

(C) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $26,902,060, representing 4.7% of the Fund's net assets.* 

(D) *Rate disclosed reflects the yield at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

*CVA* *Commanditaire Vennootschap op Aandelen (Dutch Certificate)* <br> *REIT* *Real Estate Investment Trust*

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

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**Page 190** 

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**Transamerica International Stock** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

All of the countries in the MSCI EAFE Index were negative during the fiscal year ended October 31, 2022. While there had been debate around whether the global economy could emerge from this tightening cycle in a "soft landing," financial markets now broadly seem to be pricing in a recession as the base-case scenario.

In September 2022, European Central Bank ("ECB") President Christine Lagarde stated that the economic outlook "is darkening" and that she expects business activity to "slow substantially" in the coming months as high energy and food prices hurt consumer spending power. She said output in the fourth quarter of 2022 and the first quarter of 2023 would most likely be "negative." Eurozone inflation accelerated during the fiscal year and exceeded consensus estimates, which reinforced market expectations the ECB will continue hiking interest rates in the next several meetings with hopes of reducing inflation levels.

Prices for oil and commodities remained elevated at period end, but many have declined from highs reached earlier in the fiscal year. The U.S. benchmark West Texas Intermediate crude oil contract surged in the first half of the fiscal year, but has since retreated. The ongoing Russia-Ukraine war also spiked prices for agricultural commodities as both countries are major exporters of wheat and other farm products. China is a major consumer of metals, and its frequent lockdowns in pursuit of its "zero COVID-19" policy slowed demand in recent months. If China can resume normal business activity, we think it could be a tailwind to metals as well as other commodities.

Oddly reassuring is that a pending recession has been well advertised by many market participants, including U.S. Federal Reserve Chairman Jerome Powell. As Chair Powell noted in a September 2022 conference, "The chances of a soft landing are likely to diminish to the extent that policy needs to be more restrictive, or restrictive for longer." That sentiment may shift the focus from "if" to "when and how deep" a potential economic downturn may be. Therefore, for long-term investors, this bottoming process may, in our view, present an opportunity to diversify, rebalance, or put new capital to work at potentially attractive prices ahead of a potential recovery.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica International Stock (Class A) returned -19.38%, excluding any sales charges. By comparison, its benchmark, the MSCI EAFE Index, returned -22.62%.

**STRATEGY REVIEW** 

The Fund outperformed its benchmark, the MSCI EAFE Index during the fiscal year. Stock selection within industrials, communication services, and consumer staples contributed most to performance, whereas an overweight to information technology and an underweight to energy detracted from relative performance. Strong stock selection within Japan, Denmark, and the Netherlands contributed to performance, while stock selection and an underweight to Australia detracted from performance.

Top stock-level contributors included Nippon Telegraph & Telephone Corp. ("Nippon"), a Japanese telecommunications company, and Imperial Brands PLC, a British tobacco company. While the communication services sector was down significantly, Nippon was approximately flat over the last fiscal year. While their mobile service revenues are under pressure, cost cuts and growth in new areas were strong. Imperial Brands PLC proved resiliant amid concerns of global recession and inflation fears.

Largest stock-level detractors included Tokyo Electron Ltd. and Volkswagon AG. Tokyo Electron Ltd., the Japanese semiconductor manufacturer, was hit by supply chain disruptions and also concerns around the escalation in export restrictions imposed by the U.S. on Chinese memory makers. Related, Volkswagon AG, the German automaker, struggled given the shortages in semiconductors and the unprecendented rise in costs for both logistics and raw materials strained the auto sector.

**Alex Turner, CFA** 

**David R. Vaughn, CFA** 

**Gashi Zengeni, CFA** 

**Co-Portfolio Managers** 

**ClariVest Asset Management LLC** 

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**Page 191** 

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**Transamerica International Stock** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 93.9% |
|  Other Investment Company | 7.6 |
|  Preferred Stock | 1.3 |
|  Exchange-Traded Fund | 1 |
|  Net Other Assets (Liabilities) | (3.8) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 192** 

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**Transamerica International Stock** 

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**(unaudited)**![LOGO](g404440g11k90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (23.84)% | (2.32)% | 09/28/2018 |
|  Class A (NAV) | (19.38)% | (0.97)% | 09/28/2018 |
|  MSCI EAFE Index <sup>(A)</sup> | (22.62)% | (0.09)% |  |
|  Class I (NAV) | (19.02)% | (0.66)% | 09/28/2018 |
|  Class I2 (NAV) | (19.08)% | (0.67)% | 09/28/2018 |
|  Class R6 (NAV) | (19.12)% | (0.69)% | 09/28/2018 |

---

<sup>(A)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size, lower market volumes and lesser liquidity of the markets. There also can be no assurance that the use of models will result in effective investment decisions for the Fund.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 193** 

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##### [**Table of Contents**](#toc)
**Transamerica International Stock** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 93.9%** | **COMMON STOCKS - 93.9%** | **COMMON STOCKS - 93.9%** |
| **Australia - 4.1%** | **Australia - 4.1%** | **Australia - 4.1%** |
|  BlueScope Steel Ltd. | 49922 | $502713 |
|  Commonwealth Bank of Australia <sup>(A)</sup> | 27083 | 1815827 |
|  Computershare Ltd. | 30408 | 492246 |
|  National Australia Bank Ltd. <sup>(A)</sup> | 88605 | 1840507 |
|  Perseus Mining Ltd. | 606808 | 706749 |
|  Scentre Group, REIT | 166698 | 310229 |
|  South32 Ltd. | 320807 | 736017 |
|  |  | 6404288 |
| **Austria - 0.3%** | **Austria - 0.3%** | **Austria - 0.3%** |
|  voestalpine AG | 22550 | 489567 |
| **Belgium - 0.4%** | **Belgium - 0.4%** | **Belgium - 0.4%** |
|  Anheuser-Busch InBev SA | 12260 | 613250 |
| **China - 0.6%** | **China - 0.6%** | **China - 0.6%** |
|  Yangzijiang Shipbuilding Holdings Ltd. | 1167500 | 989719 |
| **Denmark - 4.9%** | **Denmark - 4.9%** | **Denmark - 4.9%** |
|  AP Moller - Maersk AS, Class B | 680 | 1420636 |
|  Danske Bank AS | 31097 | 501625 |
|  Genmab AS <sup>(B)</sup> | 3655 | 1407934 |
|  Novo Nordisk AS, Class B | 37711 | 4100364 |
|  Pandora AS | 3841 | 202050 |
|  |  | 7632609 |
| **Finland - 2.4%** | **Finland - 2.4%** | **Finland - 2.4%** |
|  Nokia OYJ | 236966 | 1053056 |
|  Nordea Bank Abp | 286635 | 2738086 |
|  |  | 3791142 |
| **France - 10.3%** | **France - 10.3%** | **France - 10.3%** |
|  BNP Paribas SA | 10891 | 510721 |
|  Capgemini SE | 7916 | 1297359 |
|  Cie de Saint-Gobain | 33610 | 1374008 |
|  Eiffage SA | 14152 | 1279649 |
|  LVMH Moet Hennessy Louis Vuitton SE | 4788 | 3021202 |
|  Pernod Ricard SA <sup>(A)</sup> | 8909 | 1563629 |
|  Publicis Groupe SA | 9164 | 513224 |
|  Remy Cointreau SA | 3893 | 595387 |
|  Rexel SA | 27854 | 497063 |
|  Sanofi | 22664 | 1950414 |
|  Sartorius Stedim Biotech | 1712 | 543284 |
|  Societe Generale SA | 15362 | 352359 |
|  TotalEnergies SE | 35185 | 1919460 |
|  Veolia Environnement SA | 25776 | 575217 |
|  |  | 15992976 |
| **Germany - 6.2%** | **Germany - 6.2%** | **Germany - 6.2%** |
|  Bayer AG | 15917 | 836932 |
|  Bayerische Motoren Werke AG | 14505 | 1138525 |
|  Brenntag SE | 6107 | 370550 |
|  Deutsche Post AG | 48822 | 1725847 |
|  Deutsche Telekom AG | 107286 | 2025075 |
|  Infineon Technologies AG | 44240 | 1073504 |
|  Mercedes-Benz Group AG | 11363 | 657708 |
|  Merck KGaA | 11413 | 1859920 |
|  |  | 9688061 |
| **Hong Kong - 1.6%** | **Hong Kong - 1.6%** | **Hong Kong - 1.6%** |
|  ASMPT Ltd. | 61500 | 338281 |
|  CK Hutchison Holdings Ltd. | 245000 | 1219568 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
|  New World Development Co. Ltd. | 172000 | $351821 |
|  Pacific Basin Shipping Ltd. | 2719000 | 658278 |
|  |  | 2567948 |
| **Ireland - 0.3%** | **Ireland - 0.3%** | **Ireland - 0.3%** |
|  James Hardie Industries PLC, CDI | 17614 | 384566 |
| **Israel - 0.7%** | **Israel - 0.7%** | **Israel - 0.7%** |
|  Teva Pharmaceutical Industries Ltd., ADR <sup>(B)</sup> | 114900 | 1024908 |
| **Italy - 1.7%** | **Italy - 1.7%** | **Italy - 1.7%** |
|  Enel SpA | 96799 | 432435 |
|  Eni SpA | 71629 | 940755 |
|  Ferrari NV | 3577 | 705163 |
|  Leonardo SpA | 79539 | 639024 |
|  |  | 2717377 |
| **Japan - 23.5%** | **Japan - 23.5%** | **Japan - 23.5%** |
|  Canon, Inc. <sup>(A)</sup> | 121900 | 2583973 |
|  Cosmo Energy Holdings Co. Ltd. | 16300 | 419877 |
|  Electric Power Development Co. Ltd., Class C | 42200 | 586905 |
|  FUJIFILM Holdings Corp. | 35100 | 1605821 |
|  Fujitsu Ltd. | 11700 | 1346185 |
|  Honda Motor Co. Ltd. | 43300 | 987347 |
|  Ibiden Co. Ltd. | 15500 | 522464 |
|  Inpex Corp. | 42100 | 424890 |
|  ITOCHU Corp. <sup>(A)</sup> | 90200 | 2331177 |
|  Japan Tobacco, Inc. | 31700 | 530894 |
|  KDDI Corp. | 26800 | 792127 |
|  Marubeni Corp. | 176100 | 1541564 |
|  Mitsubishi Corp. | 51300 | 1389659 |
|  Mitsubishi UFJ Financial Group, Inc. | 129100 | 609849 |
|  Mitsui & Co. Ltd. | 32500 | 719198 |
|  Mizuho Financial Group, Inc. | 46690 | 504974 |
|  Murata Manufacturing Co. Ltd. | 19700 | 932587 |
|  Nintendo Co. Ltd. <sup>(A)</sup> | 50000 | 2029955 |
|  Nippon Telegraph & Telephone Corp. | 133900 | 3693055 |
|  Nippon Yusen KK | 64500 | 1168382 |
|  Olympus Corp. | 37300 | 786451 |
|  Ono Pharmaceutical Co. Ltd. | 30500 | 717773 |
|  Otsuka Holdings Co. Ltd. | 22500 | 721226 |
|  Renesas Electronics Corp. <sup>(B)</sup> | 48600 | 406575 |
|  Sekisui House Ltd. | 36500 | 606002 |
|  Seven & i Holdings Co. Ltd. <sup>(A)</sup> | 43000 | 1605119 |
|  SoftBank Group Corp. | 12100 | 519407 |
|  Sony Group Corp. | 18600 | 1254284 |
|  Sumitomo Mitsui Financial Group, Inc. | 26800 | 752586 |
|  Sysmex Corp. | 14300 | 769681 |
|  Takeda Pharmaceutical Co. Ltd. | 19700 | 520257 |
|  Toyota Motor Corp. | 230900 | 3203645 |
|  |  | 36583889 |
| **Netherlands - 5.7%** | **Netherlands - 5.7%** | **Netherlands - 5.7%** |
|  ASML Holding NV <sup>(A)</sup> | 4709 | 2208929 |
|  ASR Nederland NV | 10057 | 442839 |
|  Heineken NV | 5086 | 424855 |
|  Just Eat Takeaway.com NV <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> | 35859 | 615343 |
|  Koninklijke Ahold Delhaize NV <sup>(A)</sup> | 64498 | 1798737 |
|  NN Group NV | 28707 | 1215524 |
|  Prosus NV | 4900 | 211884 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 194** 

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##### [**Table of Contents**](#toc)
**Transamerica International Stock** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
|  Signify NV <sup>(C)</sup> | 17759 | $492016 |
|  Stellantis NV | 108654 | 1465913 |
|  |  | 8876040 |
| **Norway - 0.8%** | **Norway - 0.8%** | **Norway - 0.8%** |
|  Equinor ASA | 35950 | 1309792 |
| **Singapore - 0.7%** | **Singapore - 0.7%** | **Singapore - 0.7%** |
|  DBS Group Holdings Ltd. | 47100 | 1138704 |
| **Spain - 2.8%** | **Spain - 2.8%** | **Spain - 2.8%** |
|  Banco Bilbao Vizcaya Argentaria SA | 100897 | 520506 |
|  Banco Santander SA <sup>(A)</sup> | 607114 | 1574535 |
|  Iberdrola SA | 136034 | 1383367 |
|  Repsol SA | 30341 | 412773 |
|  Telefonica SA | 157248 | 542065 |
|  |  | 4433246 |
| **Sweden - 0.7%** | **Sweden - 0.7%** | **Sweden - 0.7%** |
|  SSAB AB, B Shares | 231408 | 1075219 |
| **Switzerland - 8.1%** | **Switzerland - 8.1%** | **Switzerland - 8.1%** |
|  Alcon, Inc. | 32071 | 1952654 |
|  Cie Financiere Richemont SA, Class A | 2780 | 271699 |
|  Glencore PLC | 60473 | 346696 |
|  Nestle SA | 20240 | 2203302 |
|  Novartis AG | 10243 | 828564 |
|  Roche Holding AG | 6338 | 2102936 |
|  Sonova Holding AG | 4542 | 1073564 |
|  Swiss Life Holding AG | 3357 | 1625533 |
|  UBS Group AG | 91296 | 1447421 |
|  Zurich Insurance Group AG | 1656 | 705744 |
|  |  | 12558113 |
| **United Kingdom - 18.1%** | **United Kingdom - 18.1%** | **United Kingdom - 18.1%** |
|  3i Group PLC | 119217 | 1587775 |
|  Anglo American PLC | 15704 | 470401 |
|  Ashtead Group PLC | 12038 | 627096 |
|  AstraZeneca PLC | 19453 | 2282462 |
|  BAE Systems PLC | 71395 | 667798 |
|  Barclays PLC | 596659 | 1013874 |
|  Bellway PLC | 12247 | 260459 |
|  BP PLC | 189793 | 1050049 |
|  British American Tobacco PLC | 44496 | 1757300 |
|  Coca-Cola Europacific Partners PLC | 25354 | 1192906 |
|  Compass Group PLC | 37569 | 791271 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Diageo PLC | 61543 | $2532646 |
|  Ferguson PLC | 9218 | 1005303 |
|  GSK PLC | 86983 | 1424875 |
|  Halma PLC | 27150 | 658368 |
|  HSBC Holdings PLC | 396967 | 2037254 |
|  Imperial Brands PLC | 88450 | 2154559 |
|  Lloyds Banking Group PLC | 1238919 | 595012 |
|  RELX PLC | 50974 | 1369186 |
|  Rio Tinto PLC | 20271 | 1059395 |
|  Shell PLC | 54783 | 1517576 |
|  SSE PLC | 87319 | 1560467 |
|  Standard Chartered PLC | 109254 | 652764 |
|  |  | 28268796 |
|  **Total Common Stocks <br>(Cost $158,150,347)** | **Total Common Stocks <br>(Cost $158,150,347)** | 146540210 |
| **PREFERRED STOCK - 1.3%** | **PREFERRED STOCK - 1.3%** | **PREFERRED STOCK - 1.3%** |
| **Germany - 1.3%** | **Germany - 1.3%** | **Germany - 1.3%** |
|  Volkswagen AG, <br>5.83% <sup>(D)</sup> | 15748 | 2015765 |
|  **Total Preferred Stock <br>(Cost $2,439,531)** | **Total Preferred Stock <br>(Cost $2,439,531)** | 2015765 |
| **EXCHANGE-TRADED FUND - 1.0%** | **EXCHANGE-TRADED FUND - 1.0%** | **EXCHANGE-TRADED FUND - 1.0%** |
| **United States - 1.0%** | **United States - 1.0%** | **United States - 1.0%** |
|  iShares MSCI EAFE ETF <sup>(A)</sup> | 25400 | 1506474 |
|  **Total Exchange-Traded Fund <br>(Cost $1,853,008)** | **Total Exchange-Traded Fund <br>(Cost $1,853,008)** | 1506474 |
| **OTHER INVESTMENT COMPANY - 7.6%** | **OTHER INVESTMENT COMPANY - 7.6%** | **OTHER INVESTMENT COMPANY - 7.6%** |
| **Securities Lending Collateral - 7.6%** | **Securities Lending Collateral - 7.6%** | **Securities Lending Collateral - 7.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 11812299 | 11812299 |
|  **Total Other Investment Company <br>(Cost $11,812,299)** | **Total Other Investment Company <br>(Cost $11,812,299)** | 11812299 |
|  **Total Investments <br>(Cost $174,255,185)** | **Total Investments <br>(Cost $174,255,185)** | 161874748 |
|  **Net Other Assets (Liabilities) - (3.8)%** |  | (5888173) |
|  **Net Assets - 100.0%** |  | **$155986575** |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Pharmaceuticals | 11.3% | $18370631 |
|  Banks | 10.6 | 17159183 |
|  Automobiles | 6.3 | 10174066 |
|  Oil, Gas & Consumable Fuels | 4.9 | 7995172 |
|  Trading Companies & Distributors | 4.9 | 7854514 |
|  Beverages | 4.3 | 6922673 |
|  Diversified Telecommunication Services | 3.9 | 6260195 |
|  Metals & Mining | 3.3 | 5386757 |
|  Health Care Equipment & Supplies | 2.8 | 4582350 |
|  Tobacco | 2.7 | 4442753 |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 195** 

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##### [**Table of Contents**](#toc)
**Transamerica International Stock** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Technology Hardware, Storage & Peripherals | 2.6% | $4189794 |
|  Semiconductors & Semiconductor Equipment | 2.5 | 4027289 |
|  Insurance | 2.5 | 3989640 |
|  Textiles, Apparel & Luxury Goods | 2.2 | 3494951 |
|  Food & Staples Retailing | 2.1 | 3403856 |
|  Electric Utilities | 2.1 | 3376269 |
|  Marine | 2.0 | 3247296 |
|  IT Services | 1.9 | 3135790 |
|  Capital Markets | 1.9 | 3035196 |
|  Food Products | 1.4 | 2203302 |
|  Household Durables | 1.3 | 2120745 |
|  Electronic Equipment, Instruments & Components | 1.3 | 2113419 |
|  Entertainment | 1.3 | 2029955 |
|  Air Freight & Logistics | 1.1 | 1725847 |
|  International Equity Funds | 0.9 | 1506474 |
|  Biotechnology | 0.9 | 1407934 |
|  Building Products | 0.8 | 1374008 |
|  Professional Services | 0.8 | 1369186 |
|  Wireless Telecommunication Services | 0.8 | 1311534 |
|  Aerospace & Defense | 0.8 | 1306822 |
|  Construction & Engineering | 0.8 | 1279649 |
|  Industrial Conglomerates | 0.8 | 1219568 |
|  Communications Equipment | 0.6 | 1053056 |
|  Machinery | 0.6 | 989719 |
|  Internet & Direct Marketing Retail | 0.5 | 827227 |
|  Hotels, Restaurants & Leisure | 0.5 | 791271 |
|  Commercial Services & Supplies | 0.4 | 627096 |
|  Independent Power & Renewable Electricity Producers | 0.4 | 586905 |
|  Multi-Utilities | 0.4 | 575217 |
|  Life Sciences Tools & Services | 0.3 | 543284 |
|  Media | 0.3 | 513224 |
|  Electrical Equipment | 0.3 | 492016 |
|  Construction Materials | 0.2 | 384566 |
|  Real Estate Management & Development | 0.2 | 351821 |
|  Equity Real Estate Investment Trusts | 0.2 | 310229 |
|  **Investments** | **92.7** | **150062449** |
|  Short-Term Investments | 7.3 | 11812299 |
|  **Total Investments** | **100.0%** | $**161874748** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $2217814 | $144322396 | $— | $146540210 |
|  Preferred Stock |  | 2015765 |  | 2015765 |
|  Exchange-Traded Fund | 1506474 |  |  | 1506474 |
|  Other Investment Company | 11812299 |  |  | 11812299 |
|  **Total Investments** | $**15536587** | $**146338161** | $**—** | $**161874748** |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 196** 

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**Transamerica International Stock** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $13,557,932, collateralized by cash collateral of $11,812,299 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,398,674. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Non-income producing securities.* 

(C) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $1,107,359, representing 0.7% of the Fund's net assets.* 

(D) *Rates disclosed reflect the yields at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *CDI* | *CHESS Depositary Interests* |
| *REIT* | *Real Estate Investment Trust* |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 197** 

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**Transamerica Large Cap Value** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

For most of the fiscal year ended October 31, 2022, stocks were under pressure, as 40-year highs in inflation, geopolitical risk, and the threat of a recession weighed on market sentiment. The fiscal year ended with investors focused on whether the U.S. Federal Reserve ("Fed") could balance the need to restore credibility around inflation while orchestrating a soft landing of the U.S. economy. The outcome will likely determine if U.S. equities are buying opportunities at the current levels, since the health of the economy has a large impact on corporate earnings.

In April 2022, the Russia/Ukraine conflict, COVID-related China lockdowns, rising inflation, higher interest rates, continued labor shortages, and continued supply chain issues all contributed to the worst monthly returns since 2020. The equity market continued to slide down in June on the backdrop of higher inflation, weaker growth and tightening financial conditions. Aside from the bearish sentiment in the market, investors rotated out of growth-oriented stocks and into value.

In July 2022, the Fed hiked interest rates by 0.75%. Inflation as measured by the headline consumer price index came in above consensus at 9.1%. U.S. interest rates continued their rise, wreaking havoc on risky assets and likewise a flight to quality assets, as the Fed raised the Federal Funds Rate by another 0.75% in September.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Large Cap Value (Class A) returned -6.69%, excluding any sales charges. By comparison, its benchmark, the Russell 1000<sup>®</sup> Value Index, returned -7.00%.

**STRATEGY REVIEW** 

The Fund outperformed its benchmark during the fiscal year ended October 31, 2022. Outperformance was driven by both stock selection and sector allocation. Stock selection in manufacturing, healthcare and energy sectors contributed most to outperformance, while stock selection in consumer services, financial services, and consumer discretionary detracted from performance. A modest overweight to energy, which significantly outperformed the market during the period, drove positive performance from sector allocation.

At the stock level, top contributors included ConocoPhillips and Eli Lilly & Co. Shares of ConocoPhillips, an energy producer, outperformed in the period on the back of a strong rebound in energy prices. The company reported a series of strong quarterly reports and raised its shareholder distribution targets more than investor expectations. In the healthcare sector, shares of Eli Lilly & Co., a pharmaceutical company, rallied in part on the defensive nature of their business model in a tough market environment. The company also posted relatively strong earnings during the period, raised revenue guidance, and has benefited from a very strong launch of a diabetes drug that also looks to have promising benefits in the obesity market. Lastly, the company has a drug in development to treat Alzheimer's, which also helped to drive Eli Lilly & Co. shares higher during the period.

The largest detractor in the Fund was Baxter International, Inc. Shares of Baxter International, Inc. underperformed in the period after a series of disappointing quarterly reports and lowered guidance forecasts. While the company's product demand remains strong, supply-chain challenges for inputs like semiconductors chips and raw materials continue to hamper product supply. These headwinds should begin to abate in 2023.

**Paul Roukis, CFA** 

**Jeff Agne** 

**Co-Portfolio Managers** 

**Rothschild & Co Asset Management US Inc.** 

------

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.5% |
|  Repurchase Agreement | 2.5 |
|  Net Other Assets (Liabilities) | 0.0 \* |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 198** 

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**Transamerica Large Cap Value** 

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**(unaudited)**![LOGO](g404440g59x20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (11.83)% | 4.26% | 9.57% | 11/15/2010 |
|  Class A (NAV) | (6.69)% | 5.45% | 10.20% | 11/15/2010 |
|  Russell 1000<sup>®</sup> Value Index <sup>(A)</sup> | (7.00)% | 7.21% | 10.30% |  |
|  Class C (POP) | (8.25)% | 4.67% | 9.39% | 11/15/2010 |
|  Class C (NAV) | (7.34)% | 4.67% | 9.39% | 11/15/2010 |
|  Class I (NAV) | (6.27)% | 5.83% | 10.55% | 11/15/2010 |
|  Class I2 (NAV) | (6.37)% | 5.85% | 10.62% | 11/15/2010 |
|  Class R6 (NAV) | (6.37)% | 5.85% | 7.75% | 05/29/2015 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value approach carries the risk that the market will not recognize a security's intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

---

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**Page 199** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Cap Value** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.5%** | **COMMON STOCKS - 97.5%** | **COMMON STOCKS - 97.5%** |
| **Aerospace & Defense - 4.0%** | **Aerospace & Defense - 4.0%** | **Aerospace & Defense - 4.0%** |
|  Northrop Grumman Corp. | 91852 | $50427666 |
|  Textron, Inc. | 373172 | 25539892 |
|  |  | 75967558 |
| **Airlines - 1.1%** | **Airlines - 1.1%** | **Airlines - 1.1%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 593538 | 21575106 |
| **Automobiles - 1.7%** | **Automobiles - 1.7%** | **Automobiles - 1.7%** |
|  General Motors Co. | 816962 | 32065758 |
| **Banks - 9.4%** | **Banks - 9.4%** | **Banks - 9.4%** |
|  Bank of America Corp. | 1904892 | 68652307 |
|  JPMorgan Chase & Co. | 493161 | 62079107 |
|  Wells Fargo & Co. | 1073808 | 49384430 |
|  |  | 180115844 |
| **Beverages - 2.9%** | **Beverages - 2.9%** | **Beverages - 2.9%** |
|  PepsiCo, Inc. | 304432 | 55278763 |
| **Biotechnology - 2.0%** | **Biotechnology - 2.0%** | **Biotechnology - 2.0%** |
|  AbbVie, Inc. | 268393 | 39292735 |
| **Capital Markets - 6.3%** | **Capital Markets - 6.3%** | **Capital Markets - 6.3%** |
|  BlackRock, Inc. | 70188 | 45335131 |
|  Charles Schwab Corp. | 623666 | 49687470 |
|  State Street Corp. | 359999 | 26639926 |
|  |  | 121662527 |
| **Chemicals - 2.3%** | **Chemicals - 2.3%** | **Chemicals - 2.3%** |
|  Air Products & Chemicals, Inc. | 178863 | 44787295 |
| **Communications Equipment - 1.6%** | **Communications Equipment - 1.6%** | **Communications Equipment - 1.6%** |
|  Motorola Solutions, Inc. | 121028 | 30221902 |
| **Construction & Engineering - 2.5%** | **Construction & Engineering - 2.5%** | **Construction & Engineering - 2.5%** |
|  Quanta Services, Inc. | 342288 | 48618587 |
| **Construction Materials - 2.1%** | **Construction Materials - 2.1%** | **Construction Materials - 2.1%** |
|  Martin Marietta Materials, Inc. | 120765 | 40574625 |
| **Electric Utilities - 4.3%** | **Electric Utilities - 4.3%** | **Electric Utilities - 4.3%** |
|  Duke Energy Corp. | 459293 | 42796922 |
|  Xcel Energy, Inc. | 606975 | 39520142 |
|  |  | 82317064 |
| **Energy Equipment & Services - 2.1%** | **Energy Equipment & Services - 2.1%** | **Energy Equipment & Services - 2.1%** |
|  Schlumberger NV | 776137 | 40382408 |
| **Entertainment - 2.2%** | **Entertainment - 2.2%** | **Entertainment - 2.2%** |
|  Walt Disney Co. <sup>(A)</sup> | 396156 | 42206460 |
| **Equity Real Estate Investment Trusts - 3.6%** | **Equity Real Estate Investment Trusts - 3.6%** | **Equity Real Estate Investment Trusts - 3.6%** |
|  American Tower Corp. | 159068 | 32957299 |
|  Prologis, Inc. | 330188 | 36568321 |
|  |  | 69525620 |
| **Food Products - 3.0%** | **Food Products - 3.0%** | **Food Products - 3.0%** |
|  Mondelez International, Inc., Class A | 406594 | 24997399 |
|  Tyson Foods, Inc., Class A | 480899 | 32869447 |
|  |  | 57866846 |
| **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** |
|  Baxter International, Inc. | 565543 | 30737262 |
| **Health Care Providers & Services - 4.9%** | **Health Care Providers & Services - 4.9%** | **Health Care Providers & Services - 4.9%** |
|  AmerisourceBergen Corp. | 289627 | 45535157 |
|  UnitedHealth Group, Inc. | 89084 | 49454983 |
|  |  | 94990140 |
| **Insurance - 2.5%** | **Insurance - 2.5%** | **Insurance - 2.5%** |
|  Hartford Financial Services Group, Inc. | 650290 | 47087499 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services - 3.8%** | **Interactive Media & Services - 3.8%** | **Interactive Media & Services - 3.8%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 577972 | $54624134 |
|  Meta Platforms, Inc., Class A <sup>(A)</sup> | 189737 | 17675899 |
|  |  | 72300033 |
| **IT Services - 1.6%** | **IT Services - 1.6%** | **IT Services - 1.6%** |
|  PayPal Holdings, Inc. <sup>(A)</sup> | 375943 | 31421316 |
| **Life Sciences Tools & Services - 3.0%** | **Life Sciences Tools & Services - 3.0%** | **Life Sciences Tools & Services - 3.0%** |
|  Thermo Fisher Scientific, Inc. | 113791 | 58485160 |
| **Machinery - 4.3%** | **Machinery - 4.3%** | **Machinery - 4.3%** |
|  Caterpillar, Inc. | 189462 | 41010944 |
|  Parker-Hannifin Corp. | 145927 | 42409305 |
|  |  | 83420249 |
| **Media - 2.6%** | **Media - 2.6%** | **Media - 2.6%** |
|  Comcast Corp., Class A | 662229 | 21019149 |
|  Fox Corp., Class A | 966561 | 27904616 |
|  |  | 48923765 |
| **Multiline Retail - 1.6%** | **Multiline Retail - 1.6%** | **Multiline Retail - 1.6%** |
|  Target Corp. | 185371 | 30447187 |
| **Oil, Gas & Consumable Fuels - 8.0%** | **Oil, Gas & Consumable Fuels - 8.0%** | **Oil, Gas & Consumable Fuels - 8.0%** |
|  ConocoPhillips | 493508 | 62226424 |
|  Exxon Mobil Corp. | 833551 | 92365786 |
|  |  | 154592210 |
| **Pharmaceuticals - 5.5%** | **Pharmaceuticals - 5.5%** | **Pharmaceuticals - 5.5%** |
|  Bristol-Myers Squibb Co. | 668483 | 51787378 |
|  Eli Lilly & Co. | 149044 | 53967342 |
|  |  | 105754720 |
| **Road & Rail - 1.7%** | **Road & Rail - 1.7%** | **Road & Rail - 1.7%** |
|  CSX Corp. | 1135905 | 33009399 |
| **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** |
|  Micron Technology, Inc. | 486539 | 26321760 |
| **Software - 2.0%** | **Software - 2.0%** | **Software - 2.0%** |
|  Microsoft Corp. | 165182 | 38343698 |
| **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** |
|  Lowe's Cos., Inc. | 185726 | 36207284 |
|  **Total Common Stocks <br>(Cost $1,621,203,555)** | **Total Common Stocks <br>(Cost $1,621,203,555)** | 1874500780 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.5%** | **REPURCHASE AGREEMENT - 2.5%** | **REPURCHASE AGREEMENT - 2.5%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $47,697,287 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $48,649,784. | $47695829 | 47695829 |
|  **Total Repurchase Agreement <br>(Cost $47,695,829)** | **Total Repurchase Agreement <br>(Cost $47,695,829)** | 47695829 |
|  **Total Investments <br>(Cost $1,668,899,384)** | **Total Investments <br>(Cost $1,668,899,384)** | 1922196609 |
|  **Net Other Assets (Liabilities) - 0.0% <sup>(C)</sup>** | **Net Other Assets (Liabilities) - 0.0% <sup>(C)</sup>** | 133564 |
|  **Net Assets - 100.0%** |  | **$1922330173** |

---

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

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 200** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Cap Value** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $1874500780 | $— | $— | $1874500780 |
|  Repurchase Agreement |  | 47695829 |  | 47695829 |
|  **Total Investments** | $**1874500780** | $**47695829** | $**—** | $**1922196609** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

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

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

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**Page 201** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Core** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

At the beginning of the fiscal year ended October 31, 2022, markets reached new highs in early November 2021, and then stumbled entering the holiday season as concerns surrounding inflation and the new Omicron variant of COVID-19 rattled markets. Federal Reserve ("Fed") Chair Jerome Powell's comments surrounding the use of the word "transitory" signaled a potential change in the Fed's views as inflation continued to trend up. U.S. equities closed calendar year 2021 on a strong rally. January 2022 was a volatile month, however, as the Fed's lift-off scenario for interest rates began to take shape with inflation running high. Equities traded lower in anticipation that Chair Powell and the Fed could raise rates at a faster than expected rate. U.S. equities fell with volatility elevated as geopolitical tensions gripped the world with Russia's invasion of neighboring Ukraine in February 2022.

In April 2022, the Russia/Ukraine conflict, COVID-related China lockdowns, rising inflation, higher interest rates, continued labor shortages, and continued supply chain issues all contributed to the worst monthly returns since 2020. The equity market continued to slide down in June on the backdrop of higher inflation, weaker growth and tightening financial conditions. Growth stocks, particularly the long-duration segment, declined most significantly due to higher interest rates. While the inflation rate was still high, signs of "peak-inflation" started to emerge.

In July 2022, the Fed hiked interest rates by 0.75%. Inflation as measured by the headline consumer price index came in above consensus at 9.1%. U.S. interest rates continued their rise, wreaking havoc on risky assets and likewise causing a flight to quality assets, as the Fed raised the Federal Funds Rate by another 0.75% in September.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Large Core (Class R4) returned -12.73%. By comparison, its benchmark, the S&P 500<sup>®</sup> Index, returned -14.61%.

**STRATEGY REVIEW** 

We believe that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our model quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model's 90-plus factors can be aggregated into three equally weighted clusters: quality, sentiment, and valuation.

For the fiscal year, the top-performing sectors were industrials, information technology and consumer discretionary. Holdings in communication services and materials detracted most from performance. Among growth categories, mature defensive stocks outperformed, while mature cyclical holdings underperformed. Among the top individual contributors were Lockheed Martin Corp. and Raymond James Financial, Inc., both overweights for the Fund relative to its benchmark. PepsiCo, Inc., an underweight, and Alphabet, Inc., an overweight, detracted the most from performance.

**Sheedsa Ali, CFA** 

**Portfolio Manager** 

**PineBridge Investments LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.7% |
|  Exchange-Traded Fund | 2.0 |
|  Other Investment Company | 0.1 |
|  Net Other Assets (Liabilities) | 0.2 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 202** 

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**Transamerica Large Core** 

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**(unaudited)**![LOGO](g404440g47g38.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I3 (NAV) | (12.58)% | 9.45% | 10.36% | 03/10/2017 |
|  Class R (NAV) | (13.03)% | 8.92% | 9.82% | 03/10/2017 |
|  Class R4 (NAV) | (12.73)% | 9.18% | 11.93% | 09/11/2000 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (14.61)% | 10.44% | 12.79% |  |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 203** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Core** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** |
| **Aerospace & Defense - 1.5%** | **Aerospace & Defense - 1.5%** | **Aerospace & Defense - 1.5%** |
|  Boeing Co. <sup>(A)</sup> | 2628 | $374516 |
|  General Dynamics Corp. | 1315 | 328487 |
|  Lockheed Martin Corp. | 3003 | 1461500 |
|  Textron, Inc. | 599 | 40996 |
|  TransDigm Group, Inc. | 520 | 299395 |
|  |  | 2504894 |
| **Air Freight & Logistics - 0.9%** | **Air Freight & Logistics - 0.9%** | **Air Freight & Logistics - 0.9%** |
|  Expeditors International of Washington, Inc. | 2484 | 243059 |
|  FedEx Corp. | 368 | 58983 |
|  United Parcel Service, Inc., Class B | 7133 | 1196704 |
|  |  | 1498746 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 4447 | 161648 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  BorgWarner, Inc. | 5069 | 190240 |
| **Automobiles - 2.0%** | **Automobiles - 2.0%** | **Automobiles - 2.0%** |
|  Ford Motor Co. | 20083 | 268510 |
|  Tesla, Inc. <sup>(A)</sup> | 13378 | 3044030 |
|  |  | 3312540 |
| **Banks - 3.5%** | **Banks - 3.5%** | **Banks - 3.5%** |
|  Citigroup, Inc. | 20751 | 951641 |
|  Citizens Financial Group, Inc. | 3102 | 126872 |
|  Comerica, Inc. | 7428 | 523674 |
|  First Republic Bank | 1482 | 177988 |
|  JPMorgan Chase & Co. | 16226 | 2042529 |
|  PNC Financial Services Group, Inc. | 2645 | 428040 |
|  Regions Financial Corp. | 32225 | 707339 |
|  Signature Bank | 1671 | 264904 |
|  US Bancorp | 9989 | 424033 |
|  |  | 5647020 |
| **Beverages - 1.3%** | **Beverages - 1.3%** | **Beverages - 1.3%** |
|  Coca-Cola Co. | 26054 | 1559332 |
|  PepsiCo, Inc. | 3073 | 557995 |
|  |  | 2117327 |
| **Biotechnology - 2.7%** | **Biotechnology - 2.7%** | **Biotechnology - 2.7%** |
|  AbbVie, Inc. | 7848 | 1148947 |
|  Amgen, Inc. | 5344 | 1444750 |
|  Gilead Sciences, Inc. | 338 | 26520 |
|  Incyte Corp. <sup>(A)</sup> | 2240 | 166522 |
|  Moderna, Inc. <sup>(A)</sup> | 2331 | 350419 |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 791 | 592261 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 2175 | 678600 |
|  |  | 4408019 |
| **Building Products - 0.0% <sup>(B)</sup>** | **Building Products - 0.0% <sup>(B)</sup>** | **Building Products - 0.0% <sup>(B)</sup>** |
|  Carrier Global Corp. | 576 | 22902 |
|  Masco Corp. | 394 | 18230 |
|  |  | 41132 |
| **Capital Markets - 2.1%** | **Capital Markets - 2.1%** | **Capital Markets - 2.1%** |
|  Ameriprise Financial, Inc. | 3430 | 1060282 |
|  Charles Schwab Corp. | 14779 | 1177443 |
|  FactSet Research Systems, Inc. | 448 | 190619 |
|  MarketAxess Holdings, Inc. | 299 | 72968 |
|  Raymond James Financial, Inc. | 6461 | 763302 |
| T. Rowe Price Group, Inc. | 892 | 94695 |
|  |  | 3359309 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** |
|  Celanese Corp. | 1979 | $190222 |
|  CF Industries Holdings, Inc. | 2654 | 282014 |
|  Dow, Inc. | 10262 | 479646 |
|  Linde PLC | 726 | 215876 |
|  LyondellBasell Industries NV, Class A | 3941 | 301289 |
|  Mosaic Co. | 3457 | 185814 |
|  |  | 1654861 |
| **Commercial Services & Supplies - 0.6%** | **Commercial Services & Supplies - 0.6%** | **Commercial Services & Supplies - 0.6%** |
|  Cintas Corp. | 1108 | 473725 |
|  Copart, Inc. <sup>(A)</sup> | 2079 | 239127 |
|  Waste Management, Inc. | 2105 | 333369 |
|  |  | 1046221 |
| **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** |
|  Arista Networks, Inc. <sup>(A)</sup> | 1550 | 187333 |
|  Cisco Systems, Inc. | 23015 | 1045572 |
|  F5, Inc. <sup>(A)</sup> | 42 | 6002 |
|  |  | 1238907 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  American Express Co. | 6042 | 896935 |
|  Discover Financial Services | 4913 | 513212 |
|  Synchrony Financial | 2872 | 102128 |
|  |  | 1512275 |
| **Containers & Packaging - 0.6%** | **Containers & Packaging - 0.6%** | **Containers & Packaging - 0.6%** |
|  Avery Dennison Corp. | 378 | 64090 |
|  Ball Corp. | 945 | 46673 |
|  International Paper Co. | 4980 | 167378 |
|  Packaging Corp. of America | 4200 | 504882 |
|  Westrock Co. | 6812 | 232017 |
|  |  | 1015040 |
| **Distributors - 0.3%** | **Distributors - 0.3%** | **Distributors - 0.3%** |
|  LKQ Corp. | 8684 | 483178 |
| **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** |
|  Berkshire Hathaway, Inc., Class B <sup>(A)</sup> | 11182 | 3299697 |
|  Intercontinental Exchange, Inc. | 83 | 7932 |
|  |  | 3307629 |
| **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** |
|  AT&T, Inc. | 8934 | 162867 |
|  Lumen Technologies, Inc. <sup>(C)</sup> | 10894 | 80180 |
|  Verizon Communications, Inc. | 21945 | 820084 |
|  |  | 1063131 |
| **Electric Utilities - 1.2%** | **Electric Utilities - 1.2%** | **Electric Utilities - 1.2%** |
|  Constellation Energy Corp. | 3614 | 341667 |
|  Edison International | 7642 | 458826 |
|  Entergy Corp. | 5323 | 570306 |
|  Exelon Corp. | 16491 | 636388 |
|  |  | 2007187 |
| **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** |
|  Emerson Electric Co. | 4802 | 415853 |
| **Electronic Equipment, Instruments & Components - 0.8%** | **Electronic Equipment, Instruments & Components - 0.8%** | **Electronic Equipment, Instruments & Components - 0.8%** |
|  Amphenol Corp., Class A | 6545 | 496307 |
|  Corning, Inc. | 5293 | 170276 |
|  Keysight Technologies, Inc. <sup>(A)</sup> | 2208 | 384523 |
|  Teledyne Technologies, Inc. <sup>(A)</sup> | 414 | 164764 |
|  |  | 1215870 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 204** 

------

##### [**Table of Contents**](#toc)
**Transamerica Large Core** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
|  Halliburton Co. | 3341 | $121679 |
|  Schlumberger NV | 2569 | 133665 |
|  |  | 255344 |
| **Entertainment - 1.2%** | **Entertainment - 1.2%** | **Entertainment - 1.2%** |
|  Electronic Arts, Inc. | 4382 | 551957 |
|  Live Nation Entertainment, Inc. <sup>(A)</sup> | 3141 | 250055 |
|  Netflix, Inc. <sup>(A)</sup> | 1349 | 393746 |
|  Walt Disney Co. <sup>(A)</sup> | 7232 | 770497 |
|  |  | 1966255 |
| **Equity Real Estate Investment Trusts - 2.7%** | **Equity Real Estate Investment Trusts - 2.7%** | **Equity Real Estate Investment Trusts - 2.7%** |
|  AvalonBay Communities, Inc. | 725 | 126962 |
|  Boston Properties, Inc. | 4567 | 332021 |
|  Healthpeak Properties, Inc. | 1666 | 39534 |
|  Host Hotels & Resorts, Inc. | 34844 | 657855 |
|  Prologis, Inc. | 2536 | 280862 |
|  Public Storage | 1263 | 391214 |
|  Regency Centers Corp. | 12450 | 753349 |
|  Simon Property Group, Inc. | 6285 | 684939 |
|  Vornado Realty Trust | 21666 | 511101 |
|  Weyerhaeuser Co. | 19376 | 599300 |
|  |  | 4377137 |
| **Food & Staples Retailing - 0.8%** | **Food & Staples Retailing - 0.8%** | **Food & Staples Retailing - 0.8%** |
|  Costco Wholesale Corp. | 1276 | 639914 |
|  Kroger Co. | 12628 | 597178 |
|  |  | 1237092 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
|  Archer-Daniels-Midland Co. | 3236 | 313827 |
|  General Mills, Inc. | 3644 | 297278 |
|  Hershey Co. | 1067 | 254768 |
|  Tyson Foods, Inc., Class A | 8381 | 572841 |
|  |  | 1438714 |
| **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** |
|  Abbott Laboratories | 6440 | 637174 |
|  ABIOMED, Inc. <sup>(A)</sup> | 855 | 215528 |
|  Becton Dickinson & Co. | 612 | 144414 |
|  Edwards Lifesciences Corp. <sup>(A)</sup> | 6537 | 473475 |
|  Hologic, Inc. <sup>(A)</sup> | 7622 | 516772 |
|  Medtronic PLC | 13854 | 1210008 |
|  STERIS PLC | 218 | 37622 |
|  Zimmer Biomet Holdings, Inc. | 2432 | 275667 |
|  |  | 3510660 |
| **Health Care Providers & Services - 4.5%** | **Health Care Providers & Services - 4.5%** | **Health Care Providers & Services - 4.5%** |
|  AmerisourceBergen Corp. | 1270 | 199669 |
|  Centene Corp. <sup>(A)</sup> | 2314 | 196991 |
|  Cigna Corp. | 1055 | 340828 |
|  CVS Health Corp. | 11149 | 1055810 |
|  DaVita, Inc. <sup>(A)</sup> | 1154 | 84254 |
|  Elevance Health, Inc. | 2035 | 1112677 |
|  HCA Healthcare, Inc. | 1656 | 360130 |
|  Henry Schein, Inc. <sup>(A)</sup> | 2746 | 187991 |
|  McKesson Corp. | 756 | 294364 |
|  Molina Healthcare, Inc. <sup>(A)</sup> | 1172 | 420584 |
|  UnitedHealth Group, Inc. | 5603 | 3110506 |
|  |  | 7363804 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure - 2.4%** | **Hotels, Restaurants & Leisure - 2.4%** | **Hotels, Restaurants & Leisure - 2.4%** |
|  Booking Holdings, Inc. <sup>(A)</sup> | 473 | $884264 |
|  Caesars Entertainment, Inc. <sup>(A)</sup> | 815 | 35640 |
|  Carnival Corp. <sup>(A)</sup> <sup>(C)</sup> | 2091 | 18944 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 186 | 278689 |
|  Darden Restaurants, Inc. | 2550 | 365007 |
|  Expedia Group, Inc. <sup>(A)</sup> | 2354 | 220028 |
|  Hilton Worldwide Holdings, Inc. | 1519 | 205460 |
|  Marriott International, Inc., Class A | 5524 | 884448 |
|  McDonald's Corp. | 679 | 185136 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(A)</sup> | 1638 | 27666 |
|  Royal Caribbean Cruises Ltd. <sup>(A)</sup> <sup>(C)</sup> | 1120 | 59786 |
|  Starbucks Corp. | 7671 | 664232 |
|  |  | 3829300 |
| **Household Products - 2.4%** | **Household Products - 2.4%** | **Household Products - 2.4%** |
|  Church & Dwight Co., Inc. | 2078 | 154042 |
|  Colgate-Palmolive Co. | 10964 | 809582 |
|  Kimberly-Clark Corp. | 5462 | 679800 |
|  Procter & Gamble Co. | 16115 | 2170207 |
|  |  | 3813631 |
| **Industrial Conglomerates - 1.5%** | **Industrial Conglomerates - 1.5%** | **Industrial Conglomerates - 1.5%** |
|  3M Co. | 9287 | 1168212 |
|  General Electric Co. | 7475 | 581630 |
|  Honeywell International, Inc. | 3560 | 726311 |
|  |  | 2476153 |
| **Insurance - 2.2%** | **Insurance - 2.2%** | **Insurance - 2.2%** |
|  Aflac, Inc. | 3 | 195 |
|  American International Group, Inc. | 11369 | 648033 |
|  Aon PLC, Class A | 1633 | 459673 |
|  Chubb Ltd. | 3851 | 827541 |
|  Everest Re Group Ltd. | 2323 | 749539 |
|  Hartford Financial Services Group, Inc. | 563 | 40767 |
|  Loews Corp. | 3556 | 202763 |
|  Marsh & McLennan Cos., Inc. | 3501 | 565377 |
|  MetLife, Inc. | 2 | 147 |
|  Progressive Corp. | 703 | 90265 |
|  |  | 3584300 |
| **Interactive Media & Services - 4.3%** | **Interactive Media & Services - 4.3%** | **Interactive Media & Services - 4.3%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 28866 | 2728126 |
|  Alphabet, Inc., Class C <sup>(A)</sup> | 32622 | 3087998 |
|  Meta Platforms, Inc., Class A <sup>(A)</sup> | 12880 | 1199901 |
|  |  | 7016025 |
| **Internet & Direct Marketing Retail - 2.6%** | **Internet & Direct Marketing Retail - 2.6%** | **Internet & Direct Marketing Retail - 2.6%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 36265 | 3714987 |
|  eBay, Inc. | 11923 | 475012 |
|  |  | 4189999 |
| **IT Services - 4.9%** | **IT Services - 4.9%** | **IT Services - 4.9%** |
|  Accenture PLC, Class A | 882 | 250400 |
|  Automatic Data Processing, Inc. | 2099 | 507328 |
|  Cognizant Technology Solutions Corp., Class A | 1417 | 88208 |
|  EPAM Systems, Inc. <sup>(A)</sup> | 538 | 188300 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 94 | 17495 |
|  Gartner, Inc. <sup>(A)</sup> | 1599 | 482770 |
|  Mastercard, Inc., Class A | 6882 | 2258535 |
|  Paychex, Inc. | 4469 | 528728 |
|  PayPal Holdings, Inc. <sup>(A)</sup> | 5691 | 475654 |
|  VeriSign, Inc. <sup>(A)</sup> | 872 | 174801 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 205** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Core** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
|  Visa, Inc., Class A | 14014 | $2903140 |
|  |  | 7875359 |
| **Leisure Products - 0.0% <sup>(B)</sup>** | **Leisure Products - 0.0% <sup>(B)</sup>** | **Leisure Products - 0.0% <sup>(B)</sup>** |
|  Hasbro, Inc. | 767 | 50047 |
| **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** |
|  Agilent Technologies, Inc. | 1348 | 186496 |
|  Bio-Techne Corp. | 40 | 11851 |
|  IQVIA Holdings, Inc. <sup>(A)</sup> | 694 | 145511 |
|  Mettler-Toledo International, Inc. <sup>(A)</sup> | 452 | 571748 |
|  Thermo Fisher Scientific, Inc. | 2364 | 1215025 |
|  Waters Corp. <sup>(A)</sup> | 1425 | 426317 |
|  West Pharmaceutical Services, Inc. | 758 | 174416 |
|  |  | 2731364 |
| **Machinery - 1.0%** | **Machinery - 1.0%** | **Machinery - 1.0%** |
|  Cummins, Inc. | 499 | 122011 |
|  Nordson Corp. | 2558 | 575550 |
|  Parker-Hannifin Corp. | 2281 | 662904 |
|  Snap-on, Inc. | 1060 | 235373 |
|  Westinghouse Air Brake Technologies Corp. | 1110 | 103541 |
|  |  | 1699379 |
| **Media - 1.2%** | **Media - 1.2%** | **Media - 1.2%** |
|  Charter Communications, Inc., Class A <sup>(A)</sup> | 1700 | 624954 |
|  Comcast Corp., Class A | 15867 | 503619 |
|  DISH Network Corp., Class A <sup>(A)</sup> | 1544 | 23021 |
|  Fox Corp., Class A | 13036 | 376349 |
|  News Corp., Class A | 11672 | 196907 |
|  News Corp., Class B | 9201 | 157613 |
|  |  | 1882463 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
|  Freeport-McMoRan, Inc. | 7333 | 232383 |
|  Newmont Corp. | 1029 | 43547 |
|  Nucor Corp. <sup>(C)</sup> | 2730 | 358667 |
|  |  | 634597 |
| **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** |
|  Consolidated Edison, Inc. | 5111 | 449564 |
|  DTE Energy Co. | 8276 | 927822 |
|  NiSource, Inc. | 6205 | 159406 |
|  Public Service Enterprise Group, Inc. | 7166 | 401798 |
|  |  | 1938590 |
| **Multiline Retail - 0.3%** | **Multiline Retail - 0.3%** | **Multiline Retail - 0.3%** |
|  Target Corp. | 2475 | 406519 |
| **Oil, Gas & Consumable Fuels - 5.3%** | **Oil, Gas & Consumable Fuels - 5.3%** | **Oil, Gas & Consumable Fuels - 5.3%** |
|  Chevron Corp. | 9310 | 1684179 |
|  ConocoPhillips | 4884 | 615823 |
|  Devon Energy Corp. | 690 | 53371 |
|  Diamondback Energy, Inc. | 653 | 102593 |
|  EOG Resources, Inc. | 2065 | 281914 |
|  Exxon Mobil Corp. | 23807 | 2638054 |
|  Marathon Oil Corp. | 5333 | 162390 |
|  Marathon Petroleum Corp. | 5982 | 679675 |
|  Occidental Petroleum Corp. | 3297 | 239362 |
|  ONEOK, Inc. | 11064 | 656316 |
|  Phillips 66 | 5703 | 594766 |
|  Pioneer Natural Resources Co. | 2382 | 610769 |
|  Valero Energy Corp. | 2525 | 317014 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Williams Cos., Inc. | 279 | $9132 |
|  |  | 8645358 |
| **Personal Products - 0.2%** | **Personal Products - 0.2%** | **Personal Products - 0.2%** |
|  Estee Lauder Cos., Inc., Class A | 1433 | 287302 |
| **Pharmaceuticals - 3.6%** | **Pharmaceuticals - 3.6%** | **Pharmaceuticals - 3.6%** |
|  Bristol-Myers Squibb Co. | 14811 | 1147408 |
|  Eli Lilly & Co. | 2067 | 748440 |
|  Johnson & Johnson | 10415 | 1811898 |
|  Merck & Co., Inc. | 5959 | 603051 |
|  Pfizer, Inc. | 30880 | 1437464 |
|  Viatris, Inc. | 12063 | 122198 |
|  |  | 5870459 |
| **Professional Services - 0.2%** | **Professional Services - 0.2%** | **Professional Services - 0.2%** |
|  Robert Half International, Inc. | 3568 | 272809 |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
|  CBRE Group, Inc., Class A <sup>(A)</sup> | 2350 | 166709 |
| **Road & Rail - 1.0%** | **Road & Rail - 1.0%** | **Road & Rail - 1.0%** |
|  Norfolk Southern Corp. | 450 | 102631 |
|  Old Dominion Freight Line, Inc. | 1402 | 384989 |
|  Union Pacific Corp. | 5977 | 1178306 |
|  |  | 1665926 |
| **Semiconductors & Semiconductor Equipment - 4.6%** | **Semiconductors & Semiconductor Equipment - 4.6%** | **Semiconductors & Semiconductor Equipment - 4.6%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 6274 | 376816 |
|  Analog Devices, Inc. | 860 | 122653 |
|  Applied Materials, Inc. | 3718 | 328262 |
|  Broadcom, Inc. | 3738 | 1757309 |
|  Enphase Energy, Inc. <sup>(A)</sup> | 610 | 187270 |
|  KLA Corp. | 721 | 228160 |
|  Lam Research Corp. | 402 | 162722 |
|  Microchip Technology, Inc. | 9595 | 592395 |
|  Micron Technology, Inc. | 3714 | 200927 |
|  NVIDIA Corp. | 10005 | 1350375 |
|  NXP Semiconductors NV | 2033 | 296981 |
|  ON Semiconductor Corp. <sup>(A)</sup> | 298 | 18306 |
|  QUALCOMM, Inc. | 6742 | 793264 |
|  Texas Instruments, Inc. | 6179 | 992533 |
|  |  | 7407973 |
| **Software - 7.4%** | **Software - 7.4%** | **Software - 7.4%** |
|  Adobe, Inc. <sup>(A)</sup> | 2805 | 893392 |
|  ANSYS, Inc. <sup>(A)</sup> | 685 | 151494 |
|  Autodesk, Inc. <sup>(A)</sup> | 1110 | 237873 |
|  Cadence Design Systems, Inc. <sup>(A)</sup> | 3694 | 559235 |
|  Fortinet, Inc. <sup>(A)</sup> | 8304 | 474657 |
|  Microsoft Corp. | 35108 | 8149620 |
|  Salesforce, Inc. <sup>(A)</sup> | 3396 | 552156 |
|  ServiceNow, Inc. <sup>(A)</sup> | 916 | 385398 |
|  Synopsys, Inc. <sup>(A)</sup> | 2214 | 647706 |
|  |  | 12051531 |
| **Specialty Retail - 3.0%** | **Specialty Retail - 3.0%** | **Specialty Retail - 3.0%** |
|  AutoZone, Inc. <sup>(A)</sup> | 232 | 587628 |
|  Bath & Body Works, Inc. | 373 | 12451 |
|  Home Depot, Inc. | 7047 | 2086828 |
|  Lowe's Cos., Inc. | 4110 | 801244 |
|  O'Reilly Automotive, Inc. <sup>(A)</sup> | 862 | 721641 |
|  TJX Cos., Inc. | 1349 | 97263 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 206** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Core** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  Ulta Beauty, Inc. <sup>(A)</sup> | 1265 | $530503 |
|  |  | 4837558 |
| **Technology Hardware, Storage & Peripherals - 7.8%** | **Technology Hardware, Storage & Peripherals - 7.8%** | **Technology Hardware, Storage & Peripherals - 7.8%** |
|  Apple, Inc. | 79673 | 12217058 |
|  NetApp, Inc. | 3978 | 275556 |
|  Western Digital Corp. <sup>(A)</sup> | 2619 | 90015 |
|  |  | 12582629 |
| **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** |
|  Ralph Lauren Corp. | 4071 | 377341 |
|  Tapestry, Inc. | 12330 | 390614 |
|  |  | 767955 |
| **Tobacco - 0.9%** | **Tobacco - 0.9%** | **Tobacco - 0.9%** |
|  Altria Group, Inc. | 6136 | 283913 |
|  Philip Morris International, Inc. | 12639 | 1160892 |
|  |  | 1444805 |
| **Trading Companies & Distributors - 0.7%** | **Trading Companies & Distributors - 0.7%** | **Trading Companies & Distributors - 0.7%** |
|  United Rentals, Inc. <sup>(A)</sup> | 1911 | 603322 |
|  WW Grainger, Inc. | 967 | 565066 |
|  |  | 1168388 |
| **Water Utilities - 0.1%** | **Water Utilities - 0.1%** | **Water Utilities - 0.1%** |
|  American Water Works Co., Inc. | 626 | 90983 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** |
|  T-Mobile US, Inc. <sup>(A)</sup> | 3046 | $461652 |
|  **Total Common Stocks <br>(Cost $131,708,642)** | **Total Common Stocks <br>(Cost $131,708,642)** | 158199796 |
| **EXCHANGE-TRADED FUND - 2.0%** | **EXCHANGE-TRADED FUND - 2.0%** | **EXCHANGE-TRADED FUND - 2.0%** |
| **U.S. Equity Fund - 2.0%** | **U.S. Equity Fund - 2.0%** | **U.S. Equity Fund - 2.0%** |
|  SPDR S&P 500 ETF Trust <sup>(C)</sup> | 8403 | 3245322 |
|  **Total Exchange-Traded Fund <br>(Cost $3,169,174)** | **Total Exchange-Traded Fund <br>(Cost $3,169,174)** | 3245322 |
| **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%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 143970 | 143970 |
|  **Total Other Investment Company <br>(Cost $143,970)** | **Total Other Investment Company <br>(Cost $143,970)** | 143970 |
|  **Total Investments <br>(Cost $135,021,786)** | **Total Investments <br>(Cost $135,021,786)** | 161589088 |
|  **Net Other Assets (Liabilities) - 0.2%** |  | 259573 |
|  **Net Assets - 100.0%** |  | **$161848661** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $158199796 | $— | $— | $158199796 |
|  Exchange-Traded Fund | 3245322 |  |  | 3245322 |
|  Other Investment Company | 143970 |  |  | 143970 |
|  **Total Investments** | $**161589088** | $**—** | $**—** | $**161589088** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

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

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $554,749, collateralized by cash collateral of $143,970 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $425,231. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *Rate disclosed reflects the yield at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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 Report 2022** |

---

**Page 207** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Growth** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Morgan Stanley Investment Management Inc.** 

Large cap growth stocks declined over the fiscal year ended October 31, 2022, as measured by the Russell 1000<sup>®</sup> Growth Index. Most sectors in the index had negative peformance, with communication services the weakest performer. Energy was the index's top performing sector, posting a high double-digit return. Against this backdrop, the sub-adviser continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the Fund.

**Wellington Management Company LLP** 

U.S. equities fell over the fiscal year ended October 31, 2022. Markets rallied early in the period on the back of robust equity inflows, strong corporate earnings, favorable economic data, and extremely accommodative financial conditions. The rapid spread of the Omicron variant, however, led to the largest increase in U.S. COVID-19 cases since the onset of the pandemic, prompting a flurry of new restrictions and event cancellations at the end of calendar year 2021. Inflation continued to surge against a backdrop of severe supply and labor shortages, rising energy prices, and high demand for goods and services, and heightening scrutiny of the U.S. Federal Reserve ("Fed") amid anxiety about a potential policy mistake. Equity markets fell sharply in the second quarter of 2022, as rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Rapidly rising prices for food and energy pushed consumer inflation to its highest level in more than four decades. Growth stocks significantly underperformed their value counterparts as surging treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its biggest quarterly loss since September 2001. Equity market weakness persisted, as risk sentiment deteriorated on fears that aggressive interest rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Despite these concerns, the Fed made clear that the central bank is committed to raising interest rates and keeping them elevated for longer until there is clear evidence that price pressures are abating.

Returns varied by market-cap, as large-cap stocks, as measured by the S&P 500<sup>®</sup> Index outperformed small-cap but underperformed mid-cap stocks, as measured by the Russell 2000<sup>®</sup> Index and S&P Midcap 400<sup>®</sup> Index respectively.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Large Growth (Class R4) returned -45.34%. By comparison, its benchmark, the Russell 1000<sup>®</sup> Growth Index, returned -24.60%.

**STRATEGY REVIEW** 

**Morgan Stanley Investment Management Inc.** 

The Fund's sleeve sub-advised by Morgan Stanley Investment Management, Inc. underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index, during the 12-month period ended October 31, 2022. The underperformance over this period was primarily due to our mixed stock selection decisions.

Fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions, and ongoing effects of the global pandemic resulted in overall greater market volatility and a sell-off in high growth equities. We believe this sell-off, lasting from November 2021 through June 2022, was driven primarily by non-fundamental factors. Fundamentals across portfolio holdings largely remained healthy and in line with our expectations. Despite market volatility, we continued to find many high-quality companies with attractive end-game potential due to compelling fundamentals, strong balance sheets, and multiple competitive advantages. While we opportunistically added to some positions and initiated new ones, overall, we made few changes as we remain confident in the long-term prospects for the Fund's holdings.

Information technology was the largest detractor from relative performance, due to mixed stock selection. Cloudflare, Inc., which offers a global cloud platform that provides security, performance, and reliability services to the applications of its customers, detracted from relative performance. Despite reporting overall solid fundamentals, its shares languished due to the broader sell-off in high growth equities. Shopify, Inc., which operates a cloud-based software and services platform that enables merchants to build an ecommerce presence, also detracted from relative performance. Its shares underperformed due to slowing growth in ecommerce following a period of heightened demand during the pandemic. Within the sector, the weakness in these and other holdings was offset by NVIDIA Corp. (no longer held in the Fund). NVIDIA Corp., a leading provider of graphics processing units used in PC gaming, helped relative performance due to an average underweight position, as well as timing of ownership and sale.

Most other sectors also detracted from relative performance over the period due to stock selection, including consumer discretionary, healthcare, communication services, industrials, financials, real estate, and materials.

---

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 208** 

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**Transamerica Large Growth** 

------

**(unaudited)** 

**STRATEGY REVIEW (continued)** 

Door Dash, Inc., a leading food delivery company in the U.S., also underperformed during the period. Despite reporting overall solid fundamentals, its shares languished due to the broader sell-off and ongoing investor concerns regarding a potential slowdown in consumer demand for food delivery. Weakness in these sectors was partly offset by strength in Royalty Pharma PLC and Coupang, Inc., the second and third largest positive contributors in the Fund's portfolio, respectively. Royalty Pharma PLC is one of the largest buyers of biopharmaceutical royalties and a leading funder of innovation in the industry. Its shares held up amid a period of greater market volatility as the company is well positioned to become a partner of choice and benefit from current market conditions, which have been characterized by weaker capital market and funding access for a variety of health care businesses. Shares of Korean ecommerce leader Coupang, Inc. benefited from improved operational efficiency, supply chain optimization and strong growth in its advertising business.

Lastly, an average underweight in consumer staples and a lack of exposure to energy modestly detracted, while utilities (which the Fund did not own) had an overall negligible impact on the Fund's relative performance.

The Fund's sleeve has a small derivatives investment, over-the-counter puts on the Chinese yuan, which had a small positive impact on performance over this period. The puts are designed to provide a potential hedge to equities in the Fund that are exposed, directly or indirectly, to China.

**Wellington Management Company LLP** 

Wellington Management Company LLP ("WMC") implements a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund's sleeve sub-advised by WMC underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2022.

During the period, weak stock selection within information technology and communication services were the primary drivers of relative underperformance. This was partially offset by stronger selection in health care. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance. An overweight allocation to health care and underweight allocations to communication services and information technology contributed to relative performance the most. This was partially offset by underweight allocations to consumer staples, energy, and real estate, which detracted from relative performance.

The largest relative contributors during the period included overweight positions in Eli Lilly& Co., a U.S.-based pharmaceutical company, Vertex Pharmaceuticals, Inc., a global biotechnology company, and UnitedHealth Group, Inc., a U.S. healthcare and insurance company.

The largest relative detractors during the period included an underweight to Apple, Inc., a multinational technology company, and an overweight position in Netflix, Inc., a streaming entertainment provider.

**Dennis P. Lynch** 

**Sam G. Chainani, CFA** 

**Jason C. Yeung, CFA** 

**David S. Cohen** 

**Armistead B. Nash** 

**Alexander T. Norton** 

**Co-Portfolio Managers** 

**Morgan Stanley Investment Management, Inc.** 

**Douglas McLane, CFA** 

**Mammen Chally, CFA** 

**David Siegle, CFA** 

**Co-Portfolio Managers** 

**Wellington Management Company LLP** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 96.6% |
|  Other Investment Company | 3.9 |
|  Over-the-Counter Foreign Exchange Options Purchased | 0.8 |
|  Net Other Assets (Liabilities) | (1.3) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

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**Page 209** 

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**Transamerica Large Growth** 

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**(unaudited)**![LOGO](g404440g38s32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I3 (NAV) | (45.20)% | 9.17% | 11.21% | 03/10/2017 |
|  Class R (NAV) | (45.47)% | 8.63% | 10.66% | 03/10/2017 |
|  Class R4 (NAV) | (45.34)% | 8.92% | 12.68% | 09/11/2000 |
|  Russell 1000<sup>®</sup> Growth Index <sup>(A)</sup> | (24.60)% | 12.59% | 14.69% |  |
|  Class R6 (NAV) | (45.25)% | N/A | (27.94)% | 05/28/2021 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 210** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Growth** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **Aerospace & Defense - 0.6%** | **Aerospace & Defense - 0.6%** | **Aerospace & Defense - 0.6%** |
|  Raytheon Technologies Corp. | 27171 | $2576354 |
| **Automobiles - 1.4%** | **Automobiles - 1.4%** | **Automobiles - 1.4%** |
|  Rivian Automotive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 31610 | 1105402 |
|  Tesla, Inc. <sup>(A)</sup> | 20635 | 4695288 |
|  |  | 5800690 |
| **Beverages - 1.7%** | **Beverages - 1.7%** | **Beverages - 1.7%** |
|  Constellation Brands, Inc., Class A | 13401 | 3311119 |
|  Monster Beverage Corp. <sup>(A)</sup> | 41497 | 3889099 |
|  |  | 7200218 |
| **Biotechnology - 2.9%** | **Biotechnology - 2.9%** | **Biotechnology - 2.9%** |
|  Alnylam Pharmaceuticals, Inc. <sup>(A)</sup> | 2688 | 557115 |
|  Ginkgo Bioworks Holdings, Inc. <sup>(A)</sup> | 388973 | 1061896 |
|  Intellia Therapeutics, Inc. <sup>(A)</sup> | 18726 | 988358 |
|  Moderna, Inc. <sup>(A)</sup> | 2178 | 327419 |
|  ProKidney Corp. <sup>(A)</sup> | 29455 | 298085 |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 4034 | 3020457 |
|  Seagen, Inc. <sup>(A)</sup> | 13629 | 1733064 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 14164 | 4419168 |
|  |  | 12405562 |
| **Building Products - 1.4%** | **Building Products - 1.4%** | **Building Products - 1.4%** |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 20137 | 1241648 |
|  Fortune Brands Home & Security, Inc. | 27070 | 1632862 |
|  Johnson Controls International PLC | 53227 | 3078650 |
|  |  | 5953160 |
| **Capital Markets - 1.3%** | **Capital Markets - 1.3%** | **Capital Markets - 1.3%** |
|  Ares Management Corp., Class A | 19931 | 1511368 |
|  Coinbase Global, Inc., Class A <sup>(A)</sup> | 29834 | 1976502 |
|  Morgan Stanley | 26681 | 2192378 |
|  |  | 5680248 |
| **Chemicals - 0.7%** | **Chemicals - 0.7%** | **Chemicals - 0.7%** |
|  PPG Industries, Inc. | 26567 | 3033420 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Aurora Innovation, Inc. <sup>(A)</sup> <sup>(B)</sup> | 208689 | 429899 |
| **Consumer Finance - 1.3%** | **Consumer Finance - 1.3%** | **Consumer Finance - 1.3%** |
|  American Express Co. | 23046 | 3421179 |
|  S&P Global, Inc. | 6109 | 1962516 |
|  Upstart Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 17969 | 416521 |
|  |  | 5800216 |
| **Electronic Equipment, Instruments & Components - 1.5%** | **Electronic Equipment, Instruments & Components - 1.5%** | **Electronic Equipment, Instruments & Components - 1.5%** |
|  Amphenol Corp., Class A | 41285 | 3130641 |
|  CDW Corp. | 18327 | 3167089 |
|  |  | 6297730 |
| **Entertainment - 3.9%** | **Entertainment - 3.9%** | **Entertainment - 3.9%** |
|  ROBLOX Corp., Class A <sup>(A)</sup> | 280054 | 12529616 |
|  Sea Ltd., ADR <sup>(A)</sup> <sup>(B)</sup> | 42412 | 2107028 |
|  Walt Disney Co. <sup>(A)</sup> | 21768 | 2319163 |
|  |  | 16955807 |
| **Equity Real Estate Investment Trusts - 0.9%** | **Equity Real Estate Investment Trusts - 0.9%** | **Equity Real Estate Investment Trusts - 0.9%** |
|  Prologis, Inc. | 20113 | 2227515 |
|  Rexford Industrial Realty, Inc. | 29923 | 1654143 |
|  |  | 3881658 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |
|  Align Technology, Inc. <sup>(A)</sup> | 5298 | 1029401 |
|  Dexcom, Inc. <sup>(A)</sup> | 18382 | 2220178 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Edwards Lifesciences Corp. <sup>(A)</sup> | 24365 | $1764757 |
|  Teleflex, Inc. | 7685 | 1648894 |
|  |  | 6663230 |
| **Health Care Providers & Services - 3.9%** | **Health Care Providers & Services - 3.9%** | **Health Care Providers & Services - 3.9%** |
|  agilon health, Inc. <sup>(A)</sup> | 279081 | 5539758 |
|  Guardant Health, Inc. <sup>(A)</sup> | 45090 | 2231955 |
|  R1 RCM, Inc. <sup>(A)</sup> | 70852 | 1251246 |
|  UnitedHealth Group, Inc. | 14153 | 7857038 |
|  |  | 16879997 |
| **Health Care Technology - 0.6%** | **Health Care Technology - 0.6%** | **Health Care Technology - 0.6%** |
|  Doximity, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 102395 | 2710396 |
| **Hotels, Restaurants & Leisure - 1.6%** | **Hotels, Restaurants & Leisure - 1.6%** | **Hotels, Restaurants & Leisure - 1.6%** |
|  Airbnb, Inc., Class A <sup>(A)</sup> | 18704 | 1999645 |
|  Booking Holdings, Inc. <sup>(A)</sup> | 999 | 1867610 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 2137 | 3201931 |
|  |  | 7069186 |
| **Interactive Media & Services - 4.2%** | **Interactive Media & Services - 4.2%** | **Interactive Media & Services - 4.2%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 99919 | 9443344 |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 198724 | 8849180 |
|  |  | 18292524 |
| **Internet & Direct Marketing Retail - 9.7%** | **Internet & Direct Marketing Retail - 9.7%** | **Internet & Direct Marketing Retail - 9.7%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 125147 | 12820059 |
|  Chewy, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 142491 | 5518676 |
|  Coupang, Inc. <sup>(A)</sup> | 306414 | 5291770 |
|  DoorDash, Inc., Class A <sup>(A)</sup> | 167635 | 7297152 |
|  Global-e Online Ltd. <sup>(A)</sup> | 42417 | 1072726 |
|  Grab Holdings Ltd., Class A <sup>(A)</sup> <sup>(B)</sup> | 1022961 | 2659699 |
|  MercadoLibre, Inc. <sup>(A)</sup> | 6034 | 5440375 |
|  Wayfair, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 52481 | 1990079 |
|  |  | 42090536 |
| **IT Services - 15.4%** | **IT Services - 15.4%** | **IT Services - 15.4%** |
|  Adyen NV <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> | 5500 | 7851793 |
|  Affirm Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 111764 | 2243104 |
|  Block, Inc. <sup>(A)</sup> | 66726 | 4008231 |
|  Cloudflare, Inc., Class A <sup>(A)</sup> | 235738 | 13276764 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 13516 | 2515598 |
|  Global Payments, Inc. | 17596 | 2010519 |
|  GoDaddy, Inc., Class A <sup>(A)</sup> | 13896 | 1117238 |
|  Mastercard, Inc., Class A | 21673 | 7112645 |
|  Shopify, Inc., Class A <sup>(A)</sup> | 301009 | 10303538 |
|  Snowflake, Inc., Class A <sup>(A)</sup> | 101855 | 16327357 |
|  |  | 66766787 |
| **Leisure Products - 0.2%** | **Leisure Products - 0.2%** | **Leisure Products - 0.2%** |
|  Peloton Interactive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 118712 | 997181 |
| **Life Sciences Tools & Services - 2.5%** | **Life Sciences Tools & Services - 2.5%** | **Life Sciences Tools & Services - 2.5%** |
|  10X Genomics, Inc., Class A <sup>(A)</sup> | 85798 | 2331989 |
|  Illumina, Inc. <sup>(A)</sup> | 22818 | 5221215 |
|  Thermo Fisher Scientific, Inc. | 6541 | 3361878 |
|  |  | 10915082 |
| **Machinery - 1.8%** | **Machinery - 1.8%** | **Machinery - 1.8%** |
|  Deere & Co. | 12318 | 4875711 |
|  Nordson Corp. | 12141 | 2731725 |
|  |  | 7607436 |
| **Oil, Gas & Consumable Fuels - 0.8%** | **Oil, Gas & Consumable Fuels - 0.8%** | **Oil, Gas & Consumable Fuels - 0.8%** |
|  Pioneer Natural Resources Co. | 13288 | 3407176 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 211** 

------

##### [**Table of Contents**](#toc)
**Transamerica Large Growth** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Personal Products - 0.7%** | **Personal Products - 0.7%** | **Personal Products - 0.7%** |
|  Estee Lauder Cos., Inc., Class A | 14879 | $2983091 |
| **Pharmaceuticals - 4.6%** | **Pharmaceuticals - 4.6%** | **Pharmaceuticals - 4.6%** |
|  Eli Lilly & Co. | 17390 | 6296745 |
|  Royalty Pharma PLC, Class A | 322560 | 13650739 |
|  |  | 19947484 |
| **Road & Rail - 2.9%** | **Road & Rail - 2.9%** | **Road & Rail - 2.9%** |
|  Uber Technologies, Inc. <sup>(A)</sup> | 471387 | 12524753 |
| **Semiconductors & Semiconductor Equipment - 4.0%** | **Semiconductors & Semiconductor Equipment - 4.0%** | **Semiconductors & Semiconductor Equipment - 4.0%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 33443 | 2008587 |
|  ASML Holding NV | 6679 | 3155293 |
|  KLA Corp. | 6407 | 2027495 |
|  Marvell Technology, Inc. | 25317 | 1004579 |
|  NVIDIA Corp. | 25457 | 3435931 |
|  Teradyne, Inc. | 16127 | 1311931 |
|  Texas Instruments, Inc. | 25686 | 4125942 |
|  |  | 17069758 |
| **Software - 16.1%** | **Software - 16.1%** | **Software - 16.1%** |
|  Bill.com Holdings, Inc. <sup>(A)</sup> | 78727 | 10499033 |
|  Datadog, Inc., Class A <sup>(A)</sup> | 117137 | 9430700 |
|  Five9, Inc. <sup>(A)</sup> | 18802 | 1133009 |
|  Gitlab, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 66783 | 3236304 |
|  Microsoft Corp. | 77641 | 18022806 |
|  Palo Alto Networks, Inc. <sup>(A)</sup> | 20063 | 3442610 |
|  Paycom Software, Inc. <sup>(A)</sup> | 6983 | 2416118 |
|  Salesforce, Inc. <sup>(A)</sup> | 20462 | 3326917 |
|  ServiceNow, Inc. <sup>(A)</sup> | 8818 | 3710085 |
|  Trade Desk, Inc., Class A <sup>(A)</sup> | 241568 | 12861080 |
|  Workday, Inc., Class A <sup>(A)</sup> | 10276 | 1601206 |
|  |  | 69679868 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail - 1.3%** | **Specialty Retail - 1.3%** | **Specialty Retail - 1.3%** |
|  Carvana Co. <sup>(A)</sup> <sup>(B)</sup> | 75035 | $1015224 |
|  TJX Cos., Inc. | 64883 | 4678064 |
|  |  | 5693288 |
| **Technology Hardware, Storage & Peripherals - 5.5%** | **Technology Hardware, Storage & Peripherals - 5.5%** | **Technology Hardware, Storage & Peripherals - 5.5%** |
|  Apple, Inc. | 146809 | 22511692 |
|  NetApp, Inc. | 19610 | 1358385 |
|  |  | 23870077 |
| **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** |
|  Lululemon Athletica, Inc. <sup>(A)</sup> | 10226 | 3364763 |
|  NIKE, Inc., Class B | 39369 | 3648719 |
|  |  | 7013482 |
|  **Total Common Stocks <br>(Cost $408,056,132)** | **Total Common Stocks <br>(Cost $408,056,132)** | 418196294 |
| **OTHER INVESTMENT COMPANY - 3.9%** | **OTHER INVESTMENT COMPANY - 3.9%** | **OTHER INVESTMENT COMPANY - 3.9%** |
| **Securities Lending Collateral - 3.9%** | **Securities Lending Collateral - 3.9%** | **Securities Lending Collateral - 3.9%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(D)</sup> | 16840381 | 16840381 |
|  **Total Other Investment Company <br>(Cost $16,840,381)** | **Total Other Investment Company <br>(Cost $16,840,381)** | 16840381 |
|  **Total Investments Excluding Options Purchased <br>(Cost $424,896,513)** | **Total Investments Excluding Options Purchased <br>(Cost $424,896,513)** | 435036675 |
|  **Total Options Purchased - 0.8% <br>(Cost $1,086,458)** | **Total Options Purchased - 0.8% <br>(Cost $1,086,458)** | 3270324 |
|  **Total Investments <br>(Cost $425,982,971)** | **Total Investments <br>(Cost $425,982,971)** | 438306999 |
|  **Net Other Assets (Liabilities) - (1.3)%** | **Net Other Assets (Liabilities) - (1.3)%** | (5557815) |
|  **Net Assets - 100.0%** |  | **$432749184** |

---

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional Amount/<br>Number of<br>Contracts** | **Notional Amount/<br>Number of<br>Contracts** | **Premiums<br>Paid** | **Value** |
|  Put - USD vs. CNH | GSI | USD | 7.27 | 11/10/2022 | USD | 77348448 | $371320 | $978226 |
|  Put - USD vs. CNH | JPM | USD | 7.53 | 07/21/2023 | USD | 74053377 | 367675 | 1118280 |
|  Put - USD vs. CNH | SCB | USD | 7.57 | 08/23/2023 | USD | 77375466 | 345405 | 1169607 |
|  Put - USD vs. CNH | GSI | USD | 7.87 | 10/09/2023 | USD | 427514 | 2058 | 4211 |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**1086458** | $**3270324** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $410344501 | $7851793 | $— | $418196294 |
|  Other Investment Company | 16840381 |  |  | 16840381 |
|  Over-the-Counter Foreign Exchange Options Purchased |  | 3270324 |  | 3270324 |
|  **Total Investments** | $**427184882** | $**11122117** | $**—** | $**438306999** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 212** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Growth** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $25,787,656, collateralized by cash collateral of $16,840,381 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $9,721,859. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *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, 2022, the value of the 144A security is $7,851,793, representing 1.8% of the Fund's net assets.* 

(D) *Rate disclosed reflects the yield at October 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATIONS:** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 213** 

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**Transamerica Large Value Opportunities** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

At the beginning of the fiscal year ended October 31, 2022, markets reached new highs in early November 2021, and then stumbled entering the holiday season as concerns surrounding inflation and the new Omicron variant of COVID-19 rattled markets. Federal Reserve ("Fed") Chair Jerome Powell's comments surrounding the use of the word "transitory" signaled a potential change in the Fed's views as inflation continued to trend up. U.S. equities closed calendar year 2021 on a strong rally. January 2022 was a volatile month, however, as the Fed's lift-off scenario for interest rates began to take shape with inflation running high. Equities traded lower in anticipation that Chair Powell and the Fed could raise rates at a faster than expected rate. U.S. equities fell with volatility elevated as geopolitical tensions gripped the world with Russia's invasion of neighboring Ukraine in February 2022.

In April 2022, the Russia/Ukraine conflict, COVID-related China lockdowns, rising inflation, higher interest rates, continued labor shortages, and continued supply chain issues all contributed to the worst monthly returns since 2020. The equity market continued to slide down in June on the backdrop of higher inflation, weaker growth and tightening financial conditions. Growth stocks, particularly the long-duration segment, declined most significantly due to higher interest rates. While the inflation rate was still high, signs of "peak-inflation" started to emerge.

In July 2022, the Fed hiked interest rates by 0.75%. Inflation as measured by the headline consumer price index came in above consensus at 9.1%. U.S. interest rates continued their rise, wreaking havoc on risky assets and likewise causing a flight to quality assets, as the Fed raised the Federal Funds Rate by another 0.75% in September.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Large Value Opportunities (Class R4) returned -1.46%. By comparison, it's benchmark, the MSCI USA Value Index Gross, returned -4.52%.

**STRATEGY REVIEW** 

We believe that the most effective way to invest in equities is to categorize stocks according to where they reside in their respective company life cycles, then to let the categorization drive how they are analyzed for investment attractiveness. Through our quantitative framework, we rank companies within fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). Our model quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model's 90-plus factors can be aggregated into three equally weighted clusters: quality, sentiment, and valuation.

For the fiscal year, the top-performing sectors were holdings in industrials and information technology, while an underweight and holdings in utilities detracted from performance the most. Health-care holdings also lagged. Among growth categories, mature defensive stocks contributed most, while a slight underweight in the mature turnaround category was the largest detractor. Overweights in Lockheed Martin Corp. and Phillips 66 were among the best performers. Among individual positions, an underweight allocation in Exxon Mobil Corp. and an overweight in SVB Financial Group detracted most.

**Sheedsa Ali, CFA** 

**Portfolio Manager** 

**PineBridge Investments LLC** 

------

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.4% |
|  Exchange-Traded Fund | 3.5 |
|  Other Investment Company | 1.2 |
|  Master Limited Partnership | 0.3 |
|  Net Other Assets (Liabilities) | (2.4) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
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**Page 214** 

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**(unaudited)**![LOGO](g404440g36d30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I3 (NAV) | (1.20)% | 7.41% | 8.21% | 05/05/2017 |
|  Class R (NAV) | (1.63)% | 6.88% | 7.68% | 05/05/2017 |
|  Class R4 (NAV) | (1.46)% | 7.16% | 9.98% | 09/11/2000 |
|  MSCI USA Value Index Gross <sup>(A)</sup> | (4.52)% | 7.50% | 10.59% |  |

---

<sup>(A)</sup> *The MSCI USA Value Index Gross captures large and mid-cap U.S. securities exhibiting overall value style characteristics.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures may reflect fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 215** 

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**Transamerica Large Value Opportunities** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** | **COMMON STOCKS - 97.4%** |
| **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** | **Aerospace & Defense - 1.6%** |
|  Lockheed Martin Corp. | 11084 | $5394361 |
| **Air Freight & Logistics - 1.4%** | **Air Freight & Logistics - 1.4%** | **Air Freight & Logistics - 1.4%** |
|  Expeditors International of Washington, Inc. | 6085 | 595417 |
|  United Parcel Service, Inc., Class B | 24531 | 4115566 |
|  |  | 4710983 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  Copa Holdings SA, Class A <sup>(A)</sup> <sup>(B)</sup> | 4381 | 329583 |
| **Automobiles - 0.4%** | **Automobiles - 0.4%** | **Automobiles - 0.4%** |
|  Ford Motor Co. | 43816 | 585820 |
|  Tesla, Inc. <sup>(A)</sup> | 3248 | 739050 |
|  |  | 1324870 |
| **Banks - 7.4%** | **Banks - 7.4%** | **Banks - 7.4%** |
|  Bank of America Corp. | 39765 | 1433131 |
|  Citigroup, Inc. | 94493 | 4333449 |
|  Comerica, Inc. | 30847 | 2174713 |
|  Commerce Bancshares, Inc. | 4927 | 349029 |
|  East West Bancorp, Inc. | 41027 | 2936302 |
|  First Hawaiian, Inc. | 7662 | 195994 |
|  FNB Corp. | 19130 | 276429 |
|  JPMorgan Chase & Co. | 26471 | 3332169 |
|  Pinnacle Financial Partners, Inc. | 11975 | 993805 |
|  Prosperity Bancshares, Inc. | 29135 | 2085192 |
|  Regions Financial Corp. | 121349 | 2663611 |
|  US Bancorp | 88778 | 3768626 |
|  |  | 24542450 |
| **Beverages - 1.3%** | **Beverages - 1.3%** | **Beverages - 1.3%** |
|  Coca-Cola Co. | 48022 | 2874117 |
|  PepsiCo, Inc. | 7244 | 1315365 |
|  |  | 4189482 |
| **Biotechnology - 3.7%** | **Biotechnology - 3.7%** | **Biotechnology - 3.7%** |
|  AbbVie, Inc. | 15995 | 2341668 |
|  Amgen, Inc. | 21017 | 5681946 |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 3955 | 2961306 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 4228 | 1319136 |
|  |  | 12304056 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 4841 | 298496 |
|  Owens Corning | 8538 | 730938 |
|  |  | 1029434 |
| **Capital Markets - 2.3%** | **Capital Markets - 2.3%** | **Capital Markets - 2.3%** |
|  Ameriprise Financial, Inc. | 11986 | 3705112 |
|  Charles Schwab Corp. | 21258 | 1693625 |
|  Interactive Brokers Group, Inc., Class A | 24887 | 1994693 |
|  Tradeweb Markets, Inc., Class A | 2732 | 150479 |
|  |  | 7543909 |
| **Chemicals - 1.3%** | **Chemicals - 1.3%** | **Chemicals - 1.3%** |
|  Celanese Corp. | 8242 | 792221 |
|  CF Industries Holdings, Inc. | 6037 | 641492 |
|  LyondellBasell Industries NV, Class A | 16358 | 1250569 |
|  Mosaic Co. | 20432 | 1098220 |
|  Olin Corp. | 4312 | 228320 |
|  Westlake Corp. | 3241 | 313243 |
|  |  | 4324065 |
| **Communications Equipment - 1.7%** | **Communications Equipment - 1.7%** | **Communications Equipment - 1.7%** |
|  Cisco Systems, Inc. | 119904 | 5447239 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** | **Consumer Finance - 1.7%** |
|  American Express Co. | 20388 | $3026598 |
|  Credit Acceptance Corp. <sup>(A)</sup> <sup>(B)</sup> | 366 | 170417 |
|  Discover Financial Services | 20113 | 2101004 |
|  Synchrony Financial | 5905 | 209982 |
|  |  | 5508001 |
| **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** |
|  International Paper Co. | 25008 | 840519 |
|  Packaging Corp. of America | 20393 | 2451442 |
|  |  | 3291961 |
| **Distributors - 0.3%** | **Distributors - 0.3%** | **Distributors - 0.3%** |
|  LKQ Corp. | 18975 | 1055769 |
| **Diversified Financial Services - 2.8%** | **Diversified Financial Services - 2.8%** | **Diversified Financial Services - 2.8%** |
|  Berkshire Hathaway, Inc., Class B <sup>(A)</sup> | 30384 | 8966014 |
|  Voya Financial, Inc. | 5908 | 403871 |
|  |  | 9369885 |
| **Diversified Telecommunication Services - 1.3%** | **Diversified Telecommunication Services - 1.3%** | **Diversified Telecommunication Services - 1.3%** |
|  AT&T, Inc. | 209768 | 3824071 |
|  Lumen Technologies, Inc. <sup>(B)</sup> | 53546 | 394098 |
|  |  | 4218169 |
| **Electric Utilities - 1.9%** | **Electric Utilities - 1.9%** | **Electric Utilities - 1.9%** |
|  Edison International | 12765 | 766411 |
|  Exelon Corp. | 83178 | 3209839 |
|  Hawaiian Electric Industries, Inc. | 58802 | 2236828 |
|  |  | 6213078 |
| **Electrical Equipment - 0.1%** | **Electrical Equipment - 0.1%** | **Electrical Equipment - 0.1%** |
|  Acuity Brands, Inc. | 1683 | 308948 |
| **Electronic Equipment, Instruments & Components - 0.5%** | **Electronic Equipment, Instruments & Components - 0.5%** | **Electronic Equipment, Instruments & Components - 0.5%** |
|  Amphenol Corp., Class A | 3229 | 244855 |
|  Arrow Electronics, Inc. <sup>(A)</sup> | 12168 | 1232132 |
|  |  | 1476987 |
| **Entertainment - 0.2%** | **Entertainment - 0.2%** | **Entertainment - 0.2%** |
|  Electronic Arts, Inc. | 6298 | 793296 |
| **Equity Real Estate Investment Trusts - 5.0%** | **Equity Real Estate Investment Trusts - 5.0%** | **Equity Real Estate Investment Trusts - 5.0%** |
|  Brixmor Property Group, Inc. | 12627 | 269081 |
|  Douglas Emmett, Inc. | 39380 | 692694 |
|  Host Hotels & Resorts, Inc. | 88462 | 1670163 |
|  Kilroy Realty Corp. | 23946 | 1023452 |
|  Public Storage | 8079 | 2502470 |
|  Regency Centers Corp. | 44095 | 2668189 |
|  Simon Property Group, Inc. | 24748 | 2697037 |
|  SL Green Realty Corp. <sup>(B)</sup> | 30281 | 1201550 |
|  Vornado Realty Trust | 53228 | 1255649 |
|  Weyerhaeuser Co. | 83666 | 2587789 |
|  |  | 16568074 |
| **Food & Staples Retailing - 0.8%** | **Food & Staples Retailing - 0.8%** | **Food & Staples Retailing - 0.8%** |
|  Albertsons Cos., Inc., Class A | 10233 | 209879 |
|  Kroger Co. | 36029 | 1703811 |
|  Walmart, Inc. | 4311 | 613585 |
|  |  | 2527275 |
| **Food Products - 2.0%** | **Food Products - 2.0%** | **Food Products - 2.0%** |
|  General Mills, Inc. | 5785 | 471940 |
|  Pilgrim's Pride Corp. <sup>(A)</sup> | 20903 | 481814 |
|  Seaboard Corp. | 778 | 2914684 |
|  Tyson Foods, Inc., Class A | 39888 | 2726345 |
|  |  | 6594783 |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 216** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Value Opportunities** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Gas Utilities - 0.7%** | **Gas Utilities - 0.7%** | **Gas Utilities - 0.7%** |
|  National Fuel Gas Co. | 34271 | $2312950 |
| **Health Care Equipment & Supplies - 1.9%** | **Health Care Equipment & Supplies - 1.9%** | **Health Care Equipment & Supplies - 1.9%** |
|  Abbott Laboratories | 1442 | 142672 |
|  Hologic, Inc. <sup>(A)</sup> | 14118 | 957200 |
|  Medtronic PLC | 58954 | 5149042 |
|  |  | 6248914 |
| **Health Care Providers & Services - 7.7%** | **Health Care Providers & Services - 7.7%** | **Health Care Providers & Services - 7.7%** |
|  AmerisourceBergen Corp. | 2738 | 430468 |
|  CVS Health Corp. | 48830 | 4624201 |
|  Elevance Health, Inc. | 8896 | 4864066 |
|  HCA Healthcare, Inc. | 4752 | 1033417 |
|  Molina Healthcare, Inc. <sup>(A)</sup> | 4336 | 1556017 |
|  Premier, Inc., Class A | 12829 | 447476 |
|  UnitedHealth Group, Inc. | 22464 | 12470890 |
|  |  | 25426535 |
| **Hotels, Restaurants & Leisure - 1.8%** | **Hotels, Restaurants & Leisure - 1.8%** | **Hotels, Restaurants & Leisure - 1.8%** |
|  Booking Holdings, Inc. <sup>(A)</sup> | 1075 | 2009691 |
|  Darden Restaurants, Inc. | 10930 | 1564520 |
|  Marriott International, Inc., Class A | 2335 | 373857 |
|  Marriott Vacations Worldwide Corp. | 1661 | 245429 |
|  McDonald's Corp. | 984 | 268298 |
|  Travel & Leisure Co. | 19025 | 722570 |
|  Wyndham Hotels & Resorts, Inc. | 11266 | 855427 |
|  |  | 6039792 |
| **Household Products - 4.4%** | **Household Products - 4.4%** | **Household Products - 4.4%** |
|  Colgate-Palmolive Co. | 33662 | 2485602 |
|  Kimberly-Clark Corp. | 30348 | 3777112 |
|  Procter & Gamble Co. | 61102 | 8228606 |
|  |  | 14491320 |
| **Industrial Conglomerates - 1.4%** | **Industrial Conglomerates - 1.4%** | **Industrial Conglomerates - 1.4%** |
|  3M Co. | 35371 | 4449318 |
| **Insurance - 3.2%** | **Insurance - 3.2%** | **Insurance - 3.2%** |
|  American International Group, Inc. | 44491 | 2535987 |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 22294 | 1281905 |
|  Everest Re Group Ltd. | 5776 | 1863684 |
|  Loews Corp. | 4804 | 273924 |
|  Marsh & McLennan Cos., Inc. | 13834 | 2234053 |
|  Unum Group | 15346 | 699624 |
|  W.R. Berkley Corp. | 23141 | 1721228 |
|  |  | 10610405 |
| **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** | **Interactive Media & Services - 0.3%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 9940 | 939429 |
| **IT Services - 4.0%** | **IT Services - 4.0%** | **IT Services - 4.0%** |
|  Amdocs Ltd. | 36653 | 3163520 |
|  Gartner, Inc. <sup>(A)</sup> | 769 | 232177 |
|  Mastercard, Inc., Class A | 10111 | 3318228 |
|  Paychex, Inc. | 26776 | 3167869 |
|  Visa, Inc., Class A | 16096 | 3334447 |
|  |  | 13216241 |
| **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** | **Life Sciences Tools & Services - 0.3%** |
|  Mettler-Toledo International, Inc. <sup>(A)</sup> | 716 | 905690 |
| **Machinery - 0.2%** | **Machinery - 0.2%** | **Machinery - 0.2%** |
|  Snap-on, Inc. | 3068 | 681249 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media - 1.4%** | **Media - 1.4%** | **Media - 1.4%** |
|  Charter Communications, Inc., Class A <sup>(A)</sup> | 2862 | $1052129 |
|  Nexstar Media Group, Inc., Class A | 4474 | 766396 |
|  Sirius XM Holdings, Inc. <sup>(B)</sup> | 469474 | 2835623 |
|  |  | 4654148 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |
|  Nucor Corp. <sup>(B)</sup> | 5859 | 769755 |
| **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** |
|  Consolidated Edison, Inc. | 6104 | 536908 |
|  DTE Energy Co. | 22227 | 2491869 |
|  Public Service Enterprise Group, Inc. | 17827 | 999560 |
|  |  | 4028337 |
| **Oil, Gas & Consumable Fuels - 9.7%** | **Oil, Gas & Consumable Fuels - 9.7%** | **Oil, Gas & Consumable Fuels - 9.7%** |
|  Chevron Corp. | 41696 | 7542806 |
|  ConocoPhillips | 19342 | 2438833 |
|  Continental Resources, Inc. | 8283 | 612693 |
|  Exxon Mobil Corp. | 62894 | 6969284 |
|  Marathon Petroleum Corp. | 27577 | 3133299 |
|  ONEOK, Inc. | 57489 | 3410247 |
|  Phillips 66 | 39411 | 4110173 |
|  Pioneer Natural Resources Co. | 10126 | 2596408 |
|  Valero Energy Corp. | 10612 | 1332337 |
|  |  | 32146080 |
| **Personal Products - 0.2%** | **Personal Products - 0.2%** | **Personal Products - 0.2%** |
|  Estee Lauder Cos., Inc., Class A | 3980 | 797950 |
| **Pharmaceuticals - 5.3%** | **Pharmaceuticals - 5.3%** | **Pharmaceuticals - 5.3%** |
|  Bristol-Myers Squibb Co. | 43941 | 3404109 |
|  Jazz Pharmaceuticals PLC <sup>(A)</sup> | 3596 | 517069 |
|  Johnson & Johnson | 28257 | 4915870 |
|  Merck & Co., Inc. | 12672 | 1282407 |
|  Pfizer, Inc. | 160011 | 7448512 |
|  |  | 17567967 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
|  Robert Half International, Inc. | 3222 | 246354 |
| **Road & Rail - 2.5%** | **Road & Rail - 2.5%** | **Road & Rail - 2.5%** |
|  Landstar System, Inc. | 9399 | 1468312 |
|  Old Dominion Freight Line, Inc. | 3450 | 947370 |
|  Schneider National, Inc., Class B | 16362 | 363891 |
|  Union Pacific Corp. | 27308 | 5383499 |
|  |  | 8163072 |
| **Semiconductors & Semiconductor Equipment - 4.5%** | **Semiconductors & Semiconductor Equipment - 4.5%** | **Semiconductors & Semiconductor Equipment - 4.5%** |
|  Broadcom, Inc. | 13332 | 6267640 |
|  Microchip Technology, Inc. | 29636 | 1829727 |
|  QUALCOMM, Inc. | 8429 | 991756 |
|  Texas Instruments, Inc. | 35753 | 5743004 |
|  |  | 14832127 |
| **Software - 0.3%** | **Software - 0.3%** | **Software - 0.3%** |
|  Synopsys, Inc. <sup>(A)</sup> | 3794 | 1109935 |
| **Specialty Retail - 2.8%** | **Specialty Retail - 2.8%** | **Specialty Retail - 2.8%** |
|  AutoNation, Inc. <sup>(A)</sup> | 8402 | 893217 |
|  AutoZone, Inc. <sup>(A)</sup> | 773 | 1957916 |
|  Home Depot, Inc. | 10836 | 3208865 |
|  Lowe's Cos., Inc. | 8131 | 1585138 |
|  O'Reilly Automotive, Inc. <sup>(A)</sup> | 1655 | 1385516 |
|  Penske Automotive Group, Inc. | 2259 | 252150 |
|  |  | 9282802 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 217** 

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##### [**Table of Contents**](#toc)
**Transamerica Large Value Opportunities** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Technology Hardware, Storage & Peripherals - 0.9%** | **Technology Hardware, Storage & Peripherals - 0.9%** | **Technology Hardware, Storage & Peripherals - 0.9%** |
|  Apple, Inc. | 19284 | $2957009 |
|  Western Digital Corp. <sup>(A)</sup> | 4684 | 160989 |
|  |  | 3117998 |
| **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** |
|  Capri Holdings Ltd. <sup>(A)</sup> | 4169 | 190440 |
|  Tapestry, Inc. | 7047 | 223249 |
|  |  | 413689 |
| **Tobacco - 2.0%** | **Tobacco - 2.0%** | **Tobacco - 2.0%** |
|  Altria Group, Inc. | 43043 | 1991600 |
|  Philip Morris International, Inc. | 51607 | 4740103 |
|  |  | 6731703 |
| **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** |
|  United Rentals, Inc. <sup>(A)</sup> | 6132 | 1935933 |
|  WW Grainger, Inc. | 3408 | 1991465 |
|  |  | 3927398 |
|  **Total Common Stocks <br>(Cost $305,240,493)** | **Total Common Stocks <br>(Cost $305,240,493)** | 322177816 |

---

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND - 3.5%** | **EXCHANGE-TRADED FUND - 3.5%** | **EXCHANGE-TRADED FUND - 3.5%** |
| **U.S. Equity Fund - 3.5%** | **U.S. Equity Fund - 3.5%** | **U.S. Equity Fund - 3.5%** |
|  iShares Russell 1000 Value ETF | 76909 | $11516354 |
|  **Total Exchange-Traded Fund <br>(Cost $11,204,331)** | **Total Exchange-Traded Fund <br>(Cost $11,204,331)** | 11516354 |
| **MASTER LIMITED PARTNERSHIP - 0.3%** | **MASTER LIMITED PARTNERSHIP - 0.3%** | **MASTER LIMITED PARTNERSHIP - 0.3%** |
| **Capital Markets - 0.3%** | **Capital Markets - 0.3%** | **Capital Markets - 0.3%** |
|  Lazard Ltd., Class A | 29779 | 1122966 |
|  **Total Master Limited Partnership <br>(Cost $1,085,754)** | **Total Master Limited Partnership <br>(Cost $1,085,754)** | 1122966 |
| **OTHER INVESTMENT COMPANY - 1.2%** | **OTHER INVESTMENT COMPANY - 1.2%** | **OTHER INVESTMENT COMPANY - 1.2%** |
| **Securities Lending Collateral - 1.2%** | **Securities Lending Collateral - 1.2%** | **Securities Lending Collateral - 1.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 3846292 | 3846292 |
|  **Total Other Investment Company <br>(Cost $3,846,292)** | **Total Other Investment Company <br>(Cost $3,846,292)** | 3846292 |
|  **Total Investments <br>(Cost $321,376,870)** | **Total Investments <br>(Cost $321,376,870)** | 338663428 |
|  **Net Other Assets (Liabilities) - (2.4)%** |  | (8028316) |
|  **Net Assets - 100.0%** |  | **$330635112** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $322177816 | $— | $— | $322177816 |
|  Exchange-Traded Fund | 11516354 |  |  | 11516354 |
|  Master Limited Partnership | 1122966 |  |  | 1122966 |
|  Other Investment Company | 3846292 |  |  | 3846292 |
|  **Total Investments** | $**338663428** | $**—** | $**—** | $**338663428** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $5,365,937, collateralized by cash collateral of $3,846,292 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,683,397. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 218** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Growth** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

U.S. equities fell over the fiscal year ended October 31, 2022. Markets rallied early in the period on the back of robust equity inflows, strong corporate earnings, favorable economic data, and extremely accommodative financial conditions. The rapid spread of the Omicron variant, however, led to the largest increase in U.S. COVID-19 cases since the onset of the pandemic, prompting a flurry of new restrictions and event cancellations at the end of calendar year 2021. Inflation continued to surge against a backdrop of severe supply and labor shortages, rising energy prices, and high demand for goods and services, and heightening scrutiny of the U.S. Federal Reserve ("Fed") amid anxiety about a potential policy mistake. Equity markets fell sharply in the second quarter of 2022, as rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Rapidly rising prices for food and energy pushed consumer inflation to its highest level in more than four decades. Growth stocks significantly underperformed their value counterparts as surging treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its biggest quarterly loss since September 2001. Equity market weakness persisted, as risk sentiment deteriorated on fears that aggressive interest rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Despite these concerns, the Fed made clear that the central bank is committed to raising interest rates and keeping them elevated for longer until there is clear evidence that price pressures are abating.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Mid Cap Growth (Class R4) returned -35.26%. By comparison, its benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned -28.94%.

**STRATEGY REVIEW** 

The Fund trailed its benchmark, the Russell Midcap<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2022.

The Fund's relative underperformance was driven by both stock selection and sector allocation. Stock selection in health care, consumer staples, and financials detracted the most from relative performance, while selection in communication services and consumer discretionary partially offset negative relative performance. From a sector allocation perspective, a residual of our bottom-up stock selection process, our overweight to communication services and underweight to energy detracted from Fund performance.

Notable detractors from performance included positions in Align Technology, Inc., a medical device company focused on dentistry and orthodontics; Synaptics, Inc., a diversified provider of semiconductors; and Match Group, Inc., a global leader in online dating apps.

Contributors included our positions in Wingstop, Inc., a restaurant franchise known for their chicken wings; Gartner, Inc., an IT research and advisory services company; and BWX Technologies, Inc., a nuclear components and fuel provider for the commercial nuclear power industry.

In terms of positioning, the Fund at period end had a meaningful overweight to communication services funded by underweights to sectors such as industrials, materials, and energy. Over the period, we added several new holdings to the Fund's portfolio, largely in the information technology and health care sectors. We also eliminated several holdings including KLA Corp., Avalara, Inc., and Fortune Brands Home & Security, Inc.

**Timothy N. Manning** 

**Portfolio Manager** 

**Wellington Management Company LLP** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 96.1% |
|  Repurchase Agreement | 3.9 |
|  Net Other Assets (Liabilities) | 0.0 \* |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 219** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Growth** 

------

**(unaudited)**![LOGO](g404440g40b50.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception<br>Date of Class** | **Inception Date** |
|  Class A (POP) | (38.97)% | 1.80% | 3.07% | 03/10/2017 |
|  Class A (NAV) | (35.42)% | 2.96% | 4.11% | 03/10/2017 |
|  Class C (POP) | (35.48)% | 2.48% | 3.59% | 03/10/2017 |
|  Class C (NAV) | (35.05)% | 2.48% | 3.59% | 03/10/2017 |
|  Class I (NAV) | (35.12)% | 3.28% | 4.44% | 03/10/2017 |
|  Class I2 (NAV) | (35.18)% | 3.29% | 4.46% | 03/10/2017 |
|  Class I3 (NAV) | (35.11)% | 3.33% | 4.38% | 03/10/2017 |
|  Class R (NAV) | (35.47)% | 2.83% | 3.86% | 03/10/2017 |
|  Class R4 (NAV) | (35.26)% | 3.14% | 7.80% | 11/07/2001 |
|  Russell Midcap<sup>®</sup> Growth Index <sup>(A)</sup> | (28.94)% | 8.66% | 11.95% |  |
|  Class R6 (NAV) | (35.13)% | N/A | (20.10)% | 05/28/2021 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Returns on growth stocks may not move in tandem with return 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. 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. Investing in small and medium-sized companies involves greater risk than is customarily associated with more established companies. The securities of small and mid capitalization companies are subject to higher volatility than larger, more established companies.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 220** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Growth** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.1%** | **COMMON STOCKS - 96.1%** | **COMMON STOCKS - 96.1%** |
| **Aerospace & Defense - 8.1%** | **Aerospace & Defense - 8.1%** | **Aerospace & Defense - 8.1%** |
|  BWX Technologies, Inc. | 224977 | $12819189 |
|  Hexcel Corp. | 185821 | 10350230 |
|  |  | 23169419 |
| **Biotechnology - 3.3%** | **Biotechnology - 3.3%** | **Biotechnology - 3.3%** |
|  Seagen, Inc. <sup>(A)</sup> | 74552 | 9480032 |
| **Capital Markets - 8.1%** | **Capital Markets - 8.1%** | **Capital Markets - 8.1%** |
|  Ares Management Corp., Class A | 163933 | 12431040 |
|  Hamilton Lane, Inc., Class A | 180799 | 10815396 |
|  |  | 23246436 |
| **Diversified Financial Services - 2.7%** | **Diversified Financial Services - 2.7%** | **Diversified Financial Services - 2.7%** |
|  TransUnion | 130083 | 7710019 |
| **Electronic Equipment, Instruments & Components - 5.2%** | **Electronic Equipment, Instruments & Components - 5.2%** | **Electronic Equipment, Instruments & Components - 5.2%** |
|  CDW Corp. | 86170 | 14891038 |
| **Entertainment - 4.3%** | **Entertainment - 4.3%** | **Entertainment - 4.3%** |
|  Electronic Arts, Inc. | 99156 | 12489690 |
| **Food Products - 3.1%** | **Food Products - 3.1%** | **Food Products - 3.1%** |
|  Freshpet, Inc. <sup>(A)</sup> <sup>(B)</sup> | 151800 | 8948610 |
| **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** |
|  Align Technology, Inc. <sup>(A)</sup> | 23405 | 4547591 |
| **Health Care Technology - 3.0%** | **Health Care Technology - 3.0%** | **Health Care Technology - 3.0%** |
|  Omnicell, Inc. <sup>(A)</sup> | 110102 | 8513087 |
| **Hotels, Restaurants & Leisure - 7.8%** | **Hotels, Restaurants & Leisure - 7.8%** | **Hotels, Restaurants & Leisure - 7.8%** |
|  Hilton Worldwide Holdings, Inc. | 89369 | 12088051 |
|  Wingstop, Inc. | 64549 | 10223916 |
|  |  | 22311967 |
| **Interactive Media & Services - 4.9%** | **Interactive Media & Services - 4.9%** | **Interactive Media & Services - 4.9%** |
|  Match Group, Inc. <sup>(A)</sup> | 101370 | 4379184 |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 215053 | 9576310 |
|  |  | 13955494 |
| **Internet & Direct Marketing Retail - 2.1%** | **Internet & Direct Marketing Retail - 2.1%** | **Internet & Direct Marketing Retail - 2.1%** |
|  Etsy, Inc. <sup>(A)</sup> | 64151 | 6024420 |
| **IT Services - 12.2%** | **IT Services - 12.2%** | **IT Services - 12.2%** |
|  Gartner, Inc. <sup>(A)</sup> | 68637 | 20722883 |
|  MongoDB, Inc. <sup>(A)</sup> | 29003 | 5308419 |
|  Shift4 Payments, Inc., Class A <sup>(A)</sup> | 197386 | 9073835 |
|  |  | 35105137 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Life Sciences Tools & Services - 11.6%** | **Life Sciences Tools & Services - 11.6%** | **Life Sciences Tools & Services - 11.6%** |
|  Agilent Technologies, Inc. | 138436 | $19152621 |
|  ICON PLC <sup>(A)</sup> | 71822 | 14209264 |
|  |  | 33361885 |
| **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** |
|  Cheniere Energy, Inc. | 42563 | 7508539 |
| **Semiconductors & Semiconductor Equipment - 3.5%** | **Semiconductors & Semiconductor Equipment - 3.5%** | **Semiconductors & Semiconductor Equipment - 3.5%** |
|  ON Semiconductor Corp. <sup>(A)</sup> | 89465 | 5495835 |
|  Synaptics, Inc. <sup>(A)</sup> | 51506 | 4563432 |
|  |  | 10059267 |
| **Software - 8.8%** | **Software - 8.8%** | **Software - 8.8%** |
|  Ceridian HCM Holding, Inc. <sup>(A)</sup> | 206684 | 13680414 |
|  Palo Alto Networks, Inc. <sup>(A)</sup> | 29721 | 5099826 |
|  Varonis Systems, Inc. <sup>(A)</sup> | 243970 | 6531077 |
|  |  | 25311317 |
| **Textiles, Apparel & Luxury Goods - 3.2%** | **Textiles, Apparel & Luxury Goods - 3.2%** | **Textiles, Apparel & Luxury Goods - 3.2%** |
|  Lululemon Athletica, Inc. <sup>(A)</sup> | 27880 | 9173635 |
|  **Total Common Stocks <br>(Cost $316,682,550)** | **Total Common Stocks <br>(Cost $316,682,550)** | 275807583 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.9%** | **REPURCHASE AGREEMENT - 3.9%** | **REPURCHASE AGREEMENT - 3.9%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $11,054,105 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $11,274,852. | $11053768 | 11053768 |
|  **Total Repurchase Agreement <br>(Cost $11,053,768)** | **Total Repurchase Agreement <br>(Cost $11,053,768)** | 11053768 |
|  **Total Investments <br>(Cost $327,736,318)** | **Total Investments <br>(Cost $327,736,318)** | 286861351 |
|  **Net Other Assets (Liabilities) - 0.0% <sup>(D)</sup>** | **Net Other Assets (Liabilities) - 0.0% <sup>(D)</sup>** | 68339 |
|  **Net Assets - 100.0%** |  | **$286929690** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $275807583 | $— | $— | $275807583 |
|  Repurchase Agreement |  | 11053768 |  | 11053768 |
|  **Total Investments** | $**275807583** | $**11053768** | $**—** | $**286861351** |

---

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

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|:---|:---|
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**Page 221** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Growth** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the security is on loan. The value of the security on loan is $117,900 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $120,500. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.* 

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

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

(E) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 222** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value Opportunities** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022, in aggregate was dominated by overall negative sentiment related to ongoing recession concerns driven by multiple factors ranging from the war between Russia and Ukraine, global growth headwinds, and ongoing inflationary pressures. Domestic and international equity and fixed income markets were in decline during the period driven by these concerns and uncertainty around the ability of central banks to thwart inflation without causing a recession. Aside from the bearish sentiment in the market, investors rotated out of growth-oriented stocks and into value. This arguably began in early 2021 and became more pronounced beginning in mid-November 2021.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Mid Cap Value Opportunities (Class A) returned -4.39%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap<sup>®</sup> Value Index, returned -10.18%.

**STRATEGY REVIEW** 

The Fund outperformed its benchmark over the fiscal year ended October 31, 2022. On a sector basis, stock selection in consumer discretionary and financials contributed to outperformance. Within financials, an overweight allocation to, and stock selection in, the insurance sector contributed to performance. Within energy, an overweight allocation and stock selection contributed positively to relative returns. Stock selection in telecommunications and basic materials detracted from relative performance.

Within consumer discretionary, the Fund benefitted from positions in Dollar Tree, Inc. and LKQ Corp. Dollar Tree, Inc., an operator of discount value stores, moved notably higher following their announcement of implementing a multi-dollar price point for items at their legacy stores, activist involvement, and expected return of capital to shareholders through share buybacks. Shares of LKQ Corp., a leading distributor of automotive aftermarket parts, moved higher on solid execution and expectations of further margin expansion and market share gains.

In the insurance sector, Alleghany Corp., a primary insurer and reinsurer, contributed to performance after an acquisition offer from Berkshire Hathaway, Inc. Arch Capital Group, Ltd., a provider of property and casualty insurance and reinsurance, was also a positive contributor driven by positive sentiment on reinsurance rates, and overall sound underwriting execution and profitability.

Within energy, HF Sinclair Corp., a refiner, was the Fund's top contributor, driven by improving margins and additional refining capacity they have been acquiring the last several years.

Within telecommunications, positions in Liberty Broadband Corp. and Dish Network Corp. were the primary detractors from relative performance. Liberty Broadband Corp. faced headwinds due to perceived fixed wireless competition and overall competitive pressure in cable, while DISH Network Corp. faced headwinds from industry fears of increased customer churn and subscriber "cord cutting." We continue to believe that both companies' shares remain attractive, and we continue to hold positions.

**R. Michael Creager, CFA** 

**Brett P. Hawkins, CFA** 

**Co-Portfolio Managers** 

**Thompson, Siegel & Walmsley LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 94.5% |
|  Repurchase Agreement | 7.3 |
|  Net Other Assets (Liabilities) | (1.8) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 223** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value Opportunities** 

------

**(unaudited)**![LOGO](g404440g32g42.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception<br>Date of Class** | **Inception Date** |
|  Class A (POP) | (9.67)% | 6.41% | 7.50% | 04/30/2014 |
|  Class A (NAV) | (4.39)% | 7.62% | 8.21% | 04/30/2014 |
|  Russell Midcap<sup>®</sup> Value Index <sup>(A)</sup> | (10.18)% | 6.49% | 7.51% |  |
|  Class C (POP) | (5.67)% | 6.92% | 7.47% | 04/30/2014 |
|  Class C (NAV) | (4.93)% | 6.92% | 7.47% | 04/30/2014 |
|  Class I (NAV) | (3.91)% | 8.03% | 8.57% | 04/30/2014 |
|  Class I2 (NAV) | (3.84)% | 8.12% | 8.66% | 04/30/2014 |
|  Class I3 (NAV) | (3.81)% | 8.11% | 7.25% | 03/24/2017 |
|  Class R (NAV) | (4.34)% | 7.56% | 6.70% | 03/24/2017 |
|  Class R4 (NAV) | (3.99)% | 7.94% | 7.06% | 03/24/2017 |
|  Class R6 (NAV) | (3.86)% | 8.12% | 7.91% | 07/25/2016 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in mid-sized companies involves greater risk than is customarily associated with more established companies. The securities of mid-sized companies are subject to higher volatility than larger, more established companies. The prices of securities the sub-adviser believes are undervalued many not appreciate as anticipated or may go down. Value approach carries the risk that the market will not recognize a security's intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Page 224** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value Opportunities** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 94.5%** | **COMMON STOCKS - 94.5%** | **COMMON STOCKS - 94.5%** |
| **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** |
|  Huntington Ingalls Industries, Inc. | 116000 | $29820120 |
| **Air Freight & Logistics - 1.5%** | **Air Freight & Logistics - 1.5%** | **Air Freight & Logistics - 1.5%** |
|  FedEx Corp. | 132200 | 21189016 |
| **Banks - 4.3%** | **Banks - 4.3%** | **Banks - 4.3%** |
|  First Citizens BancShares, Inc., Class A | 43856 | 36054895 |
|  First Republic Bank | 195800 | 23515580 |
|  |  | 59570475 |
| **Beverages - 1.8%** | **Beverages - 1.8%** | **Beverages - 1.8%** |
|  Molson Coors Beverage Co., Class B | 485084 | 24462786 |
| **Biotechnology - 0.5%** | **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |
|  United Therapeutics Corp. <sup>(A)</sup> | 31000 | 7146430 |
| **Building Products - 0.8%** | **Building Products - 0.8%** | **Building Products - 0.8%** |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 168900 | 10414374 |
| **Chemicals - 2.7%** | **Chemicals - 2.7%** | **Chemicals - 2.7%** |
|  Mosaic Co. | 250500 | 13464375 |
|  Olin Corp. | 469500 | 24860025 |
|  |  | 38324400 |
| **Consumer Finance - 1.6%** | **Consumer Finance - 1.6%** | **Consumer Finance - 1.6%** |
|  Ally Financial, Inc. | 815639 | 22479011 |
| **Containers & Packaging - 3.6%** | **Containers & Packaging - 3.6%** | **Containers & Packaging - 3.6%** |
|  Berry Global Group, Inc. <sup>(A)</sup> | 216000 | 10221120 |
|  Graphic Packaging Holding Co. | 989100 | 22709736 |
|  Sealed Air Corp. | 360900 | 17186058 |
|  |  | 50116914 |
| **Distributors - 2.0%** | **Distributors - 2.0%** | **Distributors - 2.0%** |
|  LKQ Corp. | 491000 | 27319240 |
| **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** |
|  Liberty Global PLC, Class A <sup>(A)</sup> | 780526 | 13159668 |
| **Electric Utilities - 3.9%** | **Electric Utilities - 3.9%** | **Electric Utilities - 3.9%** |
|  Evergy, Inc. | 419700 | 25656261 |
|  Exelon Corp. | 184100 | 7104419 |
|  OGE Energy Corp. | 597100 | 21871773 |
|  |  | 54632453 |
| **Electronic Equipment, Instruments & Components - 1.8%** | **Electronic Equipment, Instruments & Components - 1.8%** | **Electronic Equipment, Instruments & Components - 1.8%** |
|  Flex Ltd. <sup>(A)</sup> | 762600 | 14931708 |
|  Vontier Corp. | 541462 | 10341924 |
|  |  | 25273632 |
| **Entertainment - 0.5%** | **Entertainment - 0.5%** | **Entertainment - 0.5%** |
|  Warner Bros Discovery, Inc. <sup>(A)</sup> | 557600 | 7248800 |
| **Equity Real Estate Investment Trusts - 2.3%** | **Equity Real Estate Investment Trusts - 2.3%** | **Equity Real Estate Investment Trusts - 2.3%** |
|  Gaming & Leisure Properties, Inc. | 380075 | 19049359 |
|  JBG SMITH Properties | 695500 | 13687440 |
|  |  | 32736799 |
| **Food Products - 3.2%** | **Food Products - 3.2%** | **Food Products - 3.2%** |
|  Kraft Heinz Co. | 308200 | 11856454 |
|  Post Holdings, Inc. <sup>(A)</sup> | 368400 | 33310728 |
|  |  | 45167182 |
| **Gas Utilities - 1.4%** | **Gas Utilities - 1.4%** | **Gas Utilities - 1.4%** |
|  UGI Corp. | 567500 | 20049775 |
| **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** |
|  Koninklijke Philips NV | 480900 | 6083385 |
| **Health Care Providers & Services - 5.3%** | **Health Care Providers & Services - 5.3%** | **Health Care Providers & Services - 5.3%** |
|  AmerisourceBergen Corp. | 165256 | 25981548 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Centene Corp. <sup>(A)</sup> | 266700 | $22704171 |
|  Laboratory Corp. of America Holdings | 114838 | 25477959 |
|  |  | 74163678 |
| **Independent Power & Renewable Electricity Producers - 1.8%** | **Independent Power & Renewable Electricity Producers - 1.8%** | **Independent Power & Renewable Electricity Producers - 1.8%** |
|  Vistra Corp. | 1104800 | 25377256 |
| **Insurance - 11.1%** | **Insurance - 11.1%** | **Insurance - 11.1%** |
|  Allstate Corp. | 224649 | 28361936 |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 624700 | 35920250 |
|  Fidelity National Financial, Inc. | 659222 | 25960163 |
|  Loews Corp. | 195317 | 11136975 |
|  Markel Corp. <sup>(A)</sup> | 18188 | 21936547 |
|  Old Republic International Corp. | 613000 | 14227730 |
|  Willis Towers Watson PLC | 80100 | 17478621 |
|  |  | 155022222 |
| **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** |
|  IAC, Inc. <sup>(A)</sup> | 138734 | 6753571 |
| **IT Services - 3.9%** | **IT Services - 3.9%** | **IT Services - 3.9%** |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 162900 | 30318948 |
|  Global Payments, Inc. | 211300 | 24143138 |
|  |  | 54462086 |
| **Life Sciences Tools & Services - 1.2%** | **Life Sciences Tools & Services - 1.2%** | **Life Sciences Tools & Services - 1.2%** |
|  Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> | 48900 | 17198619 |
| **Machinery - 0.8%** | **Machinery - 0.8%** | **Machinery - 0.8%** |
|  CNH Industrial NV | 834900 | 10803606 |
| **Media - 9.2%** | **Media - 9.2%** | **Media - 9.2%** |
|  Altice USA, Inc., Class A <sup>(A)</sup> | 1071000 | 7079310 |
|  DISH Network Corp., Class A <sup>(A)</sup> | 706243 | 10530083 |
|  Fox Corp., Class A | 821100 | 23705157 |
|  Liberty Broadband Corp., Class C <sup>(A)</sup> | 468056 | 39517968 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(A)</sup> | 703600 | 29684884 |
|  News Corp., Class A | 1076200 | 18155494 |
|  |  | 128672896 |
| **Metals & Mining - 1.9%** | **Metals & Mining - 1.9%** | **Metals & Mining - 1.9%** |
|  Cleveland-Cliffs, Inc. <sup>(A)</sup> <sup>(B)</sup> | 687100 | 8925429 |
|  U.S. Steel Corp. | 887200 | 18063392 |
|  |  | 26988821 |
| **Mortgage Real Estate Investment Trusts - 0.6%** | **Mortgage Real Estate Investment Trusts - 0.6%** | **Mortgage Real Estate Investment Trusts - 0.6%** |
|  Annaly Capital Management, Inc. | 408536 | 7578343 |
| **Multi-Utilities - 3.2%** | **Multi-Utilities - 3.2%** | **Multi-Utilities - 3.2%** |
|  CenterPoint Energy, Inc. | 687502 | 19669432 |
|  NiSource, Inc. | 968800 | 24888472 |
|  |  | 44557904 |
| **Multiline Retail - 1.8%** | **Multiline Retail - 1.8%** | **Multiline Retail - 1.8%** |
|  Dollar Tree, Inc. <sup>(A)</sup> | 160000 | 25360000 |
| **Oil, Gas & Consumable Fuels - 9.3%** | **Oil, Gas & Consumable Fuels - 9.3%** | **Oil, Gas & Consumable Fuels - 9.3%** |
|  Chesapeake Energy Corp. <sup>(B)</sup> | 173200 | 17713164 |
|  Devon Energy Corp. | 184900 | 14302015 |
|  Diamondback Energy, Inc. | 96400 | 15145404 |
|  EQT Corp. | 238500 | 9978840 |
|  HF Sinclair Corp. | 289400 | 17702598 |
|  Kinder Morgan, Inc. | 1416900 | 25674228 |
|  Williams Cos., Inc. | 894800 | 29286804 |
|  |  | 129803053 |

---

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

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**Page 225** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value Opportunities** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Paper & Forest Products - 1.1%** | **Paper & Forest Products - 1.1%** | **Paper & Forest Products - 1.1%** |
|  Louisiana-Pacific Corp. | 272800 | $15454120 |
| **Pharmaceuticals - 2.7%** | **Pharmaceuticals - 2.7%** | **Pharmaceuticals - 2.7%** |
|  Organon & Co. | 390100 | 10212818 |
|  Perrigo Co. PLC | 693500 | 27934180 |
|  |  | 38146998 |
| **Software - 0.9%** | **Software - 0.9%** | **Software - 0.9%** |
|  SS&C Technologies Holdings, Inc. | 243400 | 12515628 |
| **Specialty Retail - 2.4%** | **Specialty Retail - 2.4%** | **Specialty Retail - 2.4%** |
|  Advance Auto Parts, Inc. | 40800 | 7748736 |
|  Ross Stores, Inc. | 274700 | 26286043 |
|  |  | 34034779 |
| **Technology Hardware, Storage & Peripherals - 1.5%** | **Technology Hardware, Storage & Peripherals - 1.5%** | **Technology Hardware, Storage & Peripherals - 1.5%** |
|  Western Digital Corp. <sup>(A)</sup> | 612600 | 21055062 |
|  **Total Common Stocks <br>(Cost $1,203,391,318)** | **Total Common Stocks <br>(Cost $1,203,391,318)** | 1323143102 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 7.3%** | **REPURCHASE AGREEMENT - 7.3%** | **REPURCHASE AGREEMENT - 7.3%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $101,607,496 on 11/01/2022. Collateralized by U.S. Government Obligations, 4.30% - 4.47%, due 04/20/2023 - 04/27/2023, and with a total value of $103,633,336. | $101601287 | $101601287 |
|  **Total Repurchase Agreement <br>(Cost $101,601,287)** | **Total Repurchase Agreement <br>(Cost $101,601,287)** | 101601287 |
|  **Total Investments <br>(Cost $1,304,992,605)** | **Total Investments <br>(Cost $1,304,992,605)** | 1424744389 |
|  **Net Other Assets (Liabilities) - (1.8)%** | **Net Other Assets (Liabilities) - (1.8)%** | (25447238) |
|  **Net Assets - 100.0%** |  | **$1399297151** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $1323143102 | $— | $— | $1323143102 |
|  Repurchase Agreement |  | 101601287 |  | 101601287 |
|  **Total Investments** | $**1323143102** | $**101601287** | $**—** | $**1424744389** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $13,562,044, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $13,841,792. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

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**Page 226** 

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**Transamerica Multi-Asset Income** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended October 31, 2022, marked a shift away from the prior period's themes of COVID-19 reopening and a dovish U.S. Federal Reserve ("Fed"). Instead, investors grappled with a hawkish Fed, higher interest rates, a stronger U.S. dollar and geopolitical risks sending both equity and bond markets into negative territory. The Fed increased efforts to curb inflation by implementing five rate hikes during the period. Investors appear to be cautiously following along to see if the Fed can do so without triggering a recession.

This backdrop weighed on returns for both fixed income and equity markets. The S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>") returned –14.61%, with wide dispersion among sectors. The energy sector was the outlier, posting large positive returns, while the consumer discretionary and technology sectors fared worst, each losing more than a quarter of their value. Stylistically, value stocks fared better than growth stocks as the Russell 1000<sup>®</sup> Value Index declined -7.00% while the Russell 1000<sup>®</sup> Growth Index declined -24.60%. Fixed income markets also declined over the period, including the Bloomberg US High Yield Corporate Index, which returned -11.76%. Within high yield credit, shorter duration and higher quality credit outperformed.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Multi-Asset Income (Class A) returned -8.50%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica Multi-Asset Income Blended Benchmark, returned -14.61% and -13.01%, respectively.

**STRATEGY REVIEW** 

The Fund outperformed its benchmark in the fiscal year ended October 31, 2022. The Fund met its stated goals of delivering high current income and reduced volatility relative to its benchmark over the past fiscal year.

The Fund is comprised of a mix of equites, corporate credit, and preferred equity intended to generate income above the S&P 500<sup>®</sup> and moderate volatility. A combination of the Fund's exposure to high yield credit and positive stock selection served as key contributors to relative performance versus the all-equity S&P 500<sup>®</sup> benchmark.

From a traditional attribution lens, the top sectors in terms of relative return were technology and health care. Within technology, a combination of positive stock selection and an underweight allocation to one of the benchmark's lowest performing sectors proved additive. Seagate Technology Holdings PLC, a data storage company, was a notable contributor due to the timing of the Fund's sale for more attractive risk/reward opportunities. The position was eliminated before cost increases, supply chain concerns, and softness in demand moved the stock price lower in the latter half of 2022. Within health care, an improved drug-pipeline and strong performance from its top-selling drugs aided biopharmaceutical maker Bristol-Myers Squibb Co.

Conversely, the industrials and utilities sectors dragged most on the Fund's relative returns. Stanley Black & Decker, Inc. a global industrial tool and equipment provider, was adversely impacted by inflationary cost increases and supply chain issues which caused management to reduce per share earnings and free cash flow guidance. Meanwhile, Utilities were among the top performing benchmark sectors and the Fund's underweight exposure detracted from relative returns.

**William M. Bellamy, CFA** 

**Portfolio Manager** 

**Thompson, Siegel & Walmsley LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 48.8% |
|  Common Stocks | 46.1 |
|  Other Investment Company | 4.4 |
|  Preferred Stocks | 3.4 |
|  Repurchase Agreement | 0.8 |
|  Net Other Assets (Liabilities) | (3.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 227** 

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**Transamerica Multi-Asset Income** 

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**(unaudited)**![LOGO](g404440g85y64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception<br>Date** |
|  Class A (POP) | (13.54)% | 5.46% | 5.91% | 03/01/2014 |
|  Class A (NAV) | (8.50)% | 6.67% | 6.60% | 03/01/2014 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (14.61)% | 10.44% | 10.91% |  |
|  Transamerica Multi-Asset Income Blended Benchmark <sup>(A) (B) (C)</sup> | (13.01)% | 7.19% | 7.96% |  |
|  Class C (POP) | (9.98)% | 5.89% | 5.82% | 03/01/2014 |
|  Class C (NAV) | (9.11)% | 5.89% | 5.82% | 03/01/2014 |
|  Class I (NAV) | (8.20)% | 6.96% | 6.89% | 03/01/2014 |
|  Class I2 (NAV) | (8.15)% | 7.04% | 6.30% | 03/01/2014 |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica Multi-Asset Income Blended Benchmark is composed of the following benchmarks: 60% S&P 500<sup>®</sup> Index and 40% ICE BofAML U.S. High Yield BB-B Rated Constrained Index.* 

<sup>(C)</sup> *The ICE BofAML U.S. High Yield BB-B Rated Constrained Index tracks the performance of BB and B rated high yield bonds.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I and I2 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. Investing in high-yield securities may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. Preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

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**Page 228** 

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**Transamerica Multi-Asset Income** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 46.1%** | **COMMON STOCKS - 46.1%** | **COMMON STOCKS - 46.1%** |
| **Aerospace & Defense - 0.4%** | **Aerospace & Defense - 0.4%** | **Aerospace & Defense - 0.4%** |
|  Raytheon Technologies Corp. | 25000 | $2370500 |
| **Air Freight & Logistics - 1.3%** | **Air Freight & Logistics - 1.3%** | **Air Freight & Logistics - 1.3%** |
|  United Parcel Service, Inc., Class B | 50000 | 8388500 |
| **Automobiles - 1.4%** | **Automobiles - 1.4%** | **Automobiles - 1.4%** |
|  Ford Motor Co. | 400000 | 5348000 |
|  General Motors Co. | 100000 | 3925000 |
|  |  | 9273000 |
| **Banks - 1.9%** | **Banks - 1.9%** | **Banks - 1.9%** |
|  Bank of America Corp. | 195000 | 7027800 |
|  JPMorgan Chase & Co. | 45000 | 5664600 |
|  |  | 12692400 |
| **Biotechnology - 2.6%** | **Biotechnology - 2.6%** | **Biotechnology - 2.6%** |
|  AbbVie, Inc. | 60000 | 8784000 |
|  Gilead Sciences, Inc. | 108400 | 8505064 |
|  |  | 17289064 |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |
|  Blackstone, Inc. | 85000 | 7746900 |
|  Charles Schwab Corp. | 35000 | 2788450 |
|  Goldman Sachs Group, Inc. | 5000 | 1722550 |
|  |  | 12257900 |
| **Chemicals - 0.7%** | **Chemicals - 0.7%** | **Chemicals - 0.7%** |
|  LyondellBasell Industries NV, Class A | 59719 | 4565518 |
| **Diversified Telecommunication Services - 1.1%** | **Diversified Telecommunication Services - 1.1%** | **Diversified Telecommunication Services - 1.1%** |
|  Verizon Communications, Inc. | 200000 | 7474000 |
| **Electronic Equipment, Instruments & Components - 1.5%** | **Electronic Equipment, Instruments & Components - 1.5%** | **Electronic Equipment, Instruments & Components - 1.5%** |
|  Corning, Inc. | 300000 | 9651000 |
| **Equity Real Estate Investment Trusts - 2.5%** | **Equity Real Estate Investment Trusts - 2.5%** | **Equity Real Estate Investment Trusts - 2.5%** |
|  AvalonBay Communities, Inc. | 30000 | 5253600 |
|  Realty Income Corp. | 80000 | 4981600 |
|  Simon Property Group, Inc. | 30000 | 3269400 |
|  UDR, Inc. | 66981 | 2663165 |
|  |  | 16167765 |
| **Health Care Providers & Services - 1.5%** | **Health Care Providers & Services - 1.5%** | **Health Care Providers & Services - 1.5%** |
|  CVS Health Corp. | 55000 | 5208500 |
|  Laboratory Corp. of America Holdings | 20000 | 4437200 |
|  |  | 9645700 |
| **Household Durables - 0.5%** | **Household Durables - 0.5%** | **Household Durables - 0.5%** |
|  Whirlpool Corp. | 24952 | 3449364 |
| **Insurance - 4.0%** | **Insurance - 4.0%** | **Insurance - 4.0%** |
|  American International Group, Inc. | 85000 | 4845000 |
|  Fidelity National Financial, Inc. | 210000 | 8269800 |
|  MetLife, Inc. | 150000 | 10981500 |
|  Prudential Financial, Inc. | 20000 | 2103800 |
|  |  | 26200100 |
| **Interactive Media & Services - 1.7%** | **Interactive Media & Services - 1.7%** | **Interactive Media & Services - 1.7%** |
|  Alphabet, Inc., Class C <sup>(A)</sup> | 120000 | 11359200 |
| **IT Services - 1.0%** | **IT Services - 1.0%** | **IT Services - 1.0%** |
|  International Business Machines Corp. | 45000 | 6223050 |
| **Media - 0.8%** | **Media - 0.8%** | **Media - 0.8%** |
|  Omnicom Group, Inc. | 75000 | 5456250 |
| **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** |
|  Dominion Energy, Inc. | 25000 | 1749250 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Multiline Retail - 1.1%** | **Multiline Retail - 1.1%** | **Multiline Retail - 1.1%** |
|  Target Corp. | 45000 | $7391250 |
| **Oil, Gas & Consumable Fuels - 4.1%** | **Oil, Gas & Consumable Fuels - 4.1%** | **Oil, Gas & Consumable Fuels - 4.1%** |
|  Chevron Corp. | 55000 | 9949500 |
|  Devon Energy Corp. | 100000 | 7735000 |
|  ONEOK, Inc. | 85000 | 5042200 |
|  Williams Cos., Inc. | 125000 | 4091250 |
|  |  | 26817950 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  Haleon PLC, ADR <sup>(A)</sup> <sup>(B)</sup> | 110000 | 673200 |
| **Pharmaceuticals - 6.2%** | **Pharmaceuticals - 6.2%** | **Pharmaceuticals - 6.2%** |
|  Bristol-Myers Squibb Co. | 100000 | 7747000 |
|  Johnson & Johnson | 60000 | 10438200 |
|  Merck & Co., Inc. | 125000 | 12650000 |
|  Pfizer, Inc. | 219180 | 10202829 |
|  |  | 41038029 |
| **Semiconductors & Semiconductor Equipment - 2.3%** | **Semiconductors & Semiconductor Equipment - 2.3%** | **Semiconductors & Semiconductor Equipment - 2.3%** |
|  Broadcom, Inc. | 10000 | 4701200 |
|  QUALCOMM, Inc. | 90000 | 10589400 |
|  |  | 15290600 |
| **Software - 1.5%** | **Software - 1.5%** | **Software - 1.5%** |
|  Microsoft Corp. | 43250 | 10039622 |
| **Specialty Retail - 2.6%** | **Specialty Retail - 2.6%** | **Specialty Retail - 2.6%** |
|  Best Buy Co., Inc. | 30000 | 2052300 |
|  Home Depot, Inc. | 25000 | 7403250 |
|  Lowe's Cos., Inc. | 24975 | 4868876 |
|  TJX Cos., Inc. | 40000 | 2884000 |
|  |  | 17208426 |
| **Technology Hardware, Storage & Peripherals - 3.1%** | **Technology Hardware, Storage & Peripherals - 3.1%** | **Technology Hardware, Storage & Peripherals - 3.1%** |
|  Apple, Inc. | 135000 | 20700900 |
|  **Total Common Stocks <br>(Cost $266,474,092)** | **Total Common Stocks <br>(Cost $266,474,092)** | 303372538 |
| **PREFERRED STOCKS - 3.4%** | **PREFERRED STOCKS - 3.4%** | **PREFERRED STOCKS - 3.4%** |
| **Banks - 0.6%** | **Banks - 0.6%** | **Banks - 0.6%** |
|  Cadence Bank, <br>Series A, 5.50% | 40000 | 807600 |
|  Citigroup, Inc., <br>Series J, Fixed until 09/30/2023,<br>7.13% <sup>(B) (C)</sup> | 12000 | 299520 |
|  Dime Community Bancshares, Inc., <br>5.50% <sup>(B)</sup> | 89693 | 1744529 |
|  PacWest Bancorp, <br>Series A, Fixed until 09/01/2027,<br>7.75% <sup>(C)</sup> | 50000 | 1241000 |
|  |  | 4092649 |
| **Capital Markets - 0.2%** | **Capital Markets - 0.2%** | **Capital Markets - 0.2%** |
|  Morgan Stanley, <br>Series P, 6.50% <sup>(B)</sup> | 60000 | 1488000 |
| **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** |
|  Capital One Financial Corp., <br>Series J, 4.80% <sup>(B)</sup> | 38850 | 675990 |
| **Insurance - 0.6%** | **Insurance - 0.6%** | **Insurance - 0.6%** |
|  Aspen Insurance Holdings Ltd., <br>5.63% <sup>(B)</sup> | 20000 | 379800 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 229** 

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##### [**Table of Contents**](#toc)
**Transamerica Multi-Asset Income** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** | **PREFERRED STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
|  Athene Holding Ltd., <br>Series A, Fixed until 06/30/2029,<br>6.35% <sup>(C)</sup> | 35000 | $833350 |
|  Enstar Group Ltd., <br>Series E, 7.00% | 60000 | 1352400 |
|  Reinsurance Group of America, Inc., <br>Fixed until 10/15/2027,<br>7.13% <sup>(B) (C)</sup> | 40000 | 1013200 |
|  |  | 3578750 |
| **Mortgage Real Estate Investment Trusts - 1.0%** | **Mortgage Real Estate Investment Trusts - 1.0%** | **Mortgage Real Estate Investment Trusts - 1.0%** |
|  AGNC Investment Corp., <br>Series E, Fixed until 10/15/2024, 6.50% <sup>(C)</sup> | 49300 | 966280 |
|  Annaly Capital Management, Inc., <br>Series F, 3-Month LIBOR + 4.99%, <br>8.67% <sup>(C)</sup> | 40784 | 982486 |
|  Dynex Capital, Inc., <br>Series C, Fixed until 04/15/2025,<br>6.90% <sup>(C)</sup> | 23300 | 481844 |
|  New York Mortgage Trust, Inc., <br>Series F, Fixed until 10/15/2026,<br>6.88% <sup>(C)</sup> | 120000 | 2054400 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.50% <sup>(C)</sup> | 20000 | 367400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 7.00% <sup>(B)</sup> <sup>(C)</sup> | 65000 | 1140750 |
|  Two Harbors Investment Corp., <br>Series B, Fixed until 07/27/2027,<br>7.63% <sup>(C)</sup> | 39800 | 710828 |
|  |  | 6703988 |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
|  Brookfield Property Partners LP, <br>Series A-1, 6.50% <sup>(B)</sup> | 39500 | 657675 |
| **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** |
|  Triton International Ltd., <br>Series E, 5.75% | 100000 | 1939000 |
| **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** |
|  Telephone & Data Systems, Inc., <br>Series VV, 6.00% | 123000 | 2177100 |
|  U.S. Cellular Corp., <br>5.50% | 60100 | 1025907 |
|  |  | 3203007 |
|  **Total Preferred Stocks <br>(Cost $28,258,615)** | **Total Preferred Stocks <br>(Cost $28,258,615)** | 22339059 |
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 48.8%** | **CORPORATE DEBT SECURITIES - 48.8%** | **CORPORATE DEBT SECURITIES - 48.8%** |
| **Aerospace & Defense - 1.3%** | **Aerospace & Defense - 1.3%** | **Aerospace & Defense - 1.3%** |
|  Rolls-Royce PLC <br>5.75%, 10/15/2027 <sup>(D)</sup> | $2050000 | 1855188 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 | 4275000 | 3876228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2025 <sup>(D)</sup> | 2550000 | 2597583 |
|  |  | 8328999 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** | **Air Freight & Logistics - 0.2%** |
|  XPO CNW, Inc. <br>6.70%, 05/01/2034 | $1181000 | $1057710 |
| **Airlines - 0.4%** | **Airlines - 0.4%** | **Airlines - 0.4%** |
|  United Airlines, Inc. <br>4.63%, 04/15/2029 <sup>(D)</sup> | 3100000 | 2659118 |
| **Auto Components - 1.8%** | **Auto Components - 1.8%** | **Auto Components - 1.8%** |
|  Adient Global Holdings Ltd. <br>4.88%, 08/15/2026 <sup>(D)</sup> | 2000000 | 1790000 |
| Clarios Global LP / Clarios US Finance<br>Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 <sup>(D)</sup> | 1575000 | 1523812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027 <sup>(B)</sup> <sup>(D)</sup> | 1250000 | 1230713 |
|  Cooper Tire & Rubber Co. <br>7.63%, 03/15/2027 | 79000 | 80086 |
|  Dana, Inc. <br>5.38%, 11/15/2027 | 1750000 | 1583750 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 <sup>(B)</sup> | 1500000 | 1300725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/2028 | 876000 | 854771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/2025 | 1100000 | 1143870 |
|  Tenneco, Inc. <br>5.38%, 12/15/2024 | 2240000 | 2233414 |
|  |  | 11741141 |
| **Automobiles - 0.7%** | **Automobiles - 0.7%** | **Automobiles - 0.7%** |
|  Ford Motor Credit Co. LLC <br>4.13%, 08/17/2027 | 2710000 | 2402378 |
|  General Motors Co. <br>6.80%, 10/01/2027 | 500000 | 505525 |
|  Jaguar Land Rover Automotive PLC <br>5.88%, 01/15/2028 <sup>(D)</sup> | 1750000 | 1294501 |
|  Winnebago Industries, Inc. <br>6.25%, 07/15/2028 <sup>(D)</sup> | 525000 | 488540 |
|  |  | 4690944 |
| **Banks - 0.4%** | **Banks - 0.4%** | **Banks - 0.4%** |
| Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 <sup>(D)</sup> | 1800000 | 1343520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/2026 <sup>(D)</sup> | 1350000 | 1066554 |
|  |  | 2410074 |
| **Building Products - 0.9%** | **Building Products - 0.9%** | **Building Products - 0.9%** |
|  BlueLinx Holdings, Inc. <br>6.00%, 11/15/2029 <sup>(D)</sup> | 3000000 | 2445000 |
|  Builders FirstSource, Inc. <br>5.00%, 03/01/2030 <sup>(D)</sup> | 2000000 | 1734400 |
|  JELD-WEN, Inc. <br>4.88%, 12/15/2027 <sup>(D)</sup> | 2400000 | 1790112 |
|  |  | 5969512 |
| **Capital Markets - 2.1%** | **Capital Markets - 2.1%** | **Capital Markets - 2.1%** |
|  Blackstone Private Credit Fund <br>2.35%, 11/22/2024 | 3000000 | 2743613 |
| Icahn Enterprises LP / Icahn Enterprises<br>Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2027 | 3500000 | 3224865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2025 | 1700000 | 1662651 |
|  MidCap Financial Investment Corp. <br>5.25%, 03/03/2025 | 1500000 | 1400713 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 230** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Asset Income** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  OWL Rock Core Income Corp. <br>7.75%, 09/16/2027 <sup>(D)</sup> | $1000000 | $974530 |
|  StoneX Group, Inc. <br>8.63%, 06/15/2025 <sup>(D)</sup> | 3950000 | 3890750 |
|  |  | 13897122 |
| **Chemicals - 0.7%** | **Chemicals - 0.7%** | **Chemicals - 0.7%** |
|  Chemours Co. <br>5.75%, 11/15/2028 <sup>(D)</sup> | 2495000 | 2145700 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/2027 | 1000000 | 907580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2029 | 1500000 | 1288500 |
|  |  | 4341780 |
| **Commercial Services & Supplies - 4.5%** | **Commercial Services & Supplies - 4.5%** | **Commercial Services & Supplies - 4.5%** |
|  Alta Equipment Group, Inc. <br>5.63%, 04/15/2026 <sup>(D)</sup> | 3342000 | 2886519 |
|  Aramark Services, Inc. <br>5.00%, 02/01/2028 <sup>(B)</sup> <sup>(D)</sup> | 4000000 | 3653200 |
|  Brink's Co. <br>4.63%, 10/15/2027 <sup>(D)</sup> | 3000000 | 2773890 |
|  Cimpress PLC <br>7.00%, 06/15/2026 <sup>(D)</sup> | 1500000 | 896250 |
|  CoreCivic, Inc. <br>8.25%, 04/15/2026 <sup>(B)</sup> | 2225000 | 2256791 |
|  EnPro Industries, Inc. <br>5.75%, 10/15/2026 | 3594000 | 3459225 |
|  Garda World Security Corp. <br>9.50%, 11/01/2027 <sup>(D)</sup> | 2250000 | 2034774 |
|  GFL Environmental, Inc. <br>4.75%, 06/15/2029 <sup>(B)</sup> <sup>(D)</sup> | 2500000 | 2178944 |
|  Koppers, Inc. <br>6.00%, 02/15/2025 <sup>(D)</sup> | 2300000 | 2058500 |
|  Matthews International Corp. <br>5.25%, 12/01/2025 <sup>(D)</sup> | 3205000 | 2948600 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc. <br>5.75%, 04/15/2026 <sup>(D)</sup> | 2000000 | 1946236 |
|  Stena International SA <br>6.13%, 02/01/2025 <sup>(D)</sup> | 300000 | 280636 |
|  Stericycle, Inc. <br>5.38%, 07/15/2024 <sup>(D)</sup> | 2000000 | 1970000 |
|  |  | 29343565 |
| **Construction & Engineering - 1.7%** | **Construction & Engineering - 1.7%** | **Construction & Engineering - 1.7%** |
|  Brookfield Residential Properties, Inc. / Brookfield Residential US LLC <br>6.25%, 09/15/2027 <sup>(D)</sup> | 1300000 | 1134250 |
|  Brundage-Bone Concrete Pumping Holdings, Inc. <br>6.00%, 02/01/2026 <sup>(D)</sup> | 362000 | 329553 |
|  Forestar Group, Inc. <br>5.00%, 03/01/2028 <sup>(D)</sup> | 5000000 | 4135083 |
|  M/I Homes, Inc. <br>4.95%, 02/01/2028 | 2235000 | 1917608 |
|  New Enterprise Stone & Lime Co., Inc. <br>5.25%, 07/15/2028 <sup>(D)</sup> | 3765000 | 3256838 |
|  Williams Scotsman International, Inc. <br>4.63%, 08/15/2028 <sup>(D)</sup> | 805000 | 727036 |
|  |  | 11500368 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction Materials - 0.5%** | **Construction Materials - 0.5%** | **Construction Materials - 0.5%** |
|  Cemex SAB de CV <br>7.38%, 06/05/2027 <sup>(D)</sup> | $500000 | $495000 |
|  Eco Material Technologies, Inc. <br>7.88%, 01/31/2027 <sup>(D)</sup> | 2925000 | 2733588 |
|  |  | 3228588 |
| **Consumer Finance - 2.5%** | **Consumer Finance - 2.5%** | **Consumer Finance - 2.5%** |
|  Ally Financial, Inc. <br>Fixed until 05/15/2028 <sup>(E)</sup>,<br>4.70% <sup>(C)</sup> | 2250000 | 1513125 |
| Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 <sup>(D)</sup> | 1500000 | 1187632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029 <sup>(D)</sup> | 1000000 | 789538 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/31/2024 <sup>(D)</sup> | 500000 | 469850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2026 <sup>(B)</sup> | 3750000 | 3542175 |
|  Enova International, Inc. <br>8.50%, 09/15/2025 <sup>(D)</sup> | 1800000 | 1614785 |
|  Ford Motor Credit Co. LLC <br>3.66%, 09/08/2024 | 2000000 | 1900000 |
|  Navient Corp. <br>5.50%, 03/15/2029 | 1200000 | 951911 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 <sup>(D)</sup> | 1300000 | 1041950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/2025 <sup>(D)</sup> | 2000000 | 1915696 |
|  World Acceptance Corp. <br>7.00%, 11/01/2026 <sup>(D)</sup> | 3000000 | 1845000 |
|  |  | 16771662 |
| **Containers & Packaging - 1.5%** | **Containers & Packaging - 1.5%** | **Containers & Packaging - 1.5%** |
|  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. <br>5.25%, 04/30/2025 <sup>(D)</sup> | 4000000 | 3771800 |
|  Ball Corp. <br>4.00%, 11/15/2023 | 1001000 | 982151 |
|  Berry Global, Inc. <br>5.63%, 07/15/2027 <sup>(B)</sup> <sup>(D)</sup> | 3000000 | 2845350 |
|  Graphic Packaging International LLC <br>4.75%, 07/15/2027 <sup>(D)</sup> | 2315000 | 2131595 |
|  |  | 9730896 |
| **Distributors - 1.1%** | **Distributors - 1.1%** | **Distributors - 1.1%** |
|  G-III Apparel Group Ltd. <br>7.88%, 08/15/2025 <sup>(D)</sup> | 4775000 | 4524313 |
|  Performance Food Group, Inc. <br>5.50%, 10/15/2027 <sup>(D)</sup> | 3074000 | 2905606 |
|  |  | 7429919 |
| **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** |
|  Service Corp. International <br>7.50%, 04/01/2027 | 2500000 | 2577366 |
| **Diversified Financial Services - 0.7%** | **Diversified Financial Services - 0.7%** | **Diversified Financial Services - 0.7%** |
|  Burford Capital Global Finance LLC <br>6.25%, 04/15/2028 <sup>(D)</sup> | 2500000 | 2176348 |
|  ILFC E-Capital Trust I <br>1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 5.12% <sup>(C)</sup>, 12/21/2065 <sup>(D)</sup> | 900000 | 549000 |
|  Jefferies Finance LLC / JFIN Co-Issuer Corp.<br>5.00%, 08/15/2028 <sup>(D)</sup> | 2500000 | 1962575 |
|  |  | 4687923 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 231** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Asset Income** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** |
|  Lumen Technologies, Inc. <br>5.13%, 12/15/2026 <sup>(B)</sup> <sup>(D)</sup> | $2500000 | $2143750 |
| **Electric Utilities - 0.3%** | **Electric Utilities - 0.3%** | **Electric Utilities - 0.3%** |
|  Drax Finco PLC <br>6.63%, 11/01/2025 <sup>(D)</sup> | 1871000 | 1740030 |
| **Electrical Equipment - 0.6%** | **Electrical Equipment - 0.6%** | **Electrical Equipment - 0.6%** |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2025 <sup>(D)</sup> | 3275000 | 3306767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028 <sup>(D)</sup> | 1000000 | 1014460 |
|  |  | 4321227 |
| **Energy Equipment & Services - 1.2%** | **Energy Equipment & Services - 1.2%** | **Energy Equipment & Services - 1.2%** |
|  Archrock Partners LP / Archrock Partners Finance Corp. <br>6.25%, 04/01/2028 <sup>(D)</sup> | 1500000 | 1394850 |
|  Enviva Partners LP / Enviva Partners Finance Corp. <br>6.50%, 01/15/2026 <sup>(B)</sup> <sup>(D)</sup> | 3800000 | 3648836 |
|  Genesis Energy LP / Genesis Energy Finance Corp. <br>8.00%, 01/15/2027 | 2725000 | 2637909 |
|  Transocean Sentry Ltd. <br>5.38%, 05/15/2023 <sup>(D)</sup> | 560509 | 550700 |
|  |  | 8232295 |
| **Entertainment - 0.6%** | **Entertainment - 0.6%** | **Entertainment - 0.6%** |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 <sup>(B)</sup> <sup>(D)</sup> | 1500000 | 1334880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027 <sup>(D)</sup> | 2388000 | 2383122 |
|  |  | 3718002 |
| **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/2027 <sup>(D)</sup> | 3050000 | 2820555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2030 <sup>(D)</sup> | 1246000 | 1074960 |
|  RHP Hotel Properties LP / RHP Finance Corp. <br>4.75%, 10/15/2027 | 1000000 | 923490 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC <br>4.75%, 04/15/2028 <sup>(D)</sup> | 2500000 | 2053275 |
|  VICI Properties LP / VICI Note Co., Inc. <br>5.63%, 05/01/2024 <sup>(D)</sup> | 3000000 | 2961780 |
|  |  | 9834060 |
| **Food & Staples Retailing - 1.6%** | **Food & Staples Retailing - 1.6%** | **Food & Staples Retailing - 1.6%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP <br>3.25%, 03/15/2026 <sup>(D)</sup> | 2800000 | 2512776 |
|  Arko Corp. <br>5.13%, 11/15/2029 <sup>(D)</sup> | 3475000 | 2780591 |
|  United Natural Foods, Inc. <br>6.75%, 10/15/2028 <sup>(D)</sup> | 5500000 | 5312285 |
|  |  | 10605652 |
| **Food Products - 2.6%** | **Food Products - 2.6%** | **Food Products - 2.6%** |
| B&G Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2025 | 1184000 | 1075983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2027 <sup>(B)</sup> | 2958000 | 2477325 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
|  Chobani LLC / Chobani Finance Corp., Inc. <br>4.63%, 11/15/2028 <sup>(D)</sup> | $3750000 | $3253639 |
|  Pilgrim's Pride Corp. <br>5.88%, 09/30/2027 <sup>(D)</sup> | 5700000 | 5571408 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 <sup>(D)</sup> | 4000000 | 3599680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2028 <sup>(D)</sup> | 1000000 | 934900 |
|  |  | 16912935 |
| **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** |
|  AdaptHealth LLC <br>5.13%, 03/01/2030 <sup>(D)</sup> | 3000000 | 2602500 |
|  Akumin, Inc. <br>7.00%, 11/01/2025 <sup>(D)</sup> | 1750000 | 1415214 |
|  Tenet Healthcare Corp. <br>4.88%, 01/01/2026 <sup>(D)</sup> | 2000000 | 1885000 |
|  |  | 5902714 |
| **Hotels, Restaurants & Leisure - 3.7%** | **Hotels, Restaurants & Leisure - 3.7%** | **Hotels, Restaurants & Leisure - 3.7%** |
|  Caesars Entertainment, Inc. <br>6.25%, 07/01/2025 <sup>(D)</sup> | 4000000 | 3882565 |
|  Carnival Corp. <br>7.63%, 03/01/2026 <sup>(B)</sup> <sup>(D)</sup> | 1325000 | 996334 |
|  Expedia Group, Inc. <br>3.25%, 02/15/2030 | 4295000 | 3458722 |
|  Marriott Ownership Resorts, Inc. <br>4.75%, 01/15/2028 | 4950000 | 4288755 |
|  NCL Corp. Ltd. <br>5.88%, 03/15/2026 <sup>(D)</sup> | 1800000 | 1473750 |
|  Scientific Games International, Inc. <br>7.00%, 05/15/2028 <sup>(D)</sup> | 3354000 | 3245766 |
|  SeaWorld Parks & Entertainment, Inc. <br>8.75%, 05/01/2025 <sup>(D)</sup> | 1000000 | 1024350 |
|  Travel & Leisure Co. <br>6.60%, 10/01/2025 | 3450000 | 3383657 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028 <sup>(D)</sup> | 3366000 | 2771362 |
|  |  | 24525261 |
| **Household Durables - 0.5%** | **Household Durables - 0.5%** | **Household Durables - 0.5%** |
|  Installed Building Products, Inc. <br>5.75%, 02/01/2028 <sup>(D)</sup> | 3744000 | 3308760 |
| **Household Products - 0.2%** | **Household Products - 0.2%** | **Household Products - 0.2%** |
|  Central Garden & Pet Co. <br>5.13%, 02/01/2028 <sup>(B)</sup> | 1141000 | 1043889 |
| **Insurance - 0.5%** | **Insurance - 0.5%** | **Insurance - 0.5%** |
|  Kuvare US Holdings, Inc. <br>Fixed until 05/01/2026, 7.00% <sup>(C)</sup>, 02/17/2051 <sup>(D)</sup> | 1500000 | 1503750 |
|  SBL Holdings, Inc. <br>Fixed until 11/13/2026 <sup>(E)</sup>,<br>6.50% <sup>(C), (D)</sup> | 2500000 | 1887500 |
|  |  | 3391250 |
| **IT Services - 0.5%** | **IT Services - 0.5%** | **IT Services - 0.5%** |
|  Leidos, Inc. <br>7.13%, 07/01/2032 | 1800000 | 1786464 |
|  Unisys Corp. <br>6.88%, 11/01/2027 <sup>(D)</sup> | 2000000 | 1673231 |
|  |  | 3459695 |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 232** 

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**Transamerica Multi-Asset Income** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Leisure Products - 0.5%** | **Leisure Products - 0.5%** | **Leisure Products - 0.5%** |
|  Mattel, Inc. <br>5.88%, 12/15/2027 <sup>(D)</sup> | $2008000 | $1952780 |
|  Vista Outdoor, Inc. <br>4.50%, 03/15/2029 <sup>(D)</sup> | 1520000 | 1187637 |
|  |  | 3140417 |
| **Machinery - 1.2%** | **Machinery - 1.2%** | **Machinery - 1.2%** |
|  GrafTech Finance, Inc. <br>4.63%, 12/15/2028 <sup>(D)</sup> | 750000 | 607500 |
|  JB Poindexter & Co., Inc. <br>7.13%, 04/15/2026 <sup>(D)</sup> | 4750000 | 4527652 |
|  Vertiv Group Corp. <br>4.13%, 11/15/2028 <sup>(B)</sup> <sup>(D)</sup> | 3100000 | 2696628 |
|  |  | 7831780 |
| **Media - 0.3%** | **Media - 0.3%** | **Media - 0.3%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>4.50%, 08/15/2030 <sup>(D)</sup> | 2000000 | 1636760 |
|  Diamond Sports Group LLC / Diamond Sports Finance Co. <br>5.38%, 08/15/2026 <sup>(D)</sup> | 1250000 | 250000 |
|  |  | 1886760 |
| **Metals & Mining - 2.0%** | **Metals & Mining - 2.0%** | **Metals & Mining - 2.0%** |
|  Arconic Corp. <br>6.00%, 05/15/2025 <sup>(D)</sup> | 2200000 | 2178418 |
|  ATI, Inc. <br>5.88%, 12/01/2027 | 4002000 | 3637562 |
|  Carpenter Technology Corp. <br>7.63%, 03/15/2030 | 250000 | 244310 |
|  Cleveland-Cliffs, Inc. <br>5.88%, 06/01/2027 <sup>(B)</sup> | 1000000 | 930500 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2024 <sup>(D)</sup> | 3650000 | 3569785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2027 <sup>(D)</sup> | 2800000 | 2603517 |
|  U.S. Steel Corp. <br>6.88%, 03/01/2029 <sup>(B)</sup> | 362000 | 332212 |
|  |  | 13496304 |
| **Mortgage Real Estate Investment Trusts - 1.0%** | **Mortgage Real Estate Investment Trusts - 1.0%** | **Mortgage Real Estate Investment Trusts - 1.0%** |
|  AG Issuer LLC <br>6.25%, 03/01/2028 <sup>(D)</sup> | 1000000 | 930870 |
|  Rithm Capital Corp. <br>6.25%, 10/15/2025 <sup>(D)</sup> | 1300000 | 1131370 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2027 <sup>(D)</sup> | 3500000 | 3091445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2025 | 1500000 | 1409091 |
|  |  | 6562776 |
| **Multiline Retail - 0.3%** | **Multiline Retail - 0.3%** | **Multiline Retail - 0.3%** |
| Dillard's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2028 | 230000 | 222257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/2026 | 1150000 | 1164242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/01/2023 | 350000 | 350931 |
|  |  | 1737430 |
| **Oil, Gas & Consumable Fuels - 1.8%** | **Oil, Gas & Consumable Fuels - 1.8%** | **Oil, Gas & Consumable Fuels - 1.8%** |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp. <br>7.63%, 12/15/2025 <sup>(D)</sup> | 1310000 | 1293659 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Colgate Energy Partners III LLC <br>5.88%, 07/01/2029 <sup>(D)</sup> | $2250000 | $2097585 |
|  Hess Midstream Operations LP <br>5.13%, 06/15/2028 <sup>(B)</sup> <sup>(D)</sup> | 1000000 | 920000 |
|  Murphy Oil Corp. <br>6.38%, 07/15/2028 <sup>(B)</sup> | 2100000 | 2046264 |
|  Northern Oil & Gas, Inc. <br>8.13%, 03/01/2028 <sup>(D)</sup> | 2000000 | 1940000 |
|  ONEOK Partners LP <br>6.85%, 10/15/2037 | 1000000 | 949450 |
|  Sunoco LP / Sunoco Finance Corp. <br>5.88%, 03/15/2028 | 2690000 | 2557360 |
|  Valero Energy Corp. <br>8.75%, 06/15/2030 | 300000 | 343613 |
|  |  | 12147931 |
| **Paper & Forest Products - 0.1%** | **Paper & Forest Products - 0.1%** | **Paper & Forest Products - 0.1%** |
|  Glatfelter Corp. <br>4.75%, 11/15/2029 <sup>(B)</sup> <sup>(D)</sup> | 900000 | 579627 |
| **Personal Products - 0.3%** | **Personal Products - 0.3%** | **Personal Products - 0.3%** |
|  Edgewell Personal Care Co. <br>5.50%, 06/01/2028 <sup>(D)</sup> | 2000000 | 1884020 |
| **Pharmaceuticals - 0.1%** | **Pharmaceuticals - 0.1%** | **Pharmaceuticals - 0.1%** |
|  Bausch Health Cos., Inc. <br>4.88%, 06/01/2028 <sup>(D)</sup> | 1100000 | 673750 |
| **Real Estate Management & Development - 0.6%** | **Real Estate Management & Development - 0.6%** | **Real Estate Management & Development - 0.6%** |
|  Five Point Operating Co. LP / Five Point Capital Corp. <br>7.88%, 11/15/2025 <sup>(D)</sup> | 2305000 | 1903790 |
|  Realogy Group LLC / Realogy Co-Issuer Corp. <br>5.75%, 01/15/2029 <sup>(D)</sup> | 3300000 | 2371875 |
|  |  | 4275665 |
| **Specialty Retail - 2.3%** | **Specialty Retail - 2.3%** | **Specialty Retail - 2.3%** |
|  Abercrombie & Fitch Management Co. <br>8.75%, 07/15/2025 <sup>(B)</sup> <sup>(D)</sup> | 1000000 | 941809 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/15/2027 | 1000000 | 942500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/2025 <sup>(B)</sup> <sup>(D)</sup> | 2000000 | 2075000 |
|  PetSmart, Inc. / PetSmart Finance Corp. <br>4.75%, 02/15/2028 <sup>(D)</sup> | 3900000 | 3560271 |
|  Rent-A-Center, Inc. <br>6.38%, 02/15/2029 <sup>(B)</sup> <sup>(D)</sup> | 3675000 | 2862935 |
|  Sally Holdings LLC / Sally Capital, Inc. <br>5.63%, 12/01/2025 | 3275000 | 3086687 |
|  Sonic Automotive, Inc. <br>4.63%, 11/15/2029 <sup>(D)</sup> | 2500000 | 1957300 |
|  |  | 15426502 |
| **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** |
|  Dell International LLC / EMC Corp. <br>8.10%, 07/15/2036 | 405000 | 428602 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 | 1650000 | 1533155 |
|  |  | 1961757 |
| **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** |
|  Crocs, Inc. <br>4.25%, 03/15/2029 <sup>(B)</sup> <sup>(D)</sup> | 4000000 | 3190000 |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 233** 

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**Transamerica Multi-Asset Income** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
|  PVH Corp. <br>7.75%, 11/15/2023 | $100000 | $102487 |
|  |  | 3292487 |
| **Trading Companies & Distributors - 1.1%** | **Trading Companies & Distributors - 1.1%** | **Trading Companies & Distributors - 1.1%** |
| Fortress Transportation & Infrastructure<br>Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2028 <sup>(D)</sup> | 250000 | 209251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 <sup>(D)</sup> | 268000 | 258020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/2027 <sup>(D)</sup> | 1750000 | 1781649 |
|  Herc Holdings, Inc. <br>5.50%, 07/15/2027 <sup>(D)</sup> | 1500000 | 1417500 |
|  United Rentals North America, Inc. <br>5.50%, 05/15/2027 | 3685000 | 3565237 |
|  |  | 7231657 |
|  **Total Corporate Debt Securities <br>(Cost $356,448,158)** | **Total Corporate Debt Securities <br>(Cost $356,448,158)** | 321635070 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 4.4%** | **OTHER INVESTMENT COMPANY - 4.4%** | **OTHER INVESTMENT COMPANY - 4.4%** |
| **Securities Lending Collateral - 4.4%** | **Securities Lending Collateral - 4.4%** | **Securities Lending Collateral - 4.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(F)</sup> | 28655031 | 28655031 |
|  **Total Other Investment Company <br>(Cost $28,655,031)** | **Total Other Investment Company <br>(Cost $28,655,031)** | 28655031 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(F)</sup>, dated 10/31/2022, to be repurchased at $5,510,153 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $5,620,187. | $5509985 | $5509985 |
|  **Total Repurchase Agreement <br>(Cost $5,509,985)** | **Total Repurchase Agreement <br>(Cost $5,509,985)** | 5509985 |
|  **Total Investments <br>(Cost $685,345,881)** | **Total Investments <br>(Cost $685,345,881)** | 681511683 |
|  **Net Other Assets (Liabilities) - (3.5)%** | **Net Other Assets (Liabilities) - (3.5)%** | (23069828) |
|  **Net Assets - 100.0%** |  | **$658441855** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $303372538 | $— | $— | $303372538 |
|  Preferred Stocks | 22339059 |  |  | 22339059 |
|  Corporate Debt Securities |  | 321635070 |  | 321635070 |
|  Other Investment Company | 28655031 |  |  | 28655031 |
|  Repurchase Agreement |  | 5509985 |  | 5509985 |
|  **Total Investments** | $**354366628** | $**327145055** | $**—** | $**681511683** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $28,311,468, collateralized by cash collateral of $28,655,031 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $252,627. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.***

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(D) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $231,345,685, representing 35.1% of the Fund's net assets.* 

(E) *Perpetual maturity. The date displayed is the next call date.* 

(F) *Rates disclosed reflect the yields at October 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *CMT* | *Constant Maturity Treasury* |
| *LIBOR* | *London Interbank Offered Rate* |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 235** 

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**Transamerica Multi-Managed Balanced** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Aegon USA Investment Management, LLC** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April 2022, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee ("FOMC") again raised the fed funds rate by 75 basis points at its September 2022 meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%; however, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**J.P. Morgan Investment Management, Inc.** 

A confluence of high inflation, fast-paced monetary tightening, elevated input costs and other supply chain constraints pressured the markets through several ups and downs throughout the first half of the fiscal year ended October 31, 2022. Equity markets lost ground at the start of 2022 due to the war in Ukraine and high headline inflation.

However, markets bounced back in October after a turbulent few months. September Consumer Price Index inflation came in at 8.2% year-over-year, the seventh consecutive month with a print higher than 8%. Markets, however, shrugged this off, as evidenced by the strong equity market returns following the report.

Meanwhile, industrial activity showed signs of slowing in the second half of the fiscal year, with the September Manufacturing Purchasing Managers Index ("PMI") showing a disappointing reading of 52. September Services PMI contracted, falling to 49.3. In contrast, a strong labor market remained a bright spot, with the September jobs report indicating the unemployment rate fell to a new record low of 3.5%. Finally, the third quarter of 2022 earnings were mixed, with several industries showing strength; however, Mega Cap Tech earnings were lackluster.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Multi-Managed Balanced (Class A) returned -15.21%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Bloomberg US Aggregate Bond Index, returned -14.61% and -15.68%, respectively.

**STRATEGY REVIEW** 

**Aegon USA Investment Management, LLC** 

Although the Fund remained overweight spread-based assets during the period, overall portfolio risk was slightly reduced over the past fiscal year, as the chance of the Fed being able to navigate a soft landing for the economy became less and less likely, in the view of the portfolio managers. While corporate fundamentals remained generally healthy, margin pressures and rising interest costs became a concern for lower-rated credits, prompting the sub-adviser to modestly reduce exposure to BBB-rated credits and redeploy into higher quality defensive names offering attractive all-in yields.

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

From a duration perspective, the Fund started the fiscal year approximately one-half year short of the benchmark duration given the expectation of a move higher in rates. Over the latter half of the one-year period, the short position was reduced to around 0.1 years given growing economic headwinds and more attractive yields.

The Fund's duration underweight and positioning across the curve were the largest contributors to relative returns in the fiscal year. Excess yield also contributed positively to relative performance, while spread factors were a detractor.

**J.P. Morgan Investment Management, Inc.** 

Stock selection in the pharmaceutical/medical technology, insurance and industrial cyclical sectors contributed most to results, while the technology, basic materials and media sectors were the largest detractors from the Fund's relative performance.

On the positive side, the top individual contributors to performance were underweight positions in PayPal Holdings, Inc.("PayPal"), and Adobe, Inc., and an overweight position in Bristol-Myers Squibb Co. The largest contributor, PayPal, provides financial transaction processing services. PayPal offers electronic payment processing services such as mobile payments and online invoicing and serves customers worldwide. The company enjoys organic revenue growth, high relative exposure to digital commerce and strategic value based on strong brand recognition and global scale usership. However, PayPal underperformed in early 2022 with increasing competitive pressure and withdrew medium term guidance. Macro pressure negatively impacted spending trends, increased competition from alternative payment options, and slower-than-expected user growth grew as potential roadblocks and pressured price.

On the negative side, the top individual detractors from performance were overweight allocations in T. Rowe Price Group, Inc., and Best Buy Co., Inc., and an underweight position in Lockheed Martin Corp. The largest detractor, T. Rowe Price Group, Inc., is a financial services holding company which through its subsidiaries, provides investment advisory services to individual and institutional investors. The company historically had best-in-class performance, however, results deteriorated during the period. Organic growth continued to weaken with results during the fiscal year representing some of the slowest organic growth seen for the company.

J.P. Morgan Investment Management Inc. continues to focus on fundamentals of the economy and company earnings. While the economy was teetering on the edge of recession in the second half of the fiscal year, we remained balanced and have continued to monitor incremental risks that could represent headwinds for U.S. equities. Through the volatility, we have continued to focus on high conviction stocks and take advantage of market dislocations for compelling stock selection opportunities.

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Brian W. Westhoff, CFA** 

**Sivakumar N. Rajan** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

**Tim Snyder, CFA** 

**Raffaele Zingone, CFA** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**Page 237** 

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**Transamerica Multi-Managed Balanced** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 60.5% |
|  Corporate Debt Securities | 13.4 |
|  U.S. Government Obligations | 9.6 |
|  U.S. Government Agency Obligations | 9.1 |
|  Commercial Paper | 8.3 |
|  Mortgage-Backed Securities | 2.6 |
|  Asset-Backed Securities | 2.4 |
|  Short-Term U.S. Government Obligations | 0.9 |
|  Repurchase Agreement | 0.8 |
|  Foreign Government Obligations | 0.4 |
|  Other Investment Company | 0.2 |
|  Preferred Stocks | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | (8.2) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 8.68 |
|  Duration † | 6.16 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 19.6% |
|  AAA | 4.6 |
|  AA | 1.1 |
|  A | 4.1 |
|  BBB | 8.2 |
|  BB | 1.5 |
|  B | 0.1 |
|  Not Rated | 69.0 |
|  Net Other Assets (Liabilities) ^ | (8.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 238** 

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**(unaudited)**![LOGO](g404440g59h66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception<br>Date of Class** | **Inception<br>Date** |
|  Class A (POP) | (19.88)% | 4.74% | 6.96% | 12/02/1994 |
|  Class A (NAV) | (15.21)% | 5.93% | 7.56% | 12/02/1994 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (14.61)% | 10.44% | 12.79% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (15.68)% | (0.54)% | 0.74% |  |
|  Class C (POP) | (16.63)% | 5.13% | 6.79% | 11/11/2002 |
|  Class C (NAV) | (15.84)% | 5.13% | 6.79% | 11/11/2002 |
|  Class I (NAV) | (14.93)% | 6.18% | 7.85% | 11/30/2009 |
|  Class R (NAV) | N/A | N/A | (11.47)%<sup>(C)</sup> | 03/01/2022 |
|  Class R6 (NAV) | (14.96)% | 6.27% | 6.47% | 05/29/2015 |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> index is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The 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.* 

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

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, R and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities generally goes down when interest rates rise.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 239** 

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##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 60.5%** | **COMMON STOCKS - 60.5%** | **COMMON STOCKS - 60.5%** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
|  Howmet Aerospace, Inc. | 9298 | $330544 |
|  Northrop Grumman Corp. | 3490 | 1916045 |
|  Raytheon Technologies Corp. | 54517 | 5169302 |
|  Textron, Inc. | 33266 | 2276725 |
|  |  | 9692616 |
| **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** |
|  United Parcel Service, Inc., Class B | 37085 | 6221750 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 15083 | 548267 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Magna International, Inc. | 17967 | 1001301 |
| **Automobiles - 1.2%** | **Automobiles - 1.2%** | **Automobiles - 1.2%** |
|  General Motors Co. | 441 | 17309 |
|  Rivian Automotive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 5964 | 208561 |
|  Tesla, Inc. <sup>(A)</sup> | 54431 | 12385230 |
|  |  | 12611100 |
| **Banks - 2.4%** | **Banks - 2.4%** | **Banks - 2.4%** |
|  Bank of America Corp. | 173061 | 6237118 |
|  Citigroup, Inc. | 37916 | 1738828 |
|  Fifth Third Bancorp | 77345 | 2760443 |
|  SVB Financial Group <sup>(A)</sup> | 2001 | 462151 |
|  Truist Financial Corp. | 62377 | 2793866 |
|  US Bancorp | 125796 | 5340040 |
|  Wells Fargo & Co. | 163022 | 7497382 |
|  |  | 26829828 |
| **Beverages - 1.2%** | **Beverages - 1.2%** | **Beverages - 1.2%** |
|  Coca-Cola Co. | 134492 | 8049346 |
|  Constellation Brands, Inc., Class A | 10765 | 2659816 |
|  PepsiCo, Inc. | 14274 | 2591873 |
|  |  | 13301035 |
| **Biotechnology - 1.9%** | **Biotechnology - 1.9%** | **Biotechnology - 1.9%** |
|  AbbVie, Inc. | 61630 | 9022632 |
|  Biogen, Inc. <sup>(A)</sup> | 7736 | 2192692 |
|  BioMarin Pharmaceutical, Inc. <sup>(A)</sup> | 4747 | 411233 |
|  Neurocrine Biosciences, Inc. <sup>(A)</sup> | 4728 | 544287 |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 5804 | 4345745 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 12113 | 3779256 |
|  |  | 20295845 |
| **Building Products - 0.5%** | **Building Products - 0.5%** | **Building Products - 0.5%** |
|  Masco Corp. | 32304 | 1494706 |
|  Trane Technologies PLC | 26364 | 4208485 |
|  |  | 5703191 |
| **Capital Markets - 0.9%** | **Capital Markets - 0.9%** | **Capital Markets - 0.9%** |
|  Ameriprise Financial, Inc. | 5767 | 1782695 |
|  CME Group, Inc. | 11261 | 1951531 |
|  Morgan Stanley | 34911 | 2868637 |
|  Raymond James Financial, Inc. | 12457 | 1471670 |
|  State Street Corp. | 17696 | 1309504 |
| T. Rowe Price Group, Inc. | 5893 | 625601 |
|  |  | 10009638 |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** | **Chemicals - 1.1%** |
|  Air Products & Chemicals, Inc. | 4615 | 1155596 |
|  Celanese Corp. | 4545 | 436865 |
|  DuPont de Nemours, Inc. | 23102 | 1321435 |
|  Eastman Chemical Co. | 24141 | 1854270 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Linde PLC | 17129 | $5093308 |
|  PPG Industries, Inc. | 21359 | 2438771 |
|  |  | 12300245 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Cintas Corp. | 2089 | 893152 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |
|  Motorola Solutions, Inc. | 5073 | 1266779 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Martin Marietta Materials, Inc. | 3655 | 1228007 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  American Express Co. | 40558 | 6020835 |
|  Capital One Financial Corp. | 5947 | 630501 |
|  S&P Global, Inc. | 9875 | 3172344 |
|  |  | 9823680 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Avery Dennison Corp. | 4910 | 832491 |
| **Diversified Financial Services - 1.2%** | **Diversified Financial Services - 1.2%** | **Diversified Financial Services - 1.2%** |
|  Berkshire Hathaway, Inc., Class B <sup>(A)</sup> | 33633 | 9924762 |
|  Intercontinental Exchange, Inc. | 31100 | 2972227 |
|  |  | 12896989 |
| **Diversified Telecommunication Services - 0.0% <sup>(C)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(C)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(C)</sup>** |
|  Verizon Communications, Inc. | 10095 | 377250 |
| **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** |
|  Exelon Corp. | 89083 | 3437713 |
|  FirstEnergy Corp. | 48222 | 1818452 |
|  NextEra Energy, Inc. | 63698 | 4936595 |
|  PG&E Corp. <sup>(A)</sup> <sup>(B)</sup> | 150278 | 2243650 |
|  |  | 12436410 |
| **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** |
|  Eaton Corp. PLC | 28887 | 4335072 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Corning, Inc. | 18123 | 583017 |
|  TE Connectivity Ltd. | 6834 | 835320 |
|  |  | 1418337 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
|  Baker Hughes Co. | 36694 | 1014956 |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  Netflix, Inc. <sup>(A)</sup> | 12369 | 3610264 |
|  Walt Disney Co. <sup>(A)</sup> | 12013 | 1279865 |
|  |  | 4890129 |
| **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** |
|  Camden Property Trust | 17900 | 2068345 |
|  Equinix, Inc. | 3052 | 1728775 |
|  Equity LifeStyle Properties, Inc. | 18879 | 1207501 |
|  Host Hotels & Resorts, Inc. | 35437 | 669050 |
|  Prologis, Inc. | 41971 | 4648288 |
|  SBA Communications Corp. | 10022 | 2704938 |
|  Sun Communities, Inc. | 10945 | 1475933 |
|  UDR, Inc. | 8672 | 344799 |
|  Ventas, Inc. | 51820 | 2027717 |
|  |  | 16875346 |
| **Food & Staples Retailing - 0.5%** | **Food & Staples Retailing - 0.5%** | **Food & Staples Retailing - 0.5%** |
|  Costco Wholesale Corp. | 11634 | 5834451 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 240** 

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##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Hershey Co. | 3993 | $953409 |
|  Mondelez International, Inc., Class A | 37407 | 2299782 |
|  |  | 3253191 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |
|  Abbott Laboratories | 32720 | 3237317 |
|  Baxter International, Inc. | 44593 | 2423629 |
|  Boston Scientific Corp. <sup>(A)</sup> | 69906 | 3013648 |
|  Dexcom, Inc. <sup>(A)</sup> | 3454 | 417174 |
|  Intuitive Surgical, Inc. <sup>(A)</sup> | 15364 | 3786765 |
|  Medtronic PLC | 32908 | 2874185 |
|  Zimmer Biomet Holdings, Inc. | 10289 | 1166258 |
|  |  | 16918976 |
| **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** |
|  Centene Corp. <sup>(A)</sup> | 49192 | 4187715 |
|  Elevance Health, Inc. | 8373 | 4578105 |
|  Humana, Inc. | 2564 | 1430917 |
|  McKesson Corp. | 5043 | 1963593 |
|  UnitedHealth Group, Inc. | 23978 | 13311387 |
|  |  | 25471717 |
| **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** |
|  Booking Holdings, Inc. <sup>(A)</sup> | 1742 | 3256634 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 2127 | 3186948 |
|  Expedia Group, Inc. <sup>(A)</sup> | 11819 | 1104722 |
|  Marriott International, Inc., Class A | 13627 | 2181819 |
|  McDonald's Corp. | 19600 | 5344136 |
|  Royal Caribbean Cruises Ltd. <sup>(A)</sup> <sup>(B)</sup> | 4354 | 232416 |
|  Yum! Brands, Inc. | 9239 | 1092512 |
|  |  | 16399187 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  Lennar Corp., Class A | 32735 | 2641714 |
|  PulteGroup, Inc. | 4978 | 199070 |
|  Toll Brothers, Inc. | 15721 | 677261 |
|  |  | 3518045 |
| **Household Products - 1.1%** | **Household Products - 1.1%** | **Household Products - 1.1%** |
|  Colgate-Palmolive Co. | 41015 | 3028548 |
|  Kimberly-Clark Corp. | 18026 | 2243516 |
|  Procter & Gamble Co. | 48865 | 6580649 |
|  |  | 11852713 |
| **Industrial Conglomerates - 0.6%** | **Industrial Conglomerates - 0.6%** | **Industrial Conglomerates - 0.6%** |
|  Honeywell International, Inc. | 34251 | 6987889 |
| **Insurance - 1.2%** | **Insurance - 1.2%** | **Insurance - 1.2%** |
|  Aon PLC, Class A | 5901 | 1661073 |
|  Globe Life, Inc. | 4913 | 567550 |
|  Progressive Corp. | 38730 | 4972932 |
|  Prudential Financial, Inc. | 7763 | 816590 |
|  Travelers Cos., Inc. | 29805 | 5497830 |
|  |  | 13515975 |
| **Interactive Media & Services - 2.8%** | **Interactive Media & Services - 2.8%** | **Interactive Media & Services - 2.8%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 153645 | 14520989 |
|  Alphabet, Inc., Class C <sup>(A)</sup> | 110443 | 10454534 |
|  Meta Platforms, Inc., Class A <sup>(A)</sup> | 55971 | 5214258 |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 16658 | 741781 |
|  |  | 30931562 |
| **Internet & Direct Marketing Retail - 1.9%** | **Internet & Direct Marketing Retail - 1.9%** | **Internet & Direct Marketing Retail - 1.9%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 199143 | 20400209 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **IT Services - 2.7%** | **IT Services - 2.7%** | **IT Services - 2.7%** |
|  Accenture PLC, Class A | 22253 | $6317627 |
|  Affirm Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 23455 | 470742 |
|  Block, Inc. <sup>(A)</sup> | 5660 | 339996 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 12538 | 2333572 |
|  Mastercard, Inc., Class A | 29411 | 9652102 |
|  Visa, Inc., Class A | 50794 | 10522485 |
|  |  | 29636524 |
| **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** |
|  Danaher Corp. | 15430 | 3883268 |
|  Thermo Fisher Scientific, Inc. | 14571 | 7489057 |
|  |  | 11372325 |
| **Machinery - 1.2%** | **Machinery - 1.2%** | **Machinery - 1.2%** |
|  Deere & Co. | 14460 | 5723557 |
|  Dover Corp. | 11033 | 1441903 |
|  Ingersoll Rand, Inc. | 8166 | 412383 |
|  Otis Worldwide Corp. | 33842 | 2390599 |
|  Parker-Hannifin Corp. | 11675 | 3392988 |
|  |  | 13361430 |
| **Media - 0.8%** | **Media - 0.8%** | **Media - 0.8%** |
|  Charter Communications, Inc., Class A <sup>(A)</sup> | 9197 | 3381001 |
|  Comcast Corp., Class A | 148632 | 4717580 |
|  Interpublic Group of Cos., Inc. | 8096 | 241180 |
|  |  | 8339761 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |
|  Freeport-McMoRan, Inc. | 24674 | 781919 |
|  Nucor Corp. | 7636 | 1003218 |
|  |  | 1785137 |
| **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** |
|  Ameren Corp. | 24587 | 2004332 |
|  CenterPoint Energy, Inc. | 68648 | 1964020 |
|  Sempra Energy | 22080 | 3332755 |
|  |  | 7301107 |
| **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** |
|  Target Corp. | 10558 | 1734152 |
| **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** |
|  Chevron Corp. | 12770 | 2310093 |
|  ConocoPhillips | 66789 | 8421425 |
|  Coterra Energy, Inc. | 47480 | 1478052 |
|  Diamondback Energy, Inc. | 29856 | 4690676 |
|  EOG Resources, Inc. | 33007 | 4506116 |
|  Exxon Mobil Corp. | 106476 | 11798606 |
|  Phillips 66 | 16181 | 1687516 |
|  |  | 34892484 |
| **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** |
|  Bristol-Myers Squibb Co. | 95059 | 7364221 |
|  Eli Lilly & Co. | 21295 | 7710706 |
|  Johnson & Johnson | 37052 | 6445936 |
|  Merck & Co., Inc. | 45694 | 4624233 |
|  Pfizer, Inc. | 46672 | 2172582 |
|  |  | 28317678 |
| **Professional Services - 0.3%** | **Professional Services - 0.3%** | **Professional Services - 0.3%** |
|  Booz Allen Hamilton Holding Corp. | 7394 | 804837 |
|  Leidos Holdings, Inc. | 19132 | 1943620 |
|  |  | 2748457 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 241** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Road & Rail - 0.7%** | **Road & Rail - 0.7%** | **Road & Rail - 0.7%** |
|  CSX Corp. | 42886 | $1246267 |
|  Norfolk Southern Corp. | 16233 | 3702260 |
|  Uber Technologies, Inc. <sup>(A)</sup> | 20952 | 556695 |
|  Union Pacific Corp. | 12135 | 2392294 |
|  |  | 7897516 |
| **Semiconductors & Semiconductor Equipment - 3.3%** | **Semiconductors & Semiconductor Equipment - 3.3%** | **Semiconductors & Semiconductor Equipment - 3.3%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 58547 | 3516333 |
|  Analog Devices, Inc. | 34788 | 4961465 |
|  Applied Materials, Inc. | 7719 | 681510 |
|  Lam Research Corp. | 12261 | 4963008 |
|  Microchip Technology, Inc. | 26225 | 1619131 |
|  Micron Technology, Inc. | 16784 | 908014 |
|  NVIDIA Corp. | 43795 | 5911011 |
|  NXP Semiconductors NV | 29527 | 4313304 |
|  QUALCOMM, Inc. | 13172 | 1549818 |
|  Teradyne, Inc. | 10620 | 863937 |
|  Texas Instruments, Inc. | 42265 | 6789027 |
|  |  | 36076558 |
| **Software - 5.0%** | **Software - 5.0%** | **Software - 5.0%** |
|  Adobe, Inc. <sup>(A)</sup> | 10550 | 3360175 |
|  Cadence Design Systems, Inc. <sup>(A)</sup> | 5441 | 823713 |
|  DocuSign, Inc. <sup>(A)</sup> | 13692 | 661323 |
|  Fortinet, Inc. <sup>(A)</sup> | 14167 | 809786 |
|  Intuit, Inc. | 10601 | 4531927 |
|  Microsoft Corp. | 170022 | 39467207 |
|  Oracle Corp. | 22741 | 1775390 |
|  Salesforce, Inc. <sup>(A)</sup> | 10293 | 1673539 |
|  Workday, Inc., Class A <sup>(A)</sup> | 8929 | 1391317 |
|  |  | 54494377 |
| **Specialty Retail - 2.0%** | **Specialty Retail - 2.0%** | **Specialty Retail - 2.0%** |
|  AutoNation, Inc. <sup>(A)</sup> | 8957 | 952219 |
|  AutoZone, Inc. <sup>(A)</sup> | 737 | 1866733 |
|  Best Buy Co., Inc. | 30257 | 2069881 |
|  Burlington Stores, Inc. <sup>(A)</sup> | 6241 | 892213 |
|  Home Depot, Inc. | 12944 | 3833107 |
|  Lowe's Cos., Inc. | 35035 | 6830073 |
|  O'Reilly Automotive, Inc. <sup>(A)</sup> | 3507 | 2935955 |
|  TJX Cos., Inc. | 27144 | 1957083 |
|  Ulta Beauty, Inc. <sup>(A)</sup> | 1109 | 465081 |
|  |  | 21802345 |
| **Technology Hardware, Storage & Peripherals - 4.5%** | **Technology Hardware, Storage & Peripherals - 4.5%** | **Technology Hardware, Storage & Peripherals - 4.5%** |
|  Apple, Inc. | 310112 | 47552574 |
|  Seagate Technology Holdings PLC | 39279 | 1950595 |
|  |  | 49503169 |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |
|  NIKE, Inc., Class B | 33156 | 3072898 |
| **Tobacco - 0.5%** | **Tobacco - 0.5%** | **Tobacco - 0.5%** |
|  Altria Group, Inc. | 55922 | 2587511 |
|  Philip Morris International, Inc. | 31323 | 2877017 |
|  |  | 5464528 |
| **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** |
|  T-Mobile US, Inc. <sup>(A)</sup> | 24370 | 3693517 |
|  **Total Common Stocks <br>(Cost $415,625,098)** | **Total Common Stocks <br>(Cost $415,625,098)** | 663381292 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PREFERRED STOCKS - 0.0% <sup>(C)</sup>** | **PREFERRED STOCKS - 0.0% <sup>(C)</sup>** | **PREFERRED STOCKS - 0.0% <sup>(C)</sup>** |
| **Banks - 0.0% <sup>(C)</sup>** | **Banks - 0.0% <sup>(C)</sup>** | **Banks - 0.0% <sup>(C)</sup>** |
|  Citigroup Capital XIII, <br>3-Month LIBOR + 6.37%, <br>10.83% <sup>(D)</sup> | 11963 | $328384 |
| **Electric Utilities - 0.0% <sup>(C)</sup>** | **Electric Utilities - 0.0% <sup>(C)</sup>** | **Electric Utilities - 0.0% <sup>(C)</sup>** |
|  SCE Trust III, <br>Series H, Fixed until 03/15/2024,<br>5.75% <sup>(D)</sup> | 960 | 18567 |
|  **Total Preferred Stocks <br>(Cost $351,477)** | **Total Preferred Stocks <br>(Cost $351,477)** | 346951 |
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 2.4%** | **ASSET-BACKED SECURITIES - 2.4%** | **ASSET-BACKED SECURITIES - 2.4%** |
|  321 Henderson Receivables VI LLC <br>Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(E)</sup> | $172736 | 166252 |
|  Accelerated LLC <br>Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(E)</sup> | 306476 | 277951 |
|  Bavarian Sky UK 5 PLC <br>Series 2014-1A, Class A1A2, <br>3-Month LIBOR + 1.20%, <br>5.44% <sup>(D)</sup>, 10/20/2034 <sup>(E)</sup> | 2200000 | 2089413 |
|  BRE Grand Islander Timeshare Issuer LLC <br>Series 2017-1A, Class A, <br>2.94%, 05/25/2029 <sup>(E)</sup> | 142241 | 136739 |
|  BXG Receivables Note Trust <br>Series 2015-A, Class A, <br>2.88%, 05/02/2030 <sup>(E)</sup> | 112116 | 109543 |
|  CIFC Funding Ltd. <br>Series 2013-2A, Class A1L2, <br>3-Month LIBOR + 1.00%, <br>5.19% <sup>(D)</sup>, 10/18/2030 <sup>(E)</sup> | 2490000 | 2438445 |
|  Diamond Resorts Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 02/20/2032 <sup>(E)</sup> | 91902 | 89471 |
| GoodLeap Sustainable Home Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/20/2048 <sup>(E)</sup> | 817909 | 640015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 10/20/2048 <sup>(E)</sup> | 948463 | 661820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/20/2049 <sup>(E)</sup> | 1247825 | 943086 |
|  JG Wentworth XXII LLC <br>Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(E)</sup> | 289153 | 281046 |
|  JGWPT XXVIII LLC <br>Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(E)</sup> | 678128 | 589613 |
|  Laurel Road Prime Student Loan Trust <br>Series 2018-B, Class A2FX, <br>3.54%, 05/26/2043 <sup>(E)</sup> | 49232 | 48295 |
|  Longfellow Place CLO Ltd. <br>Series 2013-1A, Class AR3, <br>3-Month LIBOR + 1.00%, <br>5.08% <sup>(D)</sup>, 04/15/2029 <sup>(E)</sup> | 344812 | 340926 |
|  MVW LLC <br>Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(E)</sup> | 586963 | 526307 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 242** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  MVW Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(E)</sup> | $103768 | $97809 |
| New Residential Advance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-APT1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 12/16/2052 <sup>(E)</sup> | 1875000 | 1861468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 08/15/2053 <sup>(E)</sup> | 1950000 | 1863365 |
|  NRZ Advance Receivables Trust <br>Series 2020-T2, Class AT2, <br>1.48%, 09/15/2053 <sup>(E)</sup> | 1899640 | 1810717 |
|  Octagon Investment Partners 33 Ltd. <br>Series 2017-1A, Class A1, <br>3-Month LIBOR + 1.19%, <br>5.43% <sup>(D)</sup>, 01/20/2031 <sup>(E)</sup> | 800000 | 783627 |
| Orange Lake Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 03/08/2029 <sup>(E)</sup> | 216038 | 206665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/08/2030 <sup>(E)</sup> | 34943 | 33719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/08/2030 <sup>(E)</sup> | 28590 | 27573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 04/09/2038 <sup>(E)</sup> | 245040 | 230957 |
|  Palmer Square CLO Ltd. <br>Series 2015-2A, Class A1R2, <br>3-Month LIBOR + 1.10%, <br>5.34% <sup>(D)</sup>, 07/20/2030 <sup>(E)</sup> | 1974434 | 1932243 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 07/20/2037 <sup>(E)</sup> | 235720 | 218681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 11/20/2037 <sup>(E)</sup> | 758490 | 699245 |
|  SPS Servicer Advance Receivables Trust II <br>Series 2020-T1, Class AT1, <br>1.28%, 11/15/2052 <sup>(E)</sup> | 320667 | 320020 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 10/25/2056 <sup>(E)</sup> | 123986 | 121658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 04/25/2057 <sup>(E)</sup> | 132609 | 130629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 07/25/2057 <sup>(E)</sup> | 88797 | 86804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 06/25/2057 <sup>(E)</sup> | 472968 | 447058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 10/25/2057 <sup>(E)</sup> | 246799 | 235608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(D)</sup>, 01/25/2058 <sup>(E)</sup> | 336651 | 324014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 05/25/2058 <sup>(E)</sup> | 695437 | 650454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(D)</sup>, 06/25/2058 <sup>(E)</sup> | 1343993 | 1209797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70% <sup>(D)</sup>, 03/25/2058 <sup>(E)</sup> | 760198 | 698003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/2060 <sup>(E)</sup> | 1124590 | 994291 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Trafigura Securitisation Finance PLC <br>Series 2021-1A, Class A2, <br>1.08%, 01/15/2025 <sup>(E)</sup> | $1300000 | $1158026 |
|  Welk Resorts LLC <br>Series 2017-AA, Class A, <br>2.82%, 06/15/2033 <sup>(E)</sup> | 179973 | 178741 |
|  Wellfleet CLO Ltd. <br>Series 2016-2A, Class A1R, <br>3-Month LIBOR + 1.14%, <br>5.38% <sup>(D)</sup>, 10/20/2028 <sup>(E)</sup> | 526661 | 519150 |
|  **Total Asset-Backed Securities <br>(Cost $28,447,409)** | **Total Asset-Backed Securities <br>(Cost $28,447,409)** | 26179244 |
| **CORPORATE DEBT SECURITIES - 13.4%** | **CORPORATE DEBT SECURITIES - 13.4%** | **CORPORATE DEBT SECURITIES - 13.4%** |
| **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2039 | 1494000 | 977134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 872000 | 806516 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 1103000 | 885480 |
|  |  | 2669130 |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | 1760000 | 1253822 |
| **Airlines - 0.2%** | **Airlines - 0.2%** | **Airlines - 0.2%** |
|  American Airlines Pass-Through Trust <br>3.20%, 12/15/2029 | 570274 | 475125 |
|  JetBlue Pass-Through Trust <br>Series 2019, Class AA, <br>2.75%, 11/15/2033 | 981962 | 779593 |
|  Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027 <sup>(E)</sup> | 853375 | 843650 |
|  United Airlines Pass-Through Trust <br>3.75%, 03/03/2028 | 584833 | 525788 |
|  |  | 2624156 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 554000 | 441475 |
|  BorgWarner, Inc. <br>3.38%, 03/15/2025 | 572000 | 546121 |
|  |  | 987596 |
| **Automobiles - 0.1%** | **Automobiles - 0.1%** | **Automobiles - 0.1%** |
|  General Motors Co. <br>6.25%, 10/02/2043 | 262000 | 229365 |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(E)</sup> | 1136000 | 1050962 |
|  |  | 1280327 |
| **Banks - 1.6%** | **Banks - 1.6%** | **Banks - 1.6%** |
|  Banco Santander SA <br>2.75%, 12/03/2030 | 400000 | 276207 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2031, 2.65% <sup>(D)</sup>, 03/11/2032 | 1067000 | 820111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2027, 3.42% <sup>(D)</sup>, 12/20/2028 | 882000 | 778496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(D)</sup>, 04/27/2033 | 2086000 | 1846878 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 243** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Barclays PLC <br>Fixed until 11/02/2025, 7.33% <sup>(D)</sup>, 11/02/2026 | $1291000 | $1288909 |
|  Citigroup, Inc. <br>Fixed until 10/27/2027, 3.52% <sup>(D)</sup>, 10/27/2028 | 2370000 | 2096264 |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(E)</sup> | 1955000 | 1948100 |
|  HSBC Holdings PLC <br>Fixed until 08/11/2027, 5.21% <sup>(D)</sup>, 08/11/2028 | 1199000 | 1097535 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2031, 4.20% <sup>(D)</sup>, 06/01/2032 <sup>(E)</sup> | 277000 | 187355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/2024 <sup>(E)</sup> | 420000 | 396449 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2026,<br>1.58% <sup>(D)</sup>, 04/22/2027 | 1512000 | 1300100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2027,<br>3.78% <sup>(D)</sup>, 02/01/2028 | 507000 | 461308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(D)</sup>, 09/14/2033 | 1870000 | 1742445 |
|  UniCredit SpA <br>Fixed until 06/03/2031,<br>3.13% <sup>(D)</sup>, 06/03/2032 <sup>(E)</sup> | 1097000 | 772247 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 | 1342000 | 1269008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2027,<br>4.81% <sup>(D)</sup>, 07/25/2028 | 320000 | 302974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(F)</sup>,<br>5.90% <sup>(D)</sup> | 513000 | 465227 |
|  |  | 17049613 |
| **Beverages - 0.2%** | **Beverages - 0.2%** | **Beverages - 0.2%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | 888000 | 716302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 421000 | 409242 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 575000 | 491534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 152000 | 141742 |
|  |  | 1758820 |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 403000 | 375371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 733000 | 588615 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 870000 | 661215 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(E)</sup> | 513000 | 431408 |
|  Gilead Sciences, Inc. <br>4.15%, 03/01/2047 | 177000 | 137616 |
|  |  | 2194225 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 784000 | 575923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 610000 | 556400 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | $539000 | $442830 |
|  Owens Corning <br>7.00%, 12/01/2036 | 1196000 | 1207502 |
|  |  | 2782655 |
| **Capital Markets - 0.9%** | **Capital Markets - 0.9%** | **Capital Markets - 0.9%** |
|  Bank of New York Mellon Corp. <br>Fixed until 10/25/2032,<br>5.83% <sup>(D)</sup>, 10/25/2033 | 861000 | 861431 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/11/2024,<br>2.59% <sup>(D)</sup>, 09/11/2025 <sup>(E)</sup> | 772000 | 685406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/12/2032,<br>6.54% <sup>(D)</sup>, 08/12/2033 <sup>(E)</sup> | 1477000 | 1284598 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/26/2024,<br>3.96% <sup>(D)</sup>, 11/26/2025 | 427000 | 394027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2023,<br>4.30% <sup>(D)</sup>, 05/24/2028 | 1270000 | 1161727 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/24/2032,<br>3.10% <sup>(D)</sup>, 02/24/2033 | 1936000 | 1510371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 865000 | 862482 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/10/2025,<br>0.99% <sup>(D)</sup>, 12/10/2026 | 410000 | 350711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2032,<br>4.89% <sup>(D)</sup>, 07/20/2033 | 785000 | 713645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 486000 | 478184 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 1247000 | 1246865 |
|  |  | 9549447 |
| **Chemicals - 0.0% <sup>(C)</sup>** | **Chemicals - 0.0% <sup>(C)</sup>** | **Chemicals - 0.0% <sup>(C)</sup>** |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(E)</sup> | 664000 | 498653 |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(E)</sup> | 793000 | 680006 |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(E)</sup> | 414000 | 359795 |
| ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/2023 <sup>(E)</sup> | 186000 | 180526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2026 <sup>(E)</sup> | 780000 | 709464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/2024 <sup>(E)</sup> | 521000 | 502113 |
|  Triton Container International Ltd. / TAL International Container Corp. <br>3.25%, 03/15/2032 | 1038000 | 744205 |
|  |  | 3176109 |
| **Construction & Engineering - 0.0% <sup>(C)</sup>** | **Construction & Engineering - 0.0% <sup>(C)</sup>** | **Construction & Engineering - 0.0% <sup>(C)</sup>** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 499000 | 393398 |
| **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 1196000 | 1225979 |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(E)</sup> | 806000 | 738510 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 244** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
|  Ford Motor Credit Co. LLC <br>3.38%, 11/13/2025 | $1497000 | $1358093 |
|  General Motors Financial Co., Inc. <br>5.00%, 04/09/2027 | 755000 | 713340 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(E)</sup> | 849000 | 612089 |
|  Volkswagen Group of America Finance LLC <br>1.63%, 11/24/2027 <sup>(E)</sup> | 644000 | 516144 |
|  |  | 5164155 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | 665000 | 582039 |
| **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 1096000 | 726207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 1120000 | 1034736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 | 849000 | 833835 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(E)</sup> | 677000 | 565358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(E)</sup> | 1296000 | 1246582 |
|  |  | 4406718 |
| **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** |
|  Sprint Capital Corp. <br>6.88%, 11/15/2028 | 135000 | 139318 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 976000 | 725977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 1656000 | 948262 |
|  |  | 1813557 |
| **Electric Utilities - 0.6%** | **Electric Utilities - 0.6%** | **Electric Utilities - 0.6%** |
|  Appalachian Power Co. <br>3.40%, 06/01/2025 | 736000 | 702169 |
|  Cleveland Electric Illuminating Co. <br>5.95%, 12/15/2036 | 117000 | 113591 |
|  DTE Electric Co. <br>4.30%, 07/01/2044 | 1430000 | 1152118 |
|  Duke Energy Corp. <br>3.75%, 04/15/2024 - 09/01/2046 | 1717000 | 1354329 |
|  Duke Energy Progress LLC <br>3.60%, 09/15/2047 | 1237000 | 869687 |
|  Entergy Arkansas LLC <br>3.70%, 06/01/2024 | 192000 | 188579 |
|  Oncor Electric Delivery Co. LLC <br>5.30%, 06/01/2042 | 70000 | 65493 |
|  Pacific Gas & Electric Co. <br>2.50%, 02/01/2031 | 611000 | 456139 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2024 | 833000 | 817079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2037 | 117000 | 110981 |
|  Public Service Electric & Gas Co. <br>3.00%, 05/15/2025 | 424000 | 402534 |
|  |  | 6232699 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 621000 | 471756 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | $724000 | $693568 |
|  Sensata Technologies BV <br>4.00%, 04/15/2029 <sup>(E)</sup> | 200000 | 168440 |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(E)</sup> | 403000 | 346665 |
|  |  | 1680429 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(E)</sup> | 1207000 | 1095701 |
|  Schlumberger Investment SA <br>3.65%, 12/01/2023 | 98000 | 96598 |
|  |  | 1192299 |
| **Equity Real Estate Investment Trusts - 1.1%** | **Equity Real Estate Investment Trusts - 1.1%** | **Equity Real Estate Investment Trusts - 1.1%** |
|  American Tower Trust #1 <br>3.65%, 03/23/2028 <sup>(E)</sup> | 508000 | 456751 |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 1152000 | 829987 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2029 | 257000 | 191574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/2026 | 314000 | 272042 |
|  Invitation Homes Operating Partnership LP <br>4.15%, 04/15/2032 | 513000 | 425886 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 | 602000 | 368410 |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | 951000 | 704663 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 393000 | 383815 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2051 <sup>(E)</sup> | 2058000 | 1716569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/15/2050 <sup>(E)</sup> | 746000 | 652598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 01/15/2050 <sup>(E)</sup> | 2715000 | 2520390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/2048 <sup>(E)</sup> | 345000 | 341606 |
|  Simon Property Group LP <br>2.20%, 02/01/2031 | 717000 | 536592 |
|  Ventas Realty LP <br>3.25%, 10/15/2026 | 930000 | 841461 |
|  VICI Properties LP <br>4.95%, 02/15/2030 | 1256000 | 1135176 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 1001000 | 874121 |
|  |  | 12251641 |
| **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(E)</sup> | 1001000 | 738081 |
|  Sysco Corp. <br>3.30%, 07/15/2026 | 945000 | 873153 |
|  |  | 1611234 |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Bunge Ltd. Finance Corp. <br>2.75%, 05/14/2031 | 957000 | 750815 |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(E)</sup> | 527000 | 513411 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>3.00%, 02/02/2029 <sup>(E)</sup> | 440000 | 356402 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 245** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(E)</sup> | $1051000 | $806390 |
|  Viterra Finance BV <br>4.90%, 04/21/2027 <sup>(E)</sup> | 878000 | 801978 |
|  |  | 3228996 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |
|  Alcon Finance Corp. <br>2.75%, 09/23/2026 <sup>(E)</sup> | 600000 | 533473 |
|  Koninklijke Philips NV <br>5.00%, 03/15/2042 | 355000 | 291531 |
|  |  | 825004 |
| **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 875000 | 705469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 510000 | 423402 |
|  Cigna Corp. <br>2.40%, 03/15/2030 | 862000 | 701088 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/2040 | 858000 | 552286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2030 | 363000 | 320268 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 721000 | 578473 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 520000 | 458530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2025 | 230000 | 225968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 527000 | 438667 |
|  Laboratory Corp. of America Holdings <br>2.95%, 12/01/2029 | 532000 | 445520 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(E)</sup> | 362000 | 324663 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 1285000 | 1181714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 747000 | 764914 |
|  |  | 7120962 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 57000 | 43214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 685000 | 608889 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 417000 | 388843 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(E)</sup> | 1176000 | 857898 |
|  |  | 1898844 |
| **Industrial Conglomerates - 0.0% <sup>(C)</sup>** | **Industrial Conglomerates - 0.0% <sup>(C)</sup>** | **Industrial Conglomerates - 0.0% <sup>(C)</sup>** |
|  General Electric Co. <br>4.13%, 10/09/2042 | 494000 | 381752 |
| **Insurance - 0.6%** | **Insurance - 0.6%** | **Insurance - 0.6%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 1457000 | 930606 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 1133000 | 1063942 |
|  Global Atlantic Finance Co. <br>3.13%, 06/15/2031 <sup>(E)</sup> | 1549000 | 1090029 |
|  Muenchener Rueckversicherungs-Gesellschaft AG <br>Fixed until 11/23/2031,<br>5.88% <sup>(D)</sup>, 05/23/2042 <sup>(E)</sup> | 600000 | 571438 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/24/2030 <sup>(E)</sup> | $1642000 | $1479816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(E)</sup> | 456000 | 427987 |
|  Prudential Financial, Inc. <br>Fixed until 07/01/2030,<br>3.70% <sup>(D)</sup>, 10/01/2050 | 1106000 | 859705 |
|  |  | 6423523 |
| **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 | 1990000 | 1955314 |
|  Tencent Holdings Ltd. <br>3.28%, 04/11/2024 <sup>(E)</sup> | 742000 | 717930 |
|  |  | 2673244 |
| **IT Services - 0.0% <sup>(C)</sup>** | **IT Services - 0.0% <sup>(C)</sup>** | **IT Services - 0.0% <sup>(C)</sup>** |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(E)</sup> | 763000 | 503857 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 1009000 | 997491 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.80%, 03/01/2050 | 562000 | 396284 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.13%, 08/15/2027 <sup>(E)</sup> | 827000 | 740330 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 372000 | 214404 |
|  NBCUniversal Media LLC <br>4.45%, 01/15/2043 | 456000 | 371718 |
|  Paramount Global <br>4.20%, 05/19/2032 | 588000 | 470341 |
|  |  | 2193077 |
| **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** |
|  Anglo American Capital PLC <br>4.50%, 03/15/2028 <sup>(E)</sup> | 1293000 | 1173437 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2023 | 1088000 | 1080477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/14/2024 | 481000 | 471552 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(E)</sup> | 837000 | 627104 |
|  |  | 3352570 |
| **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** |
|  Black Hills Corp. <br>4.25%, 11/30/2023 | 587000 | 581437 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2024 | 65000 | 63449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2044 | 141000 | 116726 |
|  Public Service Enterprise Group, Inc. <br>2.65%, 11/15/2022 | 158000 | 157876 |
|  |  | 919488 |
| **Oil, Gas & Consumable Fuels - 0.9%** | **Oil, Gas & Consumable Fuels - 0.9%** | **Oil, Gas & Consumable Fuels - 0.9%** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 390000 | 314215 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 654000 | 585852 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 246** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2024 | $356000 | $352484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043 | 559000 | 428486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 | 499000 | 421090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 02/01/2024 | 397000 | 402872 |
|  Enterprise Products Operating LLC <br>4.25%, 02/15/2048 | 1656000 | 1222935 |
|  Kinder Morgan Energy Partners LP <br>4.15%, 02/01/2024 | 772000 | 762068 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 1184000 | 1201760 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 <sup>(B)</sup> | 385000 | 311430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | 892000 | 711932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 | 340000 | 314556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 95000 | 61886 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 871000 | 673126 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>3.55%, 12/15/2029 | 637000 | 530401 |
|  Sabine Pass Liquefaction LLC <br>4.20%, 03/15/2028 | 573000 | 522259 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026 | 714000 | 651203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2046 | 351000 | 261121 |
|  Williams Cos., Inc. <br>5.40%, 03/04/2044 | 97000 | 81980 |
|  |  | 9811656 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  GSK Consumer Healthcare Capital US LLC<br>3.38%, 03/24/2027 | 1230000 | 1112108 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 388000 | 338062 |
|  AstraZeneca PLC <br>4.38%, 08/17/2048 | 626000 | 526923 |
|  Bayer US Finance II LLC <br>4.38%, 12/15/2028 <sup>(E)</sup> | 716000 | 651601 |
|  Bristol-Myers Squibb Co. <br>1.45%, 11/13/2030 | 612000 | 468219 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 683000 | 516457 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 425000 | 349371 |
|  |  | 2850633 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 879000 | 829713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 840000 | 809453 |
|  |  | 1639166 |
| **Road & Rail - 0.3%** | **Road & Rail - 0.3%** | **Road & Rail - 0.3%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(E)</sup> | 969000 | 867541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(E)</sup> | 1240000 | 1138745 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Road & Rail (continued)** | **Road & Rail (continued)** | **Road & Rail (continued)** |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | $1215000 | $1012935 |
|  |  | 3019221 |
| **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 | 1238000 | 1102995 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028 <sup>(E)</sup> | 464000 | 377926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 <sup>(E)</sup> | 610000 | 400759 |
|  KLA Corp. <br>3.30%, 03/01/2050 | 730000 | 488694 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 684000 | 627565 |
| NXP BV / NXP Funding LLC / NXP USA,<br>Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/2051 | 401000 | 231028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 | 656000 | 543961 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 772000 | 717028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(B)</sup> | 487000 | 333929 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 379000 | 323190 |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(E)</sup> | 1611000 | 1170942 |
|  |  | 6318017 |
| **Software - 0.3%** | **Software - 0.3%** | **Software - 0.3%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 <sup>(B)</sup> | 140000 | 118012 |
|  Infor, Inc. <br>1.75%, 07/15/2025 <sup>(E)</sup> | 945000 | 849379 |
|  Oracle Corp. <br>3.65%, 03/25/2041 | 601000 | 405725 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 1217000 | 1160478 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 944000 | 870511 |
|  |  | 3404105 |
| **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 836000 | 721129 |
| **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** |
|  Apple, Inc. <br>2.65%, 05/11/2050 | 637000 | 396647 |
|  Dell International LLC / EMC Corp. <br>6.02%, 06/15/2026 | 797000 | 795356 |
|  Seagate HDD Cayman <br>4.13%, 01/15/2031 | 1164000 | 880758 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 1244000 | 961836 |
|  |  | 3034597 |
| **Tobacco - 0.1%** | **Tobacco - 0.1%** | **Tobacco - 0.1%** |
|  BAT Capital Corp. <br>2.26%, 03/25/2028 | 971000 | 769213 |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |
|  America Movil SAB de CV <br>4.38%, 07/16/2042 | 300000 | 234298 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 247** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
|  Sprint Corp. <br>7.88%, 09/15/2023 | $640000 | $650668 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 830000 | 702105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 684000 | 603707 |
|  |  | 2190778 |
|  **Total Corporate Debt Securities <br>(Cost $173,793,909)** | **Total Corporate Debt Securities <br>(Cost $173,793,909)** | 146542153 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.4%** |
| **Brazil - 0.1%** | **Brazil - 0.1%** | **Brazil - 0.1%** |
|  Brazil Government International Bonds <br>4.25%, 01/07/2025 | 330000 | 321314 |
| **Chile - 0.0% <sup>(C)</sup>** | **Chile - 0.0% <sup>(C)</sup>** | **Chile - 0.0% <sup>(C)</sup>** |
|  Chile Government International Bonds <br>3.50%, 01/25/2050 <sup>(B)</sup> | 400000 | 263454 |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
| Colombia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/26/2024 | 235000 | 225436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/2026 | 850000 | 763910 |
|  |  | 989346 |
| **Indonesia - 0.1%** | **Indonesia - 0.1%** | **Indonesia - 0.1%** |
| Indonesia Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/08/2026 <sup>(E)</sup> | 1035000 | 1013077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/17/2023 <sup>(E)</sup> | 115000 | 115403 |
|  |  | 1128480 |
| **Mexico - 0.1%** | **Mexico - 0.1%** | **Mexico - 0.1%** |
|  Mexico Government International Bonds <br>3.75%, 01/11/2028 | 1126000 | 1033371 |
| **Panama - 0.0% <sup>(C)</sup>** | **Panama - 0.0% <sup>(C)</sup>** | **Panama - 0.0% <sup>(C)</sup>** |
|  Panama Government International Bonds <br>3.88%, 03/17/2028 <sup>(B)</sup> | 315000 | 286538 |
| **Peru - 0.0% <sup>(C)</sup>** | **Peru - 0.0% <sup>(C)</sup>** | **Peru - 0.0% <sup>(C)</sup>** |
|  Peru Government International Bonds <br>7.35%, 07/21/2025 | 125000 | 130093 |
| **Poland - 0.0% <sup>(C)</sup>** | **Poland - 0.0% <sup>(C)</sup>** | **Poland - 0.0% <sup>(C)</sup>** |
|  Republic of Poland Government International Bonds <br>3.00%, 03/17/2023 | 275000 | 272938 |
| **Qatar - 0.0% <sup>(C)</sup>** | **Qatar - 0.0% <sup>(C)</sup>** | **Qatar - 0.0% <sup>(C)</sup>** |
|  Qatar Government International Bonds <br>3.88%, 04/23/2023 <sup>(E)</sup> | 200000 | 199205 |
|  **Total Foreign Government Obligations <br>(Cost $5,134,548)** | **Total Foreign Government Obligations <br>(Cost $5,134,548)** | 4624739 |
| **MORTGAGE-BACKED SECURITIES - 2.6%** | **MORTGAGE-BACKED SECURITIES - 2.6%** | **MORTGAGE-BACKED SECURITIES - 2.6%** |
|  BB-UBS Trust <br>Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(E)</sup> | 447196 | 430563 |
|  BB-UBS Trust, Interest Only STRIPS <br>Series 2012-SHOW, Class XA, <br>0.60% <sup>(D)</sup>, 11/05/2036 <sup>(E)</sup> | 3045000 | 33237 |
|  BBCMS Trust <br>Series 2015-MSQ, Class B, <br>3.89%, 09/15/2032 <sup>(E)</sup> | 1600000 | 1596246 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  CIM Trust <br>Series 2021-R6, Class A1, <br>1.43% <sup>(D)</sup>, 07/25/2061 <sup>(E)</sup> | $1876699 | $1637029 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/10/2047 | 68151 | 66718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/10/2047 | 220000 | 214778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 02/10/2048 | 1250000 | 1132531 |
|  Citigroup Mortgage Loan Trust, Inc. <br>Series 2018-RP1, Class A1, <br>3.00% <sup>(D)</sup>, 09/25/2064 <sup>(E)</sup> | 206086 | 195971 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class AM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% <sup>(D)</sup>, 08/10/2050 | 1310000 | 1287561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GAM, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 02/10/2028 <sup>(E)</sup> | 88409 | 87284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-WWP, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 03/10/2031 <sup>(E)</sup> | 1150000 | 1147789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/10/2047 | 2415000 | 2352074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3BP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 02/10/2035 <sup>(E)</sup> | 3050000 | 2809313 |
|  Commercial Mortgage Pass-Through Certificates Trust <br>Series 2012-LTRT, Class A2, <br>3.40%, 10/05/2030 <sup>(E)</sup> | 829228 | 707995 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <sup>(D)</sup>, 01/25/2060 <sup>(E)</sup> | 1555131 | 1273425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(D)</sup>, 10/25/2060 <sup>(E)</sup> | 1275445 | 1103331 |
|  Fontainebleau Miami Beach Trust <br>Series 2019-FBLU, Class B, <br>3.45%, 12/10/2036 <sup>(E)</sup> | 1250000 | 1152926 |
|  GS Mortgage Securities Trust <br>Series 2013-G1, Class A2, <br>3.56% <sup>(D)</sup>, 04/10/2031 <sup>(E)</sup> | 357329 | 354387 |
|  Houston Galleria Mall Trust <br>Series 2015-HGLR, Class A1A2, <br>3.09%, 03/05/2037 <sup>(E)</sup> | 700000 | 637310 |
|  JPMorgan Chase Commercial Mortgage Securities Trust <br>Series 2013-C13, Class B, <br>4.08% <sup>(D)</sup>, 01/15/2046 | 950000 | 929367 |
|  MetLife Securitization Trust <br>Series 2019-1A, Class A1A, <br>3.75% <sup>(D)</sup>, 04/25/2058 <sup>(E)</sup> | 73101 | 71047 |
|  Nationstar Mortgage Loan Trust <br>Series 2013-A, Class A, <br>3.75% <sup>(D)</sup>, 12/25/2052 <sup>(E)</sup> | 86822 | 77145 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 01/25/2054 <sup>(E)</sup> | 45043 | 41398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 05/25/2054 <sup>(E)</sup> | 106685 | 96922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class AFX3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 11/25/2054 <sup>(E)</sup> | 85590 | 78458 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 248** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan Trust (continued) | New Residential Mortgage Loan Trust (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 08/25/2055 <sup>(E)</sup> | $188357 | $172449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 11/26/2035 <sup>(E)</sup> | 126023 | 115929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(D)</sup>, 09/25/2056 <sup>(E)</sup> | 132856 | 120294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 11/25/2056 <sup>(E)</sup> | 168656 | 153574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 02/25/2057 <sup>(E)</sup> | 385145 | 361312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 03/25/2057 <sup>(E)</sup> | 852523 | 796346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 04/25/2057 <sup>(E)</sup> | 538642 | 508421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 05/25/2057 <sup>(E)</sup> | 393379 | 364506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 12/25/2057 <sup>(E)</sup> | 197529 | 185062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(D)</sup>, 12/25/2057 <sup>(E)</sup> | 277519 | 259217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(D)</sup>, 12/25/2058 <sup>(E)</sup> | 1020172 | 917215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(D)</sup>, 08/25/2059 <sup>(E)</sup> | 908491 | 849140 |
|  One Market Plaza Trust <br>Series 2017-1MKT, Class A, <br>3.61%, 02/10/2032 <sup>(E)</sup> | 1373000 | 1321518 |
|  Palisades Center Trust <br>Series 2016-PLSD, Class A, <br>2.71%, 04/13/2033 <sup>(E)</sup> | 950000 | 743945 |
|  Towd Point Mortgage Trust <br>Series 2021-1, Class A1, <br>2.25% <sup>(D)</sup>, 11/25/2061 <sup>(E)</sup> | 2253644 | 1991073 |
|  UBS-BAMLL Trust <br>Series 2012-WRM, Class A, <br>3.66%, 06/10/2030 <sup>(E)</sup> | 17746 | 17705 |
|  **Total Mortgage-Backed Securities <br>(Cost $31,641,681)** | **Total Mortgage-Backed Securities <br>(Cost $31,641,681)** | 28392511 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.1%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 108281 | 108424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2041 | 46613 | 47804 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/25/2030 | 2547000 | 1974849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 01/25/2025 | 1767887 | 1690276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 06/25/2027 | 366433 | 359502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 07/25/2025 | 2408000 | 2292725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% <sup>(D)</sup>, 08/25/2024 | 1778832 | 1720978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 01/25/2024 | 1298000 | 1274929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% <sup>(D)</sup>, 07/25/2023 | 999610 | 988110 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.52%, <br>1.85% <sup>(D)</sup>, 02/01/2043 | 17263 | 16968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% <sup>(D)</sup>, 10/25/2023 | 70915 | 69398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2028 - 11/01/2028 | 124090 | 119762 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal National Mortgage Association (continued) | Federal National Mortgage Association (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2026 - 06/01/2042 | $35526 | $33488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 - 06/01/2026 | 34291 | 34059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039 - 11/01/2039 | 568737 | 560658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2036 - 12/01/2041 | 427201 | 437324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2036 - 06/01/2041 | 588061 | 607667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2040 | 52933 | 55172 |
|  Government National Mortgage Association, Interest Only STRIPS <br>Series 2012-120, Class IO, <br>0.65% <sup>(D)</sup>, 02/16/2053 | 244508 | 4011 |
|  Tennessee Valley Authority <br>5.88%, 04/01/2036 | 774000 | 837204 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(G)</sup> | 14840000 | 12296936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(G)</sup> | 26839000 | 22305377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(G)</sup> | 19095000 | 16383225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(G)</sup> | 19002000 | 16861606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(G)</sup> | 13738000 | 12501580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(G)</sup> | 6895000 | 6468641 |
|  **Total U.S. Government Agency Obligations <br>(Cost $103,740,158)** | **Total U.S. Government Agency Obligations <br>(Cost $103,740,158)** | 100050673 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.6%** | **U.S. GOVERNMENT OBLIGATIONS - 9.6%** | **U.S. GOVERNMENT OBLIGATIONS - 9.6%** |
| **U.S. Treasury - 8.8%** | **U.S. Treasury - 8.8%** | **U.S. Treasury - 8.8%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 4107000 | 2104356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 - 11/15/2051 | 8263000 | 5015993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 1799000 | 1138570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 - 02/15/2052 | 5391000 | 3610087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 - 05/15/2051 | 4697000 | 3374565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 - 05/15/2046 | 7240000 | 5168387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2047 | 3376900 | 2546127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 - 05/15/2049 | 2261600 | 1744878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 - 08/15/2052 | 2812400 | 2231379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 - 05/15/2048 | 7261600 | 6007127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 1985000 | 1745792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 1098000 | 1153887 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/31/2023 | 1898000 | 1849141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/2025 <sup>(B)</sup> | 2962000 | 2633635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 - 08/15/2030 | 8926000 | 6908228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 848200 | 747741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 4704000 | 3758239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 3962000 | 3157528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 - 02/15/2030 | 9389100 | 8230311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 - 05/15/2031 | 13170600 | 11229720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/2023 <sup>(B)</sup> | 500000 | 492695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 2441800 | 2028220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 <sup>(B)</sup> | 856100 | 802560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 3639500 | 3306116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/31/2023 | 2133000 | 2123754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 - 05/31/2024 | 2267000 | 2211541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 653500 | 594991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/2025 - 08/15/2032 | 624000 | 589792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 - 05/15/2032 | 9361000 | 8544538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 1189500 | 1117526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 <sup>(B)</sup> | 550000 | 546820 |
|  |  | 96714244 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 249** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | $1832832 | $1212945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 1060305 | 1062107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 3608168 | 3772297 |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.13%, 07/15/2030 | 2437409 | 2173816 |
|  |  | 8221165 |
|  **Total U.S. Government Obligations <br>(Cost $126,467,357)** | **Total U.S. Government Obligations <br>(Cost $126,467,357)** | 104935409 |
| **COMMERCIAL PAPER - 8.3%** | **COMMERCIAL PAPER - 8.3%** | **COMMERCIAL PAPER - 8.3%** |
| **Banks - 2.5%** | **Banks - 2.5%** | **Banks - 2.5%** |
|  ABN AMRO Funding USA LLC <br>3.51% <sup>(H)</sup>, 12/13/2022 | 3035000 | 3020942 |
|  Concord Minutemen Capital Co. LLC <br>3.98% <sup>(H)</sup>, 12/19/2022 | 1500000 | 1491966 |
|  Korea Development Bank <br>3.07% <sup>(H)</sup>, 12/01/2022 | 4500000 | 4485554 |
|  Lloyds Bank PLC <br>4.51% <sup>(H)</sup>, 01/17/2023 | 5000000 | 4952485 |
|  Mackinac Funding Co. LLC <br>3.19% <sup>(H)</sup>, 12/01/2022 | 4500000 | 4485194 |
|  Macquarie Bank Ltd. <br>3.01% <sup>(H)</sup>, 11/21/2022 | 4500000 | 4490361 |
|  Swedbank AB <br>4.47% <sup>(H)</sup>, 01/27/2023 | 4800000 | 4748596 |
|  |  | 27675098 |
| **Diversified Financial Services - 4.9%** | **Diversified Financial Services - 4.9%** | **Diversified Financial Services - 4.9%** |
|  Anglesea Funding LLC <br>3.78% <sup>(H)</sup>, 12/14/2022 | 3340000 | 3324116 |
|  Atlantic Asset Securitization LLC <br>2.96% <sup>(H)</sup>, 11/17/2022 | 2500000 | 2495730 |
|  CAFCO LLC <br>3.02% <sup>(H)</sup>, 11/09/2022 | 4500000 | 4496035 |
|  Cancara Asset Securitisation LLC <br>3.15% <sup>(H)</sup>, 12/02/2022 | 3310000 | 3298858 |
|  Chariot Funding LLC <br>3.98% <sup>(H)</sup>, 01/09/2023 | 3250000 | 3223060 |
|  Collateralized Commercial Paper V Co. LLC<br>4.72% <sup>(H)</sup>, 02/01/2023 | 4750000 | 4691910 |
|  Gotham Funding Corp. <br>2.91% <sup>(H)</sup>, 11/10/2022 | 3000000 | 2997070 |
| Liberty Street Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% <sup>(H)</sup>, 01/11/2023 | 2100000 | 2081722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83% <sup>(H)</sup>, 02/07/2023 | 2100000 | 2072251 |
|  LMA-Americas LLC <br>2.91% <sup>(H)</sup>, 11/15/2022 | 2000000 | 1996955 |
|  Longship Funding LLC <br>4.43% <sup>(H)</sup>, 01/17/2023 | 3412000 | 3379783 |
|  Mont Blanc Capital Corp. <br>3.41% <sup>(H)</sup>, 11/09/2022 | 3100000 | 3097269 |
| Nieuw Amsterdam Receivables Corp. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% <sup>(H)</sup>, 01/05/2023 | 1510000 | 1498517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21% <sup>(H)</sup>, 01/23/2023 | 3000000 | 2968276 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Sheffield Receivables Co. LLC <br>3.19% <sup>(H)</sup>, 12/01/2022 | $4750000 | $4734257 |
|  Starbird Funding Corp. <br>2.96% <sup>(H)</sup>, 11/07/2022 | 2510000 | 2508292 |
|  Victory Receivables Corp. <br>2.88% <sup>(H)</sup>, 11/01/2022 | 5000000 | 4999573 |
|  |  | 53863674 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |
|  Britannia Funding Co. LLC <br>2.96% <sup>(H)</sup>, 11/08/2022 | 4700000 | 4696321 |
| **Software - 0.4%** | **Software - 0.4%** | **Software - 0.4%** |
| Manhattan Asset Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% <sup>(H)</sup>, 01/05/2023 | 4000000 | 3969552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91% <sup>(H)</sup>, 01/03/2023 | 450000 | 446711 |
|  |  | 4416263 |
|  **Total Commercial Paper <br>(Cost $90,691,248)** | **Total Commercial Paper <br>(Cost $90,691,248)** | 90651356 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51% <sup>(H)</sup>, 11/03/2022 <sup>(B)</sup> | 3400000 | 3399595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02% <sup>(H)</sup>, 12/08/2022 <sup>(B)</sup> | 4108000 | 4093502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% <sup>(H)</sup>, 12/29/2022 | 2156000 | 2142720 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $9,639,739)** | **Total Short-Term U.S. Government Obligations <br>(Cost $9,639,739)** | 9635817 |
|  | **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%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(H)</sup> | 1601252 | 1601252 |
|  **Total Other Investment Company <br>(Cost $1,601,252)** | **Total Other Investment Company <br>(Cost $1,601,252)** | 1601252 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(H)</sup>, dated 10/31/2022, to be repurchased at $9,267,438 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $9,452,645. | $9267155 | 9267155 |
|  **Total Repurchase Agreement <br>(Cost $9,267,155)** | **Total Repurchase Agreement <br>(Cost $9,267,155)** | 9267155 |
|  **Total Investments <br>(Cost $996,401,031)** | **Total Investments <br>(Cost $996,401,031)** | 1185608552 |
|  **Net Other Assets (Liabilities) - (8.2)%** | **Net Other Assets (Liabilities) - (8.2)%** | (89699698) |
|  **Net Assets - 100.0%** |  | **$1095908854** |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 250** 

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##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | 44 | 12/16/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;8245269 | $&nbsp;&nbsp;&nbsp;&nbsp;8542600 | $&nbsp;&nbsp;&nbsp;&nbsp;297331 | $&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | (32) | 12/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;(6664682) | $&nbsp;&nbsp;&nbsp;&nbsp;(6540250) | $124432 | $— |
|  **Total Futures Contracts** |  |  |  |  | $**421763** | $**—** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(I)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $663381292 | $— | $— | $663381292 |
|  Preferred Stocks | 346951 |  |  | 346951 |
|  Asset-Backed Securities |  | 26179244 |  | 26179244 |
|  Corporate Debt Securities |  | 146542153 |  | 146542153 |
|  Foreign Government Obligations |  | 4624739 |  | 4624739 |
|  Mortgage-Backed Securities |  | 28392511 |  | 28392511 |
|  U.S. Government Agency Obligations |  | 100050673 |  | 100050673 |
|  U.S. Government Obligations |  | 104935409 |  | 104935409 |
|  Commercial Paper |  | 90651356 |  | 90651356 |
|  Short-Term U.S. Government Obligations |  | 9635817 |  | 9635817 |
|  Other Investment Company | 1601252 |  |  | 1601252 |
|  Repurchase Agreement |  | 9267155 |  | 9267155 |
|  **Total Investments** | $**665329495** | $**520279057** | $**—** | $**1185608552** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(J)</sup> | $421763 | $— | $— | $421763 |
|  **Total Other Financial Instruments** | $**421763** | $**—** | $**—** | $**421763** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $16,443,752, collateralized by cash collateral of $1,601,252 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $15,186,233. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

(D) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(E) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $89,145,663, representing 8.1% of the Fund's net assets.* 

(F) *Perpetual maturity. The date displayed is the next call date.* 

(G) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

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

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**Page 251** 

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**Transamerica Multi-Managed Balanced** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(H) *Rates disclosed reflect the yields at October 31, 2022.* 

(I) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(J) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered 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.***

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**Page 252** 

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**Transamerica Short-Term Bond** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering in December and ending its asset purchases in March 2022.

By April 2022, COVID-19 concerns waned in the wake of increasingly persistent inflation, a hawkish Fed, and the Russia-Ukraine war. There was also a brief inversion of the yield curve, signaling that we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. The Federal Open Market Committee again raised the federal funds rate by 75 basis points at its September meeting, bringing the target range to 3.00% to 3.25%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. However, by the close of the fiscal year, the unemployment rate fell while the labor force participation remained approximately flat. In short, the pace of job growth has been slowing as the economy inches toward cooling.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Short-Term Bond (Class I2) returned -5.00%. By comparison, its benchmark, the ICE BofAML U.S. Corporate & Government 1-3 Years Index, returned -4.98%.

**STRATEGY REVIEW** 

For the 12-month period ended October 31, 2022, Transamerica Short-Term Bond underperformed its benchmark, the ICE BofA U.S. Corporate & Government 1-3 Years Index. The largest contributors to Fund performance were excess yield and duration, both from underweight duration and duration positioning across the yield curve. Exposure to widening credit spreads was a detractor over the period.

At an asset class level, out of benchmark exposure to commercial mortgage-backed securities and asset-backed securities, as well as security selection in emerging markets debt contributed positively to relative returns. Detractors included an underweight allocation to government securities, an ex-index allocation to non-agency residential mortgage-backed securities and an overweight allocation to investment grade corporate credit.

The Fed's pivot to a more hawkish stance in an effort to fight inflation caused the front end of the yield curve to move up from near 0% in late 2021 to levels in October 2022 that haven't been seen in years. The aggressive Fed actions over this time period lessened the likelihood of achieving a soft landing for the economy, prompting the sub-adviser to reduce portfolio risk slightly throughout the fiscal year. While still maintaining a structural bias to underweight U.S. Treasury securities and overweight spread assets given the sub-adviser's long-term views on risk-adjusted return potential, the sub-adviser increased allocations to government securities over the fiscal year. Additionally, later in the fiscal year, the sub-adviser trimmed the Fund's floating rate exposure and redeployed proceeds into defensive fixed-rate instruments with attractive all-in yields given movements in the Treasury yield curve and credit spreads.

From a duration perspective, the sub-adviser increased the Fund's underweight to the benchmark's duration over the first half of the fiscal year given expectations of a move higher in rates. Over the latter half of the fiscal year, the sub-adviser slightly reduced the short position due to growing economic headwinds and more attractive yields.

**Tyler A. Knight, CFA** 

**Doug Weih, CFA** 

**Brian W. Westhoff, CFA** 

**Norbert King** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**Page 253** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of<br>Net Assets** |
|  Corporate Debt Securities | 62.4% |
|  Mortgage-Backed Securities | 12.3 |
|  Asset-Backed Securities | 11.6 |
|  U.S. Government Obligation | 9.8 |
|  Repurchase Agreement | 2.7 |
|  U.S. Government Agency Obligations | 1.1 |
|  Other Investment Company | 0.7 |
|  Loan Assignment | 0.3 |
|  Foreign Government Obligation | 0.1 |
|  Net Other Assets (Liabilities) ^ | (1.0) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 2.17 |
|  Duration † | 1.65 |
| **Credit Quality ‡** | **Percentage of<br>Net Assets** |
|  U.S. Government and Agency Securities | 10.9% |
|  AAA | 15.4 |
|  AA | 2.9 |
|  A | 20.9 |
|  BBB | 44.7 |
|  BB | 4.2 |
|  B | 0.9 |
|  CCC and Below | 0.1 |
|  Not Rated | 1 |
|  Net Other Assets (Liabilities) ^ | (1.0) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 254** 

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**Transamerica Short-Term Bond** 

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**(unaudited)**![LOGO](g404440g56q30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (7.68)% | 0.26% | 1.07% | 11/01/2007 |
|  Class A (NAV) | (5.35)% | 0.76% | 1.32% | 11/01/2007 |
|  Class C (POP) | (6.94)% | 0.00% | 0.56% | 11/01/2007 |
|  Class C (NAV) | (6.01)% | 0.00% | 0.56% | 11/01/2007 |
|  Class I (NAV) | (4.96)% | 0.99% | 1.55% | 11/30/2009 |
|  Class I2 (NAV) | (5.00)% | 1.07% | 1.64% | 11/08/2004 |
|  ICE BofAML U.S. Corporate & Government 1-3 Years Index <sup>(A)</sup> | (4.98)% | 0.69% | 0.81% |  |
|  Class R6 (NAV) | (4.99)% | 1.11% | 1.41% | 05/29/2015 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Fund may also go down. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. Changes in interest rates, the market's perception of the issuers and the creditworthiness of the issuers may significant affect the value of the Fund.

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 11.6%** | **ASSET-BACKED SECURITIES - 11.6%** | **ASSET-BACKED SECURITIES - 11.6%** |
| Accelerated LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 10/20/2040 <sup>(A)</sup> | $2256182 | $2046194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 10/20/2040 <sup>(A)</sup> | 7916309 | 6987163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 10/20/2040 <sup>(A)</sup> | 3586447 | 3151765 |
|  Anchorage Capital CLO 11 Ltd. <br>Series 2019-11A, Class AR, <br>3-Month LIBOR + 1.14%, <br>5.46% <sup>(B)</sup>, 07/22/2032 <sup>(A)</sup> | 12300000 | 11888454 |
|  Anchorage Capital CLO 9 Ltd. <br>Series 2016-9A, Class AR2, <br>3-Month LIBOR + 1.14%, <br>5.22% <sup>(B)</sup>, 07/15/2032 <sup>(A)</sup> | 10000000 | 9666060 |
|  Apidos CLO XXXI <br>Series 2019-31A, Class BR, <br>3-Month LIBOR + 1.55%, <br>5.63% <sup>(B)</sup>, 04/15/2031 <sup>(A)</sup> | 12500000 | 11763187 |
|  Aqua Finance Trust <br>Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> | 7002353 | 6316059 |
|  BHG Securitization Trust <br>Series 2022-C, Class A, <br>5.32%, 10/17/2035 <sup>(A)</sup> | 13386029 | 13265870 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/04/2032 <sup>(A)</sup> | 2335851 | 2228251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 02/28/2036 <sup>(A)</sup> | 5530673 | 4938824 |
|  CF Hippolyta Issuer LLC <br>Series 2020-1, Class B1, <br>2.28%, 07/15/2060 <sup>(A)</sup> | 5943349 | 5097785 |
|  CWABS Asset-Backed Certificates Trust <br>Series 2006-17, Class 2A2, <br>1-Month LIBOR + 0.30%, <br>3.89% <sup>(B)</sup>, 03/25/2047 | 2943675 | 2852797 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 02/20/2032 <sup>(A)</sup> | 2297559 | 2236769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/21/2033 <sup>(A)</sup> | 2049490 | 1856092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/21/2033 <sup>(A)</sup> | 1912857 | 1735358 |
| Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 01/15/2030 <sup>(A)</sup> | 20000000 | 19744396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 07/15/2030 <sup>(A)</sup> | 6500000 | 6321511 |
|  Halcyon Loan Advisors Funding Ltd. <br>Series 2015-1A, Class B1R, <br>3-Month LIBOR + 1.55%, <br>5.79% <sup>(B)</sup>, 04/20/2027 <sup>(A)</sup> | 674596 | 671653 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, Series 2022-2A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/25/2037 <sup>(A)</sup> | 7639116 | 7276189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-AA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 07/25/2033 <sup>(A)</sup> | 3496799 | 3260137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 02/25/2039 <sup>(A)</sup> | 3151411 | 2941888 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Honda Auto Receivables Owner Trust <br>Class A2, Series 2022-2, <br>3.81%, 03/18/2025 | $6475000 | $6403305 |
|  Hyundai Auto Receivables Trust <br>Series 2021-B, Class A3, <br>0.38%, 01/15/2026 | 20000000 | 19003342 |
|  Marathon Static CLO Ltd. <br>Series 2022- 18A, Class A1, <br>3-Month Term SOFR + 2.22%, <br>5.07% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> | 7000000 | 6955459 |
|  Mill City Mortgage Loan Trust <br>Series 2017-3, Class A1, <br>2.75% <sup>(B)</sup>, 01/25/2061 <sup>(A)</sup> | 2851965 | 2796693 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 10/20/2038 <sup>(A)</sup> | 2768797 | 2583273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 10/20/2037 <sup>(A)</sup> | 3278599 | 2859803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.44%, 01/22/2041 <sup>(A)</sup> | 4035372 | 3654742 |
|  MVW Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(A)</sup> | 3369099 | 3175610 |
| New Residential Advance Receivables<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-APT1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.03%, 12/16/2052 <sup>(A)</sup> | 20000000 | 19855658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class AT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 08/15/2053 <sup>(A)</sup> | 19567000 | 18697675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-T1, Class CT1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 08/15/2053 <sup>(A)</sup> | 1780000 | 1692903 |
|  NRZ Advance Receivables Trust <br>Series 2020-T2, Class AT2, <br>1.48%, 09/15/2053 <sup>(A)</sup> | 15000000 | 14297841 |
| Orange Lake Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 03/08/2029 <sup>(A)</sup> | 1977717 | 1891917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 11/08/2030 <sup>(A)</sup> | 1429456 | 1374472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 04/09/2038 <sup>(A)</sup> | 2838868 | 2657842 |
|  PennantPark CLO III Ltd. <br>Series 2021-3A, Class A1, <br>3-Month LIBOR + 1.62%, <br>5.94% <sup>(B)</sup>, 10/22/2032 <sup>(A)</sup> | 15000000 | 14201370 |
|  Santander Drive Auto Receivables Trust <br>Class A2, Series 2022-5, <br>3.98%, 01/15/2025 | 7000000 | 6951694 |
| Sierra Timeshare Receivables Funding<br>LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A,Series 2022-3A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 07/20/2039 <sup>(A)</sup> | 15000000 | 14925847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 09/20/2035 <sup>(A)</sup> | 1185501 | 1165618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2035 <sup>(A)</sup> | 1158827 | 1126661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 07/20/2037 <sup>(A)</sup> | 2693944 | 2499217 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 256** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Sierra Timeshare Receivables Funding LLC (continued) | Sierra Timeshare Receivables Funding LLC (continued) | Sierra Timeshare Receivables Funding LLC (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 07/20/2037 <sup>(A)</sup> | $2357201 | $2215121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 11/20/2037 <sup>(A)</sup> | 5657247 | 5205186 |
|  SPS Servicer Advance Receivables Trust II <br>Series 2020-T1, Class AT1, <br>1.28%, 11/15/2052 <sup>(A)</sup> | 4366667 | 4357866 |
|  TICP CLO III-2 Ltd. <br>Series 2018-3R, Class B, <br>3-Month LIBOR + 1.35%, <br>5.59% <sup>(B)</sup>, 04/20/2028 <sup>(A)</sup> | 10000000 | 9760110 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-5, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50% <sup>(B)</sup>, 10/25/2056 <sup>(A)</sup> | 1170823 | 1153252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> | 799315 | 787381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 07/25/2057 <sup>(A)</sup> | 2148105 | 2099885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> | 3451539 | 3262460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> | 5745519 | 5484972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> | 3175745 | 3056537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> | 8978341 | 8566891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 05/25/2058 <sup>(A)</sup> | 3718914 | 3478363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> | 7943154 | 7150042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/2060 <sup>(A)</sup> | 10615541 | 9385587 |
|  Toyota Auto Receivables Owner Trust <br>Class A2A, Series 2022-C, <br>3.83%, 08/15/2025 | 12251000 | 12095681 |
|  Trafigura Securitisation Finance PLC <br>Series 2021-1A, Class A2, <br>1.08%, 01/15/2025 <sup>(A)</sup> | 7270000 | 6476036 |
|  VSE VOI Mortgage LLC <br>Series 2017-A, Class A, <br>2.33%, 03/20/2035 <sup>(A)</sup> | 5253714 | 4988141 |
|  Welk Resorts LLC <br>Series 2017-AA, Class A, <br>2.82%, 06/15/2033 <sup>(A)</sup> | 1447607 | 1437702 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class BR4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.55%, <br>5.79% <sup>(B)</sup>, 07/20/2029 <sup>(A)</sup> | 10000000 | 9595040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class BR, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.50%, <br>5.74% <sup>(B)</sup>, 04/20/2028 <sup>(A)</sup> | 15000000 | 14533770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2R, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.62%, <br>5.86% <sup>(B)</sup>, 10/20/2029 <sup>(A)</sup> | 15000000 | 14249490 |
|  **Total Asset-Backed Securities <br>(Cost $423,553,792)** | **Total Asset-Backed Securities <br>(Cost $423,553,792)** | 404356857 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 62.4%** | **CORPORATE DEBT SECURITIES - 62.4%** | **CORPORATE DEBT SECURITIES - 62.4%** |
| **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/2024 | $6940000 | $6585631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/2024 | 8089000 | 7712489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/01/2023 | 9000000 | 8963257 |
|  Huntington Ingalls Industries, Inc. <br>0.67%, 08/16/2023 | 9907000 | 9532109 |
|  L3 Harris Technologies, Inc. <br>3.85%, 06/15/2023 | 9968000 | 9879436 |
|  |  | 42672922 |
| **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** |
|  GXO Logistics, Inc. <br>1.65%, 07/15/2026 | 26130000 | 21684654 |
| **Airlines - 0.7%** | **Airlines - 0.7%** | **Airlines - 0.7%** |
|  Delta Air Lines Pass-Through Trust <br>3.20%, 10/25/2025 | 5043000 | 4834731 |
|  Delta Air Lines, Inc. <br>3.80%, 04/19/2023 <sup>(C)</sup> | 2184000 | 2161144 |
|  Southwest Airlines Co. <br>5.25%, 05/04/2025 | 13145000 | 13065412 |
|  US Airways Pass-Through Trust <br>3.95%, 05/15/2027 | 3643350 | 3222549 |
|  |  | 23283836 |
| **Auto Components - 0.8%** | **Auto Components - 0.8%** | **Auto Components - 0.8%** |
|  Aptiv PLC / Aptiv Corp. <br>2.40%, 02/18/2025 | 6979000 | 6500532 |
|  BorgWarner, Inc. <br>5.00%, 10/01/2025 <sup>(A)</sup> | 20550000 | 20003645 |
|  |  | 26504177 |
| **Automobiles - 0.4%** | **Automobiles - 0.4%** | **Automobiles - 0.4%** |
|  Stellantis Finance US, Inc. <br>5.63%, 01/12/2028 <sup>(A)</sup> <sup>(C)</sup> | 15076000 | 14231502 |
| **Banks - 12.9%** | **Banks - 12.9%** | **Banks - 12.9%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/12/2023 | 4600000 | 4558332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/24/2027,<br>4.18% <sup>(B)</sup>, 03/24/2028 | 7000000 | 6168729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/2025 | 15000000 | 14411189 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2022,<br>3.00% <sup>(B)</sup>, 12/20/2023 | 13976000 | 13925405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/05/2023,<br>3.55% <sup>(B)</sup>, 03/05/2024 | 19940000 | 19773861 |
|  Banque Federative du Credit Mutuel SA <br>0.65%, 02/27/2024 <sup>(A)</sup> | 8117000 | 7610019 |
|  Barclays PLC <br>Fixed until 11/02/2025, 1.00%, 11/02/2026 | 17198000 | 17170142 |
|  BNP Paribas SA <br>Fixed until 06/09/2025,<br>2.22% <sup>(B)</sup>, 06/09/2026 <sup>(A)</sup> | 11788000 | 10537342 |
|  BPCE SA <br>5.15%, 07/21/2024 <sup>(A)</sup> | 15364000 | 14811307 |
|  Canadian Imperial Bank of Commerce <br>0.45%, 06/22/2023 | 10895000 | 10569902 |
|  Citigroup, Inc. <br>3-Month LIBOR + 1.02%, <br>4.11% <sup>(B)</sup>, 06/01/2024 | 14675000 | 14642509 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 257** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(A)</sup> | $8000000 | $7971763 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/22/2024 <sup>(A)</sup> <sup>(C)</sup> | 8117000 | 7729386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/2024 | 21000000 | 20490054 |
|  Credit Agricole SA <br>4.38%, 03/17/2025 <sup>(A)</sup> | 7474000 | 6997846 |
| Danske Bank AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/10/2024,<br>0.98% <sup>(B)</sup>, 09/10/2025 <sup>(A)</sup> | 8929000 | 8009393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 06/22/2024 <sup>(A)</sup> | 10675000 | 9828787 |
|  Fifth Third Bancorp <br>3.65%, 01/25/2024 | 10000000 | 9762552 |
|  First-Citizens Bank & Trust Co. <br>Fixed until 09/27/2024,<br>2.97% <sup>(B)</sup>, 09/27/2025 | 5623000 | 5307907 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/17/2023,<br>0.73% <sup>(B)</sup>, 08/17/2024 | 11000000 | 10429269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.00%, <br>3.96% <sup>(B)</sup>, 05/18/2024 | 10000000 | 9852219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/11/2027,<br>5.21% <sup>(B)</sup>, 08/11/2028 | 10000000 | 9153750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2025,<br>7.34% <sup>(B)</sup>, 11/03/2026 | 10000000 | 10023874 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/23/2024 <sup>(A)</sup> | 8929000 | 8332720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/12/2023 <sup>(A)</sup> | 5000000 | 4973085 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2025,<br>2.08% <sup>(B)</sup>, 04/22/2026 | 16588000 | 15098424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/23/2023,<br>3.80% <sup>(B)</sup>, 07/23/2024 | 7853000 | 7740094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/2025 | 5982000 | 6373317 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/11/2023,<br>0.70% <sup>(B)</sup>, 05/11/2024 | 10000000 | 9696431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/2024 | 8718000 | 8380579 |
|  Nordea Bank Abp <br>1.00%, 06/09/2023 <sup>(A)</sup> | 8797000 | 8567093 |
|  PNC Bank NA <br>3.88%, 04/10/2025 | 11750000 | 11283429 |
|  Santander UK Group Holdings PLC <br>4.75%, 09/15/2025 <sup>(A)</sup> | 1913000 | 1778146 |
|  Santander UK PLC <br>5.00%, 11/07/2023 <sup>(A)</sup> | 8117000 | 8008232 |
|  Skandinaviska Enskilda Banken AB <br>0.65%, 09/09/2024 <sup>(A)</sup> | 22000000 | 20138096 |
|  Standard Chartered PLC <br>Fixed until 11/23/2024,<br>1.82% <sup>(B)</sup>, 11/23/2025 <sup>(A)</sup> | 5500000 | 4915578 |
|  Swedbank AB <br>5.34%, 09/20/2027 <sup>(A)</sup> | 21078000 | 20052922 |
|  UniCredit SpA <br>Fixed until 09/22/2025,<br>2.57% <sup>(B)</sup>, 09/22/2026 <sup>(A)</sup> | 7212000 | 6181992 |
|  US Bancorp <br>Fixed until 10/21/2025, 5.73%, 10/21/2026 | 19865000 | 19916010 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/30/2024,<br>2.41% <sup>(B)</sup>, 10/30/2025 | $32619000 | $30372429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/24/2027,<br>3.53% <sup>(B)</sup>, 03/24/2028 | 5989000 | 5391938 |
|  |  | 446936052 |
| **Beverages - 1.1%** | **Beverages - 1.1%** | **Beverages - 1.1%** |
|  Constellation Brands, Inc. <br>3.60%, 05/09/2024 | 20957000 | 20500306 |
| Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/2024 | 15849000 | 14925232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/2025 | 1360000 | 1339255 |
|  |  | 36764793 |
| **Biotechnology - 0.8%** | **Biotechnology - 0.8%** | **Biotechnology - 0.8%** |
|  AbbVie, Inc. <br>3.80%, 03/15/2025 | 21046000 | 20295120 |
|  Gilead Sciences, Inc. <br>0.75%, 09/29/2023 | 8908000 | 8574339 |
|  |  | 28869459 |
| **Building Products - 0.8%** | **Building Products - 0.8%** | **Building Products - 0.8%** |
|  Carlisle Cos., Inc. <br>0.55%, 09/01/2023 | 6980000 | 6717887 |
|  Owens Corning <br>4.20%, 12/01/2024 | 21046000 | 20405762 |
|  |  | 27123649 |
| **Capital Markets - 5.1%** | **Capital Markets - 5.1%** | **Capital Markets - 5.1%** |
|  Bank of New York Mellon Corp. <br>Fixed until 06/13/2024,<br>3.43% <sup>(B)</sup>, 06/13/2025 | 20000000 | 19396701 |
| Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR Index + 0.39%, <br>3.45% <sup>(B)</sup>, 02/02/2024 | 16749000 | 16079040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/2024 | 10000000 | 9496091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/08/2023 <sup>(A)</sup> | 4434000 | 4283111 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/18/2023,<br>2.22% <sup>(B)</sup>, 09/18/2024 | 14000000 | 13262355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2023,<br>4.30% <sup>(B)</sup>, 05/24/2028 | 11279000 | 10317415 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/08/2023,<br>0.67% <sup>(B)</sup>, 03/08/2024 | 14955000 | 14656828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.58%, <br>3.49% <sup>(B)</sup>, 03/08/2024 | 16824000 | 16616665 |
|  Macquarie Group Ltd. <br>Fixed until 01/12/2026,<br>1.34% <sup>(B)</sup>, 01/12/2027 <sup>(A)</sup> | 12137000 | 10292299 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/22/2024,<br>2.72% <sup>(B)</sup>, 07/22/2025 | 4043000 | 3814997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/17/2024,<br>3.62% <sup>(B)</sup>, 04/17/2025 | 13958000 | 13484966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/17/2025,<br>4.68% <sup>(B)</sup>, 07/17/2026 | 20000000 | 19408566 |
|  Nomura Holdings, Inc. <br>5.10%, 07/03/2025 | 21582000 | 21120167 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 258** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  UBS Group AG <br>Fixed until 05/12/2025,<br>4.49% <sup>(B)</sup>, 05/12/2026 <sup>(A)</sup> | $6800000 | $6454236 |
|  |  | 178683437 |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** | **Chemicals - 1.1%** |
|  DuPont de Nemours, Inc. <br>4.21%, 11/15/2023 | 20112000 | 19893390 |
|  LYB International Finance III LLC <br>1.25%, 10/01/2025 | 3968000 | 3473522 |
|  Syngenta Finance NV <br>4.44%, 04/24/2023 <sup>(A)</sup> | 10000000 | 9917950 |
|  Westlake Corp. <br>0.88%, 08/15/2024 | 3953000 | 3666370 |
|  |  | 36951232 |
| **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** | **Commercial Services & Supplies - 0.8%** |
|  Ashtead Capital, Inc. <br>1.50%, 08/12/2026 <sup>(A)</sup> | 7199000 | 5970716 |
|  Triton Container International Ltd. <br>0.80%, 08/01/2023 <sup>(A)</sup> | 21712000 | 20788194 |
|  |  | 26758910 |
| **Construction Materials - 0.8%** | **Construction Materials - 0.8%** | **Construction Materials - 0.8%** |
|  CRH America, Inc. <br>3.88%, 05/18/2025 <sup>(A)</sup> | 8117000 | 7732296 |
|  Martin Marietta Materials, Inc. <br>0.65%, 07/15/2023 | 19809000 | 19161308 |
|  |  | 26893604 |
| **Consumer Finance - 4.3%** | **Consumer Finance - 4.3%** | **Consumer Finance - 4.3%** |
|  Ally Financial, Inc. <br>5.75%, 11/20/2025 <sup>(C)</sup> | 16948000 | 16390384 |
|  American Honda Finance Corp. <br>0.88%, 07/07/2023 | 11959000 | 11618933 |
|  Capital One Financial Corp. <br>Fixed until 05/09/2024,<br>4.17% <sup>(B)</sup>, 05/09/2025 | 20936000 | 20115622 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 2006000 | 1745220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/2023 | 5000000 | 4830889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 7233000 | 6561850 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/2025 | 8094000 | 7434947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.76%, <br>3.67% <sup>(B)</sup>, 03/08/2024 | 14954000 | 14691297 |
|  Hyundai Capital America <br>0.80%, 04/03/2023 - 01/08/2024 <sup>(A)</sup> | 24933000 | 24070764 |
|  Mercedes-Benz Finance North America LLC <br>0.75%, 03/01/2024 <sup>(A)</sup> | 13548000 | 12757660 |
|  Nissan Motor Acceptance Co. LLC <br>1.13%, 09/16/2024 <sup>(A)</sup> | 12140000 | 10831468 |
|  Volkswagen Group of America Finance LLC <br>3.95%, 06/06/2025 <sup>(A)</sup> | 20000000 | 19116106 |
|  |  | 150165140 |
| **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** |
|  Avery Dennison Corp. <br>0.85%, 08/15/2024 | 12139000 | 11220843 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/2024 | $4469000 | $4202111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/2026 | 4046000 | 3506079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026 <sup>(A)</sup> | 8091000 | 7601495 |
|  Sonoco Products Co. <br>1.80%, 02/01/2025 | 8699000 | 8029030 |
|  |  | 34559558 |
| **Diversified Consumer Services - 0.5%** | **Diversified Consumer Services - 0.5%** | **Diversified Consumer Services - 0.5%** |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/08/2023,<br>3.77% <sup>(B)</sup>, 03/08/2024 <sup>(A)</sup> | 6821000 | 6749513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 1.29%, <br>4.00% <sup>(B)</sup>, 02/16/2028 <sup>(A)</sup> | 10054000 | 9386376 |
|  |  | 16135889 |
| **Diversified Financial Services - 1.9%** | **Diversified Financial Services - 1.9%** | **Diversified Financial Services - 1.9%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/2024 | 12048000 | 10932187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/23/2023 | 6030000 | 5994825 |
|  AIG Global Funding <br>0.65%, 06/17/2024 <sup>(A)</sup> | 8902000 | 8260077 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(A)</sup> | 1813000 | 1514024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/30/2024 <sup>(A)</sup> | 6424000 | 6191130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(A)</sup> | 8793000 | 8457709 |
| Element Fleet Management Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/06/2024 <sup>(A)</sup> <sup>(C)</sup> | 12043000 | 11327819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2025 <sup>(A)</sup> | 7068000 | 6660913 |
|  Jackson Financial, Inc. <br>1.13%, 11/22/2023 | 8360000 | 7966457 |
|  |  | 67305141 |
| **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** |
|  AT&T, Inc. <br>3-Month SOFR Index + 0.64%, <br>3.69% <sup>(B)</sup>, 03/25/2024 | 6928000 | 6886144 |
| **Electric Utilities - 3.3%** | **Electric Utilities - 3.3%** | **Electric Utilities - 3.3%** |
|  American Electric Power Co., Inc. <br>0.75%, 11/01/2023 | 9842000 | 9389623 |
|  Enel Finance International NV <br>2.65%, 09/10/2024 <sup>(A)</sup> | 14611000 | 13647731 |
|  Entergy Louisiana LLC <br>0.95%, 10/01/2024 | 14957000 | 13788678 |
|  Evergy, Inc. <br>2.45%, 09/15/2024 | 9388000 | 8845467 |
|  Eversource Energy <br>4.20%, 06/27/2024 | 21308000 | 20960639 |
|  Georgia Power Co. <br>2.10%, 07/30/2023 <sup>(C)</sup> | 7441000 | 7275885 |
|  Metropolitan Edison Co. <br>3.50%, 03/15/2023 <sup>(A)</sup> | 12044000 | 11957440 |
|  NextEra Energy Capital Holdings, Inc. <br>3-Month SOFR Index + 0.54%, <br>3.39% <sup>(B)</sup>, 03/01/2023 | 9635000 | 9622162 |
|  Oncor Electric Delivery Co. LLC <br>2.75%, 06/01/2024 | 10771000 | 10377161 |
|  Southern Co. <br>0.60%, 02/26/2024 | 9968000 | 9384011 |
|  |  | 115248797 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 259** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Equity Real Estate Investment Trusts - 1.6%** | **Equity Real Estate Investment Trusts - 1.6%** | **Equity Real Estate Investment Trusts - 1.6%** |
|  American Tower Corp. <br>3.00%, 06/15/2023 | $17032000 | $16789671 |
|  HAT Holdings I LLC / HAT Holdings II LLC <br>3.38%, 06/15/2026 <sup>(A)</sup> | 11215000 | 9164225 |
|  National Retail Properties, Inc. <br>3.60%, 12/15/2026 | 7606000 | 6960611 |
|  Office Properties Income Trust <br>2.65%, 06/15/2026 | 8092000 | 5899016 |
|  Simon Property Group LP <br>3-Month SOFR Index + 0.43%, <br>3.49% <sup>(B)</sup>, 01/11/2024 | 9776000 | 9690095 |
|  Ventas Realty LP <br>3.25%, 10/15/2026 | 8903000 | 8055410 |
|  |  | 56559028 |
| **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP <br>3.50%, 02/15/2023 <sup>(A)</sup> | 3984000 | 3954120 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |
|  Bunge Ltd. Finance Corp. <br>1.63%, 08/17/2025 | 2917000 | 2609944 |
|  Cargill, Inc. <br>4.88%, 10/10/2025 <sup>(A)</sup> | 14928000 | 14796284 |
|  |  | 17406228 |
| **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** |
|  Stryker Corp. <br>0.60%, 12/01/2023 | 8974000 | 8545991 |
| **Health Care Providers & Services - 1.1%** | **Health Care Providers & Services - 1.1%** | **Health Care Providers & Services - 1.1%** |
|  Cigna Corp. <br>0.61%, 03/15/2024 | 4941000 | 4648596 |
|  CVS Health Corp. <br>2.63%, 08/15/2024 | 4979000 | 4764377 |
|  HCA, Inc. <br>5.00%, 03/15/2024 | 12128000 | 12021509 |
|  Humana, Inc. <br>0.65%, 08/03/2023 | 10700000 | 10336932 |
|  Laboratory Corp. of America Holdings <br>2.30%, 12/01/2024 | 8084000 | 7588234 |
|  |  | 39359648 |
| **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** |
|  GLP Capital LP / GLP Financing II, Inc. <br>3.35%, 09/01/2024 | 3636000 | 3406344 |
| Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/01/2023 | 5666000 | 5442635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/2024 | 12708000 | 11849910 |
|  Las Vegas Sands Corp. <br>3.20%, 08/08/2024 | 7276000 | 6902577 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/2024 <sup>(A)</sup> | 21892000 | 21110645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/15/2024 <sup>(A)</sup> | 9554000 | 9226719 |
|  |  | 57938830 |
| **Household Durables - 0.5%** | **Household Durables - 0.5%** | **Household Durables - 0.5%** |
|  Lennar Corp. <br>5.88%, 11/15/2024 | 17738000 | 17773634 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 3.6%** | **Insurance - 3.6%** | **Insurance - 3.6%** |
|  Allied World Assurance Co. Holdings Ltd. <br>4.35%, 10/29/2025 | $14369000 | $13612877 |
|  Athene Global Funding <br>0.95%, 01/08/2024 <sup>(A)</sup> | 10562000 | 9971373 |
|  Brighthouse Financial Global Funding <br>1.00%, 04/12/2024 <sup>(A)</sup> | 12138000 | 11358498 |
|  Brown & Brown, Inc. <br>4.20%, 09/15/2024 | 9820000 | 9557126 |
|  Corebridge Financial, Inc. <br>3.50%, 04/04/2025 <sup>(A)</sup> | 21248000 | 20018170 |
|  Five Corners Funding Trust <br>4.42%, 11/15/2023 <sup>(A)</sup> | 7131000 | 7045761 |
|  GA Global Funding Trust <br>0.80%, 09/13/2024 <sup>(A)</sup> | 18547000 | 16734192 |
|  Marsh & McLennan Cos., Inc. <br>3.88%, 03/15/2024 | 8778000 | 8619263 |
|  Met Tower Global Funding <br>3.70%, 06/13/2025 <sup>(A)</sup> | 21000000 | 20156362 |
|  Security Benefit Global Funding <br>1.25%, 05/17/2024 <sup>(A)</sup> | 8092000 | 7520327 |
|  |  | 124593949 |
| **IT Services - 0.7%** | **IT Services - 0.7%** | **IT Services - 0.7%** |
|  DXC Technology Co. <br>1.80%, 09/15/2026 | 5398000 | 4635424 |
|  Fidelity National Information Services, Inc. <br>0.38%, 03/01/2023 | 8789000 | 8652055 |
|  Fiserv, Inc. <br>2.75%, 07/01/2024 | 10943000 | 10457164 |
|  |  | 23744643 |
| **Leisure Products - 0.3%** | **Leisure Products - 0.3%** | **Leisure Products - 0.3%** |
|  Brunswick Corp. <br>0.85%, 08/18/2024 | 12062000 | 11033183 |
| **Machinery - 0.6%** | **Machinery - 0.6%** | **Machinery - 0.6%** |
|  Caterpillar Financial Services Corp. <br>3.65%, 08/12/2025 | 20875000 | 20230890 |
| **Media - 0.9%** | **Media - 0.9%** | **Media - 0.9%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.91%, 07/23/2025 | 12133000 | 11782869 |
|  Discovery Communications LLC <br>2.95%, 03/20/2023 | 6297000 | 6242107 |
|  DISH DBS Corp. <br>5.00%, 03/15/2023 <sup>(C)</sup> | 10484000 | 10353999 |
|  Paramount Global <br>4.75%, 05/15/2025 | 1609000 | 1570787 |
|  |  | 29949762 |
| **Metals & Mining - 0.7%** | **Metals & Mining - 0.7%** | **Metals & Mining - 0.7%** |
|  Constellium SE <br>5.88%, 02/15/2026 <sup>(A)</sup> | 10457000 | 9735049 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2023 | 12178000 | 12093800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/14/2024 | 4114000 | 4033188 |
|  |  | 25862037 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 260** 

------

##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **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. <br>3.75%, 12/31/2024 <sup>(A)</sup> | $3490000 | $3262557 |
| **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 08/23/2024 | 7262000 | 6701938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2023 | 9898000 | 9804189 |
|  Dominion Energy, Inc. <br>2.45%, 01/15/2023 <sup>(A)</sup> | 7820000 | 7774562 |
|  DTE Energy Co. <br>2.53% <sup>(D)</sup>, 10/01/2024 | 8174000 | 7738797 |
|  NiSource, Inc. <br>0.95%, 08/15/2025 | 12136000 | 10736142 |
|  |  | 42755628 |
| **Oil, Gas & Consumable Fuels - 3.5%** | **Oil, Gas & Consumable Fuels - 3.5%** | **Oil, Gas & Consumable Fuels - 3.5%** |
|  Cheniere Corpus Christi Holdings LLC <br>7.00%, 06/30/2024 | 10018000 | 10138752 |
|  DCP Midstream Operating LP <br>5.38%, 07/15/2025 | 16350000 | 15988256 |
|  Energy Transfer LP <br>4.20%, 09/15/2023 | 4042000 | 3990217 |
|  Eni SpA <br>4.00%, 09/12/2023 <sup>(A)</sup> | 8629000 | 8472273 |
|  EQT Corp. <br>5.68%, 10/01/2025 | 15456000 | 15293433 |
|  Kinder Morgan Energy Partners LP <br>4.30%, 05/01/2024 | 13267000 | 13021196 |
|  MPLX LP <br>4.88%, 12/01/2024 | 4595000 | 4512266 |
|  Phillips 66 <br>3.85%, 04/09/2025 | 8940000 | 8644004 |
| Plains All American Pipeline LP / PAA<br>Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/2024 | 1274000 | 1219123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/2023 | 6324000 | 6215078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/2025 | 4851000 | 4686961 |
|  SA Global Sukuk Ltd. <br>0.95%, 06/17/2024 <sup>(A)</sup> | 3000000 | 2789640 |
|  Sabine Pass Liquefaction LLC <br>5.63%, 04/15/2023 | 13824000 | 13826552 |
|  Saudi Arabian Oil Co. <br>1.25%, 11/24/2023 <sup>(A)</sup> | 1737000 | 1667558 |
|  Williams Cos., Inc. <br>4.55%, 06/24/2024 | 10001000 | 9831273 |
|  |  | 120296582 |
| **Personal Products - 0.5%** | **Personal Products - 0.5%** | **Personal Products - 0.5%** |
|  GSK Consumer Healthcare Capital UK PLC <br>3.13%, 03/24/2025 | 19440000 | 18301998 |
| **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** | **Pharmaceuticals - 1.1%** |
|  Bayer US Finance II LLC <br>3.88%, 12/15/2023 <sup>(A)</sup> | 8117000 | 7958238 |
|  Royalty Pharma PLC <br>0.75%, 09/02/2023 | 22105000 | 21207323 |
|  Takeda Pharmaceutical Co. Ltd. <br>4.40%, 11/26/2023 | 5005000 | 4952819 |
|  Viatris, Inc. <br>1.65%, 06/22/2025 | 4045000 | 3609711 |
|  |  | 37728091 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Professional Services - 0.4%** | **Professional Services - 0.4%** | **Professional Services - 0.4%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | $6652000 | $6279014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 8744000 | 8426017 |
|  |  | 14705031 |
| **Road & Rail - 0.5%** | **Road & Rail - 0.5%** | **Road & Rail - 0.5%** |
|  Avolon Holdings Funding Ltd. <br>5.50%, 01/15/2023 <sup>(A)</sup> | 6127000 | 6104694 |
|  Canadian Pacific Railway Co. <br>1.35%, 12/02/2024 | 10978000 | 10128413 |
|  |  | 16233107 |
| **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 02/15/2024 | 8902000 | 8373311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/2024 | 8324000 | 7637205 |
|  Skyworks Solutions, Inc. <br>0.90%, 06/01/2023 | 6931000 | 6732816 |
|  |  | 22743332 |
| **Software - 1.1%** | **Software - 1.1%** | **Software - 1.1%** |
| Infor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/2023 <sup>(A)</sup> | 11692000 | 11271071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/15/2025 <sup>(A)</sup> | 7984000 | 7176132 |
|  Take-Two Interactive Software, Inc. <br>3.30%, 03/28/2024 | 14954000 | 14514869 |
|  VMware, Inc. <br>0.60%, 08/15/2023 | 6978000 | 6718754 |
|  |  | 39680826 |
| **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/2024 | 9113000 | 8621377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/02/2023 | 4984000 | 4930198 |
|  |  | 13551575 |
| **Tobacco - 0.4%** | **Tobacco - 0.4%** | **Tobacco - 0.4%** |
|  BAT Capital Corp. <br>3.22%, 08/15/2024 | 5327000 | 5090070 |
|  BAT International Finance PLC <br>1.67%, 03/25/2026 | 12133000 | 10416098 |
|  |  | 15506168 |
| **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** |
|  Air Lease Corp. <br>2.25%, 01/15/2023 | 15548000 | 15441870 |
| **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** | **Transportation Infrastructure - 0.2%** |
|  Penske Truck Leasing Co. LP / PTL Finance Corp. <br>3.45%, 07/01/2024 <sup>(A)</sup> | 6466000 | 6205144 |
| **Wireless Telecommunication Services - 1.1%** | **Wireless Telecommunication Services - 1.1%** | **Wireless Telecommunication Services - 1.1%** |
|  Rogers Communications, Inc. <br>2.95%, 03/15/2025 <sup>(A)</sup> | 18227000 | 17179436 |
|  Sprint Corp. <br>7.88%, 09/15/2023 | 2975000 | 3024589 |
|  T-Mobile USA, Inc. <br>2.25%, 02/15/2026 | 18779000 | 16901663 |
|  |  | 37105688 |
|  **Total Corporate Debt Securities <br>(Cost $2,286,536,812)** | **Total Corporate Debt Securities <br>(Cost $2,286,536,812)** | 2168128436 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 261** 

------

##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
|  **FOREIGN GOVERNMENT OBLIGATION - 0.1%** | **FOREIGN GOVERNMENT OBLIGATION - 0.1%** | **FOREIGN GOVERNMENT OBLIGATION - 0.1%** |
| **Qatar - 0.1%** | **Qatar - 0.1%** | **Qatar - 0.1%** |
|  Qatar Government International Bonds <br>3.88%, 04/23/2023 <sup>(A)</sup> | $2175000 | $2166352 |
|  **Total Foreign Government Obligation <br>(Cost $2,173,469)** | **Total Foreign Government Obligation <br>(Cost $2,173,469)** | 2166352 |
| **LOAN ASSIGNMENT - 0.3%** | **LOAN ASSIGNMENT - 0.3%** | **LOAN ASSIGNMENT - 0.3%** |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  Spin Holdco, Inc. <br>Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.14% <sup>(B)</sup>, 03/04/2028 | 9825000 | 8638631 |
|  **Total Loan Assignment <br>(Cost $9,768,473)** | **Total Loan Assignment <br>(Cost $9,768,473)** | 8638631 |
| **MORTGAGE-BACKED SECURITIES - 12.3%** | **MORTGAGE-BACKED SECURITIES - 12.3%** | **MORTGAGE-BACKED SECURITIES - 12.3%** |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> | 3000000 | 2853278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> | 10900000 | 10135641 |
|  280 Park Avenue Mortgage Trust <br>Series 2017-280P, Class C, <br>1-Month LIBOR + 1.25%, <br>4.55% <sup>(B)</sup>, 09/15/2034 <sup>(A)</sup> | 16000000 | 15118613 |
|  AOA Mortgage Trust <br>Series 2021-1177, Class C, <br>1-Month LIBOR + 1.42%, <br>4.84% <sup>(B)</sup>, 10/15/2038 <sup>(A)</sup> | 9300000 | 8597467 |
|  Ashford Hospitality Trust <br>Series 2018-ASHF, Class C, <br>1-Month LIBOR + 1.40%, <br>4.81% <sup>(B)</sup>, 04/15/2035 <sup>(A)</sup> | 18800000 | 17388829 |
|  Austin Fairmont Hotel Trust <br>Series 2019-FAIR, Class D, <br>1-Month LIBOR + 1.80%, <br>5.21% <sup>(B)</sup>, 09/15/2032 <sup>(A)</sup> | 5000000 | 4722071 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.33%, <br>4.74% <sup>(B)</sup>, 08/15/2036 <sup>(A)</sup> | 5300000 | 5074385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.83%, <br>5.24% <sup>(B)</sup>, 08/15/2036 <sup>(A)</sup> | 15254000 | 14528270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.63%, <br>6.04% <sup>(B)</sup>, 08/15/2036 <sup>(A)</sup> | 5000000 | 4712050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.12%, <br>4.53% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> | 11015000 | 9940270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.44%, <br>5.85% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> | 15000000 | 12486880 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.45%, <br>4.86% <sup>(B)</sup>, 10/15/2036 <sup>(A)</sup> | 10200000 | 9765852 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| BX Commercial Mortgage Trust (continued) | BX Commercial Mortgage Trust (continued) | BX Commercial Mortgage Trust (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VKNG, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.40%, <br>4.81% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> | $4130000 | $3918539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.10%, <br>4.51% <sup>(B)</sup>, 09/15/2036 <sup>(A)</sup> | 11700000 | 10792323 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.65%, <br>5.06% <sup>(B)</sup>, 10/15/2036 <sup>(A)</sup> | 13000000 | 11984894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.20%, <br>4.61% <sup>(B)</sup>, 01/15/2034 <sup>(A)</sup> | 4000000 | 3769638 |
|  BXP Trust <br>Series 2017-CQHP, Class D, <br>1-Month LIBOR + 2.00%, <br>5.41% <sup>(B)</sup>, 11/15/2034 <sup>(A)</sup> | 11825000 | 10859257 |
|  CAMB Commercial Mortgage Trust <br>Series 2019-LIFE, Class D, <br>1-Month LIBOR + 1.75%, <br>5.16% <sup>(B)</sup>, 12/15/2037 <sup>(A)</sup> | 9760000 | 9320632 |
|  CIM Trust <br>Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> | 13206397 | 11519831 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> | 1329244 | 1227215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RP1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> | 3306264 | 3144001 |
|  CLNY Trust <br>Series 2019-IKPR, Class C, <br>1-Month LIBOR + 1.68%, <br>5.09% <sup>(B)</sup>, 11/15/2038 <sup>(A)</sup> | 14650000 | 13476135 |
|  CORE Mortgage Trust <br>Series 2019-CORE, Class C, <br>1-Month LIBOR + 1.30%, <br>4.71% <sup>(B)</sup>, 12/15/2031 <sup>(A)</sup> | 12312000 | 11735881 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> | 11663479 | 9550687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> | 6595248 | 5671733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> | 12379318 | 10708799 |
| DBCG Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BBG, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.85%, <br>4.26% <sup>(B)</sup>, 06/15/2034 <sup>(A)</sup> | 12500000 | 12113420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BBG, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.00%, <br>4.41% <sup>(B)</sup>, 06/15/2034 <sup>(A)</sup> | 2500000 | 2403255 |
|  Fontainebleau Miami Beach Trust <br>Series 2019-FBLU, Class D, <br>3.96% <sup>(B)</sup>, 12/10/2036 <sup>(A)</sup> | 15000000 | 13797190 |
|  Great Wolf Trust <br>Series 2019-WOLF, Class C, <br>1-Month LIBOR + 1.63%, <br>5.05% <sup>(B)</sup>, 12/15/2036 <sup>(A)</sup> | 9960000 | 9483680 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 262** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  JPMorgan Chase Commercial Mortgage Securities Trust <br>Series 2022-NLP, Class C, <br>1-Month Term SOFR + 1.48%, <br>4.86% <sup>(B)</sup>, 04/15/2037 <sup>(A)</sup> | $10000000 | $9101725 |
|  MBRT <br>Series 2019-MBR, Class D, <br>1-Month LIBOR + 1.95%, <br>5.36% <sup>(B)</sup>, 11/15/2036 <sup>(A)</sup> | 10730000 | 10245402 |
|  Metlife Securitization Trust <br>Series 2017-1A, Class A, <br>3.00% <sup>(B)</sup>, 04/25/2055 <sup>(A)</sup> | 4641942 | 4387740 |
|  MFA Trust <br>Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> | 3743793 | 3170765 |
| MHP Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STOR, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.05%, <br>4.46% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> | 3000000 | 2827228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STOR, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.35%, <br>4.76% <sup>(B)</sup>, 07/15/2038 <sup>(A)</sup> | 5000000 | 4674492 |
| Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BPR, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.35%, <br>5.76% <sup>(B)</sup>, 05/15/2036 <sup>(A)</sup> | 6720000 | 6397956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.30%, <br>4.71% <sup>(B)</sup>, 12/15/2036 <sup>(A)</sup> | 7000000 | 6551229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.50%, <br>4.91% <sup>(B)</sup>, 12/15/2036 <sup>(A)</sup> | 5200000 | 4804321 |
|  Mortgage Equity Conversion Asset Trust<br>Series 2010-1A, Class A, <br>4.00%, 07/25/2060 <sup>(A)</sup> | 2825292 | 2546687 |
| MSCG Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SELF, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.18%, <br>4.59% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> | 11780000 | 11249183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SELF, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.65%, <br>5.06% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> | 9220000 | 8712064 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 01/25/2054 <sup>(A)</sup> | 1039461 | 955328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class AFX3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/25/2054 <sup>(A)</sup> | 1315918 | 1206262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/25/2056 <sup>(A)</sup> | 2123817 | 1933899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> | 3616782 | 3413855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 05/25/2057 <sup>(A)</sup> | 2105881 | 1951319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-5A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.50%, <br>5.09% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> | 2155308 | 2114701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | 2404705 | 2252928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50% <sup>(B)</sup>, 02/25/2058 <sup>(A)</sup> | 3527448 | 3317048 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan Trust (continued) | New Residential Mortgage Loan Trust (continued) | New Residential Mortgage Loan Trust (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | $2111556 | $1972301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> | 4387905 | 4138491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 11/25/2058 <sup>(A)</sup> | 5250810 | 4831991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> | 5738265 | 5159150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> | 5584987 | 5220121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> | 9440776 | 8793029 |
|  RBSSP Resecuritization Trust <br>Series 2013-2, Class 2A1, <br>1-Month LIBOR + 0.19%, <br>3.18% <sup>(B)</sup>, 12/20/2036 <sup>(A)</sup> | 537810 | 535288 |
|  SFO Commercial Mortgage Trust <br>Series 2021-555, Class D, <br>1-Month LIBOR + 2.40%, <br>5.81% <sup>(B)</sup>, 05/15/2038 <sup>(A)</sup> | 9900000 | 8809056 |
|  Tharaldson Hotel Portfolio Trust <br>Series 2018-THL, Class C, <br>1-Month LIBOR + 1.65%, <br>4.85% <sup>(B)</sup>, 11/11/2034 <sup>(A)</sup> | 12151204 | 11410639 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> | 5239224 | 4774014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> | 10145435 | 8963397 |
|  **Total Mortgage-Backed Securities <br>(Cost $464,594,759)** | **Total Mortgage-Backed Securities <br>(Cost $464,594,759)** | 427222325 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.1%** |
|  Federal Home Loan Mortgage Corp. <br>12-Month LIBOR + 1.77%, <br>4.02% <sup>(B)</sup>, 08/01/2037 | 284701 | 280297 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 01/25/2023 | 14836660 | 14790288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 09/25/2024 | 25000000 | 24235438 |
|  **Total U.S. Government Agency Obligations <br>(Cost $39,611,443)** | **Total U.S. Government Agency Obligations <br>(Cost $39,611,443)** | 39306023 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.8%** | **U.S. GOVERNMENT OBLIGATIONS - 9.8%** | **U.S. GOVERNMENT OBLIGATIONS - 9.8%** |
| **U.S. Government Obligation - 2.5%** | **U.S. Government Obligation - 2.5%** | **U.S. Government Obligation - 2.5%** |
| **U.S. Treasury - 7.3%** | **U.S. Treasury - 7.3%** | **U.S. Treasury - 7.3%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 | 36067000 | 33811404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2025 | 194148000 | 185843622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2025 | 34893000 | 33528629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 | 86762000 | 86267186 |
|  **Total U.S. Government Obligations <br>(Cost $347,081,085)** | **Total U.S. Government Obligations <br>(Cost $347,081,085)** | 339450841 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 263** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(E)</sup> | 23151243 | $23151243 |
|  **Total Other Investment Company <br>(Cost $23,151,243)** | **Total Other Investment Company <br>(Cost $23,151,243)** | 23151243 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.7%** | **REPURCHASE AGREEMENT - 2.7%** | **REPURCHASE AGREEMENT - 2.7%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(E)</sup>, dated 10/31/2022, to be repurchased at $94,596,973 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $96,486,057. | $94594082 | $94594082 |
|  **Total Repurchase Agreement <br>(Cost $94,594,082)** | **Total Repurchase Agreement <br>(Cost $94,594,082)** | 94594082 |
|  **Total Investments <br>(Cost $3,691,065,158)** | **Total Investments <br>(Cost $3,691,065,158)** | 3507014790 |
|  **Net Other Assets (Liabilities) - (1.0)%** | **Net Other Assets (Liabilities) - (1.0)%** | (35121070) |
|  **Net Assets - 100.0%** |  | **$3471893720** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | 919 | 12/30/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;191815643 | $&nbsp;&nbsp;&nbsp;&nbsp;187827804 | $— | $(3987839) |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (325) | 12/30/2022 | $(36142866) | $(34642969) | $1499897 | $— |
|  **Total Futures Contracts** |  |  |  |  | $**1499897** | $**(3987839)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(F)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $404356857 | $— | $404356857 |
|  Corporate Debt Securities |  | 2168128436 |  | 2168128436 |
|  Foreign Government Obligation |  | 2166352 |  | 2166352 |
|  Loan Assignment |  | 8638631 |  | 8638631 |
|  Mortgage-Backed Securities |  | 427222325 |  | 427222325 |
|  U.S. Government Agency Obligations |  | 39306023 |  | 39306023 |
|  U.S. Government Obligations |  | 339450841 |  | 339450841 |
|  Other Investment Company | 23151243 |  |  | 23151243 |
|  Repurchase Agreement |  | 94594082 |  | 94594082 |
|  **Total Investments** | $**23151243** | $**3483863547** | $**—** | $**3507014790** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(G)</sup> | $1499897 | $— | $— | $1499897 |
|  **Total Other Financial Instruments** | $**1499897** | $**—** | $**—** | $**1499897** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(G)</sup> | $(3987839) | $— | $— | $(3987839) |
|  **Total Other Financial Instruments** | $**(3987839)** | $**—** | $**—** | $**(3987839)** |

---

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

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 264** 

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##### [**Table of Contents**](#toc)
**Transamerica Short-Term Bond** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $1,441,739,626, representing 41.5% of the Fund's net assets.* 

(B) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $23,291,595, collateralized by cash collateral of $23,151,243 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $648,455. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2022; the maturity date disclosed is the ultimate maturity date.* 

(E) *Rates disclosed reflect the yields at October 31, 2022.* 

(F) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(G) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

*LIBOR* *London Interbank Offered Rate* <br> *SOFR* *Secured Overnight Financing Rate*

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 265** 

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##### [**Table of Contents**](#toc)
**Transamerica Small Cap Growth** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

During the fiscal year ended October 31, 2022, there were two main concerns: inflation and recession. Inflation is a global phenomenon, and the global policy response has been dramatic. Given monetary policy works with a lag, it is reasonable to predict that inflation could moderate during 2023 as the tighter conditions bring supply and demand more in balance. With the year over year consumer price index reading of 8.2% (through September 30, 2022), inflation is far more elevated and stickier than had been expected. Despite moderation in consumer goods prices, wage growth due to low unemployment levels is fueling companies' ability to pass through higher prices and individuals' ability to pay.

The October 2022 employment report showed a tight labor market. Until the U.S. labor market weakens enough to curtail nominal price increases, the U.S. Federal Reserve ("Fed") is expected to maintain a restrictive stance. Based on history, the Fed will not pause or pivot until positive real rates are achieved, which necessitates a material slowing of inflation. The Fed is willing to risk a mild recession to preserve the inflation-fighting credibility it earned over the last forty years. With real interest rates still in negative territory, the current Fed Funds rate of 4% is 1% below expected levels for year-end 2023. We anticipate continued increases in short-term rates, even if equity and credit markets show signs of stress, as significant policy work remains before achieving positive real rates.

Reaching positive real rates means entering a period where risk is appropriately valued and measured and fundamentals matter. The era of quantitative easing and free money, which largely persisted since the Great Financial Crisis, reached its apex with the pandemic response and is now unwinding. Market action and volatility of the past year showed investors, both active and passive, were increasingly committed to large and mega cap companies due to their fundamental success and risk aversion. However, money flows created high relative valuation levels and over representation in the total market. Relative valuation measures are skewed to extreme levels. Smaller, quality companies have largely de-risked, and we believe are positioned to benefit from current trends.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Small Cap Growth (Class A) returned -30.18%, excluding any sales charges. By comparison, its benchmark, the Russell 2000<sup>®</sup> Growth Index, returned -26.02%.

**STRATEGY REVIEW** 

The Fund underperformed its benchmark during the fiscal year ended October 31, 2022.

The relative underperformance for the fiscal year ended October 31, 2022 came during the month of October 2022 as the Fund (Class I Shares) returned 5.22% net of fees compared with the 9.49% return by the Russell 2000<sup>®</sup> Growth Index. The October 2022 underperformance was a bear market rally and indicative of current volatility.

Fundamental factor analysis largely demonstrated quality leadership during the fiscal year. Companies with earnings, which represented 65% of the Russell 2000<sup>®</sup> Growth Index, outperformed companies with no earnings. In addition, companies in the highest Return on Equity ("ROE") quintile outperformed companies with negative value ROE, representing 31% of the index. However, from a balance sheet perspective, companies in the two lowest debt-to-equity quintiles underperformed companies with higher debt-to-equity quintiles.

From an industry perspective, the Fund's holdings in consumer discretionary and financials provided the strongest relative outperformance versus the benchmark. The Fund's holdings in healthcare, telecommunications, and energy were the largest detractors from performance on a relative basis.

EVO Payments, Inc. and elf Beauty, Inc. were the largest contributors to performance. EVO Payments, Inc. is a payment technology and services provider that is being acquired by Global Payments. A masstige beauty company, elf. Beauty, Inc. reported better than expected results and raised its outlook while combining innovative product releases with affordable prices.

Pegasystems, Inc., a provider of business process management software, was the largest detractor. The company gave cautious full year guidance due to foreign exchange headwinds and lengthening sales cycles. The stock was further impacted by a legal judgement. Workiva, Inc., an enterprise software developer, was the second largest detractor, which was largely the result of industry valuation compression.

**W. Conrad Doenges** 

**Andrew Hill** 

**Joseph LaBate** 

**Co-Portfolio Managers** 

**Ranger Investment Management, L.P.** 

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 266** 

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##### [**Table of Contents**](#toc)
**Transamerica Small Cap Growth** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 96.0% |
|  Repurchase Agreement | 4.0 |
|  Other Investment Company | 0.4 |
|  Net Other Assets (Liabilities) | (0.4) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 267** 

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**Transamerica Small Cap Growth** 

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**(unaudited)**![LOGO](g404440g31h05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (34.01)% | 4.92% | 9.48% | 08/31/2012 |
|  Class A (NAV) | (30.18)% | 6.11% | 10.10% | 08/31/2012 |
|  Russell 2000<sup>®</sup> Growth Index <sup>(A)</sup> | (26.02)% | 5.17% | 10.15% |  |
|  Class C (POP) | (31.11)% | 5.42% | 9.34% | 08/31/2012 |
|  Class C (NAV) | (30.50)% | 5.42% | 9.34% | 08/31/2012 |
|  Class I (NAV) | (29.87)% | 6.47% | 10.41% | 08/31/2012 |
|  Class I2 (NAV) | (29.89)% | 6.56% | 10.53% | 08/31/2012 |
|  Class I3 (NAV) | (29.81)% | 6.53% | 7.85% | 03/10/2017 |
|  Class R (NAV) | (30.16)% | 6.03% | 7.31% | 03/10/2017 |
|  Class R4 (NAV) | (29.93)% | 6.41% | 7.71% | 03/10/2017 |
|  Class R6 (NAV) | (29.82)% | 6.56% | 8.83% | 07/25/2016 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

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. Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. 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.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Page 268** 

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**Transamerica Small Cap Growth** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** | **COMMON STOCKS - 96.0%** |
| **Aerospace & Defense - 2.5%** | **Aerospace & Defense - 2.5%** | **Aerospace & Defense - 2.5%** |
|  Kratos Defense & Security Solutions, Inc. <sup>(A)</sup> | 61921 | $686085 |
|  Mercury Systems, Inc. <sup>(A)</sup> | 64769 | 3134819 |
|  |  | 3820904 |
| **Banks - 7.5%** | **Banks - 7.5%** | **Banks - 7.5%** |
|  Banc of California, Inc. | 100653 | 1678892 |
|  Cadence Bank | 141610 | 3915516 |
|  Home BancShares, Inc. | 161491 | 4116406 |
|  Triumph Bancorp, Inc. <sup>(A)</sup> | 28985 | 1492728 |
|  |  | 11203542 |
| **Biotechnology - 2.3%** | **Biotechnology - 2.3%** | **Biotechnology - 2.3%** |
|  Avid Bioservices, Inc. <sup>(A)</sup> | 202548 | 3431163 |
| **Building Products - 1.2%** | **Building Products - 1.2%** | **Building Products - 1.2%** |
|  AZEK Co., Inc. <sup>(A)</sup> | 104817 | 1835346 |
| **Chemicals - 1.7%** | **Chemicals - 1.7%** | **Chemicals - 1.7%** |
|  Quaker Chemical Corp. <sup>(B)</sup> | 15408 | 2505957 |
| **Commercial Services & Supplies - 1.0%** | **Commercial Services & Supplies - 1.0%** | **Commercial Services & Supplies - 1.0%** |
|  Aris Water Solution, Inc., Class A | 4162 | 70879 |
|  Casella Waste Systems, Inc., Class A <sup>(A)</sup> | 18232 | 1491560 |
|  |  | 1562439 |
| **Electronic Equipment, Instruments & Components - 0.7%** | **Electronic Equipment, Instruments & Components - 0.7%** | **Electronic Equipment, Instruments & Components - 0.7%** |
|  nLight, Inc. <sup>(A)</sup> | 91493 | 985380 |
| **Food & Staples Retailing - 3.9%** | **Food & Staples Retailing - 3.9%** | **Food & Staples Retailing - 3.9%** |
|  Grocery Outlet Holding Corp. <sup>(A)</sup> | 167407 | 5787260 |
| **Food Products - 1.0%** | **Food Products - 1.0%** | **Food Products - 1.0%** |
|  Sovos Brands, Inc. <sup>(A)</sup> | 108821 | 1508259 |
| **Health Care Equipment & Supplies - 7.3%** | **Health Care Equipment & Supplies - 7.3%** | **Health Care Equipment & Supplies - 7.3%** |
|  CONMED Corp. | 39279 | 3131715 |
|  LeMaitre Vascular, Inc. | 94648 | 4107723 |
|  Mesa Laboratories, Inc. <sup>(B)</sup> | 22624 | 2991119 |
|  Neogen Corp. <sup>(A)</sup> | 59409 | 784199 |
|  |  | 11014756 |
| **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** |
|  Amedisys, Inc. <sup>(A)</sup> | 22990 | 2243594 |
|  LHC Group, Inc. <sup>(A)</sup> | 18241 | 3048071 |
|  |  | 5291665 |
| **Health Care Technology - 4.3%** | **Health Care Technology - 4.3%** | **Health Care Technology - 4.3%** |
|  Omnicell, Inc. <sup>(A)</sup> | 36758 | 2842129 |
|  Simulations Plus, Inc. <sup>(B)</sup> | 88269 | 3663163 |
|  |  | 6505292 |
| **Hotels, Restaurants & Leisure - 4.0%** | **Hotels, Restaurants & Leisure - 4.0%** | **Hotels, Restaurants & Leisure - 4.0%** |
|  Texas Roadhouse, Inc. | 61113 | 6047131 |
| **Household Durables - 2.4%** | **Household Durables - 2.4%** | **Household Durables - 2.4%** |
|  Skyline Champion Corp. <sup>(A)</sup> | 31800 | 1851078 |
|  TopBuild Corp. <sup>(A)</sup> | 10688 | 1818456 |
|  |  | 3669534 |
| **IT Services - 13.1%** | **IT Services - 13.1%** | **IT Services - 13.1%** |
|  Endava PLC, ADR <sup>(A)</sup> | 39042 | 2976562 |
|  Evo Payments, Inc., Class A <sup>(A)</sup> | 174300 | 5872167 |
|  I3 Verticals, Inc., Class A <sup>(A)</sup> | 69587 | 1514213 |
|  Repay Holdings Corp. <sup>(A)</sup> <sup>(B)</sup> | 272455 | 1659251 |
|  WNS Holdings Ltd., ADR <sup>(A)</sup> | 88762 | 7640633 |
|  |  | 19662826 |
| **Leisure Products - 0.8%** | **Leisure Products - 0.8%** | **Leisure Products - 0.8%** |
|  YETI Holdings, Inc. <sup>(A)</sup> | 38592 | 1238031 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Life Sciences Tools & Services - 6.2%** | **Life Sciences Tools & Services - 6.2%** | **Life Sciences Tools & Services - 6.2%** |
|  Medpace Holdings, Inc. <sup>(A)</sup> | 22264 | $4942163 |
|  Repligen Corp. <sup>(A)</sup> | 24152 | 4407498 |
|  |  | 9349661 |
| **Machinery - 2.0%** | **Machinery - 2.0%** | **Machinery - 2.0%** |
|  Chart Industries, Inc. <sup>(A)</sup> <sup>(B)</sup> | 13765 | 3067943 |
| **Oil, Gas & Consumable Fuels - 7.6%** | **Oil, Gas & Consumable Fuels - 7.6%** | **Oil, Gas & Consumable Fuels - 7.6%** |
|  Brigham Minerals, Inc., Class A | 120618 | 3739158 |
|  Earthstone Energy, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 356150 | 5755384 |
|  Excelerate Energy, Inc., Class A | 60693 | 1676341 |
|  Permian Resources Corp. <sup>(A)</sup> | 32200 | 314594 |
|  |  | 11485477 |
| **Personal Products - 4.2%** | **Personal Products - 4.2%** | **Personal Products - 4.2%** |
|  elf Beauty, Inc. <sup>(A)</sup> | 145070 | 6275728 |
| **Road & Rail - 2.6%** | **Road & Rail - 2.6%** | **Road & Rail - 2.6%** |
|  Saia, Inc. <sup>(A)</sup> | 19572 | 3892088 |
| **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** | **Semiconductors & Semiconductor Equipment - 1.4%** |
|  Silicon Laboratories, Inc. <sup>(A)</sup> | 17926 | 2060056 |
| **Software - 10.5%** | **Software - 10.5%** | **Software - 10.5%** |
|  Appfolio, Inc., Class A <sup>(A)</sup> | 17002 | 2131541 |
|  DoubleVerify Holdings, Inc. <sup>(A)</sup> | 85179 | 2489782 |
|  Expensify, Inc., Class A <sup>(A)</sup> | 83600 | 1094324 |
|  Pegasystems, Inc. <sup>(B)</sup> | 40674 | 1513479 |
|  Qualys, Inc. <sup>(A)</sup> | 34452 | 4911477 |
|  Workiva, Inc. <sup>(A)</sup> | 46080 | 3585485 |
|  |  | 15726088 |
| **Specialty Retail - 1.5%** | **Specialty Retail - 1.5%** | **Specialty Retail - 1.5%** |
|  Boot Barn Holdings, Inc. <sup>(A)</sup> | 38642 | 2194866 |
| **Textiles, Apparel & Luxury Goods - 1.5%** | **Textiles, Apparel & Luxury Goods - 1.5%** | **Textiles, Apparel & Luxury Goods - 1.5%** |
|  Steven Madden Ltd. | 74491 | 2225046 |
| **Trading Companies & Distributors - 1.3%** | **Trading Companies & Distributors - 1.3%** | **Trading Companies & Distributors - 1.3%** |
|  SiteOne Landscape Supply, Inc. <sup>(A)</sup> | 16972 | 1966546 |
|  **Total Common Stocks <br>(Cost $121,852,474)** | **Total Common Stocks <br>(Cost $121,852,474)** | 144312984 |
| **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** |
| **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 531977 | 531977 |
|  **Total Other Investment Company <br>(Cost $531,977)** | **Total Other Investment Company <br>(Cost $531,977)** | 531977 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.0%** | **REPURCHASE AGREEMENT - 4.0%** | **REPURCHASE AGREEMENT - 4.0%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $5,996,009 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $6,115,798. | $5995826 | 5995826 |
|  **Total Repurchase Agreement <br>(Cost $5,995,826)** | **Total Repurchase Agreement <br>(Cost $5,995,826)** | 5995826 |
|  **Total Investments <br>(Cost $128,380,277)** | **Total Investments <br>(Cost $128,380,277)** | 150840787 |
|  **Net Other Assets (Liabilities) - (0.4)%** |  | (536136) |
|  **Net Assets - 100.0%** |  | **$150304651** |

---

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

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**Page 269** 

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##### [**Table of Contents**](#toc)
**Transamerica Small Cap Growth** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $144312984 | $— | $— | $144312984 |
|  Other Investment Company | 531977 |  |  | 531977 |
|  Repurchase Agreement |  | 5995826 |  | 5995826 |
|  **Total Investments** | $**144844961** | $**5995826** | $**—** | $**150840787** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $6,523,710, collateralized by cash collateral of $531,977 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $6,132,461. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rates disclosed reflect the yields at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**Page 270** 

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**Transamerica Small Cap Value** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The market environment for the Fund during the one-year period ended October 31, 2022, was affected by two distinct performance periods. The first was the closing months of 2021 and into early 2022. During this period, the Fund was positively affected by a rotation back into value stocks, a sell-off in low quality speculative and meme stock names and a rotation back to quality. This market environment allowed the sub-adviser's stock selection to shine and gather some strong relative performance.

As we moved deeper into 2022, a myriad of macro and geopolitical factors quickly overwhelmed the market resulting in a broad and steep weakening of equities over the cap range spectrum. The invasion of Ukraine by Russian forces was by far and away the largest geopolitical destabilizing event the world has seen in many decades. This rise of global tensions due to this naked act of aggression by Russia put the markets on edge. These events then gave further push to lift energy prices higher. Higher energy prices were just one of the components that contributed to an inflation surge not seen since the late 1970s. This resulted in a dramatic change in the U.S. Federal Reserve's ("Fed") belief that inflation was transitory to persistent. This caused central banks around the world, led by the Fed, to start rising interest rates at a very aggressive clip. This paired with very hawkish communication coming from the Fed Chair that the fight on inflation was going to be taken very seriously and no slowdown in rate hikes could be expected until they see the rate of inflation increases come under control. The combination of these macroeconomic and geopolitical pressures was too much for the equity market to handle and as a result performance on an absolute basis suffered.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Small Cap Value (Class R4) returned -7.85%. By comparison, its benchmark, the Russell 2000<sup>®</sup> Value Index, returned -10.73%.

**STRATEGY REVIEW** 

The Fund focuses on companies that are believed to be mispriced relative to their sector peers and have a fundamental story that supports a pathway for the business to return to a higher valuation.

The Fund outperformed its benchmark for the fiscal year ended October 31, 2022.

The sub-adviser's adherence to its strict value disciplines was an asset in an environment where value stocks outperformed. In the volatility of the fiscal year, the strategy was disciplined in trimming and selling positions that performed well and adding new names when the market sold off that presented attractive investment opportunities.

The Fund's healthcare positions were the top absolute and relative performers versus the Russell 2000<sup>®</sup> Value Index. Two factors contributed to the outperformance, the first being the Fund does not invest in speculative biotechnology stocks which underperformed, driving about one half of the relative positive performance. The second benefit to healthcare was the Fund's position in Lantheus Holdings Inc., a provider of consumable imaging products used in medical diagnostics which contributed to the sector's strong relative outperformance.

The Fund's industrial names were also solid contributors to absolute and relative performance during the period. Several names in the sector helped performance including Scorpio Tankers Inc., a marine bulk petroleum products transportation provider which saw strong demand and pricing for its fleet that helped to drive the stock price.

The relative weakness seen within the Fund was primarily seen in the technology sector which lagged the Russell 2000<sup>®</sup> Value Index on a relative basis. Over half of the underperformance can be attributed to the Fund's former position in Avaya Holdings Corp., which underperformed given the company's leveraged balance sheet and resulted in underperformance within the sector.

**Jason R. Ballsrud, CFA** 

**Tasso H. Coin, Jr., CFA** 

**Douglas G. Pugh, CFA** 

**Co-Portfolio Managers** 

**Peregrine Capital Management, LLC** 

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**Page 271** 

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**Transamerica Small Cap Value** 

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**(unaudited)** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.4% |
|  Repurchase Agreement | 1.6 |
|  Other Investment Company | 0.5 |
|  Net Other Assets (Liabilities) | (0.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 272** 

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**Transamerica Small Cap Value** 

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**(unaudited)**![LOGO](g404440g38g32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (12.97)% | 2.47% | 3.62% | 04/21/2017 |
|  Class A (NAV) | (7.92)% | 3.63% | 4.68% | 04/21/2017 |
|  Class C (POP) | (8.78)% | 2.95% | 3.98% | 04/21/2017 |
|  Class C (NAV) | (8.28)% | 2.95% | 3.98% | 04/21/2017 |
|  Class I (NAV) | (7.72)% | 3.94% | 4.98% | 04/21/2017 |
|  Class I2 (NAV) | (7.63)% | 4.02% | 5.06% | 04/21/2017 |
|  Class I3 (NAV) | (7.70)% | 3.98% | 5.06% | 04/21/2017 |
|  Class R (NAV) | (8.16)% | 3.50% | 4.56% | 04/21/2017 |
|  Class R4 (NAV) | (7.85)% | 3.76% | 7.98% | 01/23/2003 |
|  Russell 2000<sup>®</sup> Value Index <sup>(A)</sup> | (10.73)% | 5.31% | 9.37% |  |
|  Class R6 (NAV) | (7.68)% | 3.99% | 5.04% | 04/21/2017 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2, I3, R, R4 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. 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. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Transamerica Small Cap Value** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** |
| **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** |
|  AerSale Corp. <sup>(A)</sup> | 34857 | $738968 |
| **Airlines - 1.1%** | **Airlines - 1.1%** | **Airlines - 1.1%** |
|  Frontier Group Holdings, Inc. <sup>(A)</sup> | 362685 | 4754800 |
| **Auto Components - 0.6%** | **Auto Components - 0.6%** | **Auto Components - 0.6%** |
|  Stoneridge, Inc. <sup>(A)</sup> | 131830 | 2751292 |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |
|  Winnebago Industries, Inc. <sup>(B)</sup> | 75039 | 4479078 |
| **Banks - 21.0%** | **Banks - 21.0%** | **Banks - 21.0%** |
|  Ameris Bancorp | 90609 | 4667270 |
|  Associated Banc-Corp. | 183220 | 4461407 |
|  Atlantic Union Bankshares Corp. | 119058 | 4112263 |
|  Banner Corp. | 62444 | 4667689 |
|  ConnectOne Bancorp, Inc. | 179008 | 4484150 |
|  Customers Bancorp, Inc. <sup>(A)</sup> | 127149 | 4283650 |
|  Enterprise Financial Services Corp. | 81949 | 4381813 |
|  FB Financial Corp. | 108897 | 4569318 |
|  First Bancorp | 97073 | 4326544 |
|  First Interstate BancSystem, Inc., Class A | 114231 | 5210076 |
|  Hancock Whitney Corp. | 90624 | 5063163 |
|  Metropolitan Bank Holding Corp. <sup>(A)</sup> | 41577 | 2744082 |
|  National Bank Holdings Corp., Class A | 123976 | 5432628 |
|  OceanFirst Financial Corp. | 205891 | 4649019 |
|  Pacific Premier Bancorp, Inc. | 112205 | 4085384 |
|  Renasant Corp. | 112477 | 4540696 |
|  Simmons First National Corp., Class A | 161260 | 3849276 |
|  Texas Capital Bancshares, Inc. <sup>(A)</sup> | 75930 | 4555800 |
|  United Community Banks, Inc. | 115717 | 4455105 |
|  Veritex Holdings, Inc. | 151818 | 4794412 |
|  |  | 89333745 |
| **Biotechnology - 0.9%** | **Biotechnology - 0.9%** | **Biotechnology - 0.9%** |
|  Coherus Biosciences, Inc. <sup>(A)</sup> <sup>(B)</sup> | 443026 | 3854326 |
| **Building Products - 2.0%** | **Building Products - 2.0%** | **Building Products - 2.0%** |
|  AZEK Co., Inc. <sup>(A)</sup> | 245520 | 4299055 |
|  Griffon Corp. | 135509 | 4355259 |
|  |  | 8654314 |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** | **Chemicals - 1.1%** |
|  Cabot Corp. | 60977 | 4480590 |
| **Commercial Services & Supplies - 2.1%** | **Commercial Services & Supplies - 2.1%** | **Commercial Services & Supplies - 2.1%** |
|  BrightView Holdings, Inc. <sup>(A)</sup> | 316412 | 2822395 |
|  MillerKnoll, Inc. | 109436 | 2317854 |
|  VSE Corp. | 85889 | 3975802 |
|  |  | 9116051 |
| **Communications Equipment - 0.5%** | **Communications Equipment - 0.5%** | **Communications Equipment - 0.5%** |
|  Casa Systems, Inc. <sup>(A)</sup> | 604118 | 1902972 |
| **Construction Materials - 0.9%** | **Construction Materials - 0.9%** | **Construction Materials - 0.9%** |
|  Summit Materials, Inc., Class A <sup>(A)</sup> | 147922 | 3897745 |
| **Consumer Finance - 1.0%** | **Consumer Finance - 1.0%** | **Consumer Finance - 1.0%** |
|  PRA Group, Inc. <sup>(A)</sup> | 124548 | 4172358 |
| **Diversified Consumer Services - 1.3%** | **Diversified Consumer Services - 1.3%** | **Diversified Consumer Services - 1.3%** |
|  Adtalem Global Education, Inc. <sup>(A)</sup> | 136337 | 5685253 |
| **Electronic Equipment, Instruments & Components - 1.0%** | **Electronic Equipment, Instruments & Components - 1.0%** | **Electronic Equipment, Instruments & Components - 1.0%** |
|  ScanSource, Inc. <sup>(A)</sup> | 130466 | 4041837 |
| **Energy Equipment & Services - 0.9%** | **Energy Equipment & Services - 0.9%** | **Energy Equipment & Services - 0.9%** |
|  Liberty Energy, Inc., Class A <sup>(A)</sup> | 226105 | 3823436 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment - 1.6%** | **Entertainment - 1.6%** | **Entertainment - 1.6%** |
|  IMAX Corp. <sup>(A)</sup> | 240640 | $3063347 |
|  Lions Gate Entertainment Corp., Class B <sup>(A)</sup> | 492457 | 3737749 |
|  |  | 6801096 |
| **Equity Real Estate Investment Trusts - 12.1%** | **Equity Real Estate Investment Trusts - 12.1%** | **Equity Real Estate Investment Trusts - 12.1%** |
|  Centerspace | 60391 | 4185096 |
|  Community Healthcare Trust, Inc. | 108032 | 3737907 |
|  Cousins Properties, Inc. | 162213 | 3854181 |
|  Easterly Government Properties, Inc. | 230973 | 4016621 |
|  Highwoods Properties, Inc. | 142810 | 4031526 |
|  Innovative Industrial Properties, Inc. | 45882 | 4959844 |
|  NexPoint Residential Trust, Inc. | 91069 | 4152746 |
|  Outfront Media, Inc. | 231630 | 4180922 |
|  Pebblebrook Hotel Trust | 225588 | 3618432 |
|  PotlatchDeltic Corp. | 75127 | 3342400 |
|  SL Green Realty Corp. <sup>(B)</sup> | 95952 | 3807375 |
|  Summit Hotel Properties, Inc. | 331157 | 2861197 |
|  Sunstone Hotel Investors, Inc. | 414469 | 4621329 |
|  |  | 51369576 |
| **Food & Staples Retailing - 1.6%** | **Food & Staples Retailing - 1.6%** | **Food & Staples Retailing - 1.6%** |
|  Andersons, Inc. | 100601 | 3548197 |
|  Sprouts Farmers Market, Inc. <sup>(A)</sup> | 113205 | 3339548 |
|  |  | 6887745 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |
|  Dole PLC <sup>(B)</sup> | 254194 | 2173359 |
| **Gas Utilities - 1.2%** | **Gas Utilities - 1.2%** | **Gas Utilities - 1.2%** |
|  Southwest Gas Holdings, Inc. | 67737 | 4949543 |
| **Health Care Equipment & Supplies - 2.9%** | **Health Care Equipment & Supplies - 2.9%** | **Health Care Equipment & Supplies - 2.9%** |
|  Inmode Ltd. <sup>(A)</sup> | 183822 | 6308771 |
|  Lantheus Holdings, Inc. <sup>(A)</sup> | 83586 | 6184528 |
|  |  | 12493299 |
| **Health Care Providers & Services - 2.6%** | **Health Care Providers & Services - 2.6%** | **Health Care Providers & Services - 2.6%** |
|  AMN Healthcare Services, Inc. <sup>(A)</sup> | 35626 | 4471063 |
|  Patterson Cos., Inc. | 122454 | 3180130 |
|  Premier, Inc., Class A | 100170 | 3493930 |
|  |  | 11145123 |
| **Hotels, Restaurants & Leisure - 3.1%** | **Hotels, Restaurants & Leisure - 3.1%** | **Hotels, Restaurants & Leisure - 3.1%** |
|  Brinker International, Inc. <sup>(A)</sup> | 174500 | 5826555 |
|  Golden Entertainment, Inc. <sup>(A)</sup> | 78158 | 3299831 |
|  Six Flags Entertainment Corp. <sup>(A)</sup> <sup>(B)</sup> | 182085 | 4060495 |
|  |  | 13186881 |
| **Household Durables - 3.4%** | **Household Durables - 3.4%** | **Household Durables - 3.4%** |
|  Century Communities, Inc. | 88377 | 3933660 |
|  MDC Holdings, Inc. | 124438 | 3790382 |
|  Taylor Morrison Home Corp. <sup>(A)</sup> | 169016 | 4451882 |
|  Universal Electronics, Inc. <sup>(A)</sup> | 109452 | 2233915 |
|  |  | 14409839 |
| **Insurance - 3.1%** | **Insurance - 3.1%** | **Insurance - 3.1%** |
|  Hanover Insurance Group, Inc. | 27801 | 4072568 |
|  James River Group Holdings Ltd. | 179815 | 4543925 |
|  Selective Insurance Group, Inc. | 47132 | 4622707 |
|  |  | 13239200 |
| **Internet & Direct Marketing Retail - 0.7%** | **Internet & Direct Marketing Retail - 0.7%** | **Internet & Direct Marketing Retail - 0.7%** |
|  1-800-Flowers.com, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 397546 | 2898110 |

---

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

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**Page 274** 

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##### [**Table of Contents**](#toc)
**Transamerica Small Cap Value** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery - 2.5%** | **Machinery - 2.5%** | **Machinery - 2.5%** |
|  Barnes Group, Inc. | 136381 | $4823796 |
|  Wabash National Corp. | 262625 | 5685831 |
|  |  | 10509627 |
| **Media - 1.4%** | **Media - 1.4%** | **Media - 1.4%** |
|  Gray Television, Inc. | 249878 | 3535774 |
|  Thryv Holdings, Inc. <sup>(A)</sup> | 126452 | 2587208 |
|  |  | 6122982 |
| **Metals & Mining - 2.2%** | **Metals & Mining - 2.2%** | **Metals & Mining - 2.2%** |
|  Carpenter Technology Corp. | 116479 | 4356315 |
|  Compass Minerals International, Inc. | 124112 | 4907388 |
|  |  | 9263703 |
| **Mortgage Real Estate Investment Trusts - 0.8%** | **Mortgage Real Estate Investment Trusts - 0.8%** | **Mortgage Real Estate Investment Trusts - 0.8%** |
|  Redwood Trust, Inc. <sup>(B)</sup> | 464243 | 3310053 |
| **Multi-Utilities - 1.9%** | **Multi-Utilities - 1.9%** | **Multi-Utilities - 1.9%** |
|  Avista Corp. | 96498 | 3959313 |
|  NorthWestern Corp. | 77262 | 4081751 |
|  |  | 8041064 |
| **Oil, Gas & Consumable Fuels - 4.0%** | **Oil, Gas & Consumable Fuels - 4.0%** | **Oil, Gas & Consumable Fuels - 4.0%** |
|  Callon Petroleum Co. <sup>(A)</sup> | 71049 | 3123314 |
|  CNX Resources Corp. <sup>(A)</sup> | 184553 | 3102336 |
|  Delek US Holdings, Inc. | 101085 | 2998181 |
|  Northern Oil & Gas, Inc. | 120430 | 4111480 |
|  Ranger Oil Corp., Class A | 86107 | 3521777 |
|  |  | 16857088 |
| **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |
|  Collegium Pharmaceutical, Inc. <sup>(A)</sup> | 215146 | 3859719 |
| **Road & Rail - 1.1%** | **Road & Rail - 1.1%** | **Road & Rail - 1.1%** |
|  Ryder System, Inc. | 58699 | 4725857 |
| **Semiconductors & Semiconductor Equipment - 2.8%** | **Semiconductors & Semiconductor Equipment - 2.8%** | **Semiconductors & Semiconductor Equipment - 2.8%** |
|  Alpha & Omega Semiconductor Ltd. <sup>(A)</sup> | 119974 | 3929149 |
|  SMART Global Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 243557 | 3295326 |
|  Ultra Clean Holdings, Inc. <sup>(A)</sup> | 145122 | 4514745 |
|  |  | 11739220 |
| **Software - 2.2%** | **Software - 2.2%** | **Software - 2.2%** |
|  A10 Networks, Inc. | 356687 | 5992341 |
|  Digital Turbine, Inc. <sup>(A)</sup> | 236278 | 3449659 |
|  |  | 9442000 |
| **Specialty Retail - 3.9%** | **Specialty Retail - 3.9%** | **Specialty Retail - 3.9%** |
|  Asbury Automotive Group, Inc. <sup>(A)</sup> | 26327 | 4153084 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  MarineMax, Inc. <sup>(A)</sup> | 97290 | $3143440 |
|  Urban Outfitters, Inc. <sup>(A)</sup> | 177499 | 4235126 |
|  Victoria's Secret & Co. <sup>(A)</sup> <sup>(B)</sup> | 128711 | 4839534 |
|  |  | 16371184 |
| **Textiles, Apparel & Luxury Goods - 1.9%** | **Textiles, Apparel & Luxury Goods - 1.9%** | **Textiles, Apparel & Luxury Goods - 1.9%** |
|  Hanesbrands, Inc. <sup>(B)</sup> | 551728 | 3762785 |
|  PVH Corp. | 87274 | 4478902 |
|  |  | 8241687 |
| **Trading Companies & Distributors - 4.3%** | **Trading Companies & Distributors - 4.3%** | **Trading Companies & Distributors - 4.3%** |
|  Air Lease Corp. | 130783 | 4615332 |
|  GATX Corp. | 49792 | 5213720 |
|  GMS, Inc. <sup>(A)</sup> | 84759 | 4000625 |
|  Rush Enterprises, Inc., Class A | 87590 | 4369865 |
|  |  | 18199542 |
|  **Total Common Stocks <br>(Cost $381,610,725)** | **Total Common Stocks <br>(Cost $381,610,725)** | 417924262 |
| **OTHER INVESTMENT COMPANY - 0.5%** | **OTHER INVESTMENT COMPANY - 0.5%** | **OTHER INVESTMENT COMPANY - 0.5%** |
| **Securities Lending Collateral - 0.5%** | **Securities Lending Collateral - 0.5%** | **Securities Lending Collateral - 0.5%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 1851889 | 1851889 |
|  **Total Other Investment Company <br>(Cost $1,851,889)** | **Total Other Investment Company <br>(Cost $1,851,889)** | 1851889 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.6%** | **REPURCHASE AGREEMENT - 1.6%** | **REPURCHASE AGREEMENT - 1.6%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $6,942,631 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $7,081,358. | $6942418 | 6942418 |
|  **Total Repurchase Agreement <br>(Cost $6,942,418)** | **Total Repurchase Agreement <br>(Cost $6,942,418)** | 6942418 |
|  **Total Investments <br>(Cost $390,405,032)** | **Total Investments <br>(Cost $390,405,032)** | 426718569 |
|  **Net Other Assets (Liabilities) - (0.5)%** | **Net Other Assets (Liabilities) - (0.5)%** | (2022802) |
|  **Net Assets - 100.0%** |  | **$424695767** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $417924262 | $— | $— | $417924262 |
|  Other Investment Company | 1851889 |  |  | 1851889 |
|  Repurchase Agreement |  | 6942418 |  | 6942418 |
|  **Total Investments** | $**419776151** | $**6942418** | $**—** | $**426718569** |

---

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

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**Page 275** 

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##### [**Table of Contents**](#toc)
**Transamerica Small Cap Value** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $24,049,107, collateralized by cash collateral of $1,851,889 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $22,858,268. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rates disclosed reflect the yields at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

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**Page 276** 

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**Transamerica Small/Mid Cap Value** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Systematic Financial Management, L.P.** 

During the fiscal year ended October 31, 2022, performance in the small-cap sleeve of the Transamerica Small/Mid Cap Value Fund was challenged by a series of macroeconomic headwinds that clouded the business outlook and hurt investor sentiment. These factors all gravitated around inflation, which proved much more pervasive and sustained than the temporal nuisance the U.S. Federal Reserve ("Fed") had predicted it would be. The Consumer Price Index soared to high-single-digit monthly increases for much of the period. In retrospect, the Fed kept easy money conditions in place for too long in 2021, partly because it could not have foreseen the threat to its price stability mandate caused by the February 2022 Russian invasion of Ukraine. The Russia/Ukraine conflict became a watershed moment for the inflation problem, as the invasion stretched the availability of key raw materials from the region amid various trade sanctions and other logistical challenges. The oil markets were particularly reliant on Russian supply, so rising crude oil quotations also had inflationary effects. The same holds true for COVID-19 outbreaks in China, which persisted throughout the period, causing strict quarantines in some economically sensitive cities, including major technology hubs. The Fed aggressively raised rates in response to the inflation outbreak, moving the federal funds rate up 3% during the fiscal year. That, along with the likelihood of further tightening in monetary policy going forward, has raised the prospect of an economic downturn.

Amid these dynamics, most sectors were in the red for the fiscal year. Within the Russell 2000<sup>®</sup> Value universe, the groups most exposed to the tight labor markets and supply chain bottlenecks were especially vulnerable in the period, including the consumer discretionary, information technology, and materials sectors. High interest rates had a negative effect on real estate stocks during the period, reversing a strong rally in property values following the pandemic. On the other hand, higher interest rates boosted net interest margins, and relative stock performance in the financial services sector, although some of the outperformance by banks, thrifts, and consumer finance companies dissipated later in 2022 as investors weighed the potential for a downturn in the credit cycle amid the prolonged runup in interest rates and inflation. A noteworthy outlier on the positive side of the performance spectrum was the energy sector, where stocks responded in kind as oil and natural gas prices moved substantially higher following the Russian invasion of Ukraine.

**Thompson, Siegel & Walmsley** 

The fiscal year ended October 31, 2022, in aggregate was dominated by overall negative sentiment related to ongoing recession concerns driven by multiple factors ranging from the war between Russia and Ukraine, global growth headwinds, and ongoing inflationary pressures. Domestic and international equity and fixed income markets were in decline during the period driven by these concerns and uncertainty around the ability of central banks to thwart inflation without causing a recession. Aside from the bearish sentiment in the market, investors rotated out of growth-oriented stocks and into value. This arguably began in early 2021 and became more pronounced beginning in mid-November 2021.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Small/Mid Cap Value (Class A) returned -5.72%, excluding any sales charges. By comparison, its benchmark, the Russell 2500<sup>™</sup> Value Index, returned -10.66%.

**STRATEGY REVIEW** 

**Systematic Financial Management, L.P.** 

In the Fund's small-cap sleeve, Systematic generally invests in stocks of companies with small capitalizations that are believed to be attractively valued. Our security selection process generally favors companies with strong operating cash flow, healthy free cash flow, limited financial leverage and strong debt coverage.

The small-cap sleeve outperformed its benchmark, the Russell 2000<sup>®</sup> Value Index, during the fiscal year ended October 31, 2022.

Typically, in the latter innings of economic cycles, companies with weak, debt-laden balance sheets and/or which do not generate sufficient free cash flow find it increasingly difficult to fund their businesses with external capital. Over the past year fiscal year, the cost of debt capital rose with benchmark interest rates, and equity capital raising diminished sharply. Systematic strives to avoid companies with high liquidity and solvency risk and, instead, seeks out companies that the investment team considers to be quality firms evidencing superior financial strength and strong free cash flow. Such firms generally do not need to tap the financial markets to fund their businesses as they tend to generate capital internally.

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**Page 277** 

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**Transamerica Small/Mid Cap Value** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

During the fiscal year, companies with strong debt coverage, capable of paying off their debt with internally generated free cash flow in less than ten years, fell less than the Russell 2000<sup>®</sup> Value Index, while those with poor debt coverage (or negative free cash flow) underperformed.

From an attribution standpoint, solid stock selection drove the small-cap sleeve's relative outperformance, somewhat offset by unfavorable sector allocation decisions. Our stock selection was particularly good within the healthcare, financial services, industrials, and information technology sectors. The small cap sleeve saw its worst absolute performance against the benchmark in the consumer staples sector, but this negative contribution was kept in check by the Fund's small weight to this sector. There was also minimal drag on relative performance, in terms of stock selection, within the energy, utilities and consumer discretionary sectors.

Looking at sector attribution, the largest headwind came from Systematic's underweight to the meaningfully outperforming energy sector. Overweights to consumer discretionary and information technology, along with an underweight to utilities, also constrained relative returns. On the other hand, underweights to communication services, healthcare, and real estate positively impacted relative performance for the fiscal year.

**Thompson, Siegel & Walmsley** 

In the Fund's mid-cap sleeve, Thompson, Siegel & Walmsley LLC seeks to invest in companies we believe present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community.

The mid-cap sleeve of the Fund outperformed (gross of management fees) its benchmark, the Russell MidCap<sup>®</sup> Value Index, during the fiscal year ended October 31, 2022.

On a sector basis, stock selection in consumer discretionary and financials contributed to outperformance. Within financials, an overweight to allocation and stock selection in the insurance sector contributed to performance. Within energy, an overweight allocation and stock selection contributed positively to relative returns. Stock selection in telecommunications and basic materials detracted from relative performance.

Within consumer discretionary, the mid-cap sleeve benefitted from positions in Dollar Tree, Inc. and LKQ Corp. Dollar Tree, Inc., an operator of discount value stores, moved notably higher following their announcement of implementing a multi-dollar price point for items at their legacy stores, activist involvement, and expected return of capital to shareholders through share buybacks. Shares of LKQ Corp., a leading distributor of automotive aftermarket parts, moved higher on solid execution and expectations of further margin expansion and market share gains.

In the insurance sector, Alleghany Corp., a primary insurer and reinsurer, contributed to performance after an acquisition offer from Berkshire Hathaway, Inc. Arch Capital Group Ltd., a provider of property and casualty insurance and reinsurance, was also a positive contributor driven by positive sentiment on reinsurance rates, and overall sound underwriting execution and profitability.

Within energy, HF Sinclair Corp., a refiner, was the mid-cap sleeve's top contributor, driven by improving margin and additional refining capacity they have been acquiring the last several years.

Within telecommunications, positions in Liberty Broadband Corp. and Dish Network Corp. ("DISH"), were the primary detractors from relative performance. Liberty Broadband Corp. faced headwinds due to perceived fixed wireless competition and overall competitive pressure in cable, while DISH Network Corp. faced headwinds from industry fears of increased customer churn and subscriber "cord cutting." We continue to believe that both companies' shares remain attractive, and we continue to hold positions.

**Kenneth Burgess, CFA** 

**W. Ryan Wick, CFA** 

**Co-Portfolio Managers** 

**Systematic Financial Management, L.P.** 

**Brett P. Hawkins, CFA** 

**R. Michael Creager, CFA** 

**Co-Portfolio Managers** 

**Thompson, Siegel & Walmsley LLC** 

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**Transamerica Small/Mid Cap Value** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 96.2% |
|  Repurchase Agreement | 3.8 |
|  Other Investment Company | 0.2 |
|  Net Other Assets (Liabilities) | (0.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica Small/Mid Cap Value** 

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**(unaudited)**![LOGO](g404440g31k39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception<br>Date of Class** | **Inception Date** |
|  Class A (POP) | (10.90)% | 5.51% | 9.41% | 04/02/2001 |
|  Class A (NAV) | (5.72)% | 6.71% | 10.03% | 04/02/2001 |
|  Russell 2500<sup>™</sup> Value Index <sup>(A)</sup> | (10.66)% | 5.77% | 9.55% |  |
|  Class C (POP) | (7.25)% | 5.95% | 9.27% | 11/11/2002 |
|  Class C (NAV) | (6.43)% | 5.95% | 9.27% | 11/11/2002 |
|  Class I (NAV) | (5.36)% | 7.08% | 10.43% | 11/30/2009 |
|  Class I2 (NAV) | (5.36)% | 7.18% | 10.53% | 11/15/2005 |
|  Class R6 (NAV) | (5.36)% | 7.17% | 7.94% | 05/29/2015 |

---

<sup>(A)</sup> *The Russell 2500<sup>™</sup> 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<sup>™</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500<sup>™</sup> Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of the fund will decline. 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. Value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock considered undervalued. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 280** 

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##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** |
| **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** | **Aerospace & Defense - 2.1%** |
|  Aerojet Rocketdyne Holdings, Inc. <sup>(A)</sup> | 23850 | $1155533 |
|  Curtiss-Wright Corp. | 24650 | 4137009 |
|  Elbit Systems Ltd. <sup>(B)</sup> | 9200 | 1865208 |
|  Huntington Ingalls Industries, Inc. | 33687 | 8659917 |
|  |  | 15817667 |
| **Air Freight & Logistics - 0.9%** | **Air Freight & Logistics - 0.9%** | **Air Freight & Logistics - 0.9%** |
|  FedEx Corp. | 42100 | 6747788 |
| **Auto Components - 0.6%** | **Auto Components - 0.6%** | **Auto Components - 0.6%** |
|  Dana, Inc. | 59600 | 951216 |
|  Gentex Corp. | 31850 | 843707 |
|  Stoneridge, Inc. <sup>(A)</sup> | 22250 | 464358 |
|  Visteon Corp. <sup>(A)</sup> | 19650 | 2563735 |
|  |  | 4823016 |
| **Banks - 8.7%** | **Banks - 8.7%** | **Banks - 8.7%** |
|  Atlantic Union Bankshares Corp. | 29100 | 1005114 |
|  Bank of Princeton | 13200 | 418440 |
|  Berkshire Hills Bancorp, Inc. | 89850 | 2628113 |
|  Central Valley Community Bancorp | 19000 | 353400 |
|  Citizens Financial Group, Inc. | 39350 | 1609415 |
|  Dime Community Bancshares, Inc. | 80850 | 2791750 |
|  First Citizens BancShares, Inc., Class A | 23416 | 19250762 |
|  First Community Bankshares, Inc. | 70150 | 2612386 |
|  First Merchants Corp. | 72850 | 3270965 |
|  First Republic Bank | 62400 | 7494240 |
|  Hope Bancorp, Inc. | 70100 | 951257 |
|  Lakeland Bancorp, Inc. | 179850 | 3354202 |
|  OceanFirst Financial Corp. | 92600 | 2090908 |
|  Sandy Spring Bancorp, Inc. | 88400 | 3132896 |
|  Umpqua Holdings Corp. | 172650 | 3432282 |
|  United Bankshares, Inc. | 20700 | 876645 |
|  United Community Banks, Inc. | 96650 | 3721025 |
|  Washington Trust Bancorp, Inc. | 19650 | 953025 |
|  Webster Financial Corp. | 95400 | 5176404 |
|  Western Alliance Bancorp | 22050 | 1481099 |
|  |  | 66604328 |
| **Beverages - 1.0%** | **Beverages - 1.0%** | **Beverages - 1.0%** |
|  Molson Coors Beverage Co., Class B | 157300 | 7932639 |
| **Biotechnology - 0.6%** | **Biotechnology - 0.6%** | **Biotechnology - 0.6%** |
|  Exelixis, Inc. <sup>(A)</sup> | 118300 | 1961414 |
|  United Therapeutics Corp. <sup>(A)</sup> | 11202 | 2582397 |
|  |  | 4543811 |
| **Building Products - 2.0%** | **Building Products - 2.0%** | **Building Products - 2.0%** |
|  American Woodmark Corp. <sup>(A)</sup> | 35600 | 1614460 |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 53800 | 3317308 |
|  Gibraltar Industries, Inc. <sup>(A)</sup> | 14450 | 738106 |
|  Masonite International Corp. <sup>(A)</sup> | 25000 | 1788250 |
|  Owens Corning | 33000 | 2825130 |
|  PGT Innovations, Inc. <sup>(A)</sup> | 102200 | 2177882 |
|  Quanex Building Products Corp. | 116500 | 2581640 |
|  |  | 15042776 |
| **Capital Markets - 0.8%** | **Capital Markets - 0.8%** | **Capital Markets - 0.8%** |
|  Piper Sandler Cos. | 26200 | 3352814 |
|  Stifel Financial Corp. | 46000 | 2846020 |
|  |  | 6198834 |
| **Chemicals - 1.9%** | **Chemicals - 1.9%** | **Chemicals - 1.9%** |
|  Chase Corp. | 22450 | 2115014 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Huntsman Corp. | 61500 | $1645740 |
|  Mosaic Co. | 76700 | 4122625 |
|  Olin Corp. | 129200 | 6841140 |
|  |  | 14724519 |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  HNI Corp. | 40500 | 1174095 |
|  Tetra Tech, Inc. | 6650 | 939512 |
|  |  | 2113607 |
| **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** | **Communications Equipment - 0.8%** |
|  Harmonic, Inc. <sup>(A)</sup> | 95850 | 1480883 |
|  KVH Industries, Inc. <sup>(A)</sup> | 178650 | 1916914 |
|  Silicom Ltd. <sup>(A)</sup> | 62600 | 2795716 |
|  |  | 6193513 |
| **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** |
|  Comfort Systems USA, Inc. | 34750 | 4283980 |
|  EMCOR Group, Inc. | 36100 | 5093710 |
|  Granite Construction, Inc. | 24000 | 809520 |
|  |  | 10187210 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  Ally Financial, Inc. | 259705 | 7157470 |
| **Containers & Packaging - 1.5%** | **Containers & Packaging - 1.5%** | **Containers & Packaging - 1.5%** |
|  Graphic Packaging Holding Co. | 285030 | 6544289 |
|  Sealed Air Corp. | 111000 | 5285820 |
|  |  | 11830109 |
| **Distributors - 1.2%** | **Distributors - 1.2%** | **Distributors - 1.2%** |
|  LKQ Corp. | 167900 | 9341956 |
| **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** |
|  American Public Education, Inc. <sup>(A)</sup> | 106100 | 1359141 |
|  Stride, Inc. <sup>(A)</sup> | 49850 | 1670474 |
|  |  | 3029615 |
| **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** |
|  Liberty Global PLC, Class A <sup>(A)</sup> | 408800 | 6892368 |
| **Electric Utilities - 2.6%** | **Electric Utilities - 2.6%** | **Electric Utilities - 2.6%** |
|  Evergy, Inc. | 134200 | 8203646 |
|  Exelon Corp. | 88800 | 3426792 |
|  OGE Energy Corp. | 198300 | 7263729 |
|  Portland General Electric Co. <sup>(B)</sup> | 27200 | 1222368 |
|  |  | 20116535 |
| **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** |
|  Acuity Brands, Inc. | 5900 | 1083063 |
|  LSI Industries, Inc. | 231800 | 1780224 |
|  Regal Rexnord Corp. | 27500 | 3479850 |
|  |  | 6343137 |
| **Electronic Equipment, Instruments & Components - 2.3%** | **Electronic Equipment, Instruments & Components - 2.3%** | **Electronic Equipment, Instruments & Components - 2.3%** |
|  Coherent Corp. <sup>(A)</sup> <sup>(B)</sup> | 6415 | 215608 |
|  Flex Ltd. <sup>(A)</sup> | 248100 | 4857798 |
|  Itron, Inc. <sup>(A)</sup> | 10550 | 515790 |
|  Methode Electronics, Inc. | 59100 | 2436693 |
|  OSI Systems, Inc. <sup>(A)</sup> | 18900 | 1553202 |
|  Vishay Intertechnology, Inc. | 122000 | 2551020 |
|  Vontier Corp. | 287441 | 5490123 |
|  |  | 17620234 |
| **Energy Equipment & Services - 0.6%** | **Energy Equipment & Services - 0.6%** | **Energy Equipment & Services - 0.6%** |
|  Helix Energy Solutions Group, Inc. <sup>(A)</sup> | 281500 | 1970500 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 281** 

------

##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** | **Energy Equipment & Services (continued)** |
|  Helmerich & Payne, Inc. | 50300 | $2490353 |
|  |  | 4460853 |
| **Entertainment - 1.0%** | **Entertainment - 1.0%** | **Entertainment - 1.0%** |
|  Madison Square Garden Entertainment Corp. <sup>(A)</sup> | 39000 | 1912170 |
|  Madison Square Garden Sports Corp. | 6850 | 1072778 |
|  Warner Bros Discovery, Inc. <sup>(A)</sup> | 343800 | 4469400 |
|  |  | 7454348 |
| **Equity Real Estate Investment Trusts - 3.8%** | **Equity Real Estate Investment Trusts - 3.8%** | **Equity Real Estate Investment Trusts - 3.8%** |
|  Apple Hospitality, Inc. | 178500 | 3055920 |
|  Brandywine Realty Trust | 202250 | 1326760 |
|  Community Healthcare Trust, Inc. | 42850 | 1482610 |
|  DiamondRock Hospitality Co. | 119400 | 1115196 |
|  Gaming & Leisure Properties, Inc. | 122326 | 6130979 |
|  JBG SMITH Properties <sup>(B)</sup> | 371596 | 7313009 |
|  LXP Industrial Trust | 238800 | 2311584 |
|  Physicians Realty Trust | 173600 | 2614416 |
|  Piedmont Office Realty Trust, Inc., Class A | 114600 | 1197570 |
|  Sabra Health Care, Inc. | 154750 | 2113885 |
|  Summit Hotel Properties, Inc. | 91800 | 793152 |
|  |  | 29455081 |
| **Food & Staples Retailing - 0.2%** | **Food & Staples Retailing - 0.2%** | **Food & Staples Retailing - 0.2%** |
|  Village Super Market, Inc., Class A | 54400 | 1209856 |
| **Food Products - 2.3%** | **Food Products - 2.3%** | **Food Products - 2.3%** |
|  Kraft Heinz Co. | 131500 | 5058805 |
|  Nomad Foods Ltd. <sup>(A)</sup> | 115400 | 1777160 |
|  Post Holdings, Inc. <sup>(A)</sup> | 113987 | 10306705 |
|  Whole Earth Brands, Inc. <sup>(A)</sup> | 106000 | 365700 |
|  |  | 17508370 |
| **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** |
|  UGI Corp. | 184800 | 6528984 |
| **Health Care Equipment & Supplies - 1.4%** | **Health Care Equipment & Supplies - 1.4%** | **Health Care Equipment & Supplies - 1.4%** |
|  AngioDynamics, Inc. <sup>(A)</sup> | 117300 | 1652757 |
|  Koninklijke Philips NV | 444500 | 5622925 |
|  Meridian Bioscience, Inc. <sup>(A)</sup> | 74650 | 2386560 |
|  OraSure Technologies, Inc. <sup>(A)</sup> | 179400 | 782184 |
|  |  | 10444426 |
| **Health Care Providers & Services - 4.8%** | **Health Care Providers & Services - 4.8%** | **Health Care Providers & Services - 4.8%** |
|  AmerisourceBergen Corp. | 50037 | 7866817 |
|  AMN Healthcare Services, Inc. <sup>(A)</sup> | 19300 | 2422150 |
|  Centene Corp. <sup>(A)</sup> | 78100 | 6648653 |
|  Cross Country Healthcare, Inc. <sup>(A)</sup> | 201950 | 7490326 |
|  Encompass Health Corp. | 49000 | 2667560 |
|  Enhabit, Inc. <sup>(A)</sup> | 161000 | 1999620 |
|  Laboratory Corp. of America Holdings | 33599 | 7454274 |
|  National HealthCare Corp. | 11700 | 712764 |
|  |  | 37262164 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
|  Churchill Downs, Inc. | 8300 | 1725653 |
| **Household Durables - 1.0%** | **Household Durables - 1.0%** | **Household Durables - 1.0%** |
|  Helen of Troy Ltd. <sup>(A)</sup> | 13250 | 1253715 |
|  KB Home | 61700 | 1778194 |
|  La-Z-Boy, Inc. | 59750 | 1480007 |
|  MDC Holdings, Inc. | 30750 | 936645 |
|  PulteGroup, Inc. | 22700 | 907773 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
|  Sonos, Inc. <sup>(A)</sup> | 69150 | $1114698 |
|  |  | 7471032 |
| **Household Products - 0.2%** | **Household Products - 0.2%** | **Household Products - 0.2%** |
|  Spectrum Brands Holdings, Inc. | 36300 | 1674882 |
| **Independent Power & Renewable Electricity Producers - 1.1%** | **Independent Power & Renewable Electricity Producers - 1.1%** | **Independent Power & Renewable Electricity Producers - 1.1%** |
|  Vistra Corp. | 352400 | 8094628 |
| **Insurance - 7.5%** | **Insurance - 7.5%** | **Insurance - 7.5%** |
|  Allstate Corp. | 69648 | 8793060 |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 137000 | 7877500 |
|  Everest Re Group Ltd. | 11600 | 3742856 |
|  Fidelity National Financial, Inc. | 210400 | 8285552 |
|  Loews Corp. | 63300 | 3609366 |
|  Markel Corp. <sup>(A)</sup> | 6113 | 7372889 |
|  Old Republic International Corp. | 335950 | 7797400 |
|  Selective Insurance Group, Inc. | 46850 | 4595048 |
|  United Fire Group, Inc. <sup>(B)</sup> | 34350 | 930885 |
|  Willis Towers Watson PLC | 20600 | 4495126 |
|  |  | 57499682 |
| **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** |
|  IAC, Inc. <sup>(A)</sup> | 137500 | 6693500 |
| **IT Services - 2.4%** | **IT Services - 2.4%** | **IT Services - 2.4%** |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 51900 | 9659628 |
|  Global Payments, Inc. | 66800 | 7632568 |
|  Perficient, Inc. <sup>(A)</sup> | 13600 | 910792 |
|  |  | 18202988 |
| **Leisure Products - 0.8%** | **Leisure Products - 0.8%** | **Leisure Products - 0.8%** |
|  BRP, Inc. <sup>(B)</sup> | 26150 | 1748128 |
|  MasterCraft Boat Holdings, Inc. <sup>(A)</sup> | 109600 | 2384896 |
|  Polaris, Inc. | 21800 | 2214880 |
|  |  | 6347904 |
| **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** | **Life Sciences Tools & Services - 0.7%** |
|  Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> | 15500 | 5451505 |
| **Machinery - 1.9%** | **Machinery - 1.9%** | **Machinery - 1.9%** |
|  Altra Industrial Motion Corp. | 13950 | 838953 |
|  CNH Industrial NV | 268300 | 3471802 |
|  Columbus McKinnon Corp. | 69450 | 1980714 |
|  Douglas Dynamics, Inc. | 39000 | 1324050 |
|  Gencor Industries, Inc. <sup>(A)</sup> | 73450 | 697775 |
|  Miller Industries, Inc. | 34100 | 867163 |
|  Mueller Industries, Inc. | 61500 | 3852360 |
|  Oshkosh Corp. | 17650 | 1553200 |
|  |  | 14586017 |
| **Media - 5.7%** | **Media - 5.7%** | **Media - 5.7%** |
|  Altice USA, Inc., Class A <sup>(A)</sup> | 460000 | 3040600 |
|  DISH Network Corp., Class A <sup>(A)</sup> | 434571 | 6479454 |
|  Fox Corp., Class A | 261900 | 7561053 |
|  Liberty Broadband Corp., Class C <sup>(A)</sup> | 141664 | 11960691 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(A)</sup> | 210473 | 8879856 |
|  News Corp., Class A | 321500 | 5423705 |
|  Perion Network Ltd. <sup>(A)</sup> | 40350 | 918769 |
|  |  | 44264128 |
| **Metals & Mining - 2.2%** | **Metals & Mining - 2.2%** | **Metals & Mining - 2.2%** |
|  Cleveland-Cliffs, Inc. <sup>(A)</sup> <sup>(B)</sup> | 219100 | 2846109 |
|  Commercial Metals Co. | 64200 | 2921100 |
|  Kaiser Aluminum Corp. | 25200 | 2035908 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 282** 

------

##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
|  Schnitzer Steel Industries, Inc., Class A | 49000 | $1322510 |
|  TimkenSteel Corp. <sup>(A)</sup> | 109500 | 1909680 |
|  U.S. Steel Corp. | 271900 | 5535884 |
|  |  | 16571191 |
| **Mortgage Real Estate Investment Trusts - 0.7%** | **Mortgage Real Estate Investment Trusts - 0.7%** | **Mortgage Real Estate Investment Trusts - 0.7%** |
|  Annaly Capital Management, Inc. <sup>(B)</sup> | 290835 | 5394989 |
| **Multi-Utilities - 2.4%** | **Multi-Utilities - 2.4%** | **Multi-Utilities - 2.4%** |
|  CenterPoint Energy, Inc. | 206700 | 5913687 |
|  NiSource, Inc. | 308938 | 7936617 |
|  NorthWestern Corp. | 88700 | 4686021 |
|  |  | 18536325 |
| **Multiline Retail - 1.0%** | **Multiline Retail - 1.0%** | **Multiline Retail - 1.0%** |
|  Dollar Tree, Inc. <sup>(A)</sup> | 50000 | 7925000 |
| **Oil, Gas & Consumable Fuels - 7.2%** | **Oil, Gas & Consumable Fuels - 7.2%** | **Oil, Gas & Consumable Fuels - 7.2%** |
|  Chesapeake Energy Corp. <sup>(B)</sup> | 54800 | 5604396 |
|  Delek US Holdings, Inc. | 75850 | 2249711 |
|  Devon Energy Corp. | 47000 | 3635450 |
|  Diamondback Energy, Inc. | 29400 | 4619034 |
|  EQT Corp. | 72840 | 3047626 |
|  HF Sinclair Corp. | 88000 | 5382960 |
|  Kinder Morgan, Inc. | 441500 | 7999980 |
|  Magnolia Oil & Gas Corp., Class A | 289500 | 7434360 |
|  Ovintiv, Inc. | 61600 | 3120040 |
|  REX American Resources Corp. <sup>(A)</sup> | 92100 | 2762079 |
|  Williams Cos., Inc. | 284600 | 9314958 |
|  |  | 55170594 |
| **Paper & Forest Products - 0.6%** | **Paper & Forest Products - 0.6%** | **Paper & Forest Products - 0.6%** |
|  Louisiana-Pacific Corp. | 82400 | 4667960 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  Medifast, Inc. | 6700 | 783833 |
| **Pharmaceuticals - 2.2%** | **Pharmaceuticals - 2.2%** | **Pharmaceuticals - 2.2%** |
|  Innoviva, Inc. <sup>(A)</sup> | 181500 | 2461140 |
|  Jazz Pharmaceuticals PLC <sup>(A)</sup> | 20100 | 2890179 |
|  Organon & Co. | 125800 | 3293444 |
|  Perrigo Co. PLC | 214500 | 8640060 |
|  |  | 17284823 |
| **Professional Services - 2.6%** | **Professional Services - 2.6%** | **Professional Services - 2.6%** |
|  ASGN, Inc. <sup>(A)</sup> | 25850 | 2191563 |
|  FTI Consulting, Inc. <sup>(A)</sup> | 8650 | 1346199 |
|  Heidrick & Struggles International, Inc. | 64950 | 1828992 |
|  ICF International, Inc. | 40600 | 4856978 |
|  KBR, Inc. <sup>(B)</sup> | 96000 | 4777920 |
|  Leidos Holdings, Inc. | 23600 | 2397524 |
|  Science Applications International Corp. | 26550 | 2876427 |
|  |  | 20275603 |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
|  Newmark Group, Inc., Class A | 76050 | 622850 |
| **Road & Rail - 0.2%** | **Road & Rail - 0.2%** | **Road & Rail - 0.2%** |
|  AMERCO | 3000 | 1725570 |
| **Semiconductors & Semiconductor Equipment - 2.3%** | **Semiconductors & Semiconductor Equipment - 2.3%** | **Semiconductors & Semiconductor Equipment - 2.3%** |
|  AXT, Inc. <sup>(A)</sup> | 45000 | 204300 |
|  Azenta, Inc. | 16570 | 735708 |
|  Cohu, Inc. <sup>(A)</sup> | 90500 | 2979260 |
|  Magnachip Semiconductor Corp. <sup>(A)</sup> | 194900 | 1939255 |
|  MaxLinear, Inc. <sup>(A)</sup> | 16600 | 512608 |
|  MKS Instruments, Inc. | 19500 | 1601925 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Onto Innovation, Inc. <sup>(A)</sup> | 31550 | $2108802 |
|  Qorvo, Inc. <sup>(A)</sup> | 15950 | 1372976 |
|  Silicon Motion Technology Corp., ADR | 53550 | 2864389 |
|  Tower Semiconductor Ltd. <sup>(A)</sup> | 49100 | 2099516 |
|  Universal Display Corp. | 12050 | 1147401 |
|  |  | 17566140 |
| **Software - 0.3%** | **Software - 0.3%** | **Software - 0.3%** |
|  Progress Software Corp. | 49650 | 2533640 |
| **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** |
|  Abercrombie & Fitch Co., Class A <sup>(A)</sup> | 51300 | 901854 |
|  Academy Sports & Outdoors, Inc. | 25300 | 1113959 |
|  Advance Auto Parts, Inc. | 18400 | 3494528 |
|  American Eagle Outfitters, Inc. | 159800 | 1815328 |
|  Ross Stores, Inc. | 82200 | 7865718 |
|  Urban Outfitters, Inc. <sup>(A)</sup> | 78950 | 1883747 |
|  Williams-Sonoma, Inc. | 20700 | 2563281 |
|  |  | 19638415 |
| **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** |
|  Western Digital Corp. <sup>(A)</sup> | 187900 | 6458123 |
| **Textiles, Apparel & Luxury Goods - 0.7%** | **Textiles, Apparel & Luxury Goods - 0.7%** | **Textiles, Apparel & Luxury Goods - 0.7%** |
|  Deckers Outdoor Corp. <sup>(A)</sup> | 5475 | 1915867 |
|  Steven Madden Ltd. | 61900 | 1848953 |
|  Tapestry, Inc. | 47400 | 1501632 |
|  |  | 5266452 |
| **Thrifts & Mortgage Finance - 1.4%** | **Thrifts & Mortgage Finance - 1.4%** | **Thrifts & Mortgage Finance - 1.4%** |
|  Provident Financial Services, Inc. | 81850 | 1835077 |
|  TrustCo Bank Corp. | 90300 | 3369996 |
|  Washington Federal, Inc. | 135750 | 5253525 |
|  |  | 10458598 |
|  **Total Common Stocks <br>(Cost $622,140,343)** | **Total Common Stocks <br>(Cost $622,140,343)** | 740477239 |
| **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%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 1540607 | 1540607 |
|  **Total Other Investment Company <br>(Cost $1,540,607)** | **Total Other Investment Company <br>(Cost $1,540,607)** | 1540607 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.8%** | **REPURCHASE AGREEMENT - 3.8%** | **REPURCHASE AGREEMENT - 3.8%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $29,324,689 on 11/01/2022. Collateralized by U.S. Government Obligations, 4.30% - 4.47%, due 04/20/2023 - 04/27/2023, and with a total value of $29,910,432. | $29323793 | 29323793 |
|  **Total Repurchase Agreement <br>(Cost $29,323,793)** | **Total Repurchase Agreement <br>(Cost $29,323,793)** | 29323793 |
|  **Total Investments <br>(Cost $653,004,743)** | **Total Investments <br>(Cost $653,004,743)** | 771341639 |
|  **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (1614339) |
|  **Net Assets - 100.0%** |  | **$769727300** |

---

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

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**Page 283** 

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**Transamerica Small/Mid Cap Value** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** |  |  |  |  |
|  Common Stocks | $740477239 | $— | $— | $740477239 |
|  Other Investment Company | 1540607 |  |  | 1540607 |
|  Repurchase Agreement |  | 29323793 |  | 29323793 |
|  **Total Investments** | $**742017846** | $**29323793** | $**—** | $**771341639** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $15,451,244, collateralized by cash collateral of $1,540,607 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $14,281,876. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rates disclosed reflect the yields at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**Page 284** 

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**Transamerica Sustainable Bond** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic story of the fiscal year ended October 31, 2022, was persistently high inflation and the efforts of the U.S. Federal Reserve ("Fed") to tame it. Despite fears of new shutdowns and further restrictions following the discovery of the COVID-19 omicron variant in November 2021, the Fed was undeterred from formally announcing its plans to accelerate tapering of Treasury and Agency purchases in December 2021 and ending them entirely in March 2022.

By April, the omicron variant had ceded headlines to the stinging inflation story, hawkish Fed and Russia-Ukraine war. There was also a brief inversion of the U.S. Treasury yield curve, signaling we are firmly in a late-cycle economy and fueling concerns of an impending recession. Rapidly rising inflation and other macro and geopolitical headwinds contributed to exceptional volatility in fixed income markets throughout the fiscal year.

Broad underlying price pressures continued to point to hawkishness by the Fed. After already hiking rates at the prior four meetings, the Federal Open Market Committee again raised the fed funds rate by 75 basis points at its September meeting, bringing the target range to 3.00% to 3.25%. At the end of the period, the median dot plot expectation for the end of 2022 fed funds rate was 4.4%.

Employment reports showed continuing strength in the labor market throughout the fiscal year as payrolls grew, pushing the unemployment rate down. Importantly, the labor force participation rate continued to climb higher mid-year as people moved off the sidelines and re-engaged in the labor market. By the close of the fiscal year, the unemployment rate had fallen to 3.5%; however, the labor force participation rate fell, indicating the pace of job growth has been slowing as the economy inches toward cooling.

The close of the fiscal year saw U.S. Gross Domestic Product increase at a stronger-than-expected annualized rate of 2.6%. This increase was largely driven by a 2.8 percentage point contribution from net exports—its largest contribution in over 40 years.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Sustainable Bond (Class I) returned -17.80%. By comparison, its benchmark, the Bloomberg US Aggregate Bond Index, returned -15.68%.

**STRATEGY REVIEW** 

Although the Fund remained overweight spread-based assets during the fiscal year, overall portfolio risk was slightly reduced over the past fiscal year, as the chance of the Fed being able to navigate a soft landing for the economy became less and less likely, in the view of the portfolio managers. While still overweight investment grade corporate credit relative to the benchmark, exposure to BBB-rated credits was reduced during the fiscal year given increased expectations of deteriorating profit margins in the future. The Fund remained invested in certain off-index securitized credit sectors like solar asset-backed securities ("ABS"), which offer attractive excess spread, generally solid underlying asset trends and strong structural protections. Finally, the Fund continued to opportunistically invest in select high yield corporate credit and emerging markets debt that align with the Fund's sustainability criteria and have attractive risk-adjusted investment profiles.

From a duration perspective, the Fund's underweight to the benchmark increased over the first half of the fiscal year given expectations of a move higher in rates. Over the latter half of the fiscal year, the Fund slightly reduced the short duration position due to growing economic headwinds and more attractive yields.

The largest contributors to Fund performance in the fiscal year compared to the Fund's benchmark, the Bloomberg US Aggregate Bond Index, were the duration underweight and positioning across the curve. Excess yield also contributed positively to relative performance, while spread factors were a detractor.

At an asset class level on an ex-duration basis, security selection in asset-backed and government securities, along with an overall underweight allocation to government securities were the largest detractors to relative returns. The Fund's overweight allocation to asset-backed securities and security selection in investment grade corporate credit were the largest contributors.

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**Page 285** 

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**Transamerica Sustainable Bond** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

Performance of the Fund over the fiscal year lagged the benchmark, as certain sectors and issuers that lack alignment with the Fund's sustainability objective outperformed the broader market, such as energy, airlines and certain sub-sectors of ABS and commercial mortgage-backed securities. While there can be periods where the inherent bias of a sustainable strategy can impact relative performance, the sub-adviser believes that over the long term aligning with sustainable megatrends may offer opportunities to outperform the broader fixed income market.

**Bradley D. Doyle, CFA** 

**Charles Foster, CFA** 

**James Rich** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 46.0% |
|  U.S. Government Agency Obligations | 15.8 |
|  Asset-Backed Securities | 15.3 |
|  Commercial Paper | 12.3 |
|  Mortgage-Backed Securities | 10.1 |
|  U.S. Government Obligations | 7.1 |
|  Other Investment Company | 4.4 |
|  Foreign Government Obligations | 1.8 |
|  Short-Term U.S. Government Agency Obligation | 1.3 |
|  Loan Assignments | 1.1 |
|  Net Other Assets (Liabilities) | (15.2) |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 8.20 |
|  Duration † | 5.94 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 24.2% |
|  AAA | 6.9 |
|  AA | 6.5 |
|  A | 18.8 |
|  BBB | 21.3 |
|  BB | 12.4 |
|  B | 1.3 |
|  CCC and Below | 0.3 |
|  Not Rated | 23.5 |
|  Net Other Assets (Liabilities) | (15.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

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**Page 286** 

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**Transamerica Sustainable Bond** 

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**(unaudited)**![LOGO](g404440g18s78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class I (NAV) | (17.80)% | (8.97)% | 07/31/2020 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (15.68)% | (8.00)% |  |
|  Class I2 (NAV) | (17.92)% | (9.00)% | 07/31/2020 |

---

<sup>(A)</sup> *The 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-back securities.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Fund may also go down. High yield bonds tend to be volatile and more susceptible to adverse events, credit downgrades and negative sentiments. Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. These risks are described in more detail in the prospectus. 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. Securities of companies with what are defined by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and 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. ESG ratings and assessments of issuers can vary across third party data providers.

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**Page 287** 

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**Transamerica Sustainable Bond** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 15.3%** | **ASSET-BACKED SECURITIES - 15.3%** | **ASSET-BACKED SECURITIES - 15.3%** |
|  Aligned Data Centers Issuer LLC <br>Series 2021-1A, Class A2, <br>1.94%, 08/15/2046 <sup>(A)</sup> | $200000 | $167397 |
| DataBank Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 02/27/2051 <sup>(A)</sup> | 125000 | 106647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/25/2051 <sup>(A)</sup> | 100000 | 85883 |
| GoodLeap Sustainable Home Solutions Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/20/2048 <sup>(A)</sup> | 85199 | 66668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 10/20/2048 <sup>(A)</sup> | 109776 | 76600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1GS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/20/2049 <sup>(A)</sup> | 114575 | 82818 |
| Loanpal Solar Loan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2GF, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/20/2047 <sup>(A)</sup> | 173517 | 142295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 01/20/2048 <sup>(A)</sup> | 69879 | 56837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 03/20/2048 <sup>(A)</sup> | 50237 | 39607 |
|  Luminace ABS Issuer LLC <br>Series 2022-1, Class A, <br>4.88%, 07/31/2062 <sup>(A)</sup> | 169465 | 144276 |
|  MMAF Equipment Finance LLC <br>Series 2020-A, Class A5, <br>1.56%, 10/09/2042 <sup>(A)</sup> | 186000 | 157301 |
|  Mosaic Solar Loan Trust <br>Series 2021-3A, Class B, <br>1.92%, 06/20/2052 <sup>(A)</sup> | 87906 | 70472 |
|  OneMain Financial Issuance Trust <br>Series 2022-S1, Class A, <br>4.13%, 05/14/2035 <sup>(A)</sup> | 135000 | 125817 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A2II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 01/30/2051 <sup>(A)</sup> | 122813 | 90920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2II, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 07/30/2051 <sup>(A)</sup> | 118500 | 82734 |
| SoFi Professional Loan Program LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35% <sup>(B)</sup>, 05/25/2037 <sup>(A)</sup> | 100000 | 94562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-D, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23% <sup>(B)</sup>, 01/25/2039 <sup>(A)</sup> | 100000 | 91558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/26/2040 <sup>(A)</sup> | 12944 | 12808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class BFX, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/16/2048 <sup>(A)</sup> | 261000 | 198275 |
|  Sunnova Helios IV Issuer LLC <br>Series 2020-AA, Class A, <br>2.98%, 06/20/2047 <sup>(A)</sup> | 209384 | 176144 |
|  Sunnova Sol II Issuer LLC <br>Series 2020-2A, Class A, <br>2.73%, 11/01/2055 <sup>(A)</sup> | 132875 | 101800 |
|  Sunnova Sol III Issuer LLC <br>Series 2021-1, Class A, <br>2.58%, 04/28/2056 <sup>(A)</sup> | 137497 | 110621 |
|  Sunrun Demeter Issuer LLC <br>Series 2021-2A, Class A, <br>2.27%, 01/30/2057 <sup>(A)</sup> | 118936 | 90812 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Sunrun Vulcan Issuer LLC <br>Series 2021-1A, Class A, <br>2.46%, 01/30/2052 <sup>(A)</sup> | $117018 | $93630 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 05/25/2058 <sup>(A)</sup> | 141319 | 132178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(B)</sup>, 07/25/2058 <sup>(A)</sup> | 50473 | 48186 |
| Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/15/2045 <sup>(A)</sup> | 180000 | 157754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 10/15/2046 <sup>(A)</sup> | 125000 | 107774 |
|  Vivint Solar Financing VII LLC <br>Series 2020-1A, Class A, <br>2.21%, 07/31/2051 <sup>(A)</sup> | 229713 | 184349 |
|  **Total Asset-Backed Securities <br>(Cost $3,805,223)** | **Total Asset-Backed Securities <br>(Cost $3,805,223)** | 3096723 |
| **CORPORATE DEBT SECURITIES - 46.0%** | **CORPORATE DEBT SECURITIES - 46.0%** | **CORPORATE DEBT SECURITIES - 46.0%** |
| **Auto Components - 0.3%** | **Auto Components - 0.3%** | **Auto Components - 0.3%** |
|  BorgWarner, Inc. <br>4.38%, 03/15/2045 | 90000 | 64144 |
| **Automobiles - 1.1%** | **Automobiles - 1.1%** | **Automobiles - 1.1%** |
|  Ford Motor Co. <br>3.25%, 02/12/2032 | 130000 | 97354 |
|  General Motors Co. <br>5.60%, 10/15/2032 | 141000 | 127850 |
|  |  | 225204 |
| **Banks - 8.8%** | **Banks - 8.8%** | **Banks - 8.8%** |
|  Bank of America Corp. <br>Fixed until 10/22/2024,<br>2.46% <sup>(B)</sup>, 10/22/2025 | 202000 | 188434 |
|  BNP Paribas SA <br>4.38%, 09/28/2025 <sup>(A)</sup> | 200000 | 185947 |
|  BPCE SA <br>Fixed until 10/19/2026, 2.05% <sup>(B)</sup>, 10/19/2027 <sup>(A)</sup> | 250000 | 207590 |
|  Citigroup, Inc. <br>Fixed until 05/15/2023,<br>1.68% <sup>(B)</sup>, 05/15/2024 | 220000 | 215186 |
|  Huntington National Bank <br>3.55%, 10/06/2023 | 250000 | 246094 |
|  Intesa Sanpaolo SpA <br>Fixed until 06/01/2031,<br>4.20% <sup>(B)</sup>, 06/01/2032 <sup>(A)</sup> | 200000 | 135275 |
|  PNC Bank NA <br>4.05%, 07/26/2028 | 250000 | 226826 |
|  UniCredit SpA <br>Fixed until 06/03/2031,<br>3.13% <sup>(B)</sup>, 06/03/2032 <sup>(A)</sup> <sup>(C)</sup> | 200000 | 140792 |
|  US Bancorp <br>3.10%, 04/27/2026 | 250000 | 231749 |
|  |  | 1777893 |
| **Biotechnology - 0.5%** | **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 20000 | 18629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 20000 | 16060 |

---

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

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**Page 288** 

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**Transamerica Sustainable Bond** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
|  Amgen, Inc. <br>3.13%, 05/01/2025 | $40000 | $38222 |
|  Gilead Sciences, Inc. <br>3.65%, 03/01/2026 | 20000 | 18962 |
|  |  | 91873 |
| **Building Products - 0.7%** | **Building Products - 0.7%** | **Building Products - 0.7%** |
|  Carlisle Cos., Inc. <br>2.75%, 03/01/2030 | 110000 | 88709 |
|  Cornerstone Building Brands, Inc. <br>6.13%, 01/15/2029 <sup>(A)</sup> | 90000 | 55866 |
|  |  | 144575 |
| **Capital Markets - 2.4%** | **Capital Markets - 2.4%** | **Capital Markets - 2.4%** |
|  Deutsche Bank AG <br>1.69%, 03/19/2026 | 265000 | 227264 |
|  Goldman Sachs Group, Inc. <br>Fixed until 06/15/2026,<br>4.39% <sup>(B)</sup>, 06/15/2027 | 133000 | 124968 |
|  Morgan Stanley <br>Fixed until 10/21/2024,<br>0.86% <sup>(B)</sup>, 10/21/2025 | 140000 | 126243 |
|  |  | 478475 |
| **Chemicals - 1.6%** | **Chemicals - 1.6%** | **Chemicals - 1.6%** |
|  Huntsman International LLC <br>4.50%, 05/01/2029 | 80000 | 69632 |
|  Orbia Advance Corp. SAB de CV <br>5.88%, 09/17/2044 <sup>(D)</sup> | 200000 | 153887 |
|  PPG Industries, Inc. <br>2.55%, 06/15/2030 | 50000 | 40618 |
|  Sherwin-Williams Co. <br>4.50%, 06/01/2047 | 80000 | 62986 |
|  |  | 327123 |
| **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** |
|  Waste Management, Inc. <br>3.13%, 03/01/2025 | 80000 | 77153 |
| **Construction & Engineering - 0.7%** | **Construction & Engineering - 0.7%** | **Construction & Engineering - 0.7%** |
|  IHS Holding Ltd. <br>5.63%, 11/29/2026 <sup>(A)</sup> | 200000 | 150640 |
| **Construction Materials - 0.9%** | **Construction Materials - 0.9%** | **Construction Materials - 0.9%** |
|  Advanced Drainage Systems, Inc. <br>5.00%, 09/30/2027 <sup>(A)</sup> | 190000 | 176176 |
| **Containers & Packaging - 1.2%** | **Containers & Packaging - 1.2%** | **Containers & Packaging - 1.2%** |
| Cascades, Inc. / Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2026 <sup>(A)</sup> | 59000 | 53020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2028 <sup>(A)</sup> | 88000 | 75262 |
| Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/2027 | 79000 | 69144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/2032 | 55000 | 42862 |
|  |  | 240288 |
| **Diversified Financial Services - 1.2%** | **Diversified Financial Services - 1.2%** | **Diversified Financial Services - 1.2%** |
|  United Wholesale Mortgage LLC <br>5.50%, 11/15/2025 <sup>(A)</sup> | 130000 | 116711 |
|  USAA Capital Corp. <br>2.13%, 05/01/2030 <sup>(A)</sup> | 150000 | 118817 |
|  |  | 235528 |
| **Diversified Telecommunication Services - 1.8%** | **Diversified Telecommunication Services - 1.8%** | **Diversified Telecommunication Services - 1.8%** |
|  Network i2i Ltd. <br>Fixed until 01/15/2025 <sup>(E)</sup>,<br>5.65% <sup>(B)</sup> <sup>(D)</sup> | 200000 | 176000 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Verizon Communications, Inc. <br>3.88%, 02/08/2029 | $200000 | $181102 |
|  |  | 357102 |
| **Electric Utilities - 3.1%** | **Electric Utilities - 3.1%** | **Electric Utilities - 3.1%** |
|  Duke Energy Carolinas LLC <br>3.95%, 11/15/2028 | 110000 | 102442 |
|  Enel Finance International NV <br>2.25%, 07/12/2031 <sup>(A)</sup> <sup>(C)</sup> | 200000 | 135559 |
|  NextEra Energy Capital Holdings, Inc. <br>3.55%, 05/01/2027 <sup>(C)</sup> | 120000 | 110441 |
|  Niagara Mohawk Power Corp. <br>1.96%, 06/27/2030 <sup>(A)</sup> | 70000 | 53040 |
|  Northern States Power Co. <br>2.60%, 06/01/2051 | 70000 | 41471 |
|  Pattern Energy Operations LP / Pattern Energy Operations, Inc. <br>4.50%, 08/15/2028 <sup>(A)</sup> | 91000 | 81672 |
|  Southern Power Co. <br>0.90%, 01/15/2026 | 130000 | 112481 |
|  |  | 637106 |
| **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** |
|  Eaton Corp. <br>4.15%, 03/15/2033 | 70000 | 62103 |
| **Energy Equipment & Services - 0.9%** | **Energy Equipment & Services - 0.9%** | **Energy Equipment & Services - 0.9%** |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029 <sup>(A)</sup> | 200000 | 168282 |
|  Sunnova Energy Corp. <br>5.88%, 09/01/2026 <sup>(A)</sup> <sup>(C)</sup> | 21000 | 18480 |
|  |  | 186762 |
| **Equity Real Estate Investment Trusts - 4.9%** | **Equity Real Estate Investment Trusts - 4.9%** | **Equity Real Estate Investment Trusts - 4.9%** |
|  American Tower Corp. <br>3.60%, 01/15/2028 | 80000 | 70818 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/2041 | 80000 | 50391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/2030 | 50000 | 41666 |
|  Digital Realty Trust LP <br>3.70%, 08/15/2027 | 140000 | 126857 |
|  HAT Holdings I LLC / HAT Holdings II LLC <br>6.00%, 04/15/2025 <sup>(A)</sup> | 197000 | 187806 |
|  Healthpeak Properties, Inc. <br>3.50%, 07/15/2029 | 90000 | 77595 |
|  Prologis LP <br>4.63%, 01/15/2033 | 141000 | 130553 |
|  SBA Tower Trust <br>3.45%, 03/15/2048 <sup>(A)</sup> | 125000 | 123770 |
|  UDR, Inc. <br>3.10%, 11/01/2034 | 80000 | 58529 |
|  Ventas Realty LP <br>3.50%, 02/01/2025 | 130000 | 123386 |
|  |  | 991371 |
| **Food & Staples Retailing - 2.4%** | **Food & Staples Retailing - 2.4%** | **Food & Staples Retailing - 2.4%** |
|  Alimentation Couche-Tard, Inc. <br>3.63%, 05/13/2051 <sup>(A)</sup> | 131000 | 82132 |
|  InRetail Consumer <br>3.25%, 03/22/2028 <sup>(A)</sup> | 200000 | 158150 |
|  Sysco Corp. <br>3.30%, 07/15/2026 - 02/15/2050 | 210000 | 173730 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 289** 

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##### [**Table of Contents**](#toc)
**Transamerica Sustainable Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** |
|  Walmart, Inc. <br>1.80%, 09/22/2031 | $102000 | $80577 |
|  |  | 494589 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
|  Danone SA <br>2.95%, 11/02/2026 <sup>(A)</sup> | 200000 | 182695 |
| **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** | **Health Care Equipment & Supplies - 0.3%** |
|  Koninklijke Philips NV <br>6.88%, 03/11/2038 | 60000 | 60827 |
| **Household Durables - 0.9%** | **Household Durables - 0.9%** | **Household Durables - 0.9%** |
|  Century Communities, Inc. <br>6.75%, 06/01/2027 | 56000 | 53466 |
|  D.R. Horton, Inc. <br>2.60%, 10/15/2025 <sup>(C)</sup> | 70000 | 63899 |
|  Meritage Homes Corp. <br>5.13%, 06/06/2027 | 66000 | 59252 |
|  |  | 176617 |
| **Household Products - 0.7%** | **Household Products - 0.7%** | **Household Products - 0.7%** |
|  Kimberly-Clark Corp. <br>3.10%, 03/26/2030 | 80000 | 70029 |
|  Procter & Gamble Co. <br>2.45%, 11/03/2026 | 80000 | 73486 |
|  |  | 143515 |
| **Independent Power & Renewable Electricity Producers - 0.1%** | **Independent Power & Renewable Electricity Producers - 0.1%** | **Independent Power & Renewable Electricity Producers - 0.1%** |
|  Clearway Energy Operating LLC <br>3.75%, 02/15/2031 <sup>(A)</sup> | 30000 | 25050 |
| **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |
|  Alphabet, Inc. <br>1.10%, 08/15/2030 | 40000 | 30703 |
| **IT Services - 0.2%** | **IT Services - 0.2%** | **IT Services - 0.2%** |
|  International Business Machines Corp. <br>3.30%, 01/27/2027 | 35000 | 32437 |
| **Life Sciences Tools & Services - 0.4%** | **Life Sciences Tools & Services - 0.4%** | **Life Sciences Tools & Services - 0.4%** |
|  Danaher Corp. <br>3.35%, 09/15/2025 | 80000 | 76429 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
|  Big River Steel LLC / BRS Finance Corp. <br>6.63%, 01/31/2029 <sup>(A)</sup> | 90000 | 84641 |
| **Multi-Utilities - 1.4%** | **Multi-Utilities - 1.4%** | **Multi-Utilities - 1.4%** |
|  Consolidated Edison Co. of New York, Inc. <br>3.35%, 04/01/2030 | 110000 | 95229 |
|  Dominion Energy, Inc. <br>2.25%, 08/15/2031 <sup>(C)</sup> | 130000 | 99871 |
|  Public Service Co. of Colorado <br>4.10%, 06/15/2048 | 110000 | 85412 |
|  |  | 280512 |
| **Personal Products - 1.2%** | **Personal Products - 1.2%** | **Personal Products - 1.2%** |
|  Natura Cosmeticos SA <br>4.13%, 05/03/2028 <sup>(A)</sup> | 200000 | 155744 |
|  Unilever Capital Corp. <br>2.00%, 07/28/2026 | 100000 | 89879 |
|  |  | 245623 |
| **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** | **Pharmaceuticals - 1.2%** |
|  AstraZeneca PLC <br>4.00%, 01/17/2029 | 60000 | 56420 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
|  Eli Lilly & Co. <br>2.75%, 06/01/2025 | $40000 | $38099 |
|  GlaxoSmithKline Capital, Inc. <br>3.63%, 05/15/2025 | 40000 | 38752 |
|  Merck & Co., Inc. <br>3.70%, 02/10/2045 | 40000 | 30945 |
|  Pfizer, Inc. <br>4.20%, 09/15/2048 | 40000 | 33671 |
|  Sanofi <br>3.38%, 06/19/2023 | 40000 | 39643 |
|  |  | 237530 |
| **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** | **Semiconductors & Semiconductor Equipment - 0.7%** |
|  Intel Corp. <br>3.73%, 12/08/2047 | 140000 | 97062 |
|  NXP BV / NXP Funding LLC / NXP USA, Inc. <br>3.40%, 05/01/2030 <sup>(C)</sup> | 50000 | 41460 |
|  |  | 138522 |
| **Software - 0.6%** | **Software - 0.6%** | **Software - 0.6%** |
|  Microsoft Corp. <br>3.30%, 02/06/2027 | 130000 | 123526 |
| **Technology Hardware, Storage & Peripherals - 1.5%** | **Technology Hardware, Storage & Peripherals - 1.5%** | **Technology Hardware, Storage & Peripherals - 1.5%** |
|  Apple, Inc. <br>3.00%, 06/20/2027 | 130000 | 120950 |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 70000 | 69856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 70000 | 68520 |
|  Hewlett Packard Enterprise Co. <br>4.90%, 10/15/2025 | 40000 | 39255 |
|  |  | 298581 |
| **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** | **Trading Companies & Distributors - 0.4%** |
|  Boise Cascade Co. <br>4.88%, 07/01/2030 <sup>(A)</sup> | 92000 | 76961 |
| **Water Utilities - 0.5%** | **Water Utilities - 0.5%** | **Water Utilities - 0.5%** |
|  American Water Capital Corp. <br>3.45%, 06/01/2029 | 110000 | 97110 |
| **Wireless Telecommunication Services - 1.3%** | **Wireless Telecommunication Services - 1.3%** | **Wireless Telecommunication Services - 1.3%** |
|  Empresa Nacional de Telecomunicaciones SA <br>3.05%, 09/14/2032 <sup>(A)</sup> | 150000 | 108527 |
|  Vmed O2 Financing I PLC <br>4.75%, 07/15/2031 <sup>(A)</sup> <sup>(C)</sup> | 200000 | 162232 |
|  |  | 270759 |
|  **Total Corporate Debt Securities <br>(Cost $11,496,322)** | **Total Corporate Debt Securities <br>(Cost $11,496,322)** | 9300143 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 1.8%** | **FOREIGN GOVERNMENT OBLIGATIONS - 1.8%** | **FOREIGN GOVERNMENT OBLIGATIONS - 1.8%** |
| **Chile - 0.8%** | **Chile - 0.8%** | **Chile - 0.8%** |
|  Chile Government International Bonds <br>4.34%, 03/07/2042 | 200000 | 154373 |
| **Colombia - 0.4%** | **Colombia - 0.4%** | **Colombia - 0.4%** |
|  Colombia Government International Bonds <br>7.38%, 09/18/2037 | 100000 | 84236 |
| **Panama - 0.2%** | **Panama - 0.2%** | **Panama - 0.2%** |
|  Panama Government International Bonds <br>6.70%, 01/26/2036 | 53000 | 51953 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 290** 

------

##### [**Table of Contents**](#toc)
**Transamerica Sustainable Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Republic of South Africa - 0.4%** | **Republic of South Africa - 0.4%** | **Republic of South Africa - 0.4%** |
|  Republic of South Africa Government International Bonds <br>6.25%, 03/08/2041 | $100000 | $76000 |
|  **Total Foreign Government Obligations <br>(Cost $514,780)** | **Total Foreign Government Obligations <br>(Cost $514,780)** | 366562 |
| **LOAN ASSIGNMENTS - 1.1%** | **LOAN ASSIGNMENTS - 1.1%** | **LOAN ASSIGNMENTS - 1.1%** |
| **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** |
|  GFL Environmental, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.00%, <br>7.41% <sup>(B)</sup>, 05/30/2025 | 39630 | 39375 |
| **Communications Equipment - 0.5%** | **Communications Equipment - 0.5%** | **Communications Equipment - 0.5%** |
|  CommScope, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(B)</sup>, 04/06/2026 | 108325 | 103071 |
| **Machinery - 0.4%** | **Machinery - 0.4%** | **Machinery - 0.4%** |
|  Vertiv Group Corp. <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>5.88% <sup>(B)</sup>, 03/02/2027 | 88203 | 84851 |
|  **Total Loan Assignments <br>(Cost $235,469)** | **Total Loan Assignments <br>(Cost $235,469)** | 227297 |
| **MORTGAGE-BACKED SECURITIES - 10.1%** | **MORTGAGE-BACKED SECURITIES - 10.1%** | **MORTGAGE-BACKED SECURITIES - 10.1%** |
|  280 Park Avenue Mortgage Trust <br>Series 2017-280P, Class E, <br>1-Month LIBOR + 2.12%, <br>5.42% <sup>(B)</sup>, 09/15/2034 <sup>(A)</sup> | 145000 | 133677 |
|  BBCMS Trust <br>Series 2015-MSQ, Class B, <br>3.89%, 09/15/2032 <sup>(A)</sup> | 200000 | 199531 |
|  Benchmark Mortgage Trust <br>Series 2020-IG3, Class B, <br>3.29% <sup>(B)</sup>, 09/15/2048 <sup>(A)</sup> | 175000 | 135501 |
|  CAMB Commercial Mortgage Trust <br>Series 2019-LIFE, Class D, <br>1-Month LIBOR + 1.75%, <br>5.16% <sup>(B)</sup>, 12/15/2037 <sup>(A)</sup> | 115000 | 109823 |
|  DOLP Trust <br>Series 2021-NYC, Class C, <br>3.53%, 05/10/2041 <sup>(A)</sup> | 250000 | 185839 |
|  Eleven Madison Mortgage Trust <br>Series 2015-11MD, Class A, <br>3.55% <sup>(B)</sup>, 09/10/2035 <sup>(A)</sup> | 143000 | 131543 |
|  Grace Trust <br>Series 2020-GRCE, Class D, <br>2.68% <sup>(B)</sup>, 12/10/2040 <sup>(A)</sup> | 250000 | 167252 |
| JPMorgan Chase Commercial Mortgage<br>Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OSB, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/05/2039 <sup>(A)</sup> | 80000 | 67662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OSB, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(B)</sup>, 06/05/2039 <sup>(A)</sup> | 174000 | 144283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-OPO, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45% <sup>(B)</sup>, 01/05/2039 <sup>(A)</sup> | 140000 | 111472 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  Manhattan West Mortgage Trust <br>Series 2020-1MW, Class B, <br>2.34% <sup>(B)</sup>, 09/10/2039 <sup>(A)</sup> | $185000 | $150910 |
|  One Bryant Park Trust <br>Series 2019-OBP, Class A, <br>2.52%, 09/15/2054 <sup>(A)</sup> | 160000 | 127403 |
|  SLG Office Trust <br>Series 2021-OVA, Class D, <br>2.85%, 07/15/2041 <sup>(A)</sup> | 130000 | 93323 |
|  Towd Point Mortgage Trust <br>Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> | 140650 | 128161 |
|  Worldwide Plaza Trust <br>Series 2017-WWP, Class A, <br>3.53%, 11/10/2036 <sup>(A)</sup> | 170000 | 144003 |
|  **Total Mortgage-Backed Securities <br>(Cost $2,538,718)** | **Total Mortgage-Backed Securities <br>(Cost $2,538,718)** | 2030383 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.8%** |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/25/2029 | 225000 | 208394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/25/2028 | 418000 | 399344 |
|  Federal National Mortgage Association <br>0.88%, 08/05/2030 <sup>(C)</sup> | 239000 | 183345 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(F)</sup> | 800000 | 631125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(F)</sup> | 1280000 | 1083639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(F)</sup> | 400000 | 339734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(F)</sup> | 400000 | 351891 |
|  **Total U.S. Government Agency Obligations <br>(Cost $3,475,641)** | **Total U.S. Government Agency Obligations <br>(Cost $3,475,641)** | 3197472 |
| **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 Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 110000 | 71504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 1074000 | 673222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 238000 | 158754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 475000 | 366715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 200000 | 171906 |
|  **Total U.S. Government Obligations <br>(Cost $2,001,986)** | **Total U.S. Government Obligations <br>(Cost $2,001,986)** | 1442101 |
| **COMMERCIAL PAPER - 12.3%** | **COMMERCIAL PAPER - 12.3%** | **COMMERCIAL PAPER - 12.3%** |
| **Banks - 3.7%** | **Banks - 3.7%** | **Banks - 3.7%** |
| DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69% <sup>(G)</sup>, 11/07/2022 | 500000 | 499673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36% <sup>(G)</sup>, 11/23/2022 | 250000 | 249448 |
|  |  | 749121 |
| **Chemicals - 1.2%** | **Chemicals - 1.2%** | **Chemicals - 1.2%** |
|  Ecolab, Inc. <br>4.02% <sup>(G)</sup>, 11/21/2022 | 250000 | 249428 |
| **Health Care Providers & Services - 4.9%** | **Health Care Providers & Services - 4.9%** | **Health Care Providers & Services - 4.9%** |
|  Roche Holdings, Inc. <br>3.42% <sup>(G)</sup>, 12/19/2022 | 1000000 | 994776 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 291** 

------

##### [**Table of Contents**](#toc)
**Transamerica Sustainable Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Water Utilities - 2.5%** | **Water Utilities - 2.5%** | **Water Utilities - 2.5%** |
| American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40% <sup>(G)</sup>, 11/10/2022 | $250000 | $249750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41% <sup>(G)</sup>, 11/10/2022 | 250000 | 249750 |
|  |  | 499500 |
|  **Total Commercial Paper <br>(Cost $2,493,843)** | **Total Commercial Paper <br>(Cost $2,493,843)** | 2492825 |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 1.3%** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 1.3%** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 1.3%** |
|  Federal Home Loan Bank Discount Notes <br>2.63% <sup>(G)</sup>, 11/09/2022 | 250000 | 249794 |
|  **Total Short-Term U.S. Government Agency Obligation <br>(Cost $249,857)** | **Total Short-Term U.S. Government Agency Obligation <br>(Cost $249,857)** | 249794 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 4.4%** | **OTHER INVESTMENT COMPANY - 4.4%** | **OTHER INVESTMENT COMPANY - 4.4%** |
| **Securities Lending Collateral - 4.4%** | **Securities Lending Collateral - 4.4%** | **Securities Lending Collateral - 4.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(G)</sup> | 894466 | $894466 |
|  **Total Other Investment Company <br>(Cost $894,466)** | **Total Other Investment Company <br>(Cost $894,466)** | 894466 |
|  **Total Investments <br>(Cost $27,706,305)** | **Total Investments <br>(Cost $27,706,305)** | 23297766 |
|  **Net Other Assets (Liabilities) - (15.2)%** |  | (3073825) |
|  **Net Assets - 100.0%** |  | **$20223941** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(H)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $3096723 | $— | $3096723 |
|  Corporate Debt Securities |  | 9300143 |  | 9300143 |
|  Foreign Government Obligations |  | 366562 |  | 366562 |
|  Loan Assignments |  | 227297 |  | 227297 |
|  Mortgage-Backed Securities |  | 2030383 |  | 2030383 |
|  U.S. Government Agency Obligations |  | 3197472 |  | 3197472 |
|  U.S. Government Obligations |  | 1442101 |  | 1442101 |
|  Commercial Paper |  | 2492825 |  | 2492825 |
|  Short-Term U.S. Government Agency Obligation |  | 249794 |  | 249794 |
|  Other Investment Company | 894466 |  |  | 894466 |
|  **Total Investments** | $**894466** | $**22403300** | $**—** | $**23297766** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $8,347,943, representing 41.3% of the Fund's net assets.* 

(B) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $875,608, collateralized by cash collateral of $894,466. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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, 2022, the total value of Regulation S securities is $329,887, representing 1.6% of the Fund's net assets.* 

(E) *Perpetual maturity. The date displayed is the next call date.* 

(F) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(G) *Rates disclosed reflect the yields at October 31, 2022.* 

(H) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**PORTFOLIO ABBREVIATIONS:** 

*LIBOR* *London Interbank Offered Rate* <br> *TBA* *To Be Announced*

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

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The market environment changed significantly over the one-year period ended October 31, 2022, resulting in tough conditions for most asset classes, U.S. equities included. The tail end of 2021 saw central banks around the world, most notably the U.S. Federal Reserve ("Fed"), acknowledge that inflation was more than just a temporary feature and that they would have to implement an abrupt change in policy from the ultra-low interest rate environment that had characterized the past few years.

The Fed's aim in raising rates was to cool inflation but it caused investors to worry that the rate-hiking cycle could end in a recession, thus hurting economic growth and company profitability. In addition, while employment data remained extremely robust, the combination of inflation and rising rates squeezed consumer disposable incomes. Taken together, these factors weighed on equity markets.

Despite the above, corporate earnings did not have the significant impacts that share price moves appeared to have anticipated. While earnings growth decelerated through the period, it was still in positive territory and the impact on margins was not as bad as feared. All in all, this meant that the decrease in stock prices was more a result of the valuation of the market coming down, as opposed to a real deterioration in corporate financial performance and company fundamentals.

Against this backdrop, several sectors fell sharply, most notably information technology, which had been a very strong performer in recent years. Significant decreases were also recorded in real estate and consumer discretionary, both of which were exposed to the impact of rising interest rates. In contrast, traditionally defensive sectors of the market, such as utilities, consumer staples and health care offered some shelter. However, the real standout performer was energy. Buoyed by high oil prices, the sector was more than 50% ahead of the second-best performing sector.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Sustainable Equity Income (Class A) returned -14.38%, excluding any sales charges. By comparison, its benchmark, the Russell 1000<sup>®</sup> Value Index, returned -7.00%.

**STRATEGY REVIEW** 

While the Fund significantly lagged its benchmark during the fiscal year ended October 31, 2022, it consistently delivered a yield premium to the broad U.S. equity market, which provided an important source of returns in volatile market conditions.

The Fund looks to invest in quality companies that pay attractive and well-covered dividends from strong balance sheets. The sub-adviser focuses on companies that we view as having a favorable sustainability profile. We avoid investments in issuers, industries or sectors that are wholly inconsistent with our sustainable investing philosophy. The sustainability exclusions had a negative effect on performance, principally due to our exclusion of energy stocks. As mentioned above, this sector was by far the best performer in the market and not investing in the sector accounted for over half of the relative underperformance.

In addition, from a sector allocation perspective, being overweight technology and consumer discretionary and underweight health care were also headwinds to relative performance. That said, stock selection within technology and health care was notably strong, and more than offset the drag from allocation.

At the stock level, the biggest relative detractor was Taiwan Semiconductor Manufacturing Co. Ltd. The company continued to achieve good results but suffered from weaker sentiment toward the semiconductor sector in general due to the deteriorating economic backdrop. Several holdings exposed to consumer spending also detracted from performance. Examples included Stanley Black & Decker, Inc., Hanesbrands, Inc., Best Buy Co., Inc. and Target Corp. Exposure to this area of the market was reduced.

On the positive side, Steel Dynamics, Inc. was the top contributor, as it benefited from the extremely strong pricing and demand conditions for steel. There were also strong contributions from health-care holdings, Gilead Sciences, Inc. and Merck & Co., Inc., as well as MetLife, Inc. and Progressive Corp. in financials.

We sought to reduce cyclicality in the Fund by trimming stocks with consumer-related exposure, as well as some industrials. We also exited companies in which there were concerns over the strength of the balance sheet in a rising-rate environment. The proceeds were used to add to defensive holdings, including stocks in health care and utilities.

**Mark Peden, CFA** 

**Robin Black** 

**Co-Portfolio Managers** 

**Aegon Asset Management UK plc** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.6% |
|  Repurchase Agreement | 1.4 |
|  Net Other Assets (Liabilities) | 0.0 \* |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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**(unaudited)**![LOGO](g404440g95j33.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (19.05)% | 0.35% | 6.01% | 01/04/2013 |
|  Class A (NAV) | (14.38)% | 1.50% | 6.62% | 01/04/2013 |
|  Russell 1000<sup>®</sup> Value Index <sup>(A)</sup> | (7.00)% | 7.21% | 10.00% |  |
|  Class C (POP) | (15.98)% | 0.61% | 5.72% | 01/04/2013 |
|  Class C (NAV) | (15.26)% | 0.61% | 5.72% | 01/04/2013 |
|  Class I (NAV) | (13.84)% | 1.81% | 6.87% | 01/04/2013 |
|  Class I2 (NAV) | (14.23)% | 1.77% | 6.90% | 01/04/2013 |
|  Class R6 (NAV) | (14.23)% | 1.77% | 4.01% | 05/29/2015 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Focused funds are less diversified than other mutual funds; therefore, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases the risks associated with investing in the Fund. Value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock considered undervalued is actually appropriately priced. Dividend income may vary depending on market performance and is not guaranteed. A company's future ability to pay dividends may be limited. 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. Securities of companies with what are defined by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and 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. ESG ratings and assessments of issuers can vary across third-party data providers.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **Banks - 7.5%** | **Banks - 7.5%** | **Banks - 7.5%** |
|  Citizens Financial Group, Inc. | 243692 | $9967003 |
|  First Republic Bank | 44191 | 5307339 |
|  US Bancorp | 139056 | 5902927 |
|  |  | 21177269 |
| **Biotechnology - 3.7%** | **Biotechnology - 3.7%** | **Biotechnology - 3.7%** |
|  Gilead Sciences, Inc. | 133710 | 10490887 |
| **Capital Markets - 5.0%** | **Capital Markets - 5.0%** | **Capital Markets - 5.0%** |
|  CME Group, Inc. | 42658 | 7392631 |
|  State Street Corp. | 88909 | 6579266 |
|  |  | 13971897 |
| **Chemicals - 3.7%** | **Chemicals - 3.7%** | **Chemicals - 3.7%** |
|  Air Products & Chemicals, Inc. | 24523 | 6140559 |
|  Albemarle Corp. | 15325 | 4289008 |
|  |  | 10429567 |
| **Commercial Services & Supplies - 3.3%** | **Commercial Services & Supplies - 3.3%** | **Commercial Services & Supplies - 3.3%** |
|  Republic Services, Inc. | 69673 | 9240033 |
| **Communications Equipment - 2.3%** | **Communications Equipment - 2.3%** | **Communications Equipment - 2.3%** |
|  Cisco Systems, Inc. | 141423 | 6424847 |
| **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** |
|  Packaging Corp. of America | 24344 | 2926392 |
| **Diversified Telecommunication Services - 2.3%** | **Diversified Telecommunication Services - 2.3%** | **Diversified Telecommunication Services - 2.3%** |
|  Verizon Communications, Inc. | 176520 | 6596552 |
| **Electrical Equipment - 4.1%** | **Electrical Equipment - 4.1%** | **Electrical Equipment - 4.1%** |
|  Emerson Electric Co. | 82037 | 7104404 |
|  Schneider Electric SE, ADR | 180934 | 4575821 |
|  |  | 11680225 |
| **Equity Real Estate Investment Trusts - 3.6%** | **Equity Real Estate Investment Trusts - 3.6%** | **Equity Real Estate Investment Trusts - 3.6%** |
|  American Tower Corp. | 16810 | 3482864 |
|  Digital Realty Trust, Inc. | 30263 | 3033866 |
|  Weyerhaeuser Co. | 121458 | 3756696 |
|  |  | 10273426 |
| **Food Products - 2.3%** | **Food Products - 2.3%** | **Food Products - 2.3%** |
|  McCormick & Co., Inc. | 83870 | 6595537 |
| **Health Care Equipment & Supplies - 1.8%** | **Health Care Equipment & Supplies - 1.8%** | **Health Care Equipment & Supplies - 1.8%** |
|  Medtronic PLC | 59375 | 5185813 |
| **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** | **Health Care Providers & Services - 2.3%** |
|  Elevance Health, Inc. | 11937 | 6526793 |
| **Household Products - 3.5%** | **Household Products - 3.5%** | **Household Products - 3.5%** |
|  Colgate-Palmolive Co. | 71350 | 5268484 |
|  Kimberly-Clark Corp. | 36235 | 4509808 |
|  |  | 9778292 |
| **Independent Power & Renewable Electricity Producers - 1.9%** | **Independent Power & Renewable Electricity Producers - 1.9%** | **Independent Power & Renewable Electricity Producers - 1.9%** |
|  AES Corp. | 207481 | 5427703 |
| **Insurance - 7.3%** | **Insurance - 7.3%** | **Insurance - 7.3%** |
|  Cincinnati Financial Corp. | 60030 | 6202300 |
|  MetLife, Inc. | 120236 | 8802477 |
|  Progressive Corp. | 42642 | 5475233 |
|  |  | 20480010 |
| **IT Services - 2.8%** | **IT Services - 2.8%** | **IT Services - 2.8%** |
|  Automatic Data Processing, Inc. | 32211 | 7785399 |
| **Leisure Products - 1.0%** | **Leisure Products - 1.0%** | **Leisure Products - 1.0%** |
|  Hasbro, Inc. | 42770 | 2790743 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery - 6.7%** | **Machinery - 6.7%** | **Machinery - 6.7%** |
|  AGCO Corp. | 49333 | $6125679 |
|  Cummins, Inc. | 28544 | 6979293 |
|  Xylem, Inc. | 56466 | 5783812 |
|  |  | 18888784 |
| **Media - 2.5%** | **Media - 2.5%** | **Media - 2.5%** |
|  Omnicom Group, Inc. | 97668 | 7105347 |
| **Metals & Mining - 3.0%** | **Metals & Mining - 3.0%** | **Metals & Mining - 3.0%** |
|  Steel Dynamics, Inc. | 88550 | 8328127 |
| **Multiline Retail - 1.6%** | **Multiline Retail - 1.6%** | **Multiline Retail - 1.6%** |
|  Target Corp. | 27272 | 4479426 |
| **Pharmaceuticals - 8.9%** | **Pharmaceuticals - 8.9%** | **Pharmaceuticals - 8.9%** |
|  AstraZeneca PLC, ADR | 113988 | 6703634 |
|  Bristol-Myers Squibb Co. | 111794 | 8660681 |
|  Merck & Co., Inc. | 97373 | 9854148 |
|  |  | 25218463 |
| **Professional Services - 2.3%** | **Professional Services - 2.3%** | **Professional Services - 2.3%** |
|  RELX PLC, ADR | 239486 | 6456543 |
| **Road & Rail - 2.1%** | **Road & Rail - 2.1%** | **Road & Rail - 2.1%** |
|  Union Pacific Corp. | 30062 | 5926423 |
| **Semiconductors & Semiconductor Equipment - 6.2%** | **Semiconductors & Semiconductor Equipment - 6.2%** | **Semiconductors & Semiconductor Equipment - 6.2%** |
|  Broadcom, Inc. | 16312 | 7668598 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 75291 | 4634161 |
|  Texas Instruments, Inc. | 32856 | 5277659 |
|  |  | 17580418 |
| **Software - 2.2%** | **Software - 2.2%** | **Software - 2.2%** |
|  Microsoft Corp. | 26503 | 6152141 |
| **Specialty Retail - 1.1%** | **Specialty Retail - 1.1%** | **Specialty Retail - 1.1%** |
|  Best Buy Co., Inc. | 46554 | 3184759 |
| **Water Utilities - 2.6%** | **Water Utilities - 2.6%** | **Water Utilities - 2.6%** |
|  Essential Utilities, Inc. | 164670 | 7281707 |
|  **Total Common Stocks <br>(Cost $275,170,001)** | **Total Common Stocks <br>(Cost $275,170,001)** | 278383523 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.4%** | **REPURCHASE AGREEMENT - 1.4%** | **REPURCHASE AGREEMENT - 1.4%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(A)</sup>, dated 10/31/2022, to be repurchased at $4,016,343 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $4,096,619. | $4016220 | 4016220 |
|  **Total Repurchase Agreement <br>(Cost $4,016,220)** | **Total Repurchase Agreement <br>(Cost $4,016,220)** | 4016220 |
|  **Total Investments <br>(Cost $279,186,221)** | **Total Investments <br>(Cost $279,186,221)** | 282399743 |
|  **Net Other Assets (Liabilities) - 0.0% <sup>(B)</sup>** | **Net Other Assets (Liabilities) - 0.0% <sup>(B)</sup>** | 62403 |
|  **Net Assets - 100.0%** |  | **$282462146** |

---

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $278383523 | $— | $— | $278383523 |
|  Repurchase Agreement |  | 4016220 |  | 4016220 |
|  **Total Investments** | $**278383523** | $**4016220** | $**—** | $**282399743** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Rate disclosed reflects the yield at October 31, 2022.* 

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

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year started off on a relatively firm tone with mostly positive earnings results across many sectors. We saw the first bout of increased volatility and spread widening toward the latter part of November 2021. Persistent inflation pressures increased uncertainty around central bank policy. The timing and magnitude of reductions in monthly asset purchases and the potential for subsequent rate hikes were at the forefront of investors' minds. Early in 2022, we saw a sharp increase in U.S. Treasury yields, a spike in volatility, weak performance in equity markets, and wider spreads and lower prices in most fixed income asset classes. Overall, the narrative remained like that of the fourth quarter of 2021 – namely, a continued focus on how a more hawkish Federal Reserve ("Fed") will combat inflation and on how COVID's morphing from pandemic to endemic changes its financial risk implications. One new cloud was the growing potential for a military confrontation between Russia and Ukraine. This eventually escalated into Russia's invasion of Ukraine in February 2022 and caused a spike in oil and other commodity prices.

Spread widening accelerated into the end of the second quarter as investors grew increasingly concerned that the tightening of central bank policy would send the U.S. into a recession. Consumer-related areas of corporate debt markets were particularly impacted. The Fed raised the Federal Funds Rate from 0.25% at the end of February 2022 to 1.75% at the end of June 2022 and indicated more and larger hikes were expected. The third quarter of 2022 was a tale of two halves with risk assets rallying sharply in the first half of the quarter only to retrace most of these gains in the second half of the quarter. Throughout July and the first three weeks of August, investors reacted to what was perceived as a somewhat dovish Fed pivot. However, this rally proved to be short-lived. Toward the end of August, Fed Chair Jerome Powell delivered an expectedly hawkish speech at the annual Jackson Hole conference with selling pressures intensifying in September after higher-than-expected inflation data was reported. Finally, in October 2022, the fiscal year ended on a positive tone for risk assets and credit spreads as investors digested better-than-feared earnings. However, U.S. Treasury rates continued to trade higher amid continued inflation concerns and poor liquidity conditions. The Fed continued to raise the Federal Funds Rate from 1.75% at the end of June to 4.00% at the beginning of November 2022.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Unconstrained Bond (Class I) returned -8.65%. By comparison, its benchmark, the ICE BofAML U.S. 3-Month Treasury Bill Index, returned 0.78%.

**STRATEGY REVIEW** 

The Fund's investment strategy has both top-down and bottom-up elements to it. The global multi-asset team sets top-down targets across all fixed income asset classes with a forward-looking intermediate-term investment horizon of nine to 18 months. These targets are expected to be reset two to six times per year depending upon the magnitude and frequency of changes in market conditions.

Once given these targets, the fixed income team has flexibility to make tactical adjustments depending on their bottom-up views of market sentiment, valuations and technicals given the backdrop of a shorter investment horizon. Finally, portfolio managers work with analysts in implementing bottom-up credit research and selecting individual issues for the Fund.

During the fiscal year, the Fund was most negatively impacted by an allocation to U.S. Treasury securities, an allocation to contingent convertibles and preferred securities, and an allocation to Chinese property credits. The Fund benefited from a hedged duration profile and a short position in U.S. Treasury futures during the first half of the fiscal year. From a security selection standpoint, selections among investment grade collateralized loan obligations' debt tranches detracted from performance, while the Fund benefited from selection among long duration credit, emerging markets high-yield sovereign debt and high-yield corporate debt.

**Peter Hu, CFA** 

**Michael J. Kelly, CFA** 

**Steven Oh, CFA** 

**Robert A. Vanden Assem, CFA** 

**Roberto Coronado** 

**Gunter Seeger** 

**Co-Portfolio Managers** 

**PineBridge Investments LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Obligations | 35.5% |
|  Corporate Debt Securities | 18.0 |
|  Short-Term Investment Company | 15.3 |
|  Asset-Backed Securities | 12.5 |
|  Short-Term U.S. Government Obligations | 9.0 |
|  Loan Assignments | 7.5 |
|  Other Investment Company | 0.8 |
|  Foreign Government Obligations | 0.5 |
|  Common Stocks | 0.5 |
|  Preferred Stock | 0.2 |
|  Net Other Assets (Liabilities) ^ | 0.2 |
|  **Total** | 100.0% |
| **Fund Characteristics** | **Years** |
|  Average Maturity § | 5.85 |
|  Duration † | 3.27 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 44.5% |
|  AAA | 6.3 |
|  AA | 7.2 |
|  A | 2.6 |
|  BBB | 4.3 |
|  BB | 7.9 |
|  B | 9.6 |
|  CCC and Below | 0.6 |
|  Not Rated | 16.8 |
|  Net Other Assets (Liabilities) ^ | 0.2 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *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.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.* 

† *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.* 

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 300** 

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**Transamerica Unconstrained Bond** 

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**(unaudited)**![LOGO](g404440g41p03.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception<br>Date of Class** | **Inception Date** |
|  Class A (POP) | (13.15)% | N/A | (2.96)% | 10/01/2020 |
|  Class A (NAV) | (8.84)% | N/A | (0.67)% | 10/01/2020 |
|  Class I (NAV) | (8.65)% | 1.19% | 2.24% | 12/08/2014 |
|  ICE BofAML U.S. 3-Month Treasury Bill Index <sup>(A)</sup> | 0.78% | 1.16% | 0.87% |  |
|  Class I2 (NAV) | (8.69)% | 1.27% | 2.33% | 12/08/2014 |

---

<sup>(A)</sup> *The ICE BofAML U.S. 3-Month Treasury Bill Index measures the performance of a single issue of outstanding treasury bill which matures closest to, but not beyond, three months from the rebalancing date.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for Class A shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and I2 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed income securities and, therefore, the Fund, are subject to risks including credit risk, interest rate fluctuation risk, counterparty default risk, which is greater with respect to high-yield/non-investment grade bonds, prepayment risk, extension risk, valuation risk, and liquidity risk. Changes in interest rates, the market's perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk and credit risk.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 301** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 12.5%** | **ASSET-BACKED SECURITIES - 12.5%** | **ASSET-BACKED SECURITIES - 12.5%** |
|  American Express Credit Account Master Trust <br>Class A, Series 2022-3, <br>3.75%, 08/15/2027 | $3200000 | $3086636 |
|  Apidos CLO XLI Ltd. <br>Class B1, Series 2022-41A, <br>3-Month Term SOFR + 3.00%, <br>0.00% <sup>(A)</sup>, 10/20/2034 <sup>(B)</sup> | 1000000 | 983170 |
|  Apidos CLO XVIII <br>Series 2018-18A, Class A2, <br>3-Month LIBOR + 1.40%, <br>5.72% <sup>(A)</sup>, 10/22/2030 <sup>(B)</sup> | 3000000 | 2855193 |
|  Barings CLO Ltd. <br>Class A, Series 2022-2A, <br>3-Month Term SOFR + 1.80%, <br>4.28% <sup>(A)</sup>, 07/15/2035 <sup>(B)</sup> | 5050000 | 4919478 |
|  Benefit Street Partners CLO IV Ltd. <br>Series 2014-IVA, Class ARRR, <br>3-Month LIBOR + 1.18%, <br>5.42% <sup>(A)</sup>, 01/20/2032 <sup>(B)</sup> | 4250000 | 4136325 |
|  Benefit Street Partners CLO XX Ltd. <br>Series 2020-20A, Class BR, <br>3-Month LIBOR + 1.70%, <br>5.78% <sup>(A)</sup>, 07/15/2034 <sup>(B)</sup> | 3950000 | 3667970 |
|  Capital Four US CLO II Ltd. <br>Class B, Series 2022-1A, <br>3-Month Term SOFR + 3.10%, <br>6.77% <sup>(A)</sup>, 10/20/2030 <sup>(B)</sup> | 1500000 | 1460619 |
|  Capital One Prime Auto Receivables Trust <br>Series 2019-2, Class A4, <br>1.96%, 02/18/2025 | 1000000 | 986791 |
|  Carlyle US CLO Ltd. <br>Series 2017-1A, Class A2R, <br>3-Month LIBOR + 1.60%, <br>5.84% <sup>(A)</sup>, 04/20/2031 <sup>(B)</sup> | 6675000 | 6260135 |
|  Chase Issuance Trust <br>Series 2022-A1, Class A, <br>3.97%, 09/15/2027 | 3000000 | 2914073 |
|  Citibank Credit Card Issuance Trust <br>Series 2018-A7, Class A7, <br>3.96%, 10/13/2030 | 1000000 | 932836 |
|  Columbia Cent CLO 31 Ltd. <br>Series 2021-31A, Class B, <br>3-Month LIBOR + 1.55%, <br>5.79% <sup>(A)</sup>, 04/20/2034 <sup>(B)</sup> | 10000000 | 9113000 |
|  GM Financial Consumer Automobile Receivables Trust <br>Series 2019-4, Class A4, <br>1.76%, 01/16/2025 | 5000000 | 4906510 |
| Honda Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A4, Series 2022-2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 12/18/2028 | 400000 | 385425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A4,<br>0.46%, 04/19/2027 | 1300000 | 1236624 |
|  Invesco CLO Ltd. <br>Series 2022-3A, Class B, <br>3-Month Term SOFR + 2.75%, <br>6.61% <sup>(A)</sup>, 10/22/2035 <sup>(B)</sup> | 1000000 | 971002 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  LCM XXIV Ltd. <br>Series 24A, Class AR, <br>3-Month LIBOR + 0.98%, <br>5.22% <sup>(A)</sup>, 03/20/2030 <sup>(B)</sup> | $972796 | $950861 |
|  Logan CLO II Ltd. <br>Series 2021-2A, Class B, <br>3-Month LIBOR + 1.70%, <br>5.94% <sup>(A)</sup>, 01/20/2035 <sup>(B)</sup> | 2500000 | 2338250 |
|  Mercedes-Benz Auto Receivables Trust <br>Series 2019-1, Class A4, <br>2.04%, 01/15/2026 | 2600000 | 2560983 |
|  Octagon Investment Partners 44 Ltd. <br>Series 2019-1A, Class BR, <br>3-Month LIBOR + 1.70%, <br>5.78% <sup>(A)</sup>, 10/15/2034 <sup>(B)</sup> | 3000000 | 2791500 |
|  Silver Rock CLO II Ltd. <br>Series 2021-2A, Class B1, <br>3-Month LIBOR + 1.90%, <br>6.14% <sup>(A)</sup>, 01/20/2035 <sup>(B)</sup> | 2298000 | 2104968 |
|  Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class B, <br>3-Month LIBOR + 1.65%, <br>5.89% <sup>(A)</sup>, 10/20/2034 <sup>(B)</sup> | 1000000 | 933400 |
|  Symphony CLO 36 Ltd. <br>Class A1, series 2022-36A, <br>3-Month Term SOFR + 2.05%, <br>5.71% <sup>(A)</sup>, 10/24/2035 <sup>(B)</sup> | 4700000 | 4634929 |
|  TCW CLO AMR Ltd. <br>Series 2019-1A, Class BR, <br>3-Month LIBOR + 1.75%, <br>4.67% <sup>(A)</sup>, 08/16/2034 <sup>(B)</sup> | 7900000 | 7444170 |
|  TICP CLO XII Ltd. <br>Series 2018-12A, Class BR, <br>3-Month LIBOR + 1.65%, <br>5.73% <sup>(A)</sup>, 07/15/2034 <sup>(B)</sup> | 6650000 | 6209105 |
|  Toyota Lease Owner Trust <br>Series 2022-A, Class A3, <br>1.96%, 02/20/2025 <sup>(B)</sup> | 3500000 | 3359608 |
|  Voya CLO Ltd. <br>Series 2018-3A, Class A2, <br>3-Month LIBOR + 1.40%, <br>5.48% <sup>(A)</sup>, 10/15/2031 <sup>(B)</sup> | 5200000 | 4924291 |
|  Whitebox CLO I Ltd. <br>Series 2019-1A, Class ANBR, <br>3-Month LIBOR + 1.70%, <br>6.02% <sup>(A)</sup>, 07/24/2032 <sup>(B)</sup> | 2500000 | 2367753 |
|  **Total Asset-Backed Securities<br>(Cost $93,523,583)** | **Total Asset-Backed Securities<br>(Cost $93,523,583)** | 89435605 |
| **CORPORATE DEBT SECURITIES - 18.0%** | **CORPORATE DEBT SECURITIES - 18.0%** | **CORPORATE DEBT SECURITIES - 18.0%** |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |
|  Moog, Inc. <br>4.25%, 12/15/2027 <sup>(B)</sup> | 172000 | 153080 |
|  Rolls-Royce PLC <br>5.75%, 10/15/2027 <sup>(B)</sup> | 213000 | 192759 |
|  Spirit AeroSystems, Inc. <br>7.50%, 04/15/2025 <sup>(B)</sup> | 227000 | 220539 |
|  |  | 566378 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 302** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |
|  Cargo Aircraft Management, Inc. <br>4.75%, 02/01/2028 <sup>(B)</sup> | $244000 | $217619 |
|  United Parcel Service, Inc. <br>3.90%, 04/01/2025 | 168000 | 164145 |
|  |  | 381764 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  Air Canada <br>3.88%, 08/15/2026 <sup>(B)</sup> | 185000 | 163692 |
|  American Airlines, Inc. <br>11.75%, 07/15/2025 <sup>(B)</sup> | 460000 | 503066 |
|  British Airways Pass-Through Trust <br>2.90%, 09/15/2036 <sup>(B)</sup> | 108206 | 86185 |
|  United Airlines, Inc. <br>4.63%, 04/15/2029 <sup>(B)</sup> | 370000 | 317379 |
|  |  | 1070322 |
| **Automobiles - 0.0% <sup>(C)</sup>** | **Automobiles - 0.0% <sup>(C)</sup>** | **Automobiles - 0.0% <sup>(C)</sup>** |
|  Ford Motor Co. <br>4.75%, 01/15/2043 | 272000 | 189783 |
| **Banks - 4.2%** | **Banks - 4.2%** | **Banks - 4.2%** |
|  Australia & New Zealand Banking Group Ltd. Fixed until 06/15/2026 <sup>(D)</sup>,<br>6.75% <sup>(A)</sup> <sup>(B)</sup> | 563000 | 539189 |
|  Banco Santander SA <br>2.71%, 06/27/2024 | 400000 | 379624 |
|  Bank Hapoalim BM <br>Fixed until 01/21/2027,<br>3.26% <sup>(A)</sup>, 01/21/2032 <sup>(E)</sup> | 220000 | 179850 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/19/2023,<br>1.49% <sup>(A)</sup>, 05/19/2024 | 915000 | 894041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/22/2024,<br>2.46% <sup>(A)</sup>, 10/22/2025 | 652000 | 608212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/02/2025,<br>3.38% <sup>(A)</sup>, 04/02/2026 | 71000 | 66648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/08/2032,<br>3.85% <sup>(A)</sup>, 03/08/2037 | 44000 | 35220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(A)</sup>, 04/27/2033 | 85000 | 75256 |
|  Bank of Montreal <br>1.50%, 01/10/2025 | 415000 | 380556 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/04/2032,<br>4.59% <sup>(A)</sup>, 05/04/2037 | 149000 | 122363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/04/2025 <sup>(D)</sup>,<br>4.90% <sup>(A)</sup> | 2187000 | 2027879 |
| BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/17/2025 | 223000 | 214623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/11/2030 | 3146000 | 2826540 |
|  Barclays PLC <br>Fixed until 12/15/2025 <sup>(D)</sup>,<br>6.13% <sup>(A)</sup> | 2500000 | 2168750 |
|  BNP Paribas SA <br>Fixed until 08/16/2029 <sup>(D)</sup>,<br>7.75% <sup>(A)</sup> <sup>(B)</sup> | 3125000 | 2946360 |
|  Citigroup, Inc. <br>Fixed until 06/01/2023,<br>4.04% <sup>(A)</sup>, 06/01/2024 | 478000 | 473047 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Danske Bank AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/10/2024,<br>0.98% <sup>(A)</sup>, 09/10/2025 <sup>(B)</sup> | $565000 | $506810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2024,<br>3.24% <sup>(A)</sup>, 12/20/2025 <sup>(B)</sup> | 593000 | 547319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/26/2025 <sup>(D)</sup>,<br>7.00% <sup>(A)</sup> <sup>(E)</sup> | 500000 | 461290 |
|  ING Groep NV <br>Fixed until 11/16/2026 <sup>(D)</sup>,<br>5.75% <sup>(A)</sup> | 2050000 | 1751251 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/16/2023,<br>0.65% <sup>(A)</sup>, 09/16/2024 | 338000 | 322623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/08/2031,<br>2.55% <sup>(A)</sup>, 11/08/2032 | 43000 | 32419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/26/2025,<br>4.08% <sup>(A)</sup>, 04/26/2026 | 215000 | 206430 |
|  Mitsubishi UFJ Financial Group, Inc. <br>2.19%, 02/25/2025 | 467000 | 430639 |
|  Mizuho Financial Group, Inc. <br>Fixed until 09/13/2024,<br>2.56% <sup>(A)</sup>, 09/13/2025 | 655000 | 612797 |
|  National Bank of Canada <br>Fixed until 11/15/2023,<br>0.55% <sup>(A)</sup>, 11/15/2024 | 392000 | 371465 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/22/2024,<br>4.27% <sup>(A)</sup>, 03/22/2025 | 450000 | 433076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/28/2031 <sup>(D)</sup>,<br>4.60% <sup>(A)</sup> | 562000 | 362857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/29/2025 <sup>(D)</sup>,<br>6.00% <sup>(A)</sup> | 1875000 | 1668562 |
|  NatWest Markets PLC <br>3.48%, 03/22/2025 <sup>(B)</sup> | 333000 | 314152 |
|  Signature Bank <br>Fixed until 10/15/2025,<br>4.00% <sup>(A)</sup>, 10/15/2030 | 929000 | 843494 |
|  Societe Generale SA <br>Fixed until 11/18/2030 <sup>(D)</sup>,<br>5.38% <sup>(A)</sup> <sup>(B)</sup> | 1765000 | 1278480 |
|  Standard Chartered PLC <br>Fixed until 08/15/2027 <sup>(D)</sup>,<br>7.75% <sup>(A)</sup> <sup>(B)</sup> | 2000000 | 1827500 |
|  Sumitomo Mitsui Trust Bank Ltd. <br>0.85%, 03/25/2024 <sup>(B)</sup> | 399000 | 373412 |
| SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/15/2031 <sup>(D)</sup>,<br>4.10% <sup>(A)</sup> | 1378000 | 848520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/29/2027,<br>4.35% <sup>(A)</sup>, 04/29/2028 | 340000 | 311687 |
|  Texas Capital Bancshares, Inc. <br>Fixed until 05/06/2026,<br>4.00% <sup>(A)</sup>, 05/06/2031 | 500000 | 432862 |
|  UniCredit SpA <br>Fixed until 06/03/2024 <sup>(D)</sup>,<br>8.00% <sup>(A)</sup> <sup>(E)</sup> | 2000000 | 1867500 |
|  |  | 29743303 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 303** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Beverages - 0.0% <sup>(C)</sup>** | **Beverages - 0.0% <sup>(C)</sup>** | **Beverages - 0.0% <sup>(C)</sup>** |
|  Constellation Brands, Inc. <br>4.35%, 05/09/2027 | $43000 | $41039 |
|  PepsiCo, Inc. <br>2.25%, 03/19/2025 | 257000 | 242026 |
|  |  | 283065 |
| **Biotechnology - 0.0% <sup>(C)</sup>** | **Biotechnology - 0.0% <sup>(C)</sup>** | **Biotechnology - 0.0% <sup>(C)</sup>** |
|  Grifols Escrow Issuer SA <br>4.75%, 10/15/2028 <sup>(B)</sup> | 362000 | 282813 |
| **Building Products - 0.1%** | **Building Products - 0.1%** | **Building Products - 0.1%** |
|  LBM Acquisition LLC <br>6.25%, 01/15/2029 <sup>(B)</sup> | 108000 | 75544 |
|  Park River Holdings, Inc. <br>6.75%, 08/01/2029 <sup>(B)</sup> | 247000 | 162614 |
|  Standard Industries, Inc. <br>3.38%, 01/15/2031 <sup>(B)</sup> | 295000 | 220719 |
|  |  | 458877 |
| **Capital Markets - 0.5%** | **Capital Markets - 0.5%** | **Capital Markets - 0.5%** |
|  Aretec Escrow Issuer, Inc. <br>7.50%, 04/01/2029 <sup>(B)</sup> | 265000 | 217300 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/2027 | 58000 | 51697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/2025 | 658000 | 638618 |
|  Credit Suisse Group AG <br>Fixed until 02/11/2027 <sup>(D)</sup>,<br>5.25% <sup>(A)</sup> <sup>(B)</sup> | 1667000 | 1180854 |
|  Deutsche Bank AG <br>Fixed until 09/18/2023,<br>2.22% <sup>(A)</sup>, 09/18/2024 | 429000 | 406396 |
|  ION Trading Technologies SARL <br>5.75%, 05/15/2028 <sup>(B)</sup> | 450000 | 357750 |
|  LPL Holdings, Inc. <br>4.00%, 03/15/2029 <sup>(B)</sup> | 209000 | 182413 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/21/2024,<br>1.16% <sup>(A)</sup>, 10/21/2025 | 125000 | 113251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 57000 | 56083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/20/2032,<br>5.30% <sup>(A)</sup>, 04/20/2037 | 49000 | 43415 |
|  NFP Corp. <br>4.88%, 08/15/2028 <sup>(B)</sup> | 69000 | 59600 |
|  |  | 3307377 |
| **Chemicals - 0.2%** | **Chemicals - 0.2%** | **Chemicals - 0.2%** |
|  Consolidated Energy Finance SA <br>5.63%, 10/15/2028 <sup>(B)</sup> | 362000 | 303968 |
|  Minerals Technologies, Inc. <br>5.00%, 07/01/2028 <sup>(B)</sup> | 188000 | 163325 |
|  RPM International, Inc. <br>4.55%, 03/01/2029 | 525000 | 474744 |
|  Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. <br>5.13%, 04/01/2029 <sup>(B)</sup> | 235000 | 133362 |
|  |  | 1075399 |
| **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL <br>4.63%, 06/01/2028 <sup>(B)</sup> | 200000 | 167500 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Brink's Co. <br>4.63%, 10/15/2027 <sup>(B)</sup> | $255000 | $235781 |
|  Cintas Corp. No. 2 <br>3.45%, 05/01/2025 | 76000 | 73259 |
|  Covanta Holding Corp. <br>5.00%, 09/01/2030 | 210000 | 174893 |
|  Deluxe Corp. <br>8.00%, 06/01/2029 <sup>(B)</sup> | 323000 | 271320 |
|  Garda World Security Corp. <br>6.00%, 06/01/2029 <sup>(B)</sup> | 229000 | 178464 |
|  Harsco Corp. <br>5.75%, 07/31/2027 <sup>(B)</sup> | 261000 | 185219 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc. <br>5.75%, 04/15/2026 <sup>(B)</sup> | 245000 | 238414 |
|  Sotheby's / Bidfair Holdings, Inc. <br>5.88%, 06/01/2029 <sup>(B)</sup> | 300000 | 250730 |
|  Triton Container International Ltd. <br>0.80%, 08/01/2023 <sup>(B)</sup> | 1412000 | 1351922 |
|  |  | 3127502 |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |
|  Mattamy Group Corp. <br>5.25%, 12/15/2027 <sup>(B)</sup> | 190000 | 162346 |
|  VM Consolidated, Inc. <br>5.50%, 04/15/2029 <sup>(B)</sup> | 266000 | 231752 |
|  |  | 394098 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  Ally Financial, Inc. <br>Fixed until 05/15/2028 <sup>(D)</sup>,<br>4.70% <sup>(A)</sup> | 3000000 | 2017500 |
|  Altice Financing SA <br>5.00%, 01/15/2028 <sup>(B)</sup> | 455000 | 360248 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/2024 | 200000 | 194884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/2025 | 168000 | 162985 |
|  BMW US Capital LLC <br>3.90%, 04/09/2025 <sup>(B)</sup> <sup>(F)</sup> | 534000 | 515843 |
|  Cobra AcquisitionCo LLC <br>6.38%, 11/01/2029 <sup>(B)</sup> | 410000 | 270087 |
|  Curo Group Holdings Corp. <br>7.50%, 08/01/2028 <sup>(B)</sup> | 293000 | 173022 |
|  Enova International, Inc. <br>8.50%, 09/15/2025 <sup>(B)</sup> | 298000 | 267337 |
|  Ford Motor Credit Co. LLC <br>4.95%, 05/28/2027 | 350000 | 320411 |
|  General Motors Financial Co., Inc. <br>2.75%, 06/20/2025 | 238000 | 218621 |
|  John Deere Capital Corp. <br>0.45%, 06/07/2024 | 783000 | 730984 |
|  LFS Topco LLC <br>5.88%, 10/15/2026 <sup>(B)</sup> | 185000 | 144637 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029 <sup>(B)</sup> | 202000 | 164125 |
|  S&P Global, Inc. <br>2.70%, 03/01/2029 <sup>(B)</sup> | 129000 | 110829 |
|  Synchrony Financial <br>4.50%, 07/23/2025 | 1178000 | 1115559 |
|  |  | 6767072 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 304** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC <br>3.25%, 09/01/2028 <sup>(B)</sup> | $209000 | $171360 |
|  Ball Corp. <br>2.88%, 08/15/2030 | 136000 | 105618 |
|  Clydesdale Acquisition Holdings, Inc. <br>6.63%, 04/15/2029 <sup>(B)</sup> | 260000 | 246269 |
|  Crown Americas LLC <br>5.25%, 04/01/2030 <sup>(B)</sup> | 337000 | 308317 |
|  LABL, Inc. <br>5.88%, 11/01/2028 <sup>(B)</sup> | 222000 | 192904 |
|  Sealed Air Corp. <br>5.00%, 04/15/2029 <sup>(B)</sup> | 128000 | 116755 |
|  Silgan Holdings, Inc. <br>4.13%, 02/01/2028 | 315000 | 288225 |
|  Sonoco Products Co. <br>1.80%, 02/01/2025 | 980000 | 904524 |
|  |  | 2333972 |
| **Distributors - 0.1%** | **Distributors - 0.1%** | **Distributors - 0.1%** |
|  Genuine Parts Co. <br>1.75%, 02/01/2025 | 83000 | 76524 |
|  Performance Food Group, Inc. <br>5.50%, 10/15/2027 <sup>(B)</sup> | 325000 | 307196 |
|  |  | 383720 |
| **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** |
|  Burford Capital Global Finance LLC <br>6.25%, 04/15/2028 <sup>(B)</sup> | 255000 | 221987 |
|  Enact Holdings, Inc. <br>6.50%, 08/15/2025 <sup>(B)</sup> | 328000 | 323113 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. <br>4.25%, 02/01/2027 <sup>(B)</sup> | 263000 | 220987 |
| National Rural Utilities Cooperative Finance<br>Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/07/2025 | 166000 | 154659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/2025 | 755000 | 719016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/30/2023,<br>4.75% <sup>(A)</sup>, 04/30/2043 | 977000 | 900081 |
|  Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. <br>3.63%, 03/01/2029 <sup>(B)</sup> | 141000 | 108570 |
|  |  | 2648413 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |
|  Cogent Communications Group, Inc. <br>7.00%, 06/15/2027 <sup>(B)</sup> | 305000 | 289858 |
|  Connect Finco SARL / Connect US Finco LLC 6.75%, 10/01/2026 <sup>(B)</sup> | 409000 | 384460 |
|  Iliad Holding SASU <br>7.00%, 10/15/2028 <sup>(B)</sup> | 420000 | 380100 |
|  |  | 1054418 |
| **Electric Utilities - 0.2%** | **Electric Utilities - 0.2%** | **Electric Utilities - 0.2%** |
|  Avangrid, Inc. <br>3.20%, 04/15/2025 | 443000 | 416302 |
|  NextEra Energy Capital Holdings, Inc. <br>2.94%, 03/21/2024 | 60000 | 58079 |
|  NRG Energy, Inc. <br>3.63%, 02/15/2031 <sup>(B)</sup> | 285000 | 227937 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
|  Pattern Energy Operations LP / Pattern Energy Operations, Inc. <br>4.50%, 08/15/2028 <sup>(B)</sup> | $255000 | $228863 |
|  Southern California Edison Co. <br>1.10%, 04/01/2024 | 545000 | 512533 |
|  Vistra Operations Co. LLC <br>5.00%, 07/31/2027 <sup>(B)</sup> | 312000 | 287820 |
|  |  | 1731534 |
| **Electrical Equipment - 0.1%** | **Electrical Equipment - 0.1%** | **Electrical Equipment - 0.1%** |
|  EnerSys <br>4.38%, 12/15/2027 <sup>(B)</sup> | 256000 | 224640 |
|  Siemens Financieringsmaatschappij NV <br>3.25%, 05/27/2025 <sup>(B)</sup> | 677000 | 644033 |
|  |  | 868673 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Imola Merger Corp. <br>4.75%, 05/15/2029 <sup>(B)</sup> | 261000 | 225034 |
|  Trimble, Inc. <br>4.75%, 12/01/2024 | 54000 | 53040 |
|  TTM Technologies, Inc. <br>4.00%, 03/01/2029 <sup>(B)</sup> <sup>(F)</sup> | 283000 | 236345 |
|  |  | 514419 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
|  Archrock Partners LP / Archrock Partners Finance Corp. <br>6.88%, 04/01/2027 <sup>(B)</sup> | 297000 | 282893 |
| Genesis Energy LP / Genesis Energy Finance<br>Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2024 | 247000 | 241443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 | 37000 | 34620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 | 262000 | 253626 |
|  Nabors Industries Ltd. <br>7.25%, 01/15/2026 <sup>(B)</sup> | 195000 | 188175 |
|  Nabors Industries, Inc. <br>7.38%, 05/15/2027 <sup>(B)</sup> | 188000 | 184704 |
|  USA Compression Partners LP / USA Compression Finance Corp. <br>6.88%, 04/01/2026 | 251000 | 241201 |
|  Weatherford International Ltd. <br>6.50%, 09/15/2028 <sup>(B)</sup> | 200000 | 191000 |
|  |  | 1617662 |
| **Entertainment - 0.0% <sup>(C)</sup>** | **Entertainment - 0.0% <sup>(C)</sup>** | **Entertainment - 0.0% <sup>(C)</sup>** |
|  Scientific Games Holdings LP / Scientific Games US FinCo, Inc. <br>6.63%, 03/01/2030 <sup>(B)</sup> | 260000 | 223436 |
| **Equity Real Estate Investment Trusts - 0.2%** | **Equity Real Estate Investment Trusts - 0.2%** | **Equity Real Estate Investment Trusts - 0.2%** |
|  CTR Partnership LP / CareTrust Capital Corp. 3.88%, 06/30/2028 <sup>(B)</sup> | 265000 | 223458 |
|  HAT Holdings I LLC / HAT Holdings II LLC <br>6.00%, 04/15/2025 <sup>(B)</sup> | 230000 | 219266 |
|  Scentre Group Trust 2 <br>Fixed until 06/24/2030,<br>5.13% <sup>(A)</sup>, 09/24/2080 <sup>(B)</sup> | 1273000 | 972826 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 | 267000 | 190237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2026 | 205000 | 176190 |
|  |  | 1781977 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 305** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP <br>5.88%, 02/15/2028 <sup>(B)</sup> | $370000 | $345950 |
|  C&S Group Enterprises LLC <br>5.00%, 12/15/2028 <sup>(B)</sup> | 476000 | 351879 |
|  |  | 697829 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
|  Conagra Brands, Inc. <br>0.50%, 08/11/2023 | 1097000 | 1055447 |
|  Hormel Foods Corp. <br>0.65%, 06/03/2024 | 234000 | 218406 |
|  Land O'Lakes, Inc. <br>7.00%, 09/18/2028 <sup>(B)</sup> <sup>(D)</sup> | 4470000 | 4123575 |
|  Nestle Holdings, Inc. <br>3.50%, 09/24/2025 <sup>(B)</sup> | 352000 | 338852 |
|  Post Holdings, Inc. <br>4.50%, 09/15/2031 <sup>(B)</sup> | 205000 | 169576 |
|  Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. <br>4.63%, 03/01/2029 <sup>(B)</sup> | 183000 | 152706 |
|  Smithfield Foods, Inc. <br>5.20%, 04/01/2029 <sup>(B)</sup> | 121000 | 111683 |
|  |  | 6170245 |
| **Gas Utilities - 0.0% <sup>(C)</sup>** | **Gas Utilities - 0.0% <sup>(C)</sup>** | **Gas Utilities - 0.0% <sup>(C)</sup>** |
|  Ferrellgas LP / Ferrellgas Finance Corp. <br>5.38%, 04/01/2026 <sup>(B)</sup> | 265000 | 241150 |
| **Health Care Equipment & Supplies - 0.0% <sup>(C)</sup>** | **Health Care Equipment & Supplies - 0.0% <sup>(C)</sup>** | **Health Care Equipment & Supplies - 0.0% <sup>(C)</sup>** |
|  Medline Borrower LP <br>3.88%, 04/01/2029 <sup>(B)</sup> | 205000 | 168100 |
| **Health Care Providers & Services - 0.3%** | **Health Care Providers & Services - 0.3%** | **Health Care Providers & Services - 0.3%** |
|  CHS / Community Health Systems, Inc. <br>5.63%, 03/15/2027 <sup>(B)</sup> | 380000 | 301469 |
|  DaVita, Inc. <br>4.63%, 06/01/2030 <sup>(B)</sup> | 270000 | 210499 |
|  HCA, Inc. <br>3.50%, 09/01/2030 | 265000 | 220011 |
|  Legacy LifePoint Health LLC <br>4.38%, 02/15/2027 <sup>(B)</sup> | 260000 | 206058 |
|  MPH Acquisition Holdings LLC <br>5.75%, 11/01/2028 <sup>(B)</sup> <sup>(F)</sup> | 281000 | 217241 |
|  Roche Holdings, Inc. <br>2.13%, 03/10/2025 <sup>(B)</sup> | 261000 | 245088 |
|  Select Medical Corp. <br>6.25%, 08/15/2026 <sup>(B)</sup> | 368000 | 349063 |
|  UnitedHealth Group, Inc. <br>3.75%, 07/15/2025 | 707000 | 686015 |
|  |  | 2435444 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
|  Banijay Entertainment SASU <br>5.38%, 03/01/2025 <sup>(B)</sup> | 335000 | 310473 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 <sup>(B)</sup> | 225000 | 156375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 06/01/2030 <sup>(B)</sup> <sup>(F)</sup> | 320000 | 248218 |
|  CEC Entertainment LLC <br>6.75%, 05/01/2026 <sup>(B)</sup> | 223000 | 208606 |

---

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Escrow, Inc.<br>4.88%, 07/01/2031 <sup>(B)</sup> | $347000 | $283547 |
|  Melco Resorts Finance Ltd. <br>5.38%, 12/04/2029 <sup>(B)</sup> | 347000 | 192932 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/2024 <sup>(B)</sup> | 365000 | 316812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2026 <sup>(B)</sup> | 160000 | 131000 |
|  Royal Caribbean Cruises Ltd. <br>4.25%, 07/01/2026 <sup>(B)</sup> <sup>(F)</sup> | 355000 | 280450 |
|  Travel & Leisure Co. <br>6.00%, 04/01/2027 | 240000 | 222597 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/2025 <sup>(B)</sup> | 60000 | 56562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 <sup>(B)</sup> | 103000 | 83138 |
|  Wynn Macau Ltd. <br>5.13%, 12/15/2029 <sup>(B)</sup> | 310000 | 187550 |
|  |  | 2678260 |
| **Independent Power & Renewable Electricity Producers - 0.1%** | **Independent Power & Renewable Electricity Producers - 0.1%** | **Independent Power & Renewable Electricity Producers - 0.1%** |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031 <sup>(B)</sup> | 137000 | 112300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 <sup>(B)</sup> | 238000 | 201003 |
|  Clearway Energy Operating LLC <br>4.75%, 03/15/2028 <sup>(B)</sup> | 245000 | 226958 |
|  |  | 540261 |
| **Insurance - 1.1%** | **Insurance - 1.1%** | **Insurance - 1.1%** |
|  Americo Life, Inc. <br>3.45%, 04/15/2031 <sup>(B)</sup> | 280000 | 206262 |
|  Assurant, Inc. <br>Fixed until 03/27/2028,<br>7.00% <sup>(A)</sup>, 03/27/2048 | 1100000 | 1047134 |
|  Athene Global Funding <br>1.73%, 10/02/2026 <sup>(B)</sup> | 332000 | 280228 |
|  Athene Holding Ltd. <br>6.15%, 04/03/2030 | 1852000 | 1796177 |
|  Brighthouse Financial, Inc. <br>5.63%, 05/15/2030 | 1200000 | 1115493 |
|  Enstar Finance LLC <br>Fixed until 09/01/2025,<br>5.75% <sup>(A)</sup>, 09/01/2040 | 1700000 | 1506849 |
|  F&G Global Funding <br>0.90%, 09/20/2024 <sup>(B)</sup> | 395000 | 358809 |
|  Liberty Mutual Group, Inc. <br>4.30%, 02/01/2061 <sup>(B)</sup> | 2022000 | 1191201 |
|  Security Benefit Global Funding <br>1.25%, 05/17/2024 <sup>(B)</sup> | 254000 | 236056 |
|  |  | 7738209 |
| **Internet & Catalog Retail - 0.1%** | **Internet & Catalog Retail - 0.1%** | **Internet & Catalog Retail - 0.1%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/2027 | 84000 | 78821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/2029 | 340000 | 311726 |
|  |  | 390547 |
| **Internet & Direct Marketing Retail - 0.1%** | **Internet & Direct Marketing Retail - 0.1%** | **Internet & Direct Marketing Retail - 0.1%** |
|  Amazon.com, Inc. <br>2.80%, 08/22/2024 | 989000 | 955606 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 306** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Ahead DB Holdings LLC <br>6.63%, 05/01/2028 <sup>(B)</sup> | $265000 | $215312 |
|  Bread Financial Holdings, Inc. <br>4.75%, 12/15/2024 <sup>(B)</sup> | 245000 | 213932 |
|  Mastercard, Inc. <br>2.00%, 03/03/2025 | 302000 | 283576 |
|  |  | 712820 |
| **Machinery - 0.4%** | **Machinery - 0.4%** | **Machinery - 0.4%** |
|  Caterpillar Financial Services Corp. <br>0.65%, 07/07/2023 | 1100000 | 1068547 |
|  CNH Industrial Capital LLC <br>4.20%, 01/15/2024 | 226000 | 222093 |
|  CNH Industrial NV <br>4.50%, 08/15/2023 | 177000 | 175575 |
|  Illinois Tool Works, Inc. <br>3.50%, 03/01/2024 | 211000 | 207314 |
|  nVent Finance SARL <br>2.75%, 11/15/2031 | 356000 | 261003 |
|  Stanley Black & Decker, Inc. <br>2.30%, 02/24/2025 | 452000 | 424538 |
|  Weir Group PLC <br>2.20%, 05/13/2026 <sup>(B)</sup> | 319000 | 272879 |
|  |  | 2631949 |
| **Media - 0.4%** | **Media - 0.4%** | **Media - 0.4%** |
|  Belo Corp. <br>7.25%, 09/15/2027 | 750000 | 723750 |
|  Block Communications, Inc. <br>4.88%, 03/01/2028 <sup>(B)</sup> | 364000 | 316327 |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>4.50%, 08/15/2030 <sup>(B)</sup> | 720000 | 589234 |
|  Comcast Corp. <br>4.15%, 10/15/2028 | 83000 | 77917 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 <sup>(B)</sup> | 295000 | 270884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 <sup>(B)</sup> | 360000 | 278424 |
|  Paramount Global <br>Fixed until 03/30/2027,<br>6.38% <sup>(A)</sup>, 03/30/2062 | 242000 | 204646 |
|  Sirius XM Radio, Inc. <br>4.00%, 07/15/2028 <sup>(B)</sup> | 270000 | 232082 |
|  Univision Communications, Inc. <br>6.63%, 06/01/2027 <sup>(B)</sup> | 255000 | 251812 |
|  UPC Broadband Finco BV <br>4.88%, 07/15/2031 <sup>(B)</sup> | 294000 | 243782 |
|  |  | 3188858 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |
|  ATI, Inc. <br>4.88%, 10/01/2029 | 185000 | 155549 |
|  Cleveland-Cliffs, Inc. <br>4.63%, 03/01/2029 <sup>(B)</sup> <sup>(F)</sup> | 213000 | 183404 |
|  Commercial Metals Co. <br>3.88%, 02/15/2031 | 207000 | 167670 |
|  FMG Resources August 2006 Pty Ltd. <br>4.50%, 09/15/2027 <sup>(B)</sup> | 250000 | 223782 |
|  Hudbay Minerals, Inc. <br>6.13%, 04/01/2029 <sup>(B)</sup> | 340000 | 281350 |

---

---

| | | |
|:---|:---|:---|
| | **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. <br>8.13%, 05/01/2027 <sup>(B)</sup> | $315000 | $313425 |
|  South32 Treasury Ltd. <br>4.35%, 04/14/2032 <sup>(B)</sup> | 381000 | 318968 |
|  |  | 1644148 |
| **Mortgage Real Estate Investment Trusts - 0.1%** | **Mortgage Real Estate Investment Trusts - 0.1%** | **Mortgage Real Estate Investment Trusts - 0.1%** |
|  AG Issuer LLC <br>6.25%, 03/01/2028 <sup>(B)</sup> | 245000 | 228063 |
|  Apollo Commercial Real Estate Finance, Inc. 4.63%, 06/15/2029 <sup>(B)</sup> | 285000 | 224438 |
|  |  | 452501 |
| **Multiline Retail - 0.0% <sup>(C)</sup>** | **Multiline Retail - 0.0% <sup>(C)</sup>** | **Multiline Retail - 0.0% <sup>(C)</sup>** |
|  Nordstrom, Inc. <br>2.30%, 04/08/2024 | 95000 | 89156 |
| **Oil, Gas & Consumable Fuels - 1.8%** | **Oil, Gas & Consumable Fuels - 1.8%** | **Oil, Gas & Consumable Fuels - 1.8%** |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp. <br>5.75%, 01/15/2028 <sup>(B)</sup> | 237000 | 223287 |
|  Apache Corp. <br>4.38%, 10/15/2028 | 249000 | 222513 |
|  Buckeye Partners LP <br>4.50%, 03/01/2028 <sup>(B)</sup> | 261000 | 226417 |
|  California Resources Corp. <br>7.13%, 02/01/2026 <sup>(B)</sup> | 325000 | 318763 |
|  Canadian Natural Resources Ltd. <br>2.95%, 01/15/2023 | 990000 | 986100 |
|  Chevron Corp. <br>1.55%, 05/11/2025 | 195000 | 179835 |
|  Chevron USA, Inc. <br>3.90%, 11/15/2024 | 587000 | 576334 |
|  Chord Energy Corp. <br>6.38%, 06/01/2026 <sup>(B)</sup> | 241000 | 235433 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026 <sup>(B)</sup> | 179000 | 164759 |
|  Crescent Energy Finance LLC <br>7.25%, 05/01/2026 <sup>(B)</sup> | 249000 | 230900 |
|  Earthstone Energy Holdings LLC <br>8.00%, 04/15/2027 <sup>(B)</sup> <sup>(F)</sup> | 226000 | 213816 |
|  Enbridge, Inc. <br>Fixed until 10/15/2032,<br>7.63% <sup>(A)</sup>, 01/15/2083 | 2333000 | 2228843 |
|  Energy Transfer LP <br>Fixed until 11/15/2026 <sup>(D)</sup>,<br>6.50% <sup>(A)</sup> | 2346000 | 2017560 |
|  EnLink Midstream Partners LP <br>Fixed until 12/15/2022 <sup>(D)</sup>,<br>6.00% <sup>(A)</sup> | 1400000 | 1076740 |
|  EQM Midstream Partners LP <br>7.50%, 06/01/2027 - 06/01/2030 <sup>(B)</sup> | 296000 | 289105 |
|  EQT Corp. <br>3.63%, 05/15/2031 <sup>(B)</sup> <sup>(F)</sup> | 415000 | 345230 |
|  Gray Oak Pipeline LLC <br>2.00%, 09/15/2023 <sup>(B)</sup> | 382000 | 369720 |
|  Harvest Midstream I LP <br>7.50%, 09/01/2028 <sup>(B)</sup> | 354000 | 340736 |
|  Hilcorp Energy I LP / Hilcorp Finance Co. <br>6.00%, 02/01/2031 <sup>(B)</sup> | 365000 | 331212 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 307** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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)** |
|  Holly Energy Partners LP / Holly Energy Finance Corp. <br>5.00%, 02/01/2028 <sup>(B)</sup> | $329000 | $297428 |
|  Howard Midstream Energy Partners LLC <br>6.75%, 01/15/2027 <sup>(B)</sup> | 332000 | 301211 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029 <sup>(B)</sup> | 450000 | 362746 |
|  Murphy Oil Corp. <br>6.38%, 07/15/2028 | 16000 | 15591 |
|  Murphy Oil USA, Inc. <br>4.75%, 09/15/2029 | 210000 | 189000 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. <br>7.50%, 02/01/2026 <sup>(B)</sup> | 320000 | 289140 |
|  NGL Energy Partners LP / NGL Energy Finance Corp. <br>6.13%, 03/01/2025 <sup>(F)</sup> | 165000 | 128700 |
|  NuStar Logistics LP <br>6.38%, 10/01/2030 | 239000 | 221503 |
|  Occidental Petroleum Corp. <br>6.38%, 09/01/2028 | 214000 | 217183 |
|  PBF Holding Co. LLC / PBF Finance Corp. <br>6.00%, 02/15/2028 | 170000 | 154487 |
|  Rockcliff Energy II LLC <br>5.50%, 10/15/2029 <sup>(B)</sup> | 153000 | 136266 |
|  Strathcona Resources Ltd. <br>6.88%, 08/01/2026 <sup>(B)</sup> | 311000 | 261922 |
|  |  | 13152480 |
| **Paper & Forest Products - 0.0% <sup>(C)</sup>** | **Paper & Forest Products - 0.0% <sup>(C)</sup>** | **Paper & Forest Products - 0.0% <sup>(C)</sup>** |
|  Glatfelter Corp. <br>4.75%, 11/15/2029 <sup>(B)</sup> <sup>(F)</sup> | 205000 | 132026 |
| **Personal Products - 0.2%** | **Personal Products - 0.2%** | **Personal Products - 0.2%** |
|  Coty, Inc. <br>5.00%, 04/15/2026 <sup>(B)</sup> | 293000 | 275935 |
|  Edgewell Personal Care Co. <br>4.13%, 04/01/2029 <sup>(B)</sup> | 280000 | 240800 |
|  GSK Consumer Healthcare Capital UK PLC 3.13%, 03/24/2025 <sup>(G)</sup> | 258000 | 242897 |
|  HLF Financing SARL LLC / Herbalife International, Inc. <br>4.88%, 06/01/2029 <sup>(B)</sup> | 440000 | 326763 |
|  |  | 1086395 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/2025 | 320000 | 282534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/20/2023 | 859000 | 856136 |
|  Embecta Corp. <br>5.00%, 02/15/2030 <sup>(B)</sup> | 191000 | 163737 |
|  Organon & Co. / Organon Foreign Debt Co-Issuer BV <br>4.13%, 04/30/2028 <sup>(B)</sup> | 432000 | 380514 |
|  Viatris, Inc. <br>1.65%, 06/22/2025 | 404000 | 360525 |
|  |  | 2043446 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
|  Korn Ferry <br>4.63%, 12/15/2027 <sup>(B)</sup> | 170000 | 154642 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
|  Paysafe Finance PLC / Paysafe Holdings US Corp. <br>4.00%, 06/15/2029 <sup>(B)</sup> <sup>(F)</sup> | $230000 | $164450 |
|  TriNet Group, Inc. <br>3.50%, 03/01/2029 <sup>(B)</sup> | 275000 | 227906 |
|  |  | 546998 |
| **Real Estate Management & Development - 2.1%** | **Real Estate Management & Development - 2.1%** | **Real Estate Management & Development - 2.1%** |
| Country Garden Holdings Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/17/2023 <sup>(E)</sup> | 957000 | 675408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/27/2024 <sup>(E)</sup> | 200000 | 32523 |
|  Cushman & Wakefield US Borrower LLC <br>6.75%, 05/15/2028 <sup>(B)</sup> | 282000 | 268611 |
|  Kennedy-Wilson, Inc. <br>4.75%, 03/01/2029 | 217000 | 176078 |
|  Longfor Group Holdings Ltd. <br>3.90%, 04/16/2023 <sup>(E)</sup> | 2000000 | 1780000 |
| RKPF Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/05/2025 <sup>(E)</sup> | 1245000 | 498000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/30/2024 <sup>(E)</sup> | 2286000 | 1361885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/01/2023 <sup>(E)</sup> | 6082000 | 5522422 |
| Yanlord Land HK Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/23/2023 <sup>(E)</sup> <sup>(F)</sup> | 3383000 | 3061615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 02/27/2024 <sup>(E)</sup> | 2533000 | 1495736 |
|  |  | 14872278 |
| **Road & Rail - 0.1%** | **Road & Rail - 0.1%** | **Road & Rail - 0.1%** |
|  AerCap Global Aviation Trust <br>Fixed until 06/15/2025,<br>6.50% <sup>(A)</sup>, 06/15/2045 <sup>(B)</sup> | 330000 | 301396 |
|  Canadian Pacific Railway Co. <br>1.35%, 12/02/2024 | 271000 | 250027 |
|  |  | 551423 |
| **Semiconductors & Semiconductor Equipment - 0.2%** | **Semiconductors & Semiconductor Equipment - 0.2%** | **Semiconductors & Semiconductor Equipment - 0.2%** |
|  Entegris Escrow Corp. <br>5.95%, 06/15/2030 <sup>(B)</sup> | 255000 | 232951 |
|  Intel Corp. <br>3.40%, 03/25/2025 <sup>(F)</sup> | 677000 | 655308 |
|  ON Semiconductor Corp. <br>3.88%, 09/01/2028 <sup>(B)</sup> | 168000 | 147590 |
|  TSMC Global Ltd. <br>0.75%, 09/28/2025 <sup>(B)</sup> | 362000 | 315631 |
|  |  | 1351480 |
| **Software - 0.1%** | **Software - 0.1%** | **Software - 0.1%** |
|  Central Parent, Inc. / CDK Global, Inc. <br>7.25%, 06/15/2029 <sup>(B)</sup> | 155000 | 147831 |
|  Helios Software Holdings, Inc. / ION Corp. Solutions Finance SARL <br>4.63%, 05/01/2028 <sup>(B)</sup> | 200000 | 154392 |
| NortonLifeLock, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/2027 <sup>(B)</sup> | 79000 | 78181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/2030 <sup>(B)</sup> | 166000 | 163303 |
|  |  | 543707 |
| **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** |
|  Carvana Co. <br>5.50%, 04/15/2027 <sup>(B)</sup> <sup>(F)</sup> | 224000 | 106452 |
|  Ken Garff Automotive LLC <br>4.88%, 09/15/2028 <sup>(B)</sup> | 265000 | 220009 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 308** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  Metis Merger Sub LLC <br>6.50%, 05/15/2029 <sup>(B)</sup> | $295000 | $237623 |
|  Rent-A-Center, Inc. <br>6.38%, 02/15/2029 <sup>(B)</sup> | 280000 | 218128 |
|  |  | 782212 |
| **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** |
|  Apple, Inc. <br>0.75%, 05/11/2023 | 837000 | 820607 |
|  Condor Merger Sub, Inc. <br>7.38%, 02/15/2030 <sup>(B)</sup> | 400000 | 330830 |
|  |  | 1151437 |
| **Thrifts & Mortgage Finance - 0.0% <sup>(C)</sup>** | **Thrifts & Mortgage Finance - 0.0% <sup>(C)</sup>** | **Thrifts & Mortgage Finance - 0.0% <sup>(C)</sup>** |
|  NMI Holdings, Inc. <br>7.38%, 06/01/2025 <sup>(B)</sup> | 160000 | 159846 |
| **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** |
|  Altice France SA <br>5.13%, 07/15/2029 <sup>(B)</sup> | 625000 | 470734 |
|  **Total Corporate Debt Securities <br>(Cost $146,376,864)** | **Total Corporate Debt Securities <br>(Cost $146,376,864)** | 128385522 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** |
| **Japan - 0.1%** | **Japan - 0.1%** | **Japan - 0.1%** |
|  Development Bank of Japan, Inc. <br>1.75%, 02/18/2025 <sup>(B)</sup> | 570000 | 531075 |
| **Republic of Korea - 0.2%** | **Republic of Korea - 0.2%** | **Republic of Korea - 0.2%** |
|  Industrial Bank of Korea <br>1.04%, 06/22/2025 <sup>(B)</sup> | 1206000 | 1076723 |
|  Korea Development Bank <br>0.50%, 10/27/2023 <sup>(F)</sup> | 313000 | 300207 |
|  |  | 1376930 |
| **Supranational - 0.2%** | **Supranational - 0.2%** | **Supranational - 0.2%** |
|  African Development Bank <br>0.75%, 04/03/2023 | 895000 | 880610 |
|  Asian Infrastructure Investment Bank <br>0.50%, 10/30/2024 | 396000 | 364361 |
|  European Bank for Reconstruction & Development <br>1.50%, 02/13/2025 | 420000 | 392225 |
|  International Bank for Reconstruction & Development <br>3.13%, 11/20/2025 | 329000 | 315574 |
|  |  | 1952770 |
|  **Total Foreign Government Obligations <br>(Cost $4,139,047)** | **Total Foreign Government Obligations <br>(Cost $4,139,047)** | 3860775 |
| **LOAN ASSIGNMENTS - 7.5%** | **LOAN ASSIGNMENTS - 7.5%** | **LOAN ASSIGNMENTS - 7.5%** |
| **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** | **Aerospace & Defense - 0.2%** |
|  Castlelake Aviation Ltd. <br>Term Loan B, <br>3-Month LIBOR + 2.75%, <br>6.04% <sup>(A)</sup>, 10/22/2026 | 223858 | 219614 |
|  Cobham Ultra SeniorCo SARL <br>Term Loan B, <br>6-Month LIBOR + 3.75%, <br>7.06% <sup>(A)</sup>, 08/03/2029 | 260753 | 251301 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 04/06/2026 | $219622 | $205868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 04/06/2026 | 117659 | 110290 |
|  Spirit Aerosystems, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 01/15/2025 | 361714 | 358097 |
|  |  | 1145170 |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |
|  Kenan Advantage Group, Inc. <br>Term Loan B1, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 03/24/2026 | 328140 | 311527 |
| **Airlines - 0.2%** | **Airlines - 0.2%** | **Airlines - 0.2%** |
|  Air Canada <br>Term Loan B, <br>3-Month LIBOR + 3.50%, <br>6.42% <sup>(A)</sup>, 08/11/2028 | 221136 | 215607 |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.75%, <br>8.99% <sup>(A)</sup>, 04/20/2028 | 255050 | 252090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.75%, <br>5.35% <sup>(A)</sup>, 06/27/2025 | 410136 | 386781 |
|  Kestrel Bidco, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>5.99% <sup>(A)</sup>, 12/11/2026 | 440491 | 382493 |
|  Mileage Plus Holdings LLC <br>Term Loan B, <br>3-Month LIBOR + 5.25%, <br>8.78% <sup>(A)</sup>, 06/21/2027 | 180000 | 183525 |
|  United Airlines, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>8.11% <sup>(A)</sup>, 04/21/2028 | 311328 | 303195 |
|  |  | 1723691 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  DexKo Global, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.75%,<br>3-Month LIBOR + 3.75%, <br>7.42% - 7.50% <sup>(A)</sup>, 10/04/2028 | 218037 | 196915 |
|  Les Schwab Tire Centers <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>6.58% <sup>(A)</sup>, 11/02/2027 | 328965 | 318274 |
|  Mavis Tire Express Services Corp. <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>7.75% <sup>(A)</sup>, 05/04/2028 | 295523 | 277915 |
|  |  | 793104 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 309** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Beverages - 0.0% <sup>(C)</sup>** | **Beverages - 0.0% <sup>(C)</sup>** | **Beverages - 0.0% <sup>(C)</sup>** |
|  Sunshine Investments BV <br>Term Loan, <br>3-Month Term SOFR + 4.25%, <br>6.96% <sup>(A)</sup>, 07/12/2029 | $266934 | $256924 |
| **Biotechnology - 0.0% <sup>(C)</sup>** | **Biotechnology - 0.0% <sup>(C)</sup>** | **Biotechnology - 0.0% <sup>(C)</sup>** |
|  Curium BidCo SARL <br>Term Loan, <br>3-Month LIBOR + 4.25%, <br>7.92% <sup>(A)</sup>, 12/02/2027 | 247131 | 232921 |
| **Building Products - 0.2%** | **Building Products - 0.2%** | **Building Products - 0.2%** |
|  CD&R Hydra Buyer, Inc. <br>Term Loan, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(A)</sup>, 12/11/2024 | 257963 | 242808 |
| Icebox Holdco III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 12/22/2028 | 178103 | 164411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.75%, <br>7.58% <sup>(A)</sup>, 12/22/2028 | 37034 | 34187 |
|  LBM Acquisition LLC <br>Term Loan B, <br>6-Month LIBOR + 3.75%, <br>7.12% <sup>(A)</sup>, 12/17/2027 | 225278 | 192119 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.62%, <br>6.38% <sup>(A)</sup>, 02/01/2027 | 232520 | 225710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 06/11/2028 | 112905 | 109847 |
|  Specialty Building Products Holdings LLC <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>6.82% <sup>(A)</sup>, 10/15/2028 | 284232 | 245772 |
|  |  | 1214854 |
| **Capital Markets - 0.2%** | **Capital Markets - 0.2%** | **Capital Markets - 0.2%** |
|  Advisor Group, Inc. <br>Term Loan, <br>1-Month LIBOR + 4.50%, <br>8.25% <sup>(A)</sup>, 07/31/2026 | 270299 | 259318 |
|  Camelot US Acquisition LLC <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 10/30/2026 | 266604 | 261605 |
|  Deerfield Dakota Holding LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.48% <sup>(A)</sup>, 04/09/2027 | 379836 | 358707 |
|  HighTower Holdings LLC <br>Term Loan B, <br>3-Month LIBOR + 4.00%, <br>8.28% <sup>(A)</sup>, 04/21/2028 | 291954 | 270057 |
|  NEXUS Buyer LLC <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 11/09/2026 | 266754 | 255751 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  PAI Holdco, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>8.16% <sup>(A)</sup>, 10/28/2027 | $237067 | $215731 |
|  |  | 1621169 |
| **Chemicals - 0.1%** | **Chemicals - 0.1%** | **Chemicals - 0.1%** |
|  ASP Unifrax Holdings, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 12/12/2025 | 250902 | 228948 |
|  Natgasoline LLC <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.31% <sup>(A)</sup>, 11/14/2025 | 285101 | 278687 |
|  Polar US Borrower LLC <br>1st Lien Term Loan, <br>6-Month LIBOR + 4.75%, <br>9.02% <sup>(A)</sup>, 10/15/2025 | 200000 | 160250 |
|  RelaDyne, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>7.98% <sup>(A)</sup>, 12/22/2028 | 158594 | 152845 |
|  Starfruit Finco BV <br>Term Loan B, <br>3-Month LIBOR + 2.75%, <br>7.16% <sup>(A)</sup>, 10/01/2025 | 202252 | 190496 |
|  |  | 1011226 |
| **Commercial Services & Supplies - 0.7%** | **Commercial Services & Supplies - 0.7%** | **Commercial Services & Supplies - 0.7%** |
|  Amentum Government Services Holdings LLC <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>7.21% - 7.56% <sup>(A)</sup>, 02/15/2029 | 220618 | 213448 |
|  APX Group, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.25%,<br>Prime Rate + 2.25%,<br>6.73% - 8.50% <sup>(A)</sup>, 07/10/2028 | 196849 | 180486 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 5.25%, <br>9.00% <sup>(A)</sup>, 01/20/2029 | 225548 | 156897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B10, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 4.00%, <br>7.65% <sup>(A)</sup>, 08/19/2028 | 157982 | 141888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B8, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 12/23/2026 | 196037 | 174412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B9, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 07/31/2027 | 329156 | 289383 |
| Cast & Crew Payroll LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 02/09/2026 | 184912 | 181496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 3.75%, <br>7.48% <sup>(A)</sup>, 12/29/2028 | 71224 | 70000 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 310** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  Colibri Group LLC <br>Term Loan, <br>3-Month Term SOFR + 5.00%,<br>6-Month Term SOFR + 5.00%, <br>8.73% - 8.87% <sup>(A)</sup>, 03/12/2029 | $170283 | $163471 |
|  Creative Artists Agency LLC <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 11/27/2026 | 395751 | 390969 |
|  Driven Holdings LLC <br>Term Loan B, <br>TBD, 12/17/2028 <sup>(G)</sup> <sup>(H)</sup> | 150000 | 145125 |
| Element Materials Technology Group US<br>Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBD, 07/06/2029 <sup>(G)</sup> <sup>(H)</sup> | 40347 | 38622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBD, 07/06/2029 <sup>(G)</sup> <sup>(H)</sup> | 87418 | 83681 |
|  Ensemble RCM LLC <br>Term Loan, <br>3-Month LIBOR + 3.75%, <br>7.94% <sup>(A)</sup>, 08/03/2026 | 214831 | 211161 |
|  Garda World Security Corp. <br>Term Loan B, <br>3-Month LIBOR + 4.25%, <br>7.24% <sup>(A)</sup>, 10/30/2026 | 334191 | 317481 |
|  GFL Environmental, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.00%, <br>7.41% <sup>(A)</sup>, 05/30/2025 | 234647 | 233138 |
|  IBC Capital Ltd. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.16% <sup>(A)</sup>, 09/11/2023 | 616925 | 566414 |
|  Prime Security Services Borrower LLC <br>Term Loan, <br>3-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 09/23/2026 | 234751 | 230995 |
|  PUG LLC <br>Term Loan B, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(A)</sup>, 02/12/2027 | 174559 | 150776 |
|  SITEL Worldwide Corp. <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.51% <sup>(A)</sup>, 08/28/2028 | 330594 | 325084 |
|  Sotheby's <br>Term Loan B, <br>3-Month LIBOR + 4.50%, <br>8.58% <sup>(A)</sup>, 01/15/2027 | 429825 | 419975 |
|  |  | 4684902 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |
|  ViaSat, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.34% <sup>(A)</sup>, 03/02/2029 | 415808 | 386701 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |
|  Osmose Utilities Services, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.25%, <br>6.88% <sup>(A)</sup>, 06/23/2028 | $145978 | $135030 |
| Service Logic Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.00%, <br>8.37% <sup>(A)</sup>, 10/29/2027 | 3221 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Month LIBOR + 4.00%,<br>3-Month LIBOR + 4.00%, <br>7.69% - 8.37% <sup>(A)</sup>, 10/29/2027 | 241446 | 228166 |
| USIC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 6.50%, <br>10.25% <sup>(A)</sup>, 05/14/2029 | 128309 | 115478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 05/12/2028 | 154065 | 146169 |
|  VM Consolidated, Inc. <br>Term Loan B, <br>6-Month LIBOR + 3.25%, <br>6.13% <sup>(A)</sup>, 03/24/2028 | 362048 | 358653 |
|  |  | 986540 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Foley Products Co. LLC <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>8.45% <sup>(A)</sup>, 12/29/2028 | 250711 | 237235 |
|  Potters Industries LLC <br>Term Loan B, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(A)</sup>, 12/14/2027 | 211631 | 203166 |
|  |  | 440401 |
| **Containers & Packaging - 0.4%** | **Containers & Packaging - 0.4%** | **Containers & Packaging - 0.4%** |
| Berlin Packaging LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%,<br>3-Month LIBOR + 3.25%, <br>6.38% - 6.93% <sup>(A)</sup>, 03/11/2028 | 104271 | 98308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.75%,<br>3-Month LIBOR + 3.75%, <br>6.88% - 7.43% <sup>(A)</sup>, 03/11/2028 | 237246 | 226718 |
|  BWAY Holding Co. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>6.38% <sup>(A)</sup>, 04/03/2024 | 308720 | 292512 |
|  Charter NEX US, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 12/01/2027 | 257735 | 249466 |
|  Clydesdale Acquisition Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.18%, <br>8.00% <sup>(A)</sup>, 04/13/2029 | 226992 | 218310 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 311** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
|  LABL, Inc. <br>1st Lien Term Loan, <br>1-Month LIBOR + 5.00%, <br>8.75% <sup>(A)</sup>, 10/29/2028 <sup>(G)</sup> | $231655 | $213412 |
|  Packaging Coordinators Midco, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 11/30/2027 | 222831 | 214976 |
|  Reynolds Group Holdings, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 09/24/2028 | 310193 | 300499 |
|  TricorBraun Holdings, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 03/03/2028 | 340765 | 322260 |
| Trident TPI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.00%, <br>4.00% - 7.67% <sup>(A)</sup>, 09/15/2028 | 17972 | 17009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.00%, <br>7.67% <sup>(A)</sup>, 09/15/2028 | 201565 | 190767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.25%, <br>6.92% <sup>(A)</sup>, 10/17/2024 | 140244 | 137702 |
|  |  | 2481939 |
| **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** | **Diversified Consumer Services - 0.1%** |
|  William Morris Endeavor Entertainment LLC <br>1st Lien Term Loan, <br>1-Month LIBOR + 2.75%, <br>6.51% <sup>(A)</sup>, 05/18/2025 | 576004 | 557284 |
| **Diversified Financial Services - 0.1%** | **Diversified Financial Services - 0.1%** | **Diversified Financial Services - 0.1%** |
|  Citco Group Ltd. <br>Term Loan B, <br>TBD, 04/19/2028 <sup>(G)</sup> <sup>(H)</sup> | 79940 | 79241 |
|  Claros Mortgage Trust, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.50%, <br>7.87% <sup>(A)</sup>, 08/09/2026 | 254004 | 248289 |
|  Stars Group Holdings BV <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>6.78% <sup>(A)</sup>, 07/22/2028 | 94895 | 93591 |
|  |  | 421121 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |
|  Intelsat Jackson Holdings SA <br>Term Loan B3, <br>TBD, 11/27/2023 <sup>(H)</sup> <sup>(I)</sup> <sup>(J)</sup> <sup>(K)</sup> | 3245 | 3114 |
|  Iridium Satellite LLC <br>Term Loan B2, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(A)</sup>, 11/04/2026 | 333943 | 328684 |
|  Telesat Canada <br>Term Loan B5, <br>3-Month LIBOR + 2.75%, <br>7.17% <sup>(A)</sup>, 12/07/2026 | 419666 | 217571 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Virgin Media Bristol LLC <br>Term Loan Q, <br>1-Month LIBOR + 3.25%, <br>6.66% <sup>(A)</sup>, 01/31/2029 | $167000 | $164025 |
|  Zayo Group Holdings, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 03/09/2027 | 225636 | 181524 |
|  |  | 894918 |
| **Electrical Equipment - 0.0% <sup>(C)</sup>** | **Electrical Equipment - 0.0% <sup>(C)</sup>** | **Electrical Equipment - 0.0% <sup>(C)</sup>** |
|  Gates Global LLC <br>Term Loan B3, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(A)</sup>, 03/31/2027 | 133999 | 130202 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  II-VI, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>5.88% <sup>(A)</sup>, 07/02/2029 | 209915 | 203198 |
|  Ingram Micro, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.50%, <br>7.17% <sup>(A)</sup>, 06/30/2028 | 152537 | 146665 |
|  Verifone Systems, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.00% <sup>(A)</sup>, 08/20/2025 | 423989 | 375628 |
|  |  | 725491 |
| **Energy Equipment & Services - 0.0% <sup>(C)</sup>** | **Energy Equipment & Services - 0.0% <sup>(C)</sup>** | **Energy Equipment & Services - 0.0% <sup>(C)</sup>** |
|  M6 ETX Holdings II Midco LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.07% <sup>(A)</sup>, 09/19/2029 <sup>(G)</sup> | 231769 | 229669 |
| **Entertainment - 0.0% <sup>(C)</sup>** | **Entertainment - 0.0% <sup>(C)</sup>** | **Entertainment - 0.0% <sup>(C)</sup>** |
|  AMC Entertainment Holdings, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.31% <sup>(A)</sup>, 04/22/2026 | 320955 | 227789 |
| **Food Products - 0.0% <sup>(C)</sup>** | **Food Products - 0.0% <sup>(C)</sup>** | **Food Products - 0.0% <sup>(C)</sup>** |
|  Nomad Foods Europe Midco Ltd. <br>Term Loan B4, <br>3-Month LIBOR + 2.25%, <br>5.16% <sup>(A)</sup>, 05/15/2024 | 294849 | 291901 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |
|  Medline Borrower LP <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 10/23/2028 <sup>(G)</sup> | 778155 | 713957 |
| **Health Care Providers & Services - 0.4%** | **Health Care Providers & Services - 0.4%** | **Health Care Providers & Services - 0.4%** |
|  Bella Holding Co. LLC <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 05/10/2028 | 208529 | 193672 |
|  Cano Health LLC <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>7.83% <sup>(A)</sup>, 11/23/2027 <sup>(G)</sup> | 108488 | 91198 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 312** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **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)** |
|  CHG Healthcare Services, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 09/29/2028 | $190733 | $184922 |
|  Gainwell Acquisition Corp. <br>Term Loan B, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(A)</sup>, 10/01/2027 | 431198 | 409279 |
|  ICON Luxembourg SARL <br>Term Loan, <br>3-Month LIBOR + 2.25%, <br>5.94% <sup>(A)</sup>, 07/03/2028 | 173057 | 171182 |
|  MPH Acquisition Holdings LLC <br>Term Loan B, <br>3-Month LIBOR + 4.25%, <br>7.32% <sup>(A)</sup>, 09/01/2028 | 339144 | 314725 |
|  Option Care Health, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 10/27/2028 | 159507 | 156218 |
|  PRA Health Sciences, Inc. <br>Term Loan, <br>3-Month LIBOR + 2.25%, <br>5.94% <sup>(A)</sup>, 07/03/2028 | 43117 | 42650 |
|  Radnet Management, Inc. <br>Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 04/21/2028 | 231956 | 224780 |
|  RegionalCare Hospital Partners Holdings, Inc. Term Loan B, <br>3-Month LIBOR + 3.75%, <br>8.16% <sup>(A)</sup>, 11/16/2025 | 503898 | 443610 |
|  Team Health Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 5.25%, <br>8.98% <sup>(A)</sup>, 03/02/2027 | 349019 | 288522 |
|  |  | 2520758 |
| **Health Care Technology - 0.1%** | **Health Care Technology - 0.1%** | **Health Care Technology - 0.1%** |
|  Athenahealth, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>6.97% <sup>(A)</sup>, 02/15/2029 | 620747 | 563328 |
|  Navicure, Inc. <br>Term Loan B, <br>1-Month LIBOR + 4.00%, <br>7.75% <sup>(A)</sup>, 10/22/2026 | 347656 | 337443 |
|  |  | 900771 |
| **Hotels, Restaurants & Leisure - 0.9%** | **Hotels, Restaurants & Leisure - 0.9%** | **Hotels, Restaurants & Leisure - 0.9%** |
|  Aimbridge Acquisition Co., Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 02/02/2026 | 442718 | 398584 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 3.00%, <br>5.88% <sup>(A)</sup>, 06/30/2025 | 139924 | 131179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 3.25%, <br>6.13% <sup>(A)</sup>, 10/18/2028 | 202459 | 185082 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Connect Finco SARL <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.26% <sup>(A)</sup>, 12/11/2026 | $368294 | $355404 |
|  Dave & Buster's, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 5.00%, <br>8.88% <sup>(A)</sup>, 06/29/2029 <sup>(G)</sup> | 293552 | 287070 |
|  Everi Holdings, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(A)</sup>, 08/03/2028 | 216821 | 211445 |
|  Fertitta Entertainment LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>7.73% <sup>(A)</sup>, 01/27/2029 | 232225 | 217463 |
|  Fogo De Chao, Inc. <br>Term Loan, <br>1-Month LIBOR + 4.25%, <br>8.00% <sup>(A)</sup>, 04/07/2025 | 305000 | 281363 |
|  GVC Holdings Ltd. <br>Term Loan B, <br>TBD, 10/18/2029 <sup>(G)</sup> <sup>(H)</sup> | 173220 | 170478 |
|  Herschend Entertainment Co. LLC <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.56% <sup>(A)</sup>, 08/27/2028 | 177512 | 175515 |
|  Hilton Grand Vacations Borrower LLC <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 08/02/2028 | 304673 | 299613 |
|  Hornblower Sub LLC <br>Repriced Term Loan B, <br>3-Month LIBOR + 4.50%, <br>8.67% <sup>(A)</sup>, 04/27/2025 | 379645 | 275243 |
|  IRB Holding Corp. <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 02/05/2025 | 232695 | 228955 |
| Motion Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan B2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.25%, <br>6.92% <sup>(A)</sup>, 11/12/2026 | 22321 | 21086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.25%, <br>6.92% <sup>(A)</sup>, 11/12/2026 | 183776 | 173611 |
|  NEP / NCP Holdco, Inc. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 10/20/2025 | 478550 | 426109 |
|  PCI Gaming Authority <br>Term Loan, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(A)</sup>, 05/29/2026 | 170118 | 167921 |
|  PF Chang's China Bistro, Inc. <br>Term Loan B, <br>3-Month LIBOR + 6.50%, <br>9.57% <sup>(A)</sup>, 03/01/2026 | 323426 | 282728 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 313** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Playa Resorts Holding BV <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 04/29/2024 | $469357 | $456645 |
|  Scientific Games Holdings LP <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.10% <sup>(A)</sup>, 04/04/2029 | 222260 | 209048 |
|  Scientific Games International, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.40% <sup>(A)</sup>, 04/14/2029 | 176746 | 174360 |
|  SeaWorld Parks & Entertainment, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.81% <sup>(A)</sup>, 08/25/2028 | 413570 | 402817 |
|  Travelport Finance SARL <br>Term Loan, <br>3-Month LIBOR + 5.00%, PIK Rate 1.75%, Cash Rate 0.00%, <br>1.75% - 8.67% <sup>(A)</sup>, 05/29/2026 <sup>(L)</sup> | 686811 | 466459 |
|  Whatabrands LLC <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 08/03/2028 | 164992 | 156495 |
|  |  | 6154673 |
| **Household Products - 0.0% <sup>(C)</sup>** | **Household Products - 0.0% <sup>(C)</sup>** | **Household Products - 0.0% <sup>(C)</sup>** |
|  Diamond BV <br>Term Loan B, <br>1-Month LIBOR + 2.75%,<br>3-Month LIBOR + 2.75%, <br>6.50% - 7.16% <sup>(A)</sup>, 09/29/2028 | 273067 | 254840 |
| **Insurance - 0.3%** | **Insurance - 0.3%** | **Insurance - 0.3%** |
| Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 05/09/2025 | 236065 | 229026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.50%, <br>6.98% <sup>(A)</sup>, 11/06/2027 | 147443 | 142204 |
|  AmWINS Group, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.25%, <br>6.00% <sup>(A)</sup>, 02/19/2028 | 307004 | 299840 |
|  Broadstreet Partners, Inc. <br>Term Loan B2, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 01/27/2027 | 287587 | 274645 |
|  Hub International Limited <br>Term Loan B, <br>TBD, 10/31/2029 <sup>(H)</sup> | 6096 | 5913 |
|  Hub International Ltd. <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>7.23% - 7.53% <sup>(A)</sup>, 04/25/2025 | 464522 | 455522 |
|  Hyperion Insurance Group Ltd. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.06% <sup>(A)</sup>, 11/12/2027 | 375065 | 364751 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
|  Sedgwick Claims Management Services, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 12/31/2025 | $475304 | $458371 |
|  |  | 2230272 |
| **Internet & Catalog Retail - 0.1%** | **Internet & Catalog Retail - 0.1%** | **Internet & Catalog Retail - 0.1%** |
| CNT Holdings I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 6.75%, <br>10.49% <sup>(A)</sup>, 11/06/2028 | 205369 | 194074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 3.50%, <br>7.24% <sup>(A)</sup>, 11/08/2027 | 206942 | 200993 |
|  |  | 395067 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Peraton Corp. <br>Term Loan B, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 02/01/2028 | 401917 | 386271 |
|  Rackspace Technology Global, Inc. <br>Term Loan B, <br>3-Month LIBOR + 2.75%, <br>5.62% <sup>(A)</sup>, 02/15/2028 | 184880 | 116833 |
|  Tempo Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.73% <sup>(A)</sup>, 08/31/2028 | 184993 | 182392 |
|  |  | 685496 |
| **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** |
|  Parexel International Corp. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 11/15/2028 | 361773 | 348106 |
| **Machinery - 0.2%** | **Machinery - 0.2%** | **Machinery - 0.2%** |
|  Alliance Laundry Systems LLC <br>Term Loan B, <br>3-Month LIBOR + 3.50%, <br>7.41% <sup>(A)</sup>, 10/08/2027 <sup>(G)</sup> | 150000 | 144638 |
|  Circor International, Inc. <br>Term Loan B, <br>1-Month LIBOR + 5.50%, <br>9.08% <sup>(A)</sup>, 12/20/2028 | 150105 | 141098 |
|  Filtration Group Corp. <br>Term Loan, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 10/21/2028 | 190014 | 182821 |
|  Hayward Industries, Inc. <br>Term Loan, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(A)</sup>, 05/30/2028 | 158493 | 148587 |
|  OEConnection LLC <br>Term Loan B, <br>1-Month LIBOR + 4.00%, <br>7.57% - 7.75% <sup>(A)</sup>, 09/25/2026 | 374811 | 356070 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 314** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
|  Patriot Container Corp. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 03/20/2025 | $401856 | $341410 |
|  |  | 1314624 |
| **Media - 0.3%** | **Media - 0.3%** | **Media - 0.3%** |
|  CMG Media Corp. <br>Term Loan, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 12/17/2026 | 236467 | 220604 |
|  Cogeco Financing 2 LP <br>Term Loan B, <br>1-Month LIBOR + 2.50%, <br>6.25% <sup>(A)</sup>, 09/01/2028 | 248792 | 241595 |
|  CSC Holdings LLC <br>Term Loan B5, <br>1-Month LIBOR + 2.50%, <br>5.91% <sup>(A)</sup>, 04/15/2027 | 484967 | 459506 |
|  Dotdash Meredith, Inc. <br>Term Loan B, <br>1-Month LIBOR + 4.00%, <br>7.12% <sup>(A)</sup>, 12/01/2028 | 176889 | 156989 |
| Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.50%, <br>5.63% <sup>(A)</sup>, 01/02/2026 | 73843 | 72511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.00%, <br>6.13% <sup>(A)</sup>, 12/01/2028 | 116131 | 114341 |
|  Rentpath, Inc. <br>2nd Lien Term Loan, <br>TBD, 05/03/2028 <sup>(H)</sup> <sup>(I)</sup> <sup>(J)</sup> <sup>(K)</sup> | 594723 | 2974 |
|  Sinclair Television Group, Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 3.75%, <br>7.58% <sup>(A)</sup>, 04/21/2029 | 249375 | 232978 |
|  United Talent Agency LLC <br>Term Loan B, <br>1-Month LIBOR + 4.00%, <br>7.69% <sup>(A)</sup>, 07/07/2028 | 372644 | 358204 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 03/15/2026 | 393717 | 380992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Term SOFR + 4.25%, <br>7.79% <sup>(A)</sup>, 06/24/2029 | 85282 | 83434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 01/31/2029 | 85046 | 81219 |
|  |  | 2405347 |
| **Metals & Mining - 0.1%** | **Metals & Mining - 0.1%** | **Metals & Mining - 0.1%** |
|  US Silica Co. <br>Term Loan B, <br>1-Month LIBOR + 4.00%, <br>7.81% <sup>(A)</sup>, 05/01/2025 | 368109 | 356802 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
|  WP CPP Holdings LLC <br>Term Loan, <br>1-Month LIBOR + 3.75%,<br>3-Month LIBOR + 3.75%, <br>7.51% - 8.17% <sup>(A)</sup>, 04/30/2025 | $148183 | $125956 |
|  |  | 482758 |
| **Mortgage Real Estate Investment Trusts - 0.0% <sup>(C)</sup>** | **Mortgage Real Estate Investment Trusts - 0.0% <sup>(C)</sup>** | **Mortgage Real Estate Investment Trusts - 0.0% <sup>(C)</sup>** |
|  Apollo Commercial Real Estate Finance, Inc. <br>Term Loan B1, <br>1-Month LIBOR + 3.50%, <br>7.08% <sup>(A)</sup>, 03/11/2028 | 283191 | 269032 |
| **Oil, Gas & Consumable Fuels - 0.2%** | **Oil, Gas & Consumable Fuels - 0.2%** | **Oil, Gas & Consumable Fuels - 0.2%** |
|  Buckeye Partners LP <br>Term Loan B, <br>1-Month LIBOR + 2.25%, <br>5.37% <sup>(A)</sup>, 11/01/2026 | 163104 | 161004 |
|  Centurion Pipeline Co. LLC <br>Term Loan B, <br>1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 09/29/2025 <sup>(G)</sup> | 139016 | 136931 |
|  CQP Holdco LP <br>Term Loan B, <br>3-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 06/05/2028 | 369115 | 363993 |
|  EG America LLC <br>Term Loan, <br>3-Month LIBOR + 4.00%, <br>7.67% <sup>(A)</sup>, 02/07/2025 | 319844 | 288793 |
|  Medallion Midland Acquisition LLC <br>Term Loan, <br>1-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 10/18/2028 | 210514 | 207751 |
|  Oryx Midstream Services Permian Basin LLC <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>6.21% <sup>(A)</sup>, 10/05/2028 | 223580 | 219978 |
|  TransMontaigne Operating Co. LP <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>6.99% - 7.07% <sup>(A)</sup>, 11/17/2028 | 312020 | 300709 |
|  |  | 1679159 |
| **Paper & Forest Products - 0.0% <sup>(C)</sup>** | **Paper & Forest Products - 0.0% <sup>(C)</sup>** | **Paper & Forest Products - 0.0% <sup>(C)</sup>** |
|  Vertical US Newco, Inc. <br>Term Loan B, <br>6-Month LIBOR + 3.50%, <br>6.87% <sup>(A)</sup>, 07/30/2027 <sup>(G)</sup> | 237932 | 225639 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  Coty, Inc. <br>Term Loan B, <br>1-Month LIBOR + 2.25%, <br>5.45% <sup>(A)</sup>, 04/07/2025 | 352859 | 344479 |
|  Sunshine Luxembourg VII SARL <br>Term Loan B3, <br>3-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 10/01/2026 | 298107 | 283015 |
|  |  | 627494 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 315** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Pharmaceuticals - 0.0% <sup>(C)</sup>** | **Pharmaceuticals - 0.0% <sup>(C)</sup>** | **Pharmaceuticals - 0.0% <sup>(C)</sup>** |
|  Organon & Co. <br>Term Loan, <br>3-Month LIBOR + 3.00%, <br>6.19% <sup>(A)</sup>, 06/02/2028 | $221755 | $215815 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
|  Verscend Holding Corp. <br>Term Loan B, <br>1-Month LIBOR + 4.00%, <br>7.75% <sup>(A)</sup>, 08/27/2025 | 423927 | 417170 |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
| Brookfield WEC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 08/01/2025 | 308905 | 303070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 3.75%, <br>7.48% <sup>(A)</sup>, 08/01/2025 | 59399 | 58731 |
|  Cushman & Wakefield US Borrower LLC <br>Term Loan B, <br>1-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 08/21/2025 | 301193 | 294165 |
|  |  | 655966 |
| **Road & Rail - 0.0% <sup>(C)</sup>** | **Road & Rail - 0.0% <sup>(C)</sup>** | **Road & Rail - 0.0% <sup>(C)</sup>** |
| Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.01% <sup>(A)</sup>, 06/30/2028 | 196691 | 189192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.01% <sup>(A)</sup>, 06/30/2028 | 37538 | 36107 |
|  |  | 225299 |
| **Semiconductors & Semiconductor Equipment - 0.0% <sup>(C)</sup>** | **Semiconductors & Semiconductor Equipment - 0.0% <sup>(C)</sup>** | **Semiconductors & Semiconductor Equipment - 0.0% <sup>(C)</sup>** |
| Altar Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month Term Loan + 5.60%, <br>7.35% <sup>(A)</sup>, 02/01/2030 | 22132 | 18812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month Term SOFR + 3.10%,<br>12-Month Term SOFR + 3.10%, <br>5.20% - 5.50% <sup>(A)</sup>, 02/01/2029 | 162403 | 151644 |
|  |  | 170456 |
| **Software - 1.0%** | **Software - 1.0%** | **Software - 1.0%** |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.00%, <br>6.67% <sup>(A)</sup>, 09/19/2024 | 295698 | 291558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 5.50%, <br>9.17% <sup>(A)</sup>, 09/19/2025 | 73849 | 72526 |
|  Barracuda Networks, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.23% <sup>(A)</sup>, 08/15/2029 | 339494 | 324520 |
|  CDK Global, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.50%, <br>8.11% <sup>(A)</sup>, 07/06/2029 | 427809 | 418303 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Comet Acquisition, Inc. <br>Term Loan, <br>3-Month LIBOR + 3.50%, <br>7.17% <sup>(A)</sup>, 10/24/2025 | $231545 | $219967 |
|  Corel Corp. <br>Term Loan, <br>3-Month LIBOR + 5.00%, <br>8.07% <sup>(A)</sup>, 07/02/2026 | 414891 | 390412 |
| CPC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 7.75%, <br>11.42% <sup>(A)</sup>, 12/29/2028 | 66316 | 49847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.75%, <br>7.42% <sup>(A)</sup>, 12/29/2027 | 186205 | 147102 |
| DCert Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 7.00%, <br>9.90% <sup>(A)</sup>, 02/19/2029 | 101488 | 92354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 4.00%, <br>6.90% <sup>(A)</sup>, 10/16/2026 | 400966 | 385528 |
| Epicor Software Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 7.75%, <br>11.50% <sup>(A)</sup>, 07/31/2028 | 59907 | 58634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 07/30/2027 <sup>(G)</sup> | 290821 | 275844 |
|  Greeneden US Holdings II LLC <br>Term Loan B4, <br>1-Month LIBOR + 4.00%, <br>7.75% <sup>(A)</sup>, 12/01/2027 | 597656 | 581719 |
|  Helios Software Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.45% <sup>(A)</sup>, 03/11/2028 | 319638 | 307172 |
|  ION Trading Finance Ltd. <br>Term Loan, <br>3-Month LIBOR + 4.75%, <br>8.42% <sup>(A)</sup>, 04/03/2028 <sup>(G)</sup> | 362614 | 336703 |
|  McAfee LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>6.87% <sup>(A)</sup>, 03/01/2029 | 516004 | 468704 |
| MedAssets Software Intermediate Holdings,<br>Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 6.75%, <br>10.50% <sup>(A)</sup>, 12/17/2029 | 111064 | 94497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.00%, <br>7.75% <sup>(A)</sup>, 12/18/2028 | 202277 | 191151 |
|  Mitnick Corporate Purchaser, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>8.94% <sup>(A)</sup>, 05/02/2029 | 103013 | 97811 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 316** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  NCR Corp. <br>Term Loan, <br>3-Month LIBOR + 2.50%, <br>6.92% <sup>(A)</sup>, 08/28/2026 | $172421 | $165237 |
|  Project Boost Purchaser LLC <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 06/01/2026 | 319537 | 306927 |
|  Proofpoint, Inc. <br>1st Lien Term Loan, <br>3-Month LIBOR + 3.25%, <br>6.32% <sup>(A)</sup>, 08/31/2028 <sup>(G)</sup> | 266995 | 253437 |
|  RealPage, Inc. <br>1st Lien Term Loan, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 04/24/2028 | 337896 | 316862 |
|  Sophia LP <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>7.98% <sup>(A)</sup>, 10/07/2027 | 439167 | 424162 |
| Ultimate Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 5.25%, <br>9.00% <sup>(A)</sup>, 05/03/2027 | 63678 | 58159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 3.25%, <br>7.00% <sup>(A)</sup>, 05/04/2026 | 78335 | 75483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 05/04/2026 | 324019 | 314388 |
|  VS Buyer LLC <br>Term Loan B, <br>1-Month LIBOR + 3.00%, <br>6.75% <sup>(A)</sup>, 02/28/2027 | 208379 | 202128 |
|  |  | 6921135 |
| **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 2.50%, <br>5.38% <sup>(A)</sup>, 04/13/2028 | 61302 | 60171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 2.25%, <br>6.69% <sup>(A)</sup>, 10/30/2026 | 149804 | 146995 |
|  Great Outdoors Group LLC <br>Term Loan B1, <br>1-Month LIBOR + 3.75%, <br>7.50% <sup>(A)</sup>, 03/06/2028 | 165754 | 155740 |
|  Petco Health & Wellness Co., Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.25%, <br>6.92% <sup>(A)</sup>, 03/03/2028 <sup>(G)</sup> | 299672 | 287435 |
|  Storable, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%,<br>2-Month Term SOFR + 3.50%, <br>6.08% - 7.23% <sup>(A)</sup>, 04/17/2028 | 154133 | 144404 |
|  |  | 794745 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** |
|  Birkenstock GmbH & Co. KG <br>Term Loan B, <br>6-Month LIBOR + 3.25%, <br>5.10% <sup>(A)</sup>, 04/28/2028 | $337311 | $319602 |
|  Varsity Brands, Inc. <br>Term Loan B, <br>1-Month LIBOR + 3.50%, <br>7.25% <sup>(A)</sup>, 12/15/2024 | 434238 | 402153 |
|  |  | 721755 |
| **Transportation Infrastructure - 0.0% <sup>(C)</sup>** | **Transportation Infrastructure - 0.0% <sup>(C)</sup>** | **Transportation Infrastructure - 0.0% <sup>(C)</sup>** |
| KKR Apple Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 5.75%, <br>9.50% <sup>(A)</sup>, 09/21/2029 | 32722 | 31100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.75%, <br>6.50% <sup>(A)</sup>, 09/23/2028 | 195597 | 189362 |
|  |  | 220462 |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |
|  Altice France SA <br>Term Loan B12, <br>3-Month LIBOR + 3.68%, <br>7.77% <sup>(A)</sup>, 01/31/2026 | 754661 | 675657 |
|  CCI Buyer, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>7.55% <sup>(A)</sup>, 12/17/2027 | 435905 | 417379 |
|  Eagle Broadband Investments LLC <br>Term Loan, <br>3-Month LIBOR + 3.00%, <br>6.69% <sup>(A)</sup>, 11/12/2027 | 234456 | 224931 |
|  |  | 1317967 |
|  **Total Loan Assignments <br>(Cost $56,543,781)** | **Total Loan Assignments <br>(Cost $56,543,781)** | 53638207 |
| **U.S. GOVERNMENT OBLIGATIONS - 35.5%** | **U.S. GOVERNMENT OBLIGATIONS - 35.5%** | **U.S. GOVERNMENT OBLIGATIONS - 35.5%** |
| **U.S. Treasury - 33.8%** | **U.S. Treasury - 33.8%** | **U.S. Treasury - 33.8%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 5000000 | 3250195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 9700000 | 7055234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 22700000 | 19124750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 54500000 | 46844453 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/31/2022 | 2800000 | 2782394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/2024 - 06/15/2024 | 51000000 | 47609883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 <sup>(F)</sup> | 222000 | 188336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 1491000 | 1188257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 44000 | 36548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/2024 - 05/31/2024 | 50000000 | 48032227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/2024 | 25000000 | 24128906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/2024 - 05/15/2024 | 40000000 | 38730469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2025 | 1900000 | 1825707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 | 1000000 | 962773 |
|  |  | 241760132 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 317** 

------

##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury Inflation-Protected Securities - 1.7%** | **U.S. Treasury Inflation-Protected Securities - 1.7%** | **U.S. Treasury Inflation-Protected Securities - 1.7%** |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.63%, 04/15/2023 | $11923700 | $11847779 |
|  **Total U.S. Government Obligations <br>(Cost $268,133,437)** | **Total U.S. Government Obligations <br>(Cost $268,133,437)** | 253607911 |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.5%** | **COMMON STOCKS - 0.5%** | **COMMON STOCKS - 0.5%** |
| **Energy Equipment & Services - 0.5%** | **Energy Equipment & Services - 0.5%** | **Energy Equipment & Services - 0.5%** |
|  Hi-Crush, Inc. <sup>(I)</sup> <sup>(K)</sup> <sup>(M)</sup> <sup>(N)</sup> | 78 | 3615222 |
| **Machinery - 0.0%** | **Machinery - 0.0%** | **Machinery - 0.0%** |
|  Ameriforge Group, Inc. <sup>(I)</sup> <sup>(K)</sup> <sup>(M)</sup> <sup>(N)</sup> <sup>(O)</sup> | 2679 | 0 |
|  **Total Common Stocks <br>(Cost $560,060)** | **Total Common Stocks <br>(Cost $560,060)** | 3615222 |
| **PREFERRED STOCK - 0.2%** | **PREFERRED STOCK - 0.2%** | **PREFERRED STOCK - 0.2%** |
| **Banks - 0.2%** | **Banks - 0.2%** | **Banks - 0.2%** |
|  Customers Bancorp, Inc., <br>5.38% | 79110 | 1560840 |
|  **Total Preferred Stock <br>(Cost $1,977,750)** | **Total Preferred Stock <br>(Cost $1,977,750)** | 1560840 |
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.0%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.0%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.0%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% <sup>(P)</sup>, 11/22/2022 <sup>(F)</sup> | $5000000 | 4990408 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** |
| U.S. Treasury Bills (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01% <sup>(P)</sup>, 11/22/2022 | $10000000 | $9980816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90% <sup>(P)</sup>, 03/23/2023 | 25000000 | 24585858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98% <sup>(P)</sup>, 03/30/2023 | 25000000 | 24570022 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $64,203,683)** | **Total Short-Term U.S. Government Obligations <br>(Cost $64,203,683)** | 64127104 |
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANY - 15.3%** | **SHORT-TERM INVESTMENT COMPANY - 15.3%** | **SHORT-TERM INVESTMENT COMPANY - 15.3%** |
| **Money Market Fund - 15.3%** | **Money Market Fund - 15.3%** | **Money Market Fund - 15.3%** |
|  State Street Institutional U.S. Government Money Market Fund,<br>3.01% <sup>(P)</sup> | 109527924 | 109527924 |
|  **Total Short-Term Investment Company <br>(Cost $109,527,924)** | **Total Short-Term Investment Company <br>(Cost $109,527,924)** | 109527924 |
| **OTHER INVESTMENT COMPANY - 0.8%** | **OTHER INVESTMENT COMPANY - 0.8%** | **OTHER INVESTMENT COMPANY - 0.8%** |
| **Securities Lending Collateral - 0.8%** | **Securities Lending Collateral - 0.8%** | **Securities Lending Collateral - 0.8%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(P)</sup> | 5883078 | 5883078 |
|  **Total Other Investment Company <br>(Cost $5,883,078)** | **Total Other Investment Company <br>(Cost $5,883,078)** | 5883078 |
|  **Total Investments <br>(Cost $750,869,207)** | **Total Investments <br>(Cost $750,869,207)** | 713642188 |
|  **Net Other Assets (Liabilities) - 0.2%** |  | 1231732 |
|  **Net Assets - 100.0%** |  | **$714873920** |

---

**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** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  German Euro BOBL | 654 | 12/08/2022 | $79483590 | $77344553 | $— | $(2139037) |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(Q)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(R)</sup>** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** |  |  |  |  |
|  Asset-Backed Securities | $— | $89435605 | $— | $89435605 |
|  Corporate Debt Securities |  | 128385522 |  | 128385522 |
|  Foreign Government Obligations |  | 3860775 |  | 3860775 |
|  Loan Assignments |  | 53638207 |  | 53638207 |
|  U.S. Government Obligations |  | 253607911 |  | 253607911 |
|  Common Stocks |  |  | 3615222 | 3615222 |
|  Preferred Stock | 1560840 |  |  | 1560840 |
|  Short-Term U.S. Government Obligations |  | 64127104 |  | 64127104 |
|  Short-Term Investment Company | 109527924 |  |  | 109527924 |
|  Other Investment Company | 5883078 |  |  | 5883078 |
|  **Total Investments** | $**116971842** | $**593055124** | $**3615222** | $**713642188** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 318** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**INVESTMENT VALUATION (continued):** 

------

**Valuation Inputs (continued) <sup>(Q)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(R)</sup>** | **Value** |
|  **LIABILITIES** |  |  |  |  |
|  **Other Financial Instruments** |  |  |  |  |
|  Futures Contracts <sup>(S)</sup> | $(2139037) | $— | $— | $(2139037) |
|  **Total Other Financial Instruments** | $**(2139037)** | $**—** | $**—** | $**(2139037)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of October 31, 2022. 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.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2022, the total value of 144A securities is $128,691,049, representing 18.0% of the Fund's net assets.* 

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

(D) *Perpetual maturity. The date displayed is the next call date.* 

(E) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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, 2022, the total value of Regulation S securities is $16,936,229, representing 2.4% of the Fund's net assets.* 

(F) *All or a portion of the securities are on loan. The total value of all securities on loan is $21,208,622, collateralized by cash collateral of $5,883,078 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $15,765,925. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(G) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after October 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(H) *All or a portion of the security represents unsettled loan commitments at October 31, 2022 where the rate will be determined at time of settlement.* 

(I) *Restricted securities. At October 31, 2022, the value of such securities held by the Fund are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Loan Assignments | Intelsat Jackson Holdings SA<br>Term Loan B3,<br>TBD, 11/27/2023 | 11/27/2017 - 11/13/2019 | $3196 | $3114 | 0.0 %<sup>(C)</sup> |
|  Loan Assignments | Rentpath, Inc.<br>2nd Lien Term Loan,<br>TBD, 05/03/2028 | 04/06/2021 | 103474 | 2974 | 0.0 <sup>(C)</sup> |
|  Common Stocks | Hi-Crush, Inc. | 10/08/2020 - 11/02/2021 | 473091 | 3615222 | 0.5 |
|  Common Stocks | Ameriforge Group, Inc. | 04/20/2016 - 05/13/2016 | 91268 | 0 | 0.0 |
|  **Total** |  |  | $**671029** | $**3621310** | **0.5%** |

---

(J) *Securities in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2022, the total value of such securities is $6,088, representing less than 0.1% of the Fund's net assets.* 

(K) *Non-income producing securities.* 

(L) *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.* 

(M) *Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2022, the total value of securities is $3,615,222, representing 0.5% of the Fund's net assets.* 

(N) *Securities are Level 3 of the fair value hierarchy.* 

(O) *Security deemed worthless.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 319** 

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##### [**Table of Contents**](#toc)
**Transamerica Unconstrained Bond** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

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

(P) *Rates disclosed reflect the yields at October 31, 2022.* 

(Q) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(R) *Level 3 securities were not considered significant to the Fund.* 

(S) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BOBL* | *Bundesobligationen (German Federal Government Securities)* |
| *LIBOR* | *London Interbank Offered Rate* |
| *Prime Rate* | *Interest rate charged by banks to their most credit worthy customers* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *TBD* | *To Be Determined* |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 320** 

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##### [**Table of Contents**](#toc)
**Transamerica US Growth** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

U.S. equities fell over the fiscal year ended October 31, 2022. Markets rallied early in the period on the back of robust equity inflows, strong corporate earnings, favorable economic data, and extremely accommodative financial conditions. The rapid spread of the Omicron variant, however, led to the largest increase in U.S. COVID-19 cases since the onset of the pandemic, prompting a flurry of new restrictions and event cancellations at the end of calendar year 2021. Inflation continued to surge against a backdrop of severe supply and labor shortages, rising energy prices, and high demand for goods and services, and heightening scrutiny of the U.S. Federal Reserve ("Fed") amid anxiety about a potential policy mistake. Equity markets fell sharply in the second quarter of 2022, as rampant inflation and tighter financial conditions hurt risk sentiment and increased the probability of recession. Rapidly rising prices for food and energy pushed consumer inflation to its highest level in more than four decades. Growth stocks significantly underperformed their value counterparts as surging treasury yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its biggest quarterly loss since September 2001. Equity market weakness persisted, as risk sentiment deteriorated on fears that aggressive interest rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. to recession. Despite these concerns, the Fed made clear that the central bank is committed to raising interest rates and keeping them elevated for longer until there is clear evidence that price pressures are abating.

Returns varied by market-cap, as large-cap stocks, as measured by the S&P 500<sup>®</sup> Index outperformed small-cap but underperformed mid-cap stocks, as measured by the Russell 2000<sup>®</sup> Index and S&P Midcap 400<sup>®</sup> Index respectively.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica US Growth (Class A) returned -28.96%, excluding any sales charges. By comparison, its benchmark, the Russell 1000<sup>®</sup> Growth Index, returned -24.60%.

**STRATEGY REVIEW** 

Wellington Management Company LLP implements a disciplined portfolio construction process that allows us to assess risk, weight individual positions accordingly, and in the process, build a portfolio that seeks to generate benchmark-relative outperformance largely via stock selection.

The Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index, during the fiscal year ended October 31, 2022.

During the period, weak stock selection stock selection within information technology and communication services were the primary drivers of relative underperformance. This was partially offset by stronger selection in health care and consumer discretionary. Sector allocation, a result of the bottom-up stock selection process, modestly detracted from relative performance. The Fund's underweight allocations to consumer staples and energy detracted from relative performance the most. This was partially offset by an overweight allocation to health care and an underweight to communication services, which contributed to relative performance.

The Fund's largest relative contributors during the period included overweight positions in Eli Lilly & Co., a U.S.-based pharmaceutical company, Vertex Pharmaceuticals, Inc., a global biotechnology company, and UnitedHealth Group, Inc., a U.S. healthcare and insurance company.

The Fund's largest relative detractors during the period included an overweight position in Netflix, Inc., a streaming entertainment provider, and an underweight to Apple, Inc., a multinational technology company.

**Douglas McLane, CFA** 

**Mammen Chally, CFA** 

**David Siegle, CFA** 

**Co-Portfolio Managers** 

**Wellington Management Company LLP** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.8% |
|  Repurchase Agreement | 1.4 |
|  Net Other Assets (Liabilities) | (0.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 321** 

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##### [**Table of Contents**](#toc)
**Transamerica US Growth** 

------

**(unaudited)**![LOGO](g404440g87c35.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class A (POP) | (32.86)% | 9.46% | 12.19% | 11/13/2009 |
|  Class A (NAV) | (28.96)% | 10.71% | 12.83% | 11/13/2009 |
|  Russell 1000<sup>®</sup> Growth Index <sup>(A)</sup> | (24.60)% | 12.59% | 14.69% |  |
|  Class C (POP) | (30.13)% | 9.83% | 11.95% | 11/13/2009 |
|  Class C (NAV) | (29.52)% | 9.83% | 11.95% | 11/13/2009 |
|  Class I (NAV) | (28.67)% | 11.04% | 13.20% | 11/30/2009 |
|  Class I2 (NAV) | (28.72)% | 11.13% | 13.31% | 11/13/2009 |
|  Class R6 (NAV) | (28.71)% | N/A | (13.93)% | 05/28/2021 |
|  Class T (POP) | (34.81)% | 9.11% | 12.24% | 02/10/2012 |
|  Class T (NAV) | (28.76)% | 11.07% | 13.24% | 02/10/2012 |

---

<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price ("POP") returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for Class A shares and 8.5% for Class T shares or the maximum applicable contingent deferred sales charge 1% (in the 1st year) for Class C shares. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. If a sales charge had been deducted, the results would be lower. There are no sales charges on Class I, I2 and R6 shares.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Returns on growth stocks may not move in tandem with return 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. 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.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 322** 

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##### [**Table of Contents**](#toc)
**Transamerica US Growth** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** | **COMMON STOCKS - 98.8%** |
| **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** |
|  Raytheon Technologies Corp. | 195138 | $18502985 |
| **Automobiles - 2.1%** | **Automobiles - 2.1%** | **Automobiles - 2.1%** |
|  Tesla, Inc. <sup>(A)</sup> | 148931 | 33887760 |
| **Beverages - 3.3%** | **Beverages - 3.3%** | **Beverages - 3.3%** |
|  Constellation Brands, Inc., Class A | 97932 | 24197039 |
|  Monster Beverage Corp. <sup>(A)</sup> | 299418 | 28061455 |
|  |  | 52258494 |
| **Biotechnology - 4.1%** | **Biotechnology - 4.1%** | **Biotechnology - 4.1%** |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 29301 | 21939124 |
|  Seagen, Inc. <sup>(A)</sup> | 97178 | 12357154 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 102196 | 31885152 |
|  |  | 66181430 |
| **Building Products - 2.7%** | **Building Products - 2.7%** | **Building Products - 2.7%** |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 143975 | 8877498 |
|  Fortune Brands Home & Security, Inc. | 193130 | 11649602 |
|  Johnson Controls International PLC | 380844 | 22028017 |
|  |  | 42555117 |
| **Capital Markets - 1.7%** | **Capital Markets - 1.7%** | **Capital Markets - 1.7%** |
|  Ares Management Corp., Class A | 143611 | 10890022 |
|  Morgan Stanley | 191793 | 15759631 |
|  |  | 26649653 |
| **Chemicals - 1.4%** | **Chemicals - 1.4%** | **Chemicals - 1.4%** |
|  PPG Industries, Inc. | 192174 | 21942427 |
| **Consumer Finance - 2.4%** | **Consumer Finance - 2.4%** | **Consumer Finance - 2.4%** |
|  American Express Co. | 166046 | 24649529 |
|  S&P Global, Inc. | 43544 | 13988510 |
|  |  | 38638039 |
| **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** |
|  Amphenol Corp., Class A | 297529 | 22561624 |
|  CDW Corp. | 132050 | 22819561 |
|  |  | 45381185 |
| **Entertainment - 1.1%** | **Entertainment - 1.1%** | **Entertainment - 1.1%** |
|  Walt Disney Co. <sup>(A)</sup> | 159698 | 17014225 |
| **Equity Real Estate Investment Trusts - 1.7%** | **Equity Real Estate Investment Trusts - 1.7%** | **Equity Real Estate Investment Trusts - 1.7%** |
|  Prologis, Inc. | 145045 | 16063734 |
|  Rexford Industrial Realty, Inc. | 214105 | 11835724 |
|  |  | 27899458 |
| **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** |
|  Align Technology, Inc. <sup>(A)</sup> | 38350 | 7451405 |
|  Edwards Lifesciences Corp. <sup>(A)</sup> | 183421 | 13285183 |
|  Teleflex, Inc. | 54735 | 11743942 |
|  |  | 32480530 |
| **Health Care Providers & Services - 4.1%** | **Health Care Providers & Services - 4.1%** | **Health Care Providers & Services - 4.1%** |
|  R1 RCM, Inc. <sup>(A)</sup> | 510672 | 9018468 |
|  UnitedHealth Group, Inc. | 101170 | 56164525 |
|  |  | 65182993 |
| **Hotels, Restaurants & Leisure - 3.2%** | **Hotels, Restaurants & Leisure - 3.2%** | **Hotels, Restaurants & Leisure - 3.2%** |
|  Airbnb, Inc., Class A <sup>(A)</sup> | 132877 | 14205880 |
|  Booking Holdings, Inc. <sup>(A)</sup> | 7180 | 13422867 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 15437 | 23129720 |
|  |  | 50758467 |
| **Interactive Media & Services - 4.8%** | **Interactive Media & Services - 4.8%** | **Interactive Media & Services - 4.8%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 720872 | 68129613 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 202237 | $9005613 |
|  |  | 77135226 |
| **Internet & Direct Marketing Retail - 5.8%** | **Internet & Direct Marketing Retail - 5.8%** | **Internet & Direct Marketing Retail - 5.8%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 903848 | 92590189 |
| **IT Services - 6.2%** | **IT Services - 6.2%** | **IT Services - 6.2%** |
|  Block, Inc. <sup>(A)</sup> | 120322 | 7227743 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 97548 | 18155634 |
|  Global Payments, Inc. | 126861 | 14495138 |
|  GoDaddy, Inc., Class A <sup>(A)</sup> | 100333 | 8066773 |
|  Mastercard, Inc., Class A | 156436 | 51339166 |
|  |  | 99284454 |
| **Life Sciences Tools & Services - 1.5%** | **Life Sciences Tools & Services - 1.5%** | **Life Sciences Tools & Services - 1.5%** |
|  Thermo Fisher Scientific, Inc. | 47261 | 24290736 |
| **Machinery - 3.4%** | **Machinery - 3.4%** | **Machinery - 3.4%** |
|  Deere & Co. | 88376 | 34980988 |
|  Nordson Corp. | 87139 | 19606275 |
|  |  | 54587263 |
| **Oil, Gas & Consumable Fuels - 1.5%** | **Oil, Gas & Consumable Fuels - 1.5%** | **Oil, Gas & Consumable Fuels - 1.5%** |
|  Pioneer Natural Resources Co. | 95442 | 24472283 |
| **Personal Products - 1.4%** | **Personal Products - 1.4%** | **Personal Products - 1.4%** |
|  Estee Lauder Cos., Inc., Class A | 107434 | 21539443 |
| **Pharmaceuticals - 2.8%** | **Pharmaceuticals - 2.8%** | **Pharmaceuticals - 2.8%** |
|  Eli Lilly & Co. | 125451 | 45424553 |
| **Semiconductors & Semiconductor Equipment - 6.3%** | **Semiconductors & Semiconductor Equipment - 6.3%** | **Semiconductors & Semiconductor Equipment - 6.3%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 240317 | 14433439 |
|  KLA Corp. | 46406 | 14685179 |
|  Marvell Technology, Inc. | 183983 | 7300445 |
|  NVIDIA Corp. | 183208 | 24727584 |
|  Teradyne, Inc. | 116327 | 9463202 |
|  Texas Instruments, Inc. | 185329 | 29769397 |
|  |  | 100379246 |
| **Software - 15.2%** | **Software - 15.2%** | **Software - 15.2%** |
|  Five9, Inc. <sup>(A)</sup> | 131472 | 7922503 |
|  Microsoft Corp. | 559933 | 129977247 |
|  Palo Alto Networks, Inc. <sup>(A)</sup> | 146073 | 25064666 |
|  Paycom Software, Inc. <sup>(A)</sup> | 49962 | 17286852 |
|  Salesforce, Inc. <sup>(A)</sup> | 146153 | 23763016 |
|  ServiceNow, Inc. <sup>(A)</sup> | 63749 | 26821754 |
|  Workday, Inc., Class A <sup>(A)</sup> | 74185 | 11559507 |
|  |  | 242395545 |
| **Specialty Retail - 2.1%** | **Specialty Retail - 2.1%** | **Specialty Retail - 2.1%** |
|  TJX Cos., Inc. | 468475 | 33777047 |
| **Technology Hardware, Storage & Peripherals - 10.8%** | **Technology Hardware, Storage & Peripherals - 10.8%** | **Technology Hardware, Storage & Peripherals - 10.8%** |
|  Apple, Inc. | 1057015 | 162082680 |
|  NetApp, Inc. | 152210 | 10543587 |
|  |  | 172626267 |
| **Textiles, Apparel & Luxury Goods - 3.2%** | **Textiles, Apparel & Luxury Goods - 3.2%** | **Textiles, Apparel & Luxury Goods - 3.2%** |
|  Lululemon Athletica, Inc. <sup>(A)</sup> | 73200 | 24085728 |
|  NIKE, Inc., Class B | 282805 | 26210367 |
|  |  | 50296095 |
|  **Total Common Stocks <br>(Cost $1,074,976,381)** | **Total Common Stocks <br>(Cost $1,074,976,381)** | 1578131110 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 323** 

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##### [**Table of Contents**](#toc)
**Transamerica US Growth** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.4%** | **REPURCHASE AGREEMENT - 1.4%** | **REPURCHASE AGREEMENT - 1.4%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $21,821,822 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $22,257,673. | $21821155 | $21821155 |
|  **Total Repurchase Agreement <br>(Cost $21,821,155)** | **Total Repurchase Agreement <br>(Cost $21,821,155)** | 21821155 |
|  **Total Investments <br>(Cost $1,096,797,536)** | **Total Investments <br>(Cost $1,096,797,536)** | 1599952265 |
|  **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (2530045) |
|  **Net Assets - 100.0%** |  | **$1597422220** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** |  |  |  |  |
|  Common Stocks | $1578131110 | $— | $— | $1578131110 |
|  Repurchase Agreement |  | 21821155 |  | 21821155 |
|  **Total Investments** | $**1578131110** | $**21821155** | $**—** | $**1599952265** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.*

(B) *Rate disclosed reflects the yield at October 31, 2022.*

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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 Report 2022** |

---

**Page 324** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Balanced II** | **Transamerica<br>Bond** | **Transamerica<br>Capital Growth** | **Transamerica<br>Emerging<br>Markets Debt** | **Transamerica<br>Emerging<br>Markets<br>Opportunities** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A) (B)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;108054746 | $&nbsp;&nbsp;&nbsp;&nbsp;1268766271 | $1660294981 | $181789881 | $792284941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> |  | 12136681 | 36829031 | 12389501 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 981599 |  |  | 393506 | 27567863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | 288000 | 7697000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements |  | 115 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(E)</sup> |  | 19 |  | 1120000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 127150 | 6500 |  |  | 669197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>(D)</sup> |  |  | 1015 | 204742 | 4797005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 59395 | 17973 | 9793294 | 2437598 | 6742303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold |  | 1470000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 337 | 6173 | 118928 | 1590 | 16814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 805 | 2129767 | 2621623 | 710631 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 41295 |  |  | 1171 | 717393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 247437 | 9577109 | 1125 | 3318039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 1872 |  | 27985 | 74118 | 54385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from distributor | 32677 |  |  | 96317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  |  |  | 326327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 109835313 | 1301807608 | 1709687982 | 202863421 | 832851901 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 1019937 | 14564963 | 82361489 | 4931022 | 20434203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(E)</sup> |  |  | 20420000 | 490000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 372001 | 7242380 | 11795168 | 3752511 | 5513488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 8256732 | 58021331 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions |  | 457048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 3462 | 2868232 | 3220183 | 982776 | 13712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax |  |  |  |  | 1390945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 3416027 | 220000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 40112 | 382423 | 1072415 | 104487 | 560596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 23314 | 56935 | 226272 | 3505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 479 | 93818 | 193999 | 16552 | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 872 | 9741 | 26745 | 4101 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28551 | 33429 | 27311 | 34855 | 29366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 4807 | 60236 | 68937 | 45325 | 204631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1560 | 20016 | 37121 | 4054 | 14721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 399 | 44726 | 149563 | 11270 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 238 | 840 | 845 | 218 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4712 | 20058 | 32062 | 5120 | 17014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 4685 | 1661 |  |  | 31653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  |  |  | 351175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 9761861 | 87293864 | 119852110 | 10736971 | 28219824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $100073452 | $1214513744 | $1589835872 | $&nbsp;&nbsp;&nbsp;&nbsp;192126450 | $804632077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $84968459 | $1469986866 | $2662374400 | $375372039 | $&nbsp;&nbsp;&nbsp;&nbsp;1237067699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 15104993 | (255473122) | &nbsp;&nbsp;&nbsp;&nbsp;(1072538528) | &nbsp;&nbsp;&nbsp;&nbsp;(183245589) | (432435622) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $100073452 | $1214513744 | $1589835872 | $192126450 | $804632077 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 325** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Balanced II** | **Transamerica<br>Bond** | **Transamerica<br>Capital Growth** | **Transamerica<br>Emerging<br>Markets Debt** | **Transamerica<br>Emerging<br>Markets<br>Opportunities** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $107307354 | $396597693 | $7220048 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 39109228 | 167725364 | 2177859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 704475385 | 978757134 | 149943328 | 5366050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | 283641390 | 27956653 | 7317745 | 749653305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 44058064 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 56015388 | 8679 | 6062 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 79971708 | 18792966 | 25467470 | 49612722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 13795913 | 20032856 | 912382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 5062807 | 12514566 | 276776 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 90385239 | 45573308 | 18875697 | 814154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | 36368698 | 4602131 | 922296 | 113525079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 4114063 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 5229617 | 1114 | 306 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 10266351 | 3092434 | 3203688 | 7467538 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(F)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $7.78 | $19.80 | $7.91 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 7.72 | 13.40 | 7.87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 7.79 | 21.48 | 7.94 | 6.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | 7.80 | 6.07 | 7.93 | 6.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 10.71 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 10.71 | 7.79 | 19.81 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 7.79 | 6.08 | 7.95 | 6.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(G)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $8.17 | $20.95 | $8.30 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;96905934 | $&nbsp;&nbsp;&nbsp;&nbsp;1461394790 | $&nbsp;&nbsp;&nbsp;&nbsp;2436502401 | $&nbsp;&nbsp;&nbsp;&nbsp;225168231 | $&nbsp;&nbsp;&nbsp;&nbsp;1117942954 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $2290205 | $52155223 | $283299758 | $5015703 | $30339544 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $— | $12136681 | $36829031 | $12389501 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Foreign currency, at cost | $— | $— | $1019 | $187681 | $5101182 |

---

<sup>(E)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

---

| | |
|:---|:---|
| <sup>(F)</sup> | *Net asset value per share for Class C, I, I2, I3, 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>(G)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 326** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Energy<br>Infrastructure** | **Transamerica<br>Floating Rate** | **Transamerica<br>Government<br>Money Market** | **Transamerica<br>High Quality<br>Bond** | **Transamerica<br>High Yield<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A) (B)</sup> | $159456350 | $178316227 | $296842469 | $125252768 | $1197208774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 4890336 | 2918726 | 269482641 |  | 19551351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 68258 | 460178 |  | 539108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>(D)</sup> | 5749 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 110903 | 4371 |  | 135111 | 2552791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold |  | 8488301 |  |  | 4242457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 2292 |  |  | 888 | 71797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 312169 | 146447 | 677735 | 6340 | 36519842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 352365 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 34640 | 937948 | 854101 | 545902 | 18067896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims |  |  |  | 1874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from distributor |  |  | 101715 |  | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 165233062 | 191272198 | 567958661 | 126481991 | 1278216375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 16585392 |  |  | 815033 | 97471528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 1198 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased |  | 585938 |  |  | 2118688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions |  | 2119 | 2008 |  | 25045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 109448 | 593535 | 632877 | 95081 | 6842713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  |  |  | 4693432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market waiver due to investment manager |  |  | 35 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 130769 | 105203 | 142503 | 41683 | 490348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 11971 | 16656 | 258180 | 10388 | 38294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 9205 | 13216 | 25185 | 752 | 62393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1829 | 1660 | 6823 | 1426 | 12485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28306 | 36021 | 16891 | 29462 | 35461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 6489 | 61370 | 51970 | 7610 | 65505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2342 | 5370 | 10951 | 2061 | 22887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3348 | 4823 | 2053 | 444 | 14769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 532 | 532 | 835 | 384 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3152 | 7473 | 14846 | 3077 | 24829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded commitments |  | 20406 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16892783 | 1455520 | 1165157 | 1007401 | 111919357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $148340279 | $189816678 | $566793504 | $125474590 | $1166297018 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $283638128 | $&nbsp;&nbsp;&nbsp;&nbsp;247481659 | $&nbsp;&nbsp;&nbsp;&nbsp;566794184 | $&nbsp;&nbsp;&nbsp;&nbsp;143859468 | $&nbsp;&nbsp;&nbsp;&nbsp;1443511172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | &nbsp;&nbsp;&nbsp;&nbsp;(135297849) | (57664981) | (680) | (18384878) | (277214154) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $148340279 | $189816678 | $566793504 | $125474590 | $1166297018 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 327** 

------

##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Energy<br>Infrastructure** | **Transamerica<br>Floating Rate** | **Transamerica<br>Government<br>Money Market** | **Transamerica<br>High Quality<br>Bond** | **Transamerica<br>High Yield<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $32347489 | $15531160 | $241113250 | $— | $62992212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6752795 | 15790057 | 8811724 |  | 8913994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 51295653 | 107286872 | 27319791 |  | 562579841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 57944342 | 51208589 | 3411926 |  | 251871921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 87755763 | 89724587 | 154394135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 10298837 | 17663021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 127876042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 70505008 | 25451166 | 48172651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 59709243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4600108 | 1743202 | 241122582 |  | 8201999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 961744 | 1770994 | 8808547 |  | 1165126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7298127 | 12102140 | 27322109 |  | 72656269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 8238988 | 5749692 | 3411508 |  | 32439276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 87769541 | 9735432 | 19894040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 1114299 | 2275853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 127870817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 70507060 | 2762112 | 6201047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 7693318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(E)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $7.03 | $8.91 | $1.00 | $— | $7.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7.02 | 8.92 | 1.00 |  | 7.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7.03 | 8.87 | 1.00 |  | 7.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 7.03 | 8.91 | 1.00 |  | 7.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 1.00 | 9.22 | 7.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 9.24 | 7.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 1.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 1.00 | 9.21 | 7.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 7.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(F)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $7.44 | $9.35 | $1.00 | $— | $8.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | $— | $— | $1.00 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;123075148 | $&nbsp;&nbsp;&nbsp;&nbsp;195637840 | $&nbsp;&nbsp;&nbsp;&nbsp;296842469 | $&nbsp;&nbsp;&nbsp;&nbsp;133816837 | $&nbsp;&nbsp;&nbsp;&nbsp;1412089360 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $17818639 | $6 | $— | $798411 | $98760941 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $4890336 | $2918726 | $269482641 | $— | $19551351 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Foreign currency, at cost | $5742 | $— | $— | $— | $— |

---

---

| | |
|:---|:---|
| <sup>(E)</sup> | *Net asset value per share for Class C, I, I2, I3, R, R2, 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>(F)</sup> | *Maximum offering price per share for Class A and R2 includes an initial sales charge (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 328** 

------

##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>High Yield<br>ESG** | **Transamerica<br>High Yield<br>Muni** | **Transamerica<br>Inflation<br>Opportunities** | **Transamerica<br>Inflation-<br>Protected<br>Securities** | **Transamerica<br>Intermediate<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A) (B)</sup> | $38530416 | $114999264 | $116301928 | $85007010 | $2814021427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> |  | 2020445 |  |  | 14047627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 1859949 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments |  |  |  |  | 43977463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(E)</sup> |  |  |  |  | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 131250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>(D)</sup> |  |  | 2217 | 133427 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 25816 | 923247 |  |  | 29884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold |  | 503580 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3473 |  | 323 | 158 | 22245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold |  | 348742 | 4318 | 54 | 21883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 508191 | 2168152 | 445563 | 299942 | 14869952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 2729 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from distributor |  | 3356 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts |  |  |  |  | 37094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  |  | 444809 | 211964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 40930574 | 120966786 | 117199158 | 85652555 | 2887159567 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 4357358 |  | 871260 | 494863 | 33777023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 200000 | 356440 | 379000 | 200000 | 15056728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased |  | 494160 |  |  | 487824219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions |  | 3543 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed |  | 893917 | 61393 | 75188 | 120531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 3075 |  |  | 183468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 564 | 57297 | 49597 | 28078 | 749616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees |  | 11255 | 1158 | 3527 | 31936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 309 | 12073 | 1964 | 491 | 14922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 32 | 935 | 640 | 844 | 13195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 29424 | 34043 | 31523 | 30686 | 33543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7278 | 12985 | 11062 | 6230 | 82326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 263 | 2171 | 1816 | 1344 | 19786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 259 | 2950 | 912 | 373 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 207 | 682 | 676 | 384 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1345 | 3114 | 1665 | 2352 | 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  |  | 43584 | 9769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4597039 | 1888640 | 1456250 | 854129 | 537930473 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;36333535 | $&nbsp;&nbsp;&nbsp;&nbsp;119078146 | $&nbsp;&nbsp;&nbsp;&nbsp;115742908 | $84798426 | $2349229094 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $39762568 | $158361521 | $130291823 | $97178064 | $&nbsp;&nbsp;&nbsp;&nbsp;2653685065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (3429033) | (39283375) | (14548915) | &nbsp;&nbsp;&nbsp;&nbsp;(12379638) | (304455971) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $36333535 | $119078146 | $115742908 | $84798426 | $2349229094 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 329** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>High Yield<br>ESG** | **Transamerica<br>High Yield<br>Muni** | **Transamerica<br>Inflation<br>Opportunities** | **Transamerica<br>Inflation-<br>Protected<br>Securities** | **Transamerica<br>Intermediate<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $16721385 | $2291254 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 8586962 | 746792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 997085 | 93759906 | 10168796 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 35336450 | 9893 | 102379743 |  | 1974697085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | 75995726 | 248166974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 7799175 | 23156848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | 1003525 | 102515368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 156323 |  | 692819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 1764835 | 243978 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 905667 | 81600 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 117139 | 9913149 | 1074421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 4135218 | 1044 | 10787960 |  | 236006737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | 8282216 | 29608919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 849433 | 2758790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | 109142 | 12225127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 16468 |  | 82647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(F)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $9.47 | $9.39 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 9.48 | 9.15 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 8.51 | 9.46 | 9.46 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 8.55 | 9.48 | 9.49 |  | 8.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | 9.18 | 8.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 9.18 | 8.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | 9.19 | 8.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 9.49 |  | 8.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(G)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $9.79 | $9.86 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;41797227 | $&nbsp;&nbsp;&nbsp;&nbsp;146005461 | $&nbsp;&nbsp;&nbsp;&nbsp;132770671 | $&nbsp;&nbsp;&nbsp;&nbsp;94179986 | $&nbsp;&nbsp;&nbsp;&nbsp;3028633951 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $4317309 | $— | $1167770 | $806549 | $57290065 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $— | $2020445 | $— | $— | $14047627 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Foreign currency, at cost | $— | $— | $2132 | $134662 | $— |

---

<sup>(E)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

---

| | |
|:---|:---|
| <sup>(F)</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>(G)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 330** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Intermediate<br>Muni** | **Transamerica<br>International<br>Equity** | **Transamerica<br>International<br>Focus** | **Transamerica<br>International<br>Small Cap<br>Value** | **Transamerica<br>International<br>Stock** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A) (B)</sup> | $1389961974 | $&nbsp;&nbsp;&nbsp;&nbsp;4223745540 | $859959052 | $592378186 | $161874748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 21500161 |  | 9536659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 246 |  |  |  | 5182866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>(D)</sup> |  | 417 | 13512595 | 26832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11156312 | 8114037 | 485147 | 2777744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending |  |  | 16013 | 8485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 3405240 | 4502226 | 521 | 586162 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 10959926 | 1787492 | 2096882 | 575278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 20602570 |  | 291 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims |  | 19533454 | 3137545 | 1434198 | 305717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from investment manager | 32795 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1446659298 | 4266855600 | 888435315 | 599308489 | 167940049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft, at value <sup>(D)</sup> |  |  |  |  | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan |  | 48457289 | 11797466 | 28433884 | 11812299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 5944867 | 1091691 | 999011 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 15194566 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions | 328413 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 4838241 | 9679764 | 17825 | 1332463 | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 15951772 |  | 76928 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 437011 | 2359808 | 553042 | 443689 | 90461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 107507 | 55070 | 97 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 126222 | 303107 | 5616 | 22908 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 12428 | 32975 | 9722 | 4890 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 41686 | 37890 | 22743 | 23171 | 19381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 96851 | 6981 | 73985 | 63498 | 16086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 28789 | 68138 | 15815 | 9106 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 36973 | 123431 | 2055 | 12176 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 682 | 2208 | 533 | 242 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated fund fees | 6524 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 28242 | 138838 | 18547 | 11942 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 21284135 | 83162138 | 13609137 | 31433908 | 11953474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1425375163 | $4183693462 | $&nbsp;&nbsp;&nbsp;&nbsp;874826178 | $&nbsp;&nbsp;&nbsp;&nbsp;567874581 | $&nbsp;&nbsp;&nbsp;&nbsp;155986575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1756935637 | $4561737311 | $858499428 | $634783364 | $165410085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (331560474) | (378043849) | 16326750 | (66908783) | (9423510) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $1425375163 | $4183693462 | $874826178 | $567874581 | $155986575 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 331** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Intermediate<br>Muni** | **Transamerica<br>International<br>Equity** | **Transamerica<br>International<br>Focus** | **Transamerica<br>International<br>Small Cap<br>Value** | **Transamerica<br>International<br>Stock** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $179425603 | $142549975 | $479535 | $— | $744704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 77442385 | 19439273 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1168497394 | 2315412326 | 73360 | 233431009 | 546611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 9781 | 1168403847 | 862507943 | 334443572 | 142358224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 115535809 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 19862901 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 4985873 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 397503458 | 11765340 |  | 12337036 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 18194899 | 8892251 | 68774 |  | 85074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7867341 | 1233020 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 118051590 | 142457144 | 10445 | 20750443 | 62323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 987 | 71751787 | 123286251 | 29652545 | 16208795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 7042911 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 1211009 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 304530 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 24154174 | 1674363 |  | 1406512 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(E)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $9.86 | $16.03 | $6.97 | $— | $8.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.84 | 15.77 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 9.90 | 16.25 | 7.02 | 11.25 | 8.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 9.91 | 16.28 | 7.00 | 11.28 | 8.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 16.40 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 16.40 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 16.37 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 16.46 | 7.03 |  | 8.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(F)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.19 | $16.96 | $7.38 | $— | $9.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;1638284238 | $&nbsp;&nbsp;&nbsp;&nbsp;4496596637 | $&nbsp;&nbsp;&nbsp;&nbsp;843570088 | $&nbsp;&nbsp;&nbsp;&nbsp;665035312 | $&nbsp;&nbsp;&nbsp;&nbsp;174255185 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $— | $57390937 | $41946972 | $32076127 | $13557932 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $21500161 | $— | $9536659 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Foreign currency, at cost | $— | $420 | $13710648 | $27023 | $(1073) |

---

---

| | |
|:---|:---|
| <sup>(E)</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>(F)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 332** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Large Cap<br>Value** | **Transamerica<br>Large Core** | **Transamerica<br>Large Growth** | **<br>Transamerica<br>Large Value<br>Opportunities** | **Transamerica<br>Mid Cap<br>Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A) (B)</sup> | $1874500780 | $161589088 | $438306999 | $338663428 | $275807583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 47695829 |  |  |  | 11053768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 391093 | 20852591 | 684488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>(D)</sup> |  |  | 1483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 1073304 |  | 395321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending |  | 440 | 10823 | 20860 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 149164 | 35702 | 5171 | 136617 | 13747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1443222 | 117747 | 91660 | 385484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1457 |  |  |  | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1923790452 | 162134070 | 460342031 | 339890877 | 287271049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan |  | 143970 | 16840381 | 3846292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements |  |  | 1060000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(E)</sup> |  |  | 2000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 2063078 | 4931417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 328879 | 22879 | 5263035 | 281928 | 112535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 900629 | 59471 | 237619 | 119012 | 164000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 29883 | 20884 | 42107 | 26414 | 8626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 29660 | 862 | 2498 | 1823 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 14409 | 1503 | 6845 | 3109 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25685 | 20148 | 21926 | 19333 | 24229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 59043 | 8843 | 28597 | 12409 | 14448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 30868 | 2436 | 11059 | 4749 | 4194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 8450 | 625 | 1863 | 862 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 828 | 384 | 536 | 356 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 31945 | 3404 | 13303 | 8061 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1460279 | 285409 | 27592847 | 9255765 | 341359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1922330173 | $&nbsp;&nbsp;&nbsp;&nbsp;161848661 | $&nbsp;&nbsp;&nbsp;&nbsp;432749184 | $&nbsp;&nbsp;&nbsp;&nbsp;330635112 | $&nbsp;&nbsp;&nbsp;&nbsp;286929690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1577822055 | $&nbsp;&nbsp;&nbsp;&nbsp;128340827 | $&nbsp;&nbsp;&nbsp;&nbsp;424580473 | $&nbsp;&nbsp;&nbsp;&nbsp;294336693 | $374927438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 344508118 | 33507834 | 8168711 | 36298419 | (87997748) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $1922330173 | $161848661 | $432749184 | $330635112 | $286929690 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 333** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Large Cap<br>Value** | **Transamerica<br>Large Core** | **Transamerica<br>Large Growth** | **<br>Transamerica<br>Large Value<br>Opportunities** | **Transamerica<br>Mid Cap<br>Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $77058633 | $— | $— | $— | $10384460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 17682147 |  |  |  | 544333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 99796440 |  |  |  | 1568382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1684203793 |  |  |  | 230060253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 109511431 | 303088911 | 259718326 | 22531012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 49946491 | 92614750 | 61830039 | 14602875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 2390739 | 16757074 | 9086747 | 126545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 43589160 |  | 20288449 |  | 7111830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6022301 |  |  |  | 1550569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1392812 |  |  |  | 90773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7726070 |  |  |  | 226992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 130753101 |  |  |  | 32823723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 10766452 | 33579119 | 27073790 | 3220663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 4906297 | 10590446 | 6436224 | 2150887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 234954 | 1878346 | 945627 | 18163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3383919 |  | 2248983 |  | 1015996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(F)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $12.80 | $— | $— | $— | $6.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.70 |  |  |  | 6.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 12.92 |  |  |  | 6.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 12.88 |  |  |  | 7.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 10.17 | 9.03 | 9.59 | 7.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 10.18 | 8.75 | 9.61 | 6.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 10.18 | 8.92 | 9.61 | 6.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12.88 |  | 9.02 |  | 7.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(G)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $13.54 | $— | $— | $— | $7.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;1621203555 | $&nbsp;&nbsp;&nbsp;&nbsp;135021786 | $&nbsp;&nbsp;&nbsp;&nbsp;425982971 | $&nbsp;&nbsp;&nbsp;&nbsp;321376870 | $&nbsp;&nbsp;&nbsp;&nbsp;316682550 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $— | $554749 | $25787656 | $5365937 | $117900 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $47695829 | $— | $— | $— | $11053768 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Foreign currency, at cost | $— | $— | $1468 | $— | $— |

---

<sup>(E)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

---

| | |
|:---|:---|
| <sup>(F)</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>(G)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 334** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Mid Cap Value<br>Opportunities** | **Transamerica<br>Multi-Asset<br>Income** | **<br>Transamerica<br>Multi-Managed<br>Balanced** | **Transamerica<br>Short-Term<br>Bond** | **Transamerica<br>Small Cap<br>Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A) (B)</sup> | $1323143102 | $676001698 | $&nbsp;&nbsp;&nbsp;&nbsp;1176341397 | $&nbsp;&nbsp;&nbsp;&nbsp;3412420708 | $&nbsp;&nbsp;&nbsp;&nbsp;144844961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 101601287 | 5509985 | 9267155 | 94594082 | 5995826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  | 207943 | 55553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments |  |  | 9729312 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 533600 | 1008283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 1821283 | 648872 | 3724926 | 690486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1859 | 25740 | 2050 | 5309 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 2397807 | 1053380 | 285923 | 19355099 | 38079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 918415 | 541701 | 460659 |  | 5293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3104 | 5539074 | 2571952 | 19742383 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims |  | 2740 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1428065574 | 690495601 | 1199840920 | 3551058733 | 151631231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan |  | 28655031 | 1601252 | 23151243 | 531977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 4777059 | 2267994 | 3105387 | 41367911 | 503165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased |  |  | 88958787 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions |  |  |  | 774198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 22925417 | 559708 | 1843455 | 11829196 | 127088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  | 7322000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 791726 | 318819 | 546708 | 1067546 | 105496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 56906 | 97024 | 261914 | 224518 | 10375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 74453 | 58353 | 82096 | 246183 | 5551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 9563 | 4418 | 7422 | 19654 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28028 | 35348 | 31723 | 39048 | 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 39947 | 22976 | 61283 | 96630 | 10912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 18837 | 8657 | 16787 | 47253 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 26715 | 15290 | 20912 | 74143 | 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 608 | 532 | 838 | 822 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 19164 | 9596 | 19196 | 45235 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts |  |  | 52306 | 181433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28768423 | 32053746 | 103932066 | 79165013 | 1326580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1399297151 | $658441855 | $1095908854 | $3471893720 | $150304651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1197333278 | $809245921 | $889722437 | $3731679187 | $126514057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 201963873 | &nbsp;&nbsp;&nbsp;&nbsp;(150804066) | 206186417 | (259785467) | 23790594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $1399297151 | $658441855 | $1095908854 | $3471893720 | $150304651 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 335** 

------

##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Mid Cap Value<br>Opportunities** | **Transamerica<br>Multi-Asset<br>Income** | **<br>Transamerica<br>Multi-Managed<br>Balanced** | **Transamerica<br>Short-Term<br>Bond** | **Transamerica<br>Small Cap<br>Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $27424913 | $138668328 | $578115420 | $623305887 | $14396137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 16521533 | 83457476 | 168319861 | 104042203 | 2040651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 734475835 | 436300530 | 325378123 | 2205844809 | 21199182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 171713016 | 15521 |  | 337448776 | 70676127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 99002589 |  |  |  | 22433133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 52688056 |  | 113398 |  | 13896505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 82892341 |  |  |  | 186138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 214578868 |  | 23982052 | 201252045 | 5476778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2503715 | 11152104 | 20289658 | 64692666 | 2542180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1553050 | 6740690 | 6050190 | 10818212 | 431638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 66577524 | 35066729 | 11355686 | 232871630 | 3505154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 15541121 | 1312 |  | 35667284 | 11376369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 8906944 |  |  |  | 3614569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 4746879 |  | 3974 |  | 2320289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 7437087 |  |  |  | 30279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 19234101 |  | 836727 | 21249633 | 881926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(D)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.95 | $12.43 | $28.49 | $9.63 | $5.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 10.64 | 12.38 | 27.82 | 9.62 | 4.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 11.03 | 12.44 | 28.65 | 9.47 | 6.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 11.05 | 11.83 |  | 9.46 | 6.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 11.12 |  |  |  | 6.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 11.10 |  | 28.53 |  | 5.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 11.15 |  |  |  | 6.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11.16 |  | 28.66 | 9.47 | 6.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(E)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.59 | $13.15 | $30.15 | $9.88 | $5.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;1203391318 | $&nbsp;&nbsp;&nbsp;&nbsp;679835896 | $&nbsp;&nbsp;&nbsp;&nbsp;987133876 | $&nbsp;&nbsp;&nbsp;&nbsp;3596471076 | $&nbsp;&nbsp;&nbsp;&nbsp;122384451 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $13562044 | $28311468 | $16443752 | $23291595 | $6523710 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $101601287 | $5509985 | $9267155 | $94594082 | $5995826 |

---

---

| | |
|:---|:---|
| <sup>(D)</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>(E)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 336** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Transamerica<br>Small Cap<br>Value** | **Transamerica<br>Small/Mid Cap<br>Value** | **Transamerica<br>Sustainable<br>Bond** | **Transamerica<br>Sustainable<br>Equity Income** | **Transamerica<br>Unconstrained<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> <sup>(B)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;419776151 | $&nbsp;&nbsp;&nbsp;&nbsp;742017846 | $&nbsp;&nbsp;&nbsp;&nbsp;23297766 | $&nbsp;&nbsp;&nbsp;&nbsp;278383523 | $713642188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 6942418 | 29323793 |  | 4016220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 209721 | 188028 |  | 776003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 10038844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>(D)</sup> |  |  |  |  | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 1993874 |  |  | 91183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold |  |  |  |  | 1052886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 2629 | 2182 | 270 |  | 17926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 36338 | 1193046 |  | 3097 | 74335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 149459 | 365649 |  | 367622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 212 | 896 | 131310 | 123 | 3958297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims |  |  | 1578 | 18967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from investment manager |  |  | 15851 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 426907207 | 775107007 | 23634803 | 282789552 | 729653283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 1851889 | 1540607 | 894466 |  | 5883078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 2274291 |  |  | 6853255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased |  |  | 2468635 |  | 1229062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 25314 | 807178 |  | 115497 | 61036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 265749 | 480024 |  | 150786 | 390935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 5250 | 100081 |  | 13326 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5068 | 75412 | 199 | 4266 | 9564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4977 | 5055 | 30 | 3430 | 6613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 20517 | 19294 | 39282 | 19419 | 42546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 16815 | 26715 | 5906 | 9786 | 106249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 6434 | 11148 | 304 | 4143 | 13742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 1392 | 25100 | 265 | 1070 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 967 | 828 | 412 | 818 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 7068 | 13974 | 1363 | 4865 | 16211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts |  |  |  |  | 155732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded commitments |  |  |  |  | 7458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2211440 | 5379707 | 3410862 | 327406 | 14779363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $424695767 | $769727300 | $20223941 | $282462146 | $714873920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $320026719 | $604311230 | $25959703 | $282512036 | $809632846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 104669048 | 165416070 | (5735762) | (49890) | &nbsp;&nbsp;&nbsp;&nbsp;(94758926) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $424695767 | $769727300 | $20223941 | $282462146 | $714873920 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 337** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Small Cap<br>Value** | **<br>Transamerica<br>Small/Mid Cap<br>Value** | **Transamerica<br>Sustainable<br>Bond** | **Transamerica<br>Sustainable<br>Equity Income** | **Transamerica<br>Unconstrained<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $8559313 | $&nbsp;&nbsp;&nbsp;&nbsp;334240688 | $— | $59567518 | $1328823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 571777 | 39700100 |  | 1579151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 17022546 | 304806212 | 813106 | 2631859 | 58753320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 360476147 | 4277187 | 19410835 | 217081627 | 654791777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 23917251 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 7613085 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 162171 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 6373477 | 86703113 |  | 1601991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1307568 | 12052246 |  | 8688426 | 153528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 90998 | 1749575 |  | 231834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2551647 | 10511631 | 104769 | 383845 | 6797884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 53988317 | 147038 | 2500244 | 31683945 | 76117436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 3567764 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1138975 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 24217 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 943880 | 2966415 |  | 233986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(E)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $6.55 | $27.73 | $— | $6.86 | $8.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6.28 | 22.69 |  | 6.81 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 6.67 | 29.00 | 7.76 | 6.86 | 8.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 6.68 | 29.09 | 7.76 | 6.85 | 8.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 6.70 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 6.68 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 6.70 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 6.75 | 29.23 |  | 6.85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(F)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $6.93 | $29.34 | $— | $7.26 | $9.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;383462614 | $&nbsp;&nbsp;&nbsp;&nbsp;623680950 | $&nbsp;&nbsp;&nbsp;&nbsp;27706305 | $&nbsp;&nbsp;&nbsp;&nbsp;275170001 | $&nbsp;&nbsp;&nbsp;&nbsp;750869207 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Securities on loan, at value | $24049107 | $15451244 | $875608 | $— | $21208622 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $6942418 | $29323793 | $— | $4016220 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Foreign currency, at cost | $— | $— | $— | $— | $1609 |

---

---

| | |
|:---|:---|
| <sup>(E)</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>(F)</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 Funds' Prospectus.*  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 338** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

---

| | |
|:---|:---|
|  | **Transamerica<br>US Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1578131110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(B)</sup> | 21821155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 572661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 160584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 640347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 390168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1601716692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 681587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 2339378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 864088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 143988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 111082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 11957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 49889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 25014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 15613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 25077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4294472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $1597422220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $1038986101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 558436119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $1597422220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $641398542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 13016404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 254969131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 561032591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1248325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T | 125757227 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 31392513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 730390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 11987349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 26300615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 58525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T | 1700520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share: <sup>(C)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $20.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 17.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 21.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 21.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 21.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T | 73.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maximum offering price per share: <sup>(D)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $21.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T | $80.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Investments, at cost | $&nbsp;&nbsp;&nbsp;&nbsp;1074976381 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Repurchase agreements, at cost | $21821155 |

---

---

| | |
|:---|:---|
| <sup>(C)</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>(D)</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 Funds' Prospectus.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 339** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF OPERATIONS** 

**For the year ended October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Balanced II** | **Transamerica<br>Bond** | **Transamerica<br>Capital Growth** | **Transamerica<br>Emerging<br>Markets Debt** | **Transamerica<br>Emerging<br>Markets<br>Opportunities** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1013317 | $— | $2917592 | $— | $42263672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201451 | 50984961 | 71916 | 20073646 | 13778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income |  |  |  |  | 2133764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 5641 | 67740 | 1729793 | 21992 | 206684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (1828) |  | (80859) | (49727) | (3350371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2218581 | 51052701 | 4638442 | 20045911 | 41267527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 562066 | 5908244 | 19549989 | 1930066 | 8540456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 317069 | 1611748 | 23406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 547415 | 3013710 | 31581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 330197 | 31 | 23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 273515 | 870802 | 33530 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 50845 | 433611 | 5207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 969714 | 1904103 | 200545 | 7301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | 23444 | 9403 | 5812 | 77614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 3829 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 1164 | 16 | 16 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 6024 | 2028 | 1723 | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3770 | 48260 | 85334 | 9475 | 34916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 37514 | 51225 | 58147 | 46448 | 58018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 11734 | 144357 | 221283 | 120501 | 578953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5513 | 94124 | 176132 | 19073 | 68598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 4462 | 161240 | 496526 | 41662 | 43314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 21167 | 116627 | 205574 | 128373 | 52691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 15710 | 22799 | 40911 | 14355 | 20236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3330 | 42110 | 103426 | 13924 | 40453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1000456 | 8777059 | 28782766 | 2625681 | 9526566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (3825) | (21293) | (12528) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (60) | (9341) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (403265) | (510525) | (31899) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (1140) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> |  | (2411) | (7709) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (5714) |  | (1770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 3283 |  | 1841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 7724 | 280514 | 12690 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> |  | 2384 | 7688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 3947 |  | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1000456 | 8380889 | 28519193 | 2595785 | 9526566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 1218125 | 42671812 | (23880751) | 17450126 | 31740961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3839624 | (60050805) | (308080177) | (58405078)<sup>(B)</sup> | (113264631)<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (76870) | (46925) |  |  | (5342406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |  | (640181) | (22974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (8081) | (523969) | (1690043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3762754 | (60097730) | (308088258) | (59569228) | (120320054) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (23858572) | (231396717) | (2913743569) | (33872173)<sup>(C)</sup> | (405557603)<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (18091) | (22343) |  |  | (1862794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |  | (265802) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  |  | (1265) | (12724) | (219391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23876663) | (231419060) | (2913744834) | (34150699) | (407639788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (20113909) | (291516790) | (3221833092) | (93719927) | (527959842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(18895784) | $&nbsp;&nbsp;&nbsp;&nbsp;(248844978) | $&nbsp;&nbsp;&nbsp;&nbsp;(3245713843) | $&nbsp;&nbsp;&nbsp;&nbsp;(76269801) | $&nbsp;&nbsp;&nbsp;&nbsp;(496218881) |

---

(A) *Class R commenced operations for Transamerica Bond and Transamerica Capital Growth on March 1, 2022.* 

(B) *Includes net of realized foreign capital gains tax of $25,662.* 

(C) *Includes net change in foreign capital gains tax of $55,988.* 

(D) *Includes net of realized foreign capital gains tax of $362,216.* 

(E) *Includes net change in foreign capital gains tax of $(533,205)* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 340** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Energy<br>Infrastructure** | **Transamerica<br>Floating Rate** | **Transamerica<br>Government<br>Money Market** | **Transamerica<br>High Quality<br>Bond** | **Transamerica<br>High Yield<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $5300416 | $139556 | $— | $— | $24619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 78111 | 18330241 | 5665339 | 3280631 | 93895486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 30507 | 22414 |  | 5108 | 860543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (246724) |  |  |  | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5162310 | 18492211 | 5665339 | 3285739 | 94780355 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1837328 | 2600226 | 1372093 | 581739 | 9340616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 64426 | 40026 | 632928 |  | 184016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 71442 | 156306 | 98168 |  | 117153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 57813 | 102019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 317790 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 186607 | 85480 | 133596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 36149 | 16540 | 184577 |  | 119128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 13026 | 14269 | 9828 |  | 15063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 46741 | 130889 | 34027 |  | 727851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 7267 | 18630 | 270 |  | 43641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 5705 | 8050 | 14015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 87886 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 5598 | 2564 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 5545 | 13229 | 18812 | 4980 | 53416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 36193 | 49071 | 22252 | 38649 | 54208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 17374 | 183265 | 122945 | 18276 | 159743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 10424 | 25182 | 33777 | 8103 | 97680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 19103 | 25906 | 22003 | 5837 | 134301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 65001 | 59117 | 84208 | 36023 | 106092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 10413 | 14095 | 17379 | 11138 | 27065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 6884 | 13516 | 18969 | 4203 | 46797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 2247316 | 3360267 | 3275822 | 862855 | 11485785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (10314) | (8073) | (927552) |  | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (2453) | (7186) | (110653) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (57134) | (47820) |  | (598650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | (97) | (3419) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (58843) | (3506) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | (557513) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (274352) | (26043) | (4139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 25139 | 2042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3883 | 3177 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 9110 | 8800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | 1653 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | 3506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 230453 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 3284 | 1706 | 4446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2263571 | 3303759 | 1538207 | 838518 | 10887996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 2898739 | 15188452 | 4127132 | 2447221 | 83892359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 12764869 | (13751962) | (763) | (1359397) | (42534180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (20317) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12744552 | (13751962) | (763) | (1359397) | (42534180) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (3594763) | (16566230) |  | (9013655) | (269564448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitment |  | (19196) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (355) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3595118) | (16585426) |  | (9013655) | (269564448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | 9149434 | (30337388) | (763) | &nbsp;&nbsp;&nbsp;&nbsp;(10373052) | (312098628) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;12048173 | $&nbsp;&nbsp;&nbsp;&nbsp;(15148936) | $&nbsp;&nbsp;&nbsp;&nbsp;4126369 | $(7925831) | $&nbsp;&nbsp;&nbsp;&nbsp;(228206269) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 341** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>High Yield<br>ESG** | **Transamerica<br>High Yield<br>Muni** | **Transamerica<br>Inflation<br>Opportunities** | **Transamerica<br>Inflation-<br>Protected<br>Securities** | **Transamerica<br>Intermediate<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $12567 | $— | $— | $139412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1095863 | 6449016 | 7890703 | 6867724 | 46335261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 11006 | 818 | 14724 | 7061 | 117797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income |  |  | (174) | (64) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1106869 | 6462401 | 7905253 | 6874721 | 46592470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 121940 | 895747 | 679262 | 379338 | 6148084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 68930 | 6276 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 116685 | 10791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 45953 | 138696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | 2662 | 323836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 25369 | 2886 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 7673 | 1114 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1114 | 131099 | 14818 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1571 | 1 | 9045 |  | 86640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | 6718 | 23015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | 80 | 9715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 10 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 760 | 5437 | 4533 | 3267 | 53821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 37785 | 43953 | 41717 | 39498 | 53212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 18032 | 33622 | 26722 | 14958 | 179092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1216 | 10099 | 8962 | 4922 | 75080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 1901 | 15717 | 7233 | 3929 | 50991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 56501 | 93136 | 66720 | 33487 | 104431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 13376 | 10782 | 10707 | 9923 | 22185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 625 | 5238 | 6097 | 2816 | 48926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 254821 | 1463488 | 896893 | 547551 | 7318219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (40837) | (2132) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (31870) | (1357) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (5187) | (47178) | (10911) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (84447) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | (3936) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | (2151) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | (1216) | (30309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 12323 | 2683 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 5362 | 1289 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 23 | 28256 | 1369 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 51 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 2389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | 117 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 165261 | 1389544 | 887834 | 542754 | 7288682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 941608 | 5072857 | 7017419 | 6331967 | 39303788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (68907) | (8405370) | (4679965) | (460457) | (85463558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions |  | 264219 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (137422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  | 4572050 | 1503165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (58052) | (30622) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (68907) | (8141151) | (165967) | 1012086 | (85600980) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (3473500) | (35796773) | (23718559) | (19457108) | (252190016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 513253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  | 285168 | 234627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  |  | (10510) | 1170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3473500) | (35796773) | (23443901) | (19221311) | (251676763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (3542407) | (43937924) | (23609868) | (18209225) | (337277743) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(2600799) | $&nbsp;&nbsp;&nbsp;&nbsp;(38865067) | $&nbsp;&nbsp;&nbsp;&nbsp;(16592449) | $&nbsp;&nbsp;&nbsp;&nbsp;(11877258) | $&nbsp;&nbsp;&nbsp;&nbsp;(297973955) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 342** 

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##### [**Table of Contents**](#toc)

------

**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Intermediate<br>Muni** | **Transamerica<br>International<br>Equity** | **Transamerica<br>International<br>Focus** | **Transamerica<br>International<br>Small Cap<br>Value** | **Transamerica<br>International<br>Stock** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $— | $179642925 | $37048733 | $23781120 | $5931555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 53748027 | 160134 | 41727 | 182464 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income |  |  |  |  | 509483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending |  | 919219 | 553526 | 99120 | 44187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income |  | (15289854) | (3756665) | (2397112) | (483118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 53748027 | 165432424 | 33887321 | 21665592 | 6002107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9038695 | 35435016 | 8920050 | 6400447 | 992819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 617688 | 402074 | 1369 |  | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1056488 | 270909 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 130845 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 39100 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 100135 | 737571 | 2165 |  | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 66886 | 44521 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1902047 | 2948466 | 86 | 291025 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1 | 102499 | 87644 | 30146 | 9602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 10660 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 461 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 1173 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 31677 | 874 |  | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 69487 | 161656 | 37003 | 21700 | 4734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 71089 | 83313 | 38305 | 37140 | 25935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 239459 | 119447 | 182495 | 163353 | 44960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 144428 | 311029 | 67159 | 40122 | 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 168409 | 565155 | 45351 | 74018 | 4888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 140718 | 211960 | 54234 | 27996 | 62668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees |  | 10808 | 694 | 13293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 24847 | 44272 | 21847 | 12448 | 10860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 65151 | 160128 | 102858 | 26667 | 6898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 13705528 | 41822740 | 9562134 | 7138355 | 1175256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (247136) | (329423) | (1392) |  | (1548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (266988) | (43) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1249847) |  | (57) |  | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (289) |  | (833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | 9891 | 69 |  | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1578 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 4103 |  | 43 |  | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 289 |  | 12434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11947238 | 41503165 | 9560797 | 7138355 | 1188048 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 41800789 | 123929259 | 24326524 | 14527237 | 4814059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (84228466) | (4710738) | (11227591) | 14490745 | (702960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | 1015777 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 815766 | (3984297) | (686803) | (128275) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (83212689) | (3894972) | (15211888) | 13803942 | (831235) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (322013319) | (1372902680) | (367685985) | (257500040) | (31588803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  | (2400831) | (500683) | (220724) | (38031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (322013319) | (1375303511) | (368186668) | (257720764) | (31626834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (405226008) | (1379198483) | (383398556) | (243916822) | (32458069) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(363425219) | $&nbsp;&nbsp;&nbsp;&nbsp;(1255269224) | $&nbsp;&nbsp;&nbsp;&nbsp;(359072032) | $&nbsp;&nbsp;&nbsp;&nbsp;(229389585) | $&nbsp;&nbsp;&nbsp;&nbsp;(27644010) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 343** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Large Cap<br>Value** | **Transamerica<br>Large Core** | **Transamerica<br>Large Growth** | **Transamerica<br>Large Value<br>Opportunities** | **Transamerica<br>Mid Cap<br>Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $40898518 | $2847310 | $2960718 | $8365575 | $1637342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 109883 |  |  |  | 14664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending |  | 2648 | 163149 | 134106 | 13125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income |  | (1515) | (16194) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 41008401 | 2848443 | 3107673 | 8499681 | 1665131 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13401012 | 825626 | 5318932 | 1603994 | 2221339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 202117 |  |  |  | 31130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 195500 |  |  |  | 7176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 288759 | 641721 | 325559 | 91553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 6550 | 99938 | 22667 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 96820 |  |  |  | 26391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 26603 |  |  |  | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 112007 |  |  |  | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 153358 |  |  |  | 18830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  | 9233 | 47320 | 21351 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 1036 | 2221 | 1146 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 197 | 2998 | 680 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3403 |  | 1495 |  | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 73672 | 5911 | 25287 | 11547 | 10291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 50240 | 27188 | 33469 | 27174 | 32647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 141945 | 21418 | 70807 | 28250 | 29582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 133806 | 8651 | 45840 | 16840 | 17179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 87604 | 6558 | 32546 | 11609 | 13692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 85183 | 33897 | 50211 | 34266 | 91086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 24836 | 11227 | 23211 | 12354 | 15190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 74677 | 5130 | 32462 | 12912 | 11834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 14862783 | 1251381 | 6428458 | 2130349 | 2625288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (576) |  |  |  | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (96382) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | (1478) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | (87) | (19200) | (569) | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (777) |  | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  | 3674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  | 87 | 1179 | 789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 777 |  | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 14765825 | 1251381 | 6410437 | 2132765 | 2624575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 26242576 | 1597062 | (3302764) | 6366916 | (959444) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 103718459 | 7013637 | (4804934) | 21128488 | (37777538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (8585) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 103718459 | 7013637 | (4813519) | 21128488 | (37777538) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (303269267) | (33152073) | (522433622) | (31555826) | (108377492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  |  | (590) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (303269267) | (33152073) | (522434212) | (31555826) | (108377492) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (199550808) | (26138436) | (527247731) | &nbsp;&nbsp;&nbsp;&nbsp;(10427338) | (146155030) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(173308232) | $&nbsp;&nbsp;&nbsp;&nbsp;(24541374) | $&nbsp;&nbsp;&nbsp;&nbsp;(530550495) | $(4060422) | $&nbsp;&nbsp;&nbsp;&nbsp;(147114474) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 344** 

------

##### [**Table of Contents**](#toc)

------

**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Mid Cap Value<br>Opportunities** | **Transamerica<br>Multi-Asset<br>Income** | **Transamerica<br>Multi-Managed<br>Balanced** | **<br>Transamerica<br>Short-Term<br>Bond** | **Transamerica<br>Small Cap<br>Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $21927289 | $12239089 | $11032175 | $— | $810977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 243234 | 15529526 | 12392634 | 75361011 | 18404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 18817 | 453940 | 19701 | 33969 | 32194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (135128) | (5520) | (17055) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 22054212 | 28217035 | 23427455 | 75394980 | 861575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9741023 | 3714166 | 7456183 | 12967338 | 1647550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 68823 | 350333 | 1636676 | 1800683 | 44501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 167919 | 871407 | 2039485 | 1302257 | 28442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 281682 |  | 54 |  | 81681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 264938 |  |  |  | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 55460 | 157244 | 467812 | 403258 | 31768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19581 | 70446 | 152278 | 112482 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 689545 | 436494 | 395140 | 2359880 | 35038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 14280 | 1 |  | 13960 | 6540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 8689 |  |  |  | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1013 |  | 16 |  | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 7948 |  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16371 |  | 2002 | 15927 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 45692 | 21510 | 40771 | 116179 | 5910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 45221 | 49286 | 49108 | 74355 | 26854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 92503 | 54078 | 146032 | 235870 | 25651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 82864 | 40270 | 72013 | 197314 | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 121232 | 59022 | 90923 | 283126 | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 152638 | 115903 | 113326 | 182735 | 104703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired fund fees |  | 110352 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 22922 | 10432 | 25040 | 33699 | 14642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 41216 | 18038 | 38341 | 93540 | 10348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 11941560 | 6078982 | 12725200 | 20192603 | 2105685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1022) | (24747) | (5242) | (2152) | (3656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (28) | (15448) | (870) | (529) | (1765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (170437) |  |  | (7743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  | (3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (3147) |  | (4070) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (104006) |  |  |  | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | (355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3194 |  |  |  | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | 42311 |  |  | 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 7842 |  | 4042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 70 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  |  |  | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 11844463 | 5910658 | 12719060 | 20189922 | 2099000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 10209749 | 22306377 | 10708395 | 55205058 | (1237425) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 90564892 | (4201169) | 22685862 | (46544961) | 4117204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (1707625) | 4410009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 90564892 | (4201169) | 20978237 | (42134952) | 4117204 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (157099471) | (80011011) | (240521870) | (196588704) | (78562751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 180189 | (3686476) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (616) | (465) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(157100087) | (80011476) | (240341681) | (200275180) | (78562751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (66535195) | (84212645) | (219363444) | (242410132) | (74445547) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $(56325446) | $&nbsp;&nbsp;&nbsp;&nbsp;(61906268) | $&nbsp;&nbsp;&nbsp;&nbsp;(208655049) | $&nbsp;&nbsp;&nbsp;&nbsp;(187205074) | $&nbsp;&nbsp;&nbsp;&nbsp;(75682972) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 345** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Small Cap<br>Value** | **Transamerica<br>Small/Mid<br>Cap Value** | **Transamerica<br>Sustainable<br>Bond** | **<br>Transamerica<br>Sustainable<br>Equity Income** | **Transamerica<br>Unconstrained<br>Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $7837460 | $13502109 | $— | $7958952 | $768635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 19617 | 75496 | 574606 | 13013 | 39927450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 40388 | 32317 | 5535 | 1302 | 291576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income |  | (53492) | (781) | (67354) | (16236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7897465 | 13556430 | 579360 | 7905913 | 40971425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3639557 | 6463963 | 92894 | 2073412 | 6724006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 22482 | 906062 |  | 169725 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6703 | 452306 |  | 18701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 41283 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 431 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 13624 | 506898 |  | 27812 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1047 | 65408 |  | 3542 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 18696 | 346412 | 972 | 4179 | 60713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 29652 | 340 | 1629 | 17732 | 74087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 2078 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 145 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 13 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 459 | 6754 |  | 199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 14895 | 26940 | 742 | 10082 | 33818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 29068 | 30057 | 50901 | 26138 | 59211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 39682 | 63392 | 14504 | 22453 | 284607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 24925 | 47220 | 1394 | 16755 | 59050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 18613 | 88594 | 2139 | 12307 | 41309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 90133 | 86035 | 56709 | 76801 | 51252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 17509 | 22273 | 13386 | 13542 | 18648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 15340 | 28353 | 703 | 11877 | 70542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 4026335 | 9141007 | 235973 | 2505257 | 7480394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (2545) | (2469) |  | (38) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (646) |  | (519) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | (5913) | (3510) | (2483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (127637) |  | (41805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (21) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (118) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  | 273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 32 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 118 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4023801 | 9137892 | 102423 | 2501463 | 7436082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 3873664 | 4418538 | 476937 | 5404450 | 33535343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 83469430 | 73876313 | (779780) | (3066505) | (100745099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 26657381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |  |  | 12264244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 318 |  |  | (1939032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 83469430 | 73876631 | (779780) | (3066505) | (63762506) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (115724345) | (125752208) | (4104240) | (50975739) | (56872708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitment |  |  |  |  | (7822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (7114478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |  |  | (2665262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies |  | (125) |  |  | (200066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(115724345) | &nbsp;&nbsp;&nbsp;&nbsp;(125752333) | &nbsp;&nbsp;&nbsp;&nbsp;(4104240) | &nbsp;&nbsp;&nbsp;&nbsp;(50975739) | (66860336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (32254915) | (51875702) | (4884020) | (54042244) | &nbsp;&nbsp;&nbsp;&nbsp;(130622842) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $(28381251) | $(47457164) | $(4407083) | $(48637794) | $(97087499) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 346** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

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| | |
|:---|:---|
|  | **<br>Transamerica<br>US Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $&nbsp;&nbsp;&nbsp;&nbsp;11865638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 46324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 14856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11926818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12180408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1957309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 142149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 911111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 24183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 347091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 46709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T | 71804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 60523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 46750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 122087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 108932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 93024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 117532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 23345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 58679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 16311739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (56092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16253828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (4327010) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 61481033 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (710771999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (18020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (710790019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (649308986) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(653635996) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 347** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1218125 | $1002061 | $42671812 | $44035962 | $(23880751) | $(47476847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3762754 | 10427306 | (60097730) | 10190500 | (308088258) | 1200580476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23876663) | 17168623 | (231419060) | (5180060) | (2913744834) | 441373433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (18895784) | 28597990 | (248844978) | 49046402 | (3245713843) | 1594477062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (4030453) | (4026450) | (174899448) | (52433040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (1410315) | (1758257) | (118049505) | (35533873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | (33379900) | (37902090) | (495447934) | (146991573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (11377545) | (11965079) | (161992092) | (54563456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (5295665) | (2665166) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (6629074) | (3014177) | (163) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (2979938) | (964595) | (16133992) | (3470453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  |  | (3830) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  |  | (2063959) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (11924739) | (5679343) | (53178314) | (56616471) | (968590760) | (292992395) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 30193938 | 32468500 | 152199978 | 365309109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 3132809 | 12223321 | 39224349 | 128774494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 401329583 | 426923015 | 811325240 | 1878701959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 76285780 | 46322317 | 1055422 | 44905388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1010065 | 1891045 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 3262119 | 4133851 | 10000 |  | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 92960913 | 15749450 | 11874781 | 23146096 |
|  | 4272184 | 6024896 | 603913023 | 533686603 | 1015689770 | 2440837046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 3542526 | 3515144 | 161654061 | 48650892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 1218074 | 1522756 | 117848841 | 35503214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 26835430 | 30569089 | 494269428 | 146332676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 11377545 | 11965079 | 161992092 | 54563456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 5295665 | 2665166 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 6629074 | 3014177 | 163 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 2963195 | 947030 | 16133992 | 3470453 |
|  | 11924739 | 5679343 | 45936933 | 48519098 | 951898414 | 288520691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (46782459) | (49126609) | (269214556) | (333388945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (22764374) | (24510927) | (120084951) | (99951671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | (683017859) | (594710187) | (1605428536) | (1425864024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (117863597) | (32704423) | (279865320) | (128760998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (6893822) | (9062709) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (13417907) | (9171619) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (24838133) | (13740943) | (12118355) | (12550882) |
|  | (20311729) | (18234328) | (895266422) | (714793089) | (2286711718) | &nbsp;&nbsp;&nbsp;&nbsp;(2000516520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 2806137 | 7608904 | 9692702 | 19501831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (2806137) | (7608904) | (9692702) | (19501831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (4114806) | (6530089) | (245416466) | (132587388) | (319123534) | 728841217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 906 <sup>(B)</sup> |  | 9726 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 161 <sup>(B)</sup> |  | 7263 <sup>(B)</sup> |  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 348** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | $— | $— | $63396 <sup>(C)</sup> | $— | $2018123 <sup>(C)</sup> | $— |
|  |  |  | 64463 |  | 2035112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (34935329) | 16388558 | (547375295) | (140157457) | &nbsp;&nbsp;&nbsp;&nbsp;(4531393025) | 2030325884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 135008781 | 118620223 | 1761889039 | 1902046496 | 6121228897 | 4090903013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;100073452 | $&nbsp;&nbsp;&nbsp;&nbsp;135008781 | $&nbsp;&nbsp;&nbsp;&nbsp;1214513744 | $&nbsp;&nbsp;&nbsp;&nbsp;1761889039 | $&nbsp;&nbsp;&nbsp;&nbsp;1589835872 | $&nbsp;&nbsp;&nbsp;&nbsp;6121228897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 3431145 | 3375249 | 4710090 | 6605093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 350986 | 1278905 | 1716138 | 3143300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 45862154 | 44350651 | 24624836 | 31710656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 9409593 | 4788627 | 131241 | 2038128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 85685 | 148490 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 264957 | 323633 | 1094 |  | 306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 10046487 | 1628911 | 1322079 | 1015377 |
|  | 350642 | 472123 | 69101459 | 55422343 | 32504690 | 44512554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 405537 | 366113 | 3640857 | 869951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 139289 | 159489 | 3891970 | 857071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 3057892 | 3178264 | 10333062 | 2453188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 1296426 | 1243378 | 11928725 | 2318889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 418637 | 217589 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 521111 | 247133 | 20 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 342433 | 98511 | 1188070 | 147491 |
|  | 939748 | 464722 | 5241597 | 5045755 | 30982684 | 6646590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (5353324) | (5124109) | (8625104) | (6141788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (2628473) | (2574968) | (5951940) | (2452138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | (78347081) | (61944831) | (47862647) | (24507779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (13742281) | (3387521) | (25955202) | (5326808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (579516) | (703490) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (1102791) | (709016) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (2891966) | (1427961) | (1257760) | (526468) |
|  | (1682307) | (1412506) | (102963125) | (74459390) | (89652653) | (38954981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 318676 | 801840 | 312653 | 355698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (320904) | (807095) | (455463) | (481153) |
|  |  |  | (2228) | (5255) | (142810) | (125455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (1197966) | (580907) | 38496 | 1688954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | (2459102) | (1943669) | (799295) | 1067080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | (29427035) | (14415916) | (12904749) | 9656065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (3036262) | 2644484 | (13895236) | (969791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (75194) | (337411) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (316723) | (138250) | 1114 |  | 306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 7496954 | 299461 | 1252389 | 636400 |
|  | (391917) | (475661) | (28622297) | (13996547) | (26308089) | 12078708 |

---

(A) *Class R commenced operations for Transamerica Bond and Transamerica Capital Growth on March 1, 2022.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 349** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Emerging<br>Markets Debt** | **Transamerica Emerging<br>Markets Debt** | **Transamerica Emerging<br>Markets Opportunities** | **Transamerica Emerging<br>Markets Opportunities** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17450126 | $20788208 | $31740961 | $10058132 | $2898739 | $4214147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (59569228) | (6504316) | (120320054) | 134750201 | 12744552 | 4547404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (34150699) | 8384140 | (407639788) | 32086109 | (3595118) | 70936992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (76269801) | 22668032 | (496218881) | 176894442 | 12048173 | 79698543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (359118) | (277136) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (101334) | (76738) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (8933342) | (8657628) | (850852) | (447) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (3795406) | (4738992) | (128860039) | (5821792) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (1097273) | (460390) | (794158) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  |  | (1052602) | (807107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (236612) | (270004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  |  | (2030102) | (1231163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  |  |  | (4182727) | (7178146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (14286473) | (14210884) | (130505049) | (5822239) | (7502043) | (9486420) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1774050 | 3697506 |  |  | 19100606 | 4538855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 178597 | 400055 |  |  | 2411711 | 1651141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 96279658 | 93513674 | 150000 | 8800000 | 26261239 | 22810490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 3940641 | 4564754 | 1782951 | 369082894 | 7599371 | 2582455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 23565276 | 7706699 | 87151816 | 10000 |  |  |
|  | 125738222 | 109882688 | 89084767 | 377892894 | 55372927 | 31582941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 335787 | 253543 |  |  | 966646 | 728082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 85215 | 67631 |  |  | 233757 | 261711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 7901634 | 7612273 | 826787 | 447 | 2018845 | 1219328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 3795406 | 4738992 | 128860039 | 5821792 | 4182727 | 7178146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 1097273 | 460390 | 794158 |  |  |  |
|  | 13215315 | 13132829 | 130480984 | 5822239 | 7401975 | 9387267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3904335) | (2875841) |  |  | (11126694) | (5669777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (775257) | (960684) |  |  | (1324669) | (2008043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (150449804) | (98674268) | (72760) | (58603) | (13748264) | (9987347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (116631704) | (5345536) | (110928759) | (64116682) | &nbsp;&nbsp;&nbsp;&nbsp;(111569339) | (31734993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (4588571) | (5639891) | (9284177) |  |  |  |
|  | (276349671) | &nbsp;&nbsp;&nbsp;&nbsp;(113496220) | (120285696) | (64175285) | (137768966) | (49400160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 611583 | 1531138 |  |  | 2051910 | 1461692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (611583) | (1531138) |  |  | (2051910) | (1461692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (137396134) | 9519297 | 99280055 | 319539848 | (74994064) | (8429952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transameria Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 22 <sup>(B)</sup> |  |  |  | 48 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 16 <sup>(B)</sup> |  |  |  | 318 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 732353 <sup>(C)</sup> |  | 6101 <sup>(C)</sup> |  | 29842 <sup>(C)</sup> |  |
|  | 732391 |  | 6101 |  | 30208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(227220017) | 17976445 | (527437774) | 490612051 | (70417726) | 61782171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 419346467 | 401370022 | &nbsp;&nbsp;&nbsp;&nbsp;1332069851 | 841457800 | 218758005 | 156975834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $192126450 | $419346467 | $804632077 | $&nbsp;&nbsp;&nbsp;&nbsp;1332069851 | $148340279 | $&nbsp;&nbsp;&nbsp;&nbsp;218758005 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 350** 

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##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Emerging<br>Markets Debt** | **Transamerica Emerging<br>Markets Debt** | **Transamerica Emerging<br>Markets Opportunities** | **Transamerica Emerging<br>Markets Opportunities** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 187020 | 342527 |  |  | 2766550 | 740832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19474 | 37607 |  |  | 341167 | 278942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 10238949 | 8554841 | 20215 | 718087 | 3713117 | 3726898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 473767 | 418635 | 217248 | 31842670 | 1043116 | 432413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 2414036 | 708915 | 8587270 | 795 |  |  |
|  | 13333246 | 10062525 | 8824733 | 32561552 | 7863950 | 5179085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 35942 | 23512 |  |  | 143604 | 119378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9034 | 6316 |  |  | 34596 | 43397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 849778 | 700645 | 83058 | 39 | 300041 | 197906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 388410 | 435929 | 12898903 | 511132 | 626660 | 1184808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 118328 | 42477 | 79021 |  |  |  |
|  | 1401492 | 1208879 | 13060982 | 511171 | 1104901 | 1545489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (430795) | (265565) |  |  | (1600213) | (925065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (81952) | (89464) |  |  | (189488) | (336699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (15882679) | (9041660) | (9354) | (4946) | (1992532) | (1663240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (13110992) | (489984) | (11564340) | (5364571) | (16058640) | (5054524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (495174) | (523680) | (1199548) |  |  |  |
|  | (30001592) | (10410353) | (12773242) | (5369517) | (19840873) | (7979528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 69233 | 141843 |  |  | 294920 | 234339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (69655) | (142906) |  |  | (295616) | (234966) |
|  | (422) | (1063) |  |  | (696) | (627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (138600) | 242317 |  |  | 1604861 | 169484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (123099) | (188447) |  |  | (109341) | (249326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4793952) | 213826 | 93919 | 713180 | 2020626 | 2261564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (12248815) | 364580 | 1551811 | 26989231 | (14388864) | (3437303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 2037190 | 227712 | 7466743 | 795 |  |  |
|  | (15267276) | 859988 | 9112473 | 27703206 | (10872718) | (1255581) |

---

(A) *Class R6 commenced operations for Transamerica Emerging Markets Opportunities on May 28, 2021.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc..* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 351** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Government<br>Money Market** | **Transamerica Government<br>Money Market** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15188452 | $4956939 | $4127132 | $505477 | $2447221 | $2716741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13751962) | (2675757) | (763) | 4817 | (1359397) | 407773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16585426) | 4935905 |  |  | (9013655) | (1562748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (15148936) | 7217087 | 4126369 | 510294 | (7925831) | 1561766 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (599854) | (463320) | (1850659) | (288688) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (470137) | (324730) | (71278) | (7244) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4927292) | (3042924) | (234547) | (18392) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (9300081) | (1426643) | (26824) | (5356) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (544488) | (81017) | (2016864) | (2435466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | (159887) | (187199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | (830354) | (13773) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (596315) | (96163) | (592363) | (594805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (6676) |  |  | (492175) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (5233) |  |  | (12350) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (54841) |  |  | (31355) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (103509) |  |  | (9130) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  | (138123) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  |  | (23482) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  | (163946) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (15467623) | (5257617) | (4154465) | (1381194) | (2769114) | (3217470) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7759646 | 4294569 | 63682098 | 127508538 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 6787798 | 4508736 | 5851565 | 7755618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 96792889 | 92478735 | 28748498 | 19249602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 186000000 | 145000000 | 3006076 | 2400131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 481502563 | 691450299 | 14660628 | 48027178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 2071043 | 4239221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 36014678 | 128314315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 55558298 | 55865106 | 3269705 | 11954034 |
|  | 297340333 | &nbsp;&nbsp;&nbsp;&nbsp;246282040 | 674363776 | 1032543609 | 20001376 | 64220433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 600591 | 459324 | 1847044 | 776660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 472858 | 318220 | 70339 | 19165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 4971123 | 3029745 | 232607 | 49585 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 9396253 | 1426643 | 26824 | 14486 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 544497 | 219140 | 2016864 | 2435466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 159887 | 187199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 830377 | 37390 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 596325 | 260109 | 592363 | 594805 |
|  | 15440825 | 5233932 | 4148013 | 1376535 | 2769114 | 3217470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (5813299) | (6226990) | (84496059) | (147273675) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (4386749) | (2414474) | (5298723) | (10296766) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (97780672) | (42226725) | (26280278) | (18483109) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (270601820) | (10488) | (3457753) | (3956176) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (478205484) | (693647167) | &nbsp;&nbsp;&nbsp;&nbsp;(38780403) | (53940409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | (3444232) | (5759105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | (33742868) | (1021037226) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (58232353) | (74563595) | (13454602) | (7182966) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(378582540) | &nbsp;&nbsp;&nbsp;&nbsp;(50878677) | &nbsp;&nbsp;&nbsp;&nbsp;(689713518) | &nbsp;&nbsp;&nbsp;&nbsp;(1969257714) | (55679237) | &nbsp;&nbsp;&nbsp;&nbsp;(66882480) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 352** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Government<br>Money Market** | **Transamerica Government<br>Money Market** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $250912 | $1156720 | $1404529 | $3359302 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (250912) | (1156720) | (1404529) | (3359302) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (65801382) | 200637295 | (11201729) | (935337570) | (32908747) | 555423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  | 870350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 854 <sup>(A)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3650 <sup>(B)</sup> |  | 27790 <sup>(B)</sup> |  |  |  |
|  | 4504 |  | 27790 | 870350 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (96413437) | 202596765 | (11202035) | (935338120) | (43603692) | (1100281) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 286230115 | 83633350 | 577995539 | 1513333659 | 169078282 | 170178563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;189816678 | $&nbsp;&nbsp;&nbsp;&nbsp;286230115 | $566793504 | $577995539 | $&nbsp;&nbsp;&nbsp;&nbsp;125474590 | $&nbsp;&nbsp;&nbsp;&nbsp;169078282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 831920 | 453574 | 63682098 | 127508538 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 732401 | 475164 | 5851565 | 7755618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 10428586 | 9803441 | 28748498 | 19249602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 19599586 | 15238272 | 3006076 | 2400131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 481502563 | 691450299 | 1518130 | 4813713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 215045 | 423635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 36014678 | 128314315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 55558298 | 55865106 | 342828 | 1201478 |
|  | 31592493 | 25970451 | 674363776 | 1032543609 | 2076003 | 6438826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 65888 | 48493 | 1847044 | 776660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 51921 | 33595 | 70339 | 19165 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 546830 | 321254 | 232607 | 49585 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1023722 | 150209 | 26824 | 14486 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 544497 | 219140 | 211645 | 245150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | 16703 | 18783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 830377 | 37390 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 596325 | 260109 | 62137 | 59880 |
|  | 1688361 | 553551 | 4148013 | 1376535 | 290485 | 323813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (634926) | (657204) | (84496059) | (147273675) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (482127) | (255137) | (5298723) | (10296766) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (10721273) | (4472796) | (26280278) | (18483109) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (30262065) | (1105) | (3457753) | (3956176) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (478205484) | (693647167) | (4083538) | (5413577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | (360869) | (576035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | (33742868) | &nbsp;&nbsp;&nbsp;&nbsp;(1021037226) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (58232353) | (74563595) | (1428278) | (722734) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(42100391) | &nbsp;&nbsp;&nbsp;&nbsp;(5386242) | &nbsp;&nbsp;&nbsp;&nbsp;(689713518) | (1969257714) | (5872685) | &nbsp;&nbsp;&nbsp;&nbsp;(6712346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 27448 | 122023 | 1404529 | 3359302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (27433) | (122012) | (1404529) | (3359302) |  |  |
|  | 15 | 11 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 290330 | (33114) | (17562388) | (15629175) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 274762 | 131610 | (781348) | (5881285) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 254143 | 5651899 | 2700827 | 816078 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (9638757) | &nbsp;&nbsp;&nbsp;&nbsp;15387376 | (424853) | (1541559) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 3841576 | (1977728) | (2353763) | (354714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  | (129121) | (133617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 |  |  | 3102187 | (892685521) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (2077730) | (18438380) | (1023313) | 538624 |
|  | (8819522) | 21137771 | &nbsp;&nbsp;&nbsp;&nbsp;(11201729) | &nbsp;&nbsp;&nbsp;&nbsp;(935337570) | &nbsp;&nbsp;&nbsp;&nbsp;(3506197) | 50293 |

---

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

*(B)* *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 353** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield ESG** | **Transamerica High Yield ESG** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $83892359 | $108994186 | $941608 | $691161 | $5072857 | $3681343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (42534180) | 55360143 | (68907) | 96851 | (8141151) | 3498625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (269564448) | 119226911 | (3473500) | 370020 | (35796773) | 2722416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (228206269) | 283581240 | (2600799) | 1158032 | (38865067) | 9902384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3490422) | (3537320) |  |  | (887353) | (696690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (469641) | (583235) |  |  | (310933) | (295379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (36046315) | (33399854) | (48485) | (40074) | (4305394) | (2689381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (29141594) | (47411072) | (971528) | (735930) | (404) | (385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (9621930) | (11274762) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (949176) | (1100513) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2528935) | (12561949) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3446827) | (2436463) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (85694840) | (112305168) | (1020013) | (776004) | (5504084) | (3681835) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 54839627 | 22269730 |  |  | 18771108 | 15743611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1625508 | 3637400 |  |  | 2898754 | 3488772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 293063516 | 444199719 | 55416 | 71290 | 145812944 | 84642478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 28859633 | 6672242 | 17849927 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 7470154 | 53688916 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1437504 | 2607791 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 6574652 | 39021466 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 33586767 | 23454466 |  |  |  |  |
|  | 427457361 | 595551730 | 17905343 | 71290 | 167482806 | 103874861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3226977 | 3257067 |  |  | 850987 | 687611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 461232 | 570267 |  |  | 309665 | 294612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 35933706 | 31603659 | 48485 | 40074 | 4302083 | 2686990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 29141594 | 47362727 | 971528 | 735930 | 404 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 9621930 | 11274762 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 949176 | 1078276 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2528935 | 12561857 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3415117 | 2436379 |  |  |  |  |
|  | 85278667 | 110144994 | 1020013 | 776004 | 5463139 | 3669598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (69443033) | (29912179) |  |  | (25275559) | (7106304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (4282196) | (3810539) |  |  | (4677083) | (2355315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (487085676) | (191280593) | (54356) |  | (152206683) | (24075329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (615949412) | (248775492) | (134937) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (53016377) | (75841544) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (5641797) | (13488833) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (18094402) | (642636427) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (27003054) | (11512141) |  |  |  |  |
|  | (1280515947) | &nbsp;&nbsp;&nbsp;&nbsp;(1217257748) | (189293) |  | &nbsp;&nbsp;&nbsp;&nbsp;(182159325) | (33536948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1236373 | 6635738 |  |  | 377386 | 544465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1236373) | (6635738) |  |  | (377386) | (544465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (767779919) | (511561024) | 18736063 | 847294 | (9213380) | 74007511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1263 <sup>(A)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 117830 <sup>(B)</sup> |  |  |  | 13205 <sup>(B)</sup> |  |
|  | 119093 |  |  |  | 13205 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1081561935) | (340284952) | 15115251 | 1229322 | (53569326) | 80228060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2247858953 | 2588143905 | 21218284 | 19988962 | 172647472 | 92419412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $1166297018 | $&nbsp;&nbsp;&nbsp;&nbsp;2247858953 | $&nbsp;&nbsp;&nbsp;&nbsp;36333535 | $&nbsp;&nbsp;&nbsp;&nbsp;21218284 | $119078146 | $&nbsp;&nbsp;&nbsp;&nbsp;172647472 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 354** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield ESG** | **Transamerica High Yield ESG** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6375456 | 2469006 |  |  | 1617089 | 1282523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 193257 | 402324 |  |  | 257378 | 283086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 34930452 | 48377113 | 5674 | 7039 | 12913854 | 6853174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 3274664 | 735157 | 2054077 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 863409 | 5900996 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 163613 | 285913 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 782662 | 4266882 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3750933 | 2545529 |  |  |  |  |
|  | 50334446 | 64982920 | 2059751 | 7039 | 14788321 | 8418783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 388490 | 357793 |  |  | 76528 | 56115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 55702 | 63011 |  |  | 27930 | 24067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 4286842 | 3436407 | 5284 | 3947 | 388362 | 219000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 3408918 | 5150910 | 106855 | 72492 | 37 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1145922 | 1226153 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 113182 | 117328 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 302580 | 1378079 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 408429 | 264618 |  |  |  |  |
|  | 10110065 | 11994299 | 112139 | 76439 | 492857 | 299213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (8089078) | (3311830) |  |  | (2333716) | (574481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (517663) | (421212) |  |  | (427367) | (191722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (57853719) | (20786861) | (5731) |  | (13898891) | (1960464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (75152084) | (26944675) | (15912) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (6248879) | (8239401) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (646690) | (1479516) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2076538) | (70395975) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3119054) | (1256643) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(153703705) | &nbsp;&nbsp;&nbsp;&nbsp;(132836113) | (21643) |  | (16659974) | (2726667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 149198 | 733597 |  |  | 33971 | 44705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (149814) | (736810) |  |  | (33935) | (44640) |
|  | (616) | (3213) |  |  | 36 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1175934) | 248566 |  |  | (606128) | 808862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (418518) | (692687) |  |  | (175994) | 70791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (18636425) | 31026659 | 5227 | 10986 | (596675) | 5111710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (68468502) | (21058608) | &nbsp;&nbsp;&nbsp;&nbsp;2145020 | &nbsp;&nbsp;&nbsp;&nbsp;72492 | 37 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (4239548) | (1112252) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (369895) | (1076275) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (991296) | (64751014) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1040308 | 1553504 |  |  |  |  |
|  | (93259810) | (55862107) | 2150247 | 83478 | &nbsp;&nbsp;&nbsp;&nbsp;(1378760) | &nbsp;&nbsp;&nbsp;&nbsp;5991394 |

---

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

*(B)* *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 355** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation-Protected<br>Securities** | **Transamerica Inflation-Protected<br>Securities** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7017419 | $3375431 | $6331967 | $4119292 | $39303788 | $32129688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (165967) | 1190730 | 1012086 | 1613672 | (85600980) | 25486795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23443901) | 1481143 | (19221311) | 759028 | (251676763) | (49824593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (16592449) | 6047304 | (11877258) | 6491992 | (297973955) | 7791890 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (101407) | (31788) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (36070) | (18604) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (606751) | (301347) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (5285775) | (2992641) |  |  | (47281080) | (65503969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (6052344) | (3285451) | (13080760) | (20657531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (580537) | (275470) | (1027942) | (1875981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (70252) | (40622) | (5206356) | (7344444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (5294) | (1937) |  |  | (6488) | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (6035297) | (3346317) | (6703133) | (3601543) | (66602626) | (95382005) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2389828 | 640447 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 767225 | 721399 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 9319675 | 9411332 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 33496097 | 32162244 |  |  | 1185591287 | 52923278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 3029811 | 8678562 | 12195099 | 82607738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 2290324 | 1726935 | 2716188 | 3626138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 429351 | 458411 | 10604436 | 23358449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 124824 | 10000 |  |  | 984748 | 10000 |
|  | 46097649 | 42945422 | 5749486 | 10863908 | 1212091758 | 162525603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 101407 | 31788 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 36070 | 18604 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 606751 | 301347 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 5285775 | 2992641 |  |  | 47281080 | 65503969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 6052344 | 3285451 | 13080760 | 20657531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 580537 | 275470 | 1027942 | 1875981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 70252 | 40622 | 5206356 | 7344444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 5294 | 1937 |  |  | 6488 | 80 |
|  | 6035297 | 3346317 | 6703133 | 3601543 | 66602626 | 95382005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1617182) | (241264) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (380792) | (286615) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (11641025) | (1472987) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (35221202) | (6109411) |  |  | (121962960) | (201612445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (15282521) | (15399465) | (81919846) | (101776046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (3152739) | (2983207) | (6245808) | (14153414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (443005) | (1391121) | (38958532) | (33441016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (23234) | (1) |  |  | (254048) |  |
|  | (48883435) | (8110278) | (18878265) | (19773793) | (249341194) | (350982921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 432599 | 107416 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (432599) | (107416) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 3249511 | 38181461 | (6425646) | (5308342) | 1029353190 | (93075313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1104 <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4411 <sup>(B)</sup> |  |  |  |  |  |
|  | 5515 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (19372720) | 40882448 | (25006037) | (2417893) | 664776609 | (180665428) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 356** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation-Protected<br>Securities** | **Transamerica Inflation-Protected<br>Securities** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 135115628 | 94233180 | &nbsp;&nbsp;&nbsp;&nbsp;109804463 | 112222356 | 1684452485 | 1865117913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;115742908 | $&nbsp;&nbsp;&nbsp;&nbsp;135115628 | $84798426 | $&nbsp;&nbsp;&nbsp;&nbsp;109804463 | $&nbsp;&nbsp;&nbsp;&nbsp;2349229094 | $&nbsp;&nbsp;&nbsp;&nbsp;1684452485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 219484 | 57761 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 72897 | 67929 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 873460 | 842142 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 2997694 | 2863032 |  |  | 134484639 | 5057094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 288588 | 788561 | 1289773 | 7879812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 214332 | 156242 | 275038 | 343069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 40729 | 41455 | 1117398 | 2215884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 11754 | 880 |  |  | 109932 | 966 |
|  | 4175289 | 3831744 | 543649 | 986258 | 137276780 | 15496825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 9743 | 2861 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3550 | 1718 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 57599 | 26907 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 500575 | 266831 |  |  | 5006893 | 6221470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 600959 | 297898 | 1357106 | 1959275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 57648 | 24942 | 106256 | 177450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 7004 | 3677 | 538847 | 696106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 509 | 173 |  |  | 741 | 8 |
|  | 571976 | 298490 | 665611 | 326517 | 7009843 | 9054309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (155517) | (21777) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (38963) | (26512) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1136936) | (131837) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (3271418) | (547932) |  |  | (12866157) | (19414503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (1489909) | (1401235) | (8660153) | (9712349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (301482) | (269172) | (655759) | (1347349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (41472) | (127516) | (4153187) | (3107556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (2236) |  |  |  | (29000) |  |
|  | (4605070) | (728058) | (1832863) | (1797923) | (26364256) | (33581757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 41333 | 9756 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (42480) | (10012) |  |  |  |  |
|  | (1147) | (256) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 115043 | 48601 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (4996) | 33123 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (205877) | 737212 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 226851 | 2581931 |  |  | 126625375 | (8135939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (600362) | (314776) | (6013274) | 126738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (29502) | (87988) | (274465) | (826830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 6261 | (82384) | (2496942) | (195566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 10027 | 1053 |  |  | 81673 | 974 |
|  | 141048 | 3401920 | (623603) | (485148) | 117922367 | (9030623) |

---

(A) *Class R6 commenced operations for Transamerica Intermediate Bond on May 28, 2021.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 357** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Focus** | **Transamerica International Focus** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $41800789 | $45177113 | $123929259 | $104121766 | $24326524 | $29511774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (83212689) | 24975905 | (3894972) | 192948905 | (15211888) | 127656475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (322013319) | 91788 | &nbsp;&nbsp;&nbsp;&nbsp;(1375303511) | &nbsp;&nbsp;&nbsp;&nbsp;1183218061 | (368186668) | 294887724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (363425219) | 70244806 | (1255269224) | 1480288732 | (359072032) | 452055973 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (5546940) | (4594355) | (5664602) | (697951) | (30102) | (1630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1718903) | (1535160) | (851499) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (45169620) | (39047603) | (109001944) | (29668975) | (1532) | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (265) | (221) | (54734050) | (22003572) | (85983318) | (17217444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (5782446) | (3137564) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (936264) | (255613) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (764859) | (230220) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (15500281) | (3500805) | (902100) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (52435728) | (45177339) | (193235945) | (59494700) | (86917052) | (17219397) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 52203426 | 86034790 | 63159040 | 28816865 | 316716 | 378801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7677324 | 24147327 | 2456570 | 5330869 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 814221877 | 874545250 | 1525275479 | 1029040374 | 60000 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 127814191 | 69932021 | 17227085 | 42782286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 4606672 | 10393576 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 1219446 | 1851287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 2328901 | 3549625 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 155744951 | 207826939 | 16313577 |  |
|  | 874102627 | 984727367 | 1882605250 | 1356741556 | 33917378 | 43162244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued from fund acquisition: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 59144888 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 2828913 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 34894866 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 945301 |  |  |  |
|  |  |  | 97813968 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4861242 | 4082169 | 4547089 | 521040 | 30102 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1537658 | 1335710 | 793944 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 39084682 | 32338680 | 100725723 | 27157141 | 1532 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 265 | 221 | 54734050 | 22003572 | 85983318 | 17217444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 5782446 | 3137564 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 936264 | 255613 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 764859 | 230220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 13854685 | 3408490 | 902100 | 127 |
|  | 45483847 | 37756780 | 182139060 | 56713640 | 86917052 | 17219397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (126220054) | (67617114) | (50970449) | (108586873) | (190520) | (105193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (32843464) | (21145897) | (5719919) | (8380084) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1652268881) | (500004682) | (1506857733) | (656607726) | (1339) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (177994211) | (425422661) | (267454456) | (466575856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (21213787) | (123842546) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (6131548) | (5236254) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (17766978) | (4078574) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (104600015) | (68378842) | (667044) |  |
|  | (1811332399) | (588767693) | (1891254640) | (1400533560) | (268313359) | (466681084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 11023179 | 13351751 | 4051458 | 3233080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (11023179) | (13351751) | (4051458) | (3233080) |  |  |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 358** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Focus** | **Transamerica International Focus** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | $(891745925) | $433716454 | $271303638 | $12921636 | $(147478929) | $(406299443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 30 <sup>(A)</sup> |  | 1140 <sup>(A)</sup> |  | 86 <sup>(A)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 75 <sup>(A)</sup> |  | 166 <sup>(A)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 842261 <sup>(B)</sup> |  | 2271450 <sup>(B)</sup> |  |  |  |
|  | 842366 |  | 2272756 |  | 86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1306764506) | 458783921 | &nbsp;&nbsp;&nbsp;&nbsp;(1174928775) | &nbsp;&nbsp;&nbsp;&nbsp;1433715668 | (593467927) | 28537133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2732139669 | 2273355748 | 5358622237 | 3924906569 | &nbsp;&nbsp;&nbsp;&nbsp;1468294105 | 1439756972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $1425375163 | $&nbsp;&nbsp;&nbsp;&nbsp;2732139669 | $4183693462 | $5358622237 | $874826178 | $&nbsp;&nbsp;&nbsp;&nbsp;1468294105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4640459 | 7138491 | 3233573 | 1408603 | 36449 | 38673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 687794 | 2008221 | 123410 | 262023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 73288061 | 72266431 | 80281624 | 50279444 | 7602 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 6792393 | 3487010 | 1902029 | 4556965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 250287 | 493384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 65576 | 88107 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 122253 | 166534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 8116987 | 9959440 | 1652886 |  |
|  | 78616314 | 81413143 | 98986103 | 66144545 | 3598966 | 4595754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued on fund acquisition: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 2800779 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 136391 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 1631882 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 43687 |  |  |  |
|  |  |  | 4612739 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 435093 | 338943 | 222569 | 27908 | 3182 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 137299 | 111176 | 39304 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3482855 | 2675504 | 4911202 | 1442227 | 161 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 23 | 19 | 2649276 | 1167298 | 9098764 | 1898285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | 277869 | 165309 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 44797 | 13418 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | 36737 | 12123 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 663539 | 179017 | 95058 | 14 |
|  | 4055270 | 3125642 | 8845293 | 3007300 | 9197165 | 1898500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (11602238) | (5615242) | (2796709) | (5769619) | (23488) | (10690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (2992006) | (1760186) | (313505) | (435041) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (151238585) | (41365565) | (82876943) | (31811027) | (132) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (9206342) | (20022330) | (33172501) | (46126119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (1124601) | (5758556) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (332778) | (248387) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (943497) | (198223) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (5318420) | (3272516) | (74970) |  |
|  | (165832829) | (48740993) | (102912795) | (67515699) | (33271091) | (46136813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 976127 | 1106061 | 221594 | 156076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (977953) | (1108183) | (224866) | (158408) |  |  |
|  | (1826) | (2122) | (3272) | (2332) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (5550559) | 2968253 | 3681806 | (4177032) | 16143 | 28162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (3144866) | (748972) | (239266) | (331426) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (74467669) | 33576370 | 3947765 | 19910644 | 7631 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 23 | 19 | 235327 | (15368022) | (22171708) | (39670869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  | (596445) | (5099863) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | (222405) | (146862) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  | (784507) | (19566) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 3505793 | 6865941 | 1672974 | 14 |
|  | (83163071) | 35795670 | 9528068 | 1633814 | (20474960) | (39642559) |

---

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

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 359** 

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##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica International Small<br>Cap Value** | **Transamerica International Small<br>Cap Value** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14527237 | $12927950 | $4814059 | $3096658 | $26242576 | $25161979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13803942 | 31659574 | (831235) | 12766006 | 103718459 | 337873845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (257720764) | 144294046 | (31626834) | 25077203 | (303269267) | 548344476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (229389585) | 188881570 | (27644010) | 40939867 | (173308232) | 911380300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (61683) | (6314) | (2045943) | (525971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (337943) | (60273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (12832262) | (2686636) | (52706) | (6904) | (3100771) | (783640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (17994779) | (3728380) | (11029440) | (1680254) | (61537484) | (22929567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (1321802) | (6826) | (1443181) | (320845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (30827041) | (6415016) | (12465631) | (1700298) | (68465322) | (24620296) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 225139 | 110596 | 17227609 | 21606431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 7123093 | 4540437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 68334792 | 76100599 | 84490 |  | 57152362 | 59110371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 3725315 | 121139524 | 57556341 | 1507867 | 201729594 | 495690773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 16320797 |  | 32844523 | 5739402 |
|  | 72060107 | 197240123 | 74186767 | 1618463 | 316077181 | 586687414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 61683 | 6314 | 1852361 | 478492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 285437 | 50613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 12786486 | 2678636 | 52706 | 6904 | 2647280 | 616006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 17994779 | 3728380 | 11029440 | 1680254 | 61537484 | 22929567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 1321802 | 6826 | 1443181 | 320845 |
|  | 30781265 | 6407016 | 12465631 | 1700298 | 67765743 | 24395523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (88865) | (158) | (17971052) | (18654259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (5683069) | (5363277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (88883520) | (45188867) | (25948) |  | (57939248) | (56953921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (24326615) | (17451390) | (26944838) | (11542950) | (657846069) | (485703112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (1980911) |  | (10994964) | (17642874) |
|  | (113210135) | (62640257) | (29040562) | (11543108) | (750434402) | (584317443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  |  | 1185955 | 2189226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (1185955) | (2189226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (10368763) | 141006882 | 57611836 | (8224347) | (366591478) | 26765494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 1908 <sup>(A)</sup> |  | 666 <sup>(A)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 1377 <sup>(A)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 239586 <sup>(B)</sup> |  | 1486 <sup>(B)</sup> |  | 108984 <sup>(B)</sup> |  |
|  | 239586 |  | 3394 |  | 111027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(270345803) | 323473436 | 17505589 | 31015222 | (608254005) | 913525498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 838220384 | 514746948 | 138480986 | 107465764 | 2530584178 | 1617058680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $567874581 | $&nbsp;&nbsp;&nbsp;&nbsp;838220384 | $&nbsp;&nbsp;&nbsp;&nbsp;155986575 | $&nbsp;&nbsp;&nbsp;&nbsp;138480986 | $&nbsp;&nbsp;&nbsp;&nbsp;1922330173 | $&nbsp;&nbsp;&nbsp;&nbsp;2530584178 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 360** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica International Small<br>Cap Value** | **Transamerica International Small<br>Cap Value** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 22559 | 10710 | 1276340 | 1717239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 528845 | 358134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 5405943 | 4793306 | 8361 |  | 4181287 | 4663168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 259665 | 7188116 | 6110522 | 138315 | 14512637 | 39558431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 1426989 |  | 2342141 | 471558 |
|  | 5665608 | 11981422 | 7568431 | 149025 | 22841250 | 46768530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 5776 | 635 | 138160 | 41545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 21066 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 851075 | 191331 | 4956 | 693 | 197183 | 52118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1187774 | 265933 | 1030789 | 168531 | 4571397 | 1928052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 123533 | 685 | 107375 | 27632 |
|  | 2038849 | 457264 | 1165054 | 170544 | 5035181 | 2054086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | (9514) | (15) | (1370446) | (1534875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (444551) | (449023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (6907020) | (3047089) | (2376) |  | (4331121) | (4904452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (1752676) | (1100957) | (2469194) | (1038206) | (50386594) | (38298156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | (194814) |  | (829435) | (1478311) |
|  | (8659696) | (4148046) | (2675898) | (1038221) | (57362147) | (46664817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  |  | 88013 | 171409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | (88741) | (172587) |
|  |  |  |  |  | (728) | (1178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 18821 | 11330 | 132067 | 395318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  | 16619 | (258737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (650002) | 1937548 | 10941 | 693 | 47349 | (189166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (305237) | 6353092 | 4672117 | (731360) | (31302560) | 3188327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 1355708 | 685 | 1620081 | (979121) |
|  | (955239) | 8290640 | 6057587 | (718652) | (29486444) | 2156621 |

---

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

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 361** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Value<br>Opportunities** | **Transamerica Large Value<br>Opportunities** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1597062 | $1699503 | $(3302764) | $(5332790) | $6366916 | $7427339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7013637 | 29034402 | (4813519) | 236939557 | 21128488 | 65344664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33152073) | 36038792 | (522434212) | 143867103 | (31555826) | 60520168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (24541374) | 66772697 | (530550495) | 375473870 | (4060422) | 133292171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (20526584) | (10515694) | (178104703) | (125877488) | (48771317) | (6124302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (9582927) | (5042853) | (36849171) | (26451482) | (10592866) | (1028286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (418761) | (187240) | (11758984) | (8515569) | (1473018) | (233844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | (5556471) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (30528272) | (15745787) | (232269329) | (160844539) | (60837201) | (7386432) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 2996368 | 1809512 | 31912194 | 41898283 | 4481636 | 3796796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2129027 | 1720456 | 5444677 | 10321621 | 4212820 | 2598631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 87467 | 167978 | 4062394 | 11180522 | 1475055 | 3658370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | 34816786 | 10000 |  |  |
|  | 5212862 | 3697946 | 76236051 | 63410426 | 10169511 | 10053797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 20526584 | 10515694 | 178104703 | 125877488 | 48771317 | 6124302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9582927 | 5042853 | 36849171 | 26451482 | 10592866 | 1028286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 418761 | 187240 | 11758984 | 8515569 | 1473018 | 233844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | 5556471 |  |  |  |
|  | 30528272 | 15745787 | 232269329 | 160844539 | 60837201 | 7386432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (13203138) | (18798924) | (292393293) | (135832051) | (54864588) | (50261417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (10868787) | (12548407) | (29053093) | (31107587) | (11531197) | (11607011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (136844) | (241938) | (25814677) | (16283411) | (2365028) | (17781251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | (2079409) |  |  |  |
|  | (24208769) | (31589269) | (349340472) | (183223049) | (68760813) | (79649679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 11532365 | (12145536) | (40835092) | 41031916 | 2245899 | (62209450) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (43537281) | 38881374 | (803654916) | 255661247 | (62651724) | 63696289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 205385942 | 166504568 | &nbsp;&nbsp;&nbsp;&nbsp;1236404100 | 980742853 | 393286836 | 329590547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;161848661 | $&nbsp;&nbsp;&nbsp;&nbsp;205385942 | $432749184 | $&nbsp;&nbsp;&nbsp;&nbsp;1236404100 | $&nbsp;&nbsp;&nbsp;&nbsp;330635112 | $&nbsp;&nbsp;&nbsp;&nbsp;393286836 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 362** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Value<br>Opportunities** | **Transamerica Large Value<br>Opportunities** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 259454 | 150511 | 3114871 | 2173892 | 453552 | 371145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 188117 | 142087 | 465717 | 561166 | 418502 | 245402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 7703 | 14060 | 390845 | 614700 | 156416 | 356014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | 2070176 | 558 |  |  |
|  | 455274 | 306658 | 6041609 | 3350316 | 1028470 | 972561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1733054 | 951756 | 11580280 | 7044068 | 4896700 | 588822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 805174 | 458748 | 2461534 | 1504635 | 1060276 | 99104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 35286 | 16970 | 772094 | 479210 | 147555 | 23322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | 361514 |  |  |  |
|  | 2573514 | 1427474 | 15175422 | 9027913 | 6104531 | 711248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (1179877) | (1522607) | (28381731) | (7158396) | (5519128) | (4840490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (940436) | (1003710) | (2291913) | (1704074) | (1142630) | (1109722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (12650) | (20726) | (2439809) | (888825) | (233120) | (1876282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | (183265) |  |  |  |
|  | (2132963) | (2547043) | (33296718) | (9751295) | (6894878) | (7826494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 812631 | (420340) | (13686580) | 2059564 | (168876) | (3880523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 52855 | (402875) | 635338 | 361727 | 336148 | (765216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 30339 | 10304 | (1276870) | 205085 | 70851 | (1496946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> |  |  | 2248425 | 558 |  |  |
|  | 895825 | (812911) | (12079687) | 2626934 | 238123 | (6142685) |

---

(A) *Class R6 commenced operations for Transamerica Large Growth on May 28, 2021.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 363** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Value<br>Opportunities** | **Transamerica Mid Cap Value<br>Opportunities** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(959444) | $(1853954) | $10209749 | $8449271 | $22306377 | $11912454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (37777538) | &nbsp;&nbsp;&nbsp;&nbsp;109996723 | 90564892 | 330963162 | (4201169) | 17136262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(108377492) | 12465481 | &nbsp;&nbsp;&nbsp;&nbsp;(157100087) | &nbsp;&nbsp;&nbsp;&nbsp;259785401 | (80011476) | 52058642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (147114474) | 120608250 | (56325446) | 599197834 | (61906268) | &nbsp;&nbsp;&nbsp;&nbsp;81107358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (4997670) | (695547) | (6237115) | (99450) | (6592901) | (2466508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (329926) | (78496) | (3871483) |  | (3408448) | (1630668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (668444) | (79553) | (140281828) | (5207038) | &nbsp;&nbsp;&nbsp;&nbsp;(20626850) | (8068651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (83490034) | (20365628) | (48367095) | (4054037) | (878) | (541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (10118990) | (1808466) | (28354374) | (1292516) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (7200667) | (1194775) | (12665961) | (290706) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (53974) | (17577) | (25655249) | (819473) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (3021089) |  | (48777821) | (2465827) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (109880794) | (24240042) | (314210926) | (14229047) | (30629077) | &nbsp;&nbsp;&nbsp;&nbsp;(12166368) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2564836 | 5041782 | 10963460 | 12100662 | 32289553 | 18561670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 175751 | 193656 | 4931120 | 3027450 | 31755305 | 24811938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 608934 | 496281 | 418148012 | 209264153 | 296777303 | 145756745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 59766166 | 55155484 | 7251632 | 51370010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 2269021 | 775332 | 3756285 | 3677471 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1362071 | 2472339 | 3216227 | 3032180 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 18241 | 43822 | 6473702 | 11790965 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 10182835 | 10000 | 57751153 | 39157427 |  |  |
|  | 76947855 | 64188696 | 512491591 | 333420318 | 360822161 | 189130353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued from fund acquisition: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  |  |  | 70567616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  |  | 16215922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  |  |  | 19920834 |
|  |  |  |  |  |  | 106704372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4997670 | 695547 | 5596470 | 88145 | 6303276 | 2350549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 329926 | 78496 | 3538876 |  | 3385554 | 1618679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 576696 | 72218 | 127281856 | 4638921 | 20550322 | 8025144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 83490034 | 20365628 | 48363640 | 4054037 | 878 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 10118990 | 1808466 | 28354374 | 1292516 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 7200667 | 1194775 | 12665961 | 290706 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 53974 | 17577 | 25655249 | 819473 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 3021089 |  | 48777821 | 2465827 |  |  |
|  | 109789046 | 24232707 | 300234247 | 13649625 | 30240030 | 11994913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3694490) | (5359565) | (10607324) | (7113808) | (26768206) | (15841562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (200349) | (109248) | (3493128) | (3972056) | (15067687) | (9939267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (520350) | (94894) | (296577761) | (252804096) | (167421639) | (41665990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (16122967) | (241814462) | (49512674) | (277005167) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (4128085) | (11159248) | (29193599) | (40505259) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (3535355) | (6512929) | (6985102) | (11265213) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (14966) | (270502) | (37479863) | (16650734) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (193953) |  | (24928554) | (156739421) |  |  |
|  | (28410515) | (265320848) | (458778005) | (766055754) | (209257532) | (67446819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 748461 | 184656 | 1244897 | 664426 | 11623763 | 10787314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (748461) | (184656) | (1244897) | (664426) | (11623763) | (10787314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;158326386 | &nbsp;&nbsp;&nbsp;&nbsp;(176899445) | 353947833 | (418985811) | 181804659 | 240382819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 57 <sup>(B)</sup> |  | 80 <sup>(B)</sup> |  | 332 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 7686 <sup>(B)</sup> |  | 72 <sup>(B)</sup> |  | 1317 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 504 <sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 3402 <sup>(C)</sup> |  | 309413 <sup>(C)</sup> |  | 87069 <sup>(C)</sup> |  |
|  | 11145 |  | 310069 |  | 88718 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (98657737) | (80531237) | (16278470) | 165982976 | 89358032 | 309323809 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 364** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Value<br>Opportunities** | **Transamerica Mid Cap Value<br>Opportunities** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;385587427 | $&nbsp;&nbsp;&nbsp;&nbsp;466118664 | $1415575621 | $1249592645 | $569083823 | $259760014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $286929690 | $385587427 | $&nbsp;&nbsp;&nbsp;&nbsp;1399297151 | $&nbsp;&nbsp;&nbsp;&nbsp;1415575621 | $&nbsp;&nbsp;&nbsp;&nbsp;658441855 | $&nbsp;&nbsp;&nbsp;&nbsp;569083823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 305355 | 367626 | 916115 | 883827 | 2383832 | 1363700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 23077 | 14850 | 444255 | 222626 | 2354901 | 1837938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 69100 | 35121 | 36121361 | 15328813 | 21939131 | 10636043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 6985263 | 3582340 | 621888 | 4879380 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 286379 | 55556 | 320172 | 263959 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 156706 | 178685 | 272502 | 220319 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2152 | 3117 | 536936 | 841469 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 731436 | 721 | 4380861 | 2875202 |  |  |
|  | 8559468 | 4238016 | 43614090 | 25515595 | 26677864 | 13837681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued on fund acquisition: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  |  |  |  | 5087201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  |  |  |  | 1175220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  |  |  | 1435260 |
|  |  |  |  |  |  | 7697681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 527737 | 52376 | 486650 | 7445 | 469419 | 172594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 39184 | 6351 | 315127 |  | 252242 | 121152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 59354 | 5345 | 11031702 | 390811 | 1536090 | 595820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 8458970 | 1496372 | 4187328 | 341249 | 68 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1027309 | 132975 | 2440135 | 108342 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 750069 | 89029 | 1087207 | 24307 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 5491 | 1293 | 2198393 | 68461 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 306398 |  | 4183347 | 206001 |  |  |
|  | 11174512 | 1783741 | 25929889 | 1146616 | 2257819 | 889609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (444495) | (391889) | (881692) | (534733) | (2001119) | (1158875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (28055) | (8620) | (305497) | (298694) | (1140796) | (738724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (58021) | (6866) | (24910716) | (18397473) | (12804687) | (3092276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (2010903) | (17831021) | (4075708) | (19413807) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (469721) | (767034) | (2455303) | (2995137) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (428831) | (466772) | (573012) | (836000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (1868) | (19422) | (3134208) | (1228909) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (22559) |  | (2096932) | (10889128) |  |  |
|  | (3464453) | (19491624) | (38433068) | (54593881) | (15946602) | (4989875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 56648 | 13522 | 107154 | 47748 | 867608 | 785342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (61895) | (14552) | (110035) | (48558) | (871733) | (789449) |
|  | (5247) | (1030) | (2881) | (810) | (4125) | (4107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 445245 | 41635 | 628227 | 404287 | 1719740 | 6249962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (27689) | (1971) | 343850 | (124626) | 594614 | 1606137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 70433 | 33600 | 22242347 | (2677849) | 10670534 | 9574847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 13433330 | (12752309) | 733508 | (14193178) | 68 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 843967 | (578503) | 305004 | (2622836) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 477944 | (199058) | 786697 | (591374) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 5775 | (15012) | (398879) | (318979) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 1015275 | 721 | 6467276 | (7807925) |  |  |
|  | 16264280 | (13470897) | 31108030 | (27932480) | 12984956 | 17430989 |

---

(A) *Class R6 commenced operations for Transamerica Mid Cap Growth on May 28, 2021.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 365** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Multi-Managed Balanced** | **Transamerica<br>Multi-Managed Balanced** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10708395 | $7386857 | $55205058 | $48401529 | $(1237425) | $(1479069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 20978237 | 86272630 | (42134952) | 16030234 | 4117204 | 29119502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (240341681) | 181382553 | (200275180) | (13879348) | (78562751) | 64362898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (208655049) | 275042040 | (187205074) | 50552415 | (75682972) | 92003331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (48548146) | (28174083) | (10655086) | (10701317) | (2597814) | (1631899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (14490465) | (9400455) | (889774) | (1102600) | (535322) | (406524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (29331791) | (15528300) | (41800684) | (34036232) | (4898026) | (3461762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (3651160) | (2412577) | (11238704) | (7554879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | (3249291) | (2601429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (48) |  |  |  | (2162203) | (1423743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | (24764) | (8787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1982075) | (1012241) | (3821191) | (3077056) | (777574) | (7549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (94352525) | (54115079) | (60817895) | (51329782) | (25483698) | (17096572) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 40457618 | 60696682 | 112287612 | 236724394 | 1535400 | 5083751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 25256187 | 56108189 | 17316510 | 30610480 | 222261 | 1133243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 91681442 | 100266304 | 1384734370 | 1441307254 | 11491742 | 16513738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 302256219 | 88018906 | 20332008 | 32655100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | 2038499 | 419934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 112116 |  |  |  | 1646115 | 2365728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | 36191 | 144069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3974683 | 17671124 | 24020062 | 192394726 | 7642387 |  |
|  | 161482046 | 234742299 | 1840614773 | 1989055760 | 44944603 | 58315563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 47601970 | 27582702 | 9500375 | 9651772 | 2591761 | 1624596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 14014561 | 9109074 | 808048 | 1008303 | 535322 | 406524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 26772280 | 14062210 | 35900762 | 29129324 | 4896580 | 3455802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 3631726 | 2412577 | 5031351 | 3410819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | 3249291 | 2601429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 48 |  |  |  | 2162203 | 1423743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | 24764 | 8787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1873805 | 623858 | 3795184 | 3042506 | 777574 | 7549 |
|  | 90262664 | 51377844 | 53636095 | 45244482 | 19268846 | 12939249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (99106398) | (93563033) | (285835804) | (221294229) | (5315069) | (5890508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (38557118) | (42674921) | (42464159) | (40266334) | (1084240) | (974768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (103907761) | (69939806) | (1454977184) | (1049958207) | (24538310) | (21587000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (93851848) | (107370128) | (50218553) | (8364440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | (4665834) | (7449130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (119) |  |  |  | (2799177) | (3386547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | (24184) | (48887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (6401776) | (9300730) | (29442582) | (13055356) | (256648) |  |
|  | (247973172) | (215478490) | (1906571577) | &nbsp;&nbsp;&nbsp;&nbsp;(1431944254) | (88902015) | (47701280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 19346828 | 43152761 | 20051831 | 60316266 | 209757 | 1348548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (19346828) | (43152761) | (20051831) | (60316266) | (209757) | (1348548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 3771538 | 70641653 | (12320709) | 602355988 | (24688566) | 23553532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7725 <sup>(B)</sup> |  | 2567 <sup>(B)</sup> |  | 1112 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1866 <sup>(B)</sup> |  | 2011 <sup>(B)</sup> |  | 5169<br> <sup>(B)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 460193 <sup>(C)</sup> |  | 3033397 <sup>(C)</sup> |  |  |  |
|  | 469784 |  | 3037975 |  | 6281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (298766252) | 291568614 | &nbsp;&nbsp;&nbsp;&nbsp;(257305703) | 601578621 | &nbsp;&nbsp;&nbsp;&nbsp;(125848955) | 98460291 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1394675106 | 1103106492 | 3729199423 | 3127620802 | 276153606 | 177693315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1095908854 | $&nbsp;&nbsp;&nbsp;&nbsp;1394675106 | $3471893720 | $3729199423 | $150304651 | $&nbsp;&nbsp;&nbsp;&nbsp;276153606 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 366** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>Multi-Managed Balanced** | **Transamerica<br>Multi-Managed Balanced** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1258892 | 1816372 | 11172742 | 22787349 | 225423 | 635768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 783787 | 1718890 | 1732521 | 2950402 | 36203 | 160773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2767365 | 2978903 | 140995120 | 141078281 | 1571710 | 1914618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 31239433 | 8623971 | 2856818 | 3641619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | 324270 | 48321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 3976 |  |  |  | 223486 | 276625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | 5502 | 16877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 126433 | 520505 | 2420818 | 18866341 | 815254 | 1 |
|  | 4940453 | 7034670 | 187560634 | 194306344 | 6058666 | 6694602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1414528 | 869415 | 956900 | 928825 | 336592 | 216902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 421880 | 295557 | 81993 | 97186 | 82867 | 62929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 795462 | 439843 | 3685949 | 2852151 | 597144 | 437998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 375097 | 236501 | 597548 | 422654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | 386360 | 322358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 2 |  |  |  | 265301 | 180678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | 2969 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 55634 | 19396 | 389014 | 297880 | 92348 | 935 |
|  | 2687506 | 1624211 | 5488953 | 4412543 | 2361129 | 1645550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3132426) | (2791835) | (28555338) | (21296257) | (786713) | (726632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (1240882) | (1292929) | (4256952) | (3882425) | (200958) | (141489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (3284300) | (2087116) | (148039720) | (102770910) | (3676231) | (2534838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | (9555860) | (10546018) | (6464251) | (951285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | (610467) | (862562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | (4) |  |  |  | (390438) | (396260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | (3614) | (5898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (194910) | (269323) | (2997224) | (1277533) | (37950) |  |
|  | (7852522) | (6441203) | (193405094) | (139773143) | (12170622) | (5618964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 607735 | 1296029 | 2006780 | 5806520 | 30720 | 164110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (622637) | (1324563) | (2010716) | (5814127) | (36608) | (190348) |
|  | (14902) | (28534) | (3936) | (7607) | (5888) | (26238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 148729 | 1189981 | (14418916) | 8226437 | (193978) | 290148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (657852) | (603045) | (4453154) | (6648964) | (118496) | (108135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 278527 | 1331630 | (3358651) | 41159522 | (1507377) | (182222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 |  |  | 22058670 | (1685546) | (3009885) | 3112988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 |  |  |  |  | 100163 | (491883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(A)</sup> | 3974 |  |  |  | 98349 | 61043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 |  |  |  |  | 4857 | 12075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (12843) | 270578 | (187392) | 17886688 | 869652 | 936 |
|  | (239465) | 2189144 | (359443) | 58938137 | (3756715) | 2694950 |

---

(A) *Class R commenced operations for Transamerica Multi-Managed Balanced on March 1, 2022.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 367** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Transamerica Small Cap Value** | **<br>Transamerica Small Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Sustainable Bond** | **Transamerica Sustainable Bond** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3873664 | $5715997 | $4418538 | $2453737 | $476937 | $332223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 83469430 | 232095300 | 73876631 | 134616679 | (779780) | (420758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (115724345) | 151218363 | (125752333) | 174508843 | (4104240) | 89232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (28381251) | 389029660 | (47457164) | 311579259 | (4407083) | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (4183063) |  | (38882728) | (1553009) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (354420) |  | (5926977) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (8326531) | (25298) | (35174157) | (2062016) | (21785) | (14607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (197718969) | (2370495) | (478526) | (184457) | (483355) | (361888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (13815188) | (79701) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (3911096) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (80563) | (79) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3294623) | (163) | (9428646) | (524956) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (231684453) | (2475736) | (89891034) | (4324438) | (505140) | (376495) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1853504 | 7179845 | 20849232 | 37261575 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 122783 | 417024 | 10605584 | 8846861 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2512828 | 2862325 | 83391186 | 184445528 | 58841 | 26052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 506639 | 371624962 | 423232 | 533513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1448104 | 288687 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1141244 | 3262429 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 7309 | 206713 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7520537 |  | 20937333 | 34711642 |  |  |
|  | 15112948 | 385841985 | 136206567 | 265799119 | 58841 | 26052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 4183063 |  | 36104722 | 1438667 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 354420 |  | 5709213 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 8326531 | 25298 | 31396067 | 1826995 | 21785 | 14607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 197718969 | 2370495 | 478526 | 184457 | 483355 | 361888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 13815188 | 79701 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 3911096 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 80563 | 79 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3294623 | 163 | 9280663 | 522678 |  |  |
|  | 231684453 | 2475736 | 82969191 | 3972797 | 505140 | 376495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1839828) | (5275373) | (60746413) | (78482655) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (159758) | (45108) | (8124994) | (15759376) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (3014592) | (3940209) | (121120690) | (168519480) | (76727) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (261189149) | (507788033) | (624924) | (19452802) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (7088445) | (12145915) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (2959805) | (2991241) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (14231) | (198373) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (609761) |  | (22803585) | (18833362) |  |  |
|  | (276875569) | &nbsp;&nbsp;&nbsp;&nbsp;(532384252) | &nbsp;&nbsp;&nbsp;&nbsp;(213420606) | &nbsp;&nbsp;&nbsp;&nbsp;(301047675) | (76727) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 87491 | 543469 | 11219219 | 26433575 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (87491) | (543469) | (11219219) | (26433575) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (30078168) | (144066531) | 5755152 | (31275759) | 487254 | 402547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2311 <sup>(A)</sup> |  | 4053 <sup>(A)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3058 <sup>(A)</sup> |  | 1225 <sup>(A)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 257944 <sup>(B)</sup> |  | 1617 <sup>(B)</sup> |  |
|  | 5369 |  | 263222 |  | 1617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(290138503) | 242487393 | (131329824) | 275979062 | (4423352) | 26749 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 368** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Transamerica Small Cap Value** | **<br>Transamerica Small Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Sustainable Bond** | **Transamerica Sustainable Bond** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | $714834270 | $472346877 | $901057124 | $625078062 | $24647293 | $24620544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $424695767 | $714834270 | $769727300 | $901057124 | $&nbsp;&nbsp;&nbsp;&nbsp;20223941 | $&nbsp;&nbsp;&nbsp;&nbsp;24647293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 234756 | 593100 | 706425 | 1211449 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12006 | 34277 | 438299 | 346777 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 345370 | 239914 | 2703302 | 5861288 | 6098 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 71798 | 38145542 | 13756 | 17166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 205688 | 23632 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 158379 | 265683 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1015 | 15691 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 569889 |  | 676980 | 1050054 |  |  |
|  | 1598901 | 39317839 | 4538762 | 8486734 | 6098 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 593342 |  | 1225135 | 55143 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 52274 |  | 235237 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1161301 | 2451 | 1022114 | 67442 | 2534 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 27575867 | 229699 | 15532 | 6796 | 55910 | 37131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1918776 | 7701 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 542454 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 11174 | 8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 454431 | 16 | 299763 | 19174 |  |  |
|  | 32309619 | 239875 | 2797781 | 148555 | 58444 | 38630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (248319) | (441476) | (2071801) | (2647704) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (20974) | (3872) | (336919) | (648120) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (411502) | (348103) | (3909846) | (5311829) | (8338) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (22885790) | (40191054) | (20502) | (668639) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | (981476) | (1061172) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (337736) | (243962) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (2045) | (15854) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (86551) |  | (735517) | (598590) |  |  |
|  | (24974393) | (42305493) | (7074585) | (9874882) | (8338) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 11848 | 42237 | 378162 | 859753 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (12316) | (43112) | (458434) | (1017590) |  |  |
|  | (468) | (875) | (80272) | (157837) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 591627 | 193861 | 237921 | (521359) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 30990 | (12707) | (121817) | (1318933) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 1095169 | (105738) | (184430) | 616901 | 294 | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 4761875 | (1815813) | 8786 | (644677) | 55910 | 37131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 1142988 | (1029839) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 363097 | 21721 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 10144 | (155) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 937769 | 16 | 241226 | 470638 |  |  |
|  | 8933659 | (2748654) | 181686 | (1397430) | 56204 | 41318 |

---

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

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 369** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Sustainable Equity<br>Income** | **Transamerica Sustainable Equity<br>Income** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica US Growth** | **Transamerica US Growth** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5404450 | $7933930 | $33535343 | $48923091 | $(4327010) | $(5324831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3066505) | 91847845 | (63762506) | 67929742 | 61481033 | 249958132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (50975739) | 63062447 | (66860336) | (4813858) | (710790019) | 418276235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (48637794) | 162844222 | (97087499) | 112038975 | (653635996) | 662909536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (12259442) | (1140086) | (43037) | (6923) | (115463232) | (77846470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (325340) | (17944) |  |  | (2389444) | (2092150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (714288) | (64020) | (3502141) | (384583) | (45507683) | (31010323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (42545204) | (6254499) | (77303425) | (48499099) | (73066925) | (52882056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (524995) | (67675) |  |  | (196176) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | (6817211) | (4791143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (76461) |  | (12120) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (995) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (6337) |  | (872560) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (316494) |  | (15855076) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (3375) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (56772931) | (7544224) | (97588359) | (48890605) | (243440671) | (168622142) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2975839 | 3067757 | 1048079 | 437020 | 25189604 | 25646494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 206861 | 213739 |  |  | 6375507 | 4245914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 2416317 | 1034682 | 51455713 | 50888288 | 36598693 | 28285085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 25367713 | 5485206 |  | 5788136 | 229039109 | 18043406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 1402216 | 584571 |  |  | 1837235 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | 747029 | 483389 |
|  | 32368946 | 10385955 | 52503792 | 57113444 | 299787177 | 76714288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 12333650 | 1139874 | 55142 | 6918 | 113448580 | 76491240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 315530 | 17524 |  |  | 2385513 | 2090997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 720625 | 63949 | 4374230 | 383807 | 44482305 | 30581733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 42861698 | 6254499 | 93158501 | 48392307 | 73066925 | 52882056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 528370 | 67675 |  |  | 196176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | 6669333 | 4692223 |
|  | 56759873 | 7543521 | 97587873 | 48783032 | 240248832 | 166738249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (13876632) | (18471622) | (74933) | (10010) | (86817727) | (105951626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (388463) | (981547) |  |  | (4047352) | (3893726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (3554919) | (6662365) | (33590356) | (5621904) | (59667382) | (64618068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (25026408) | (305454814) | (450000010) | (509164492) | (101879337) | (100852021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (2747730) | (3150257) |  |  | (78227) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | (11207902) | (11122181) |
|  | (45594152) | (334720605) | (483665299) | (514796406) | (263697927) | (286437622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 180283 | 487813 |  |  | 2828283 | 5813947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (180283) | (487813) |  |  | (2828283) | (5813947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 43534667 | (316791129) | (333573634) | (408899930) | 276338082 | (42985085) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 14 <sup>(B)</sup> |  | 27 <sup>(B)</sup> |  | 86255 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 183 <sup>(B)</sup> |  |  |  | 4254 <sup>(B)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Funds Services, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 13338 <sup>(C)</sup> |  | 9493 <sup>(C)</sup> |  | 605335 <sup>(C)</sup> |  |
|  | 13535 |  | 9520 |  | 695844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (61862523) | &nbsp;&nbsp;&nbsp;&nbsp;(161491131) | (528239972) | (345751560) | (620042741) | 451302309 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 370** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica Sustainable Equity<br>Income** | **Transamerica Sustainable Equity<br>Income** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica US Growth** | **Transamerica US Growth** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;344324669 | $505815800 | $&nbsp;&nbsp;&nbsp;&nbsp;1243113892 | $&nbsp;&nbsp;&nbsp;&nbsp;1588865452 | $&nbsp;&nbsp;&nbsp;&nbsp;2217464961 | $&nbsp;&nbsp;&nbsp;&nbsp;1766162652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $282462146 | $344324669 | $714873920 | $1243113892 | $1597422220 | $2217464961 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 400726 | 352837 | 112547 | 42347 | 1035870 | 877915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 27010 | 25193 |  |  | 312172 | 158568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 327083 | 117290 | 5476529 | 4926730 | 1371189 | 948568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 2856621 | 647653 |  | 566908 | 8364323 | 576639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 190502 | 69109 |  |  | 54848 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | 8154 | 5090 |
|  | 3801942 | 1212082 | 5589076 | 5535985 | 11146556 | 2567115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1561991 | 136773 | 5883 | 670 | 3994668 | 2823597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 40025 | 2172 |  |  | 95650 | 85767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 92028 | 7640 | 463256 | 37168 | 1515305 | 1093767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 5445949 | 756647 | 9817100 | 4702824 | 2470982 | 1890671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | 66895 | 8209 |  |  | 6637 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | 65041 | 52757 |
|  | 7206888 | 911441 | 10286239 | 4740662 | 8148283 | 5946559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1796886) | (2160244) | (7969) | (971) | (3501273) | (3639165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (51277) | (116597) |  |  | (184875) | (150837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (503129) | (858613) | (3639442) | (542930) | (2366348) | (2189050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | (3185390) | (36196985) | (50467305) | (49413810) | (3647555) | (3203114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (376553) | (393122) |  |  | (3295) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | (126582) | (115468) |
|  | (5913235) | (39725561) | (54114716) | (49957711) | (9829928) | (9297634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automatic conversions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 23389 | 57532 |  |  | 107569 | 204019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (23545) | (57855) |  |  | (122407) | (226937) |
|  | (156) | (323) |  |  | (14838) | (22918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 189220 | (1613102) | 110461 | 42046 | 1636834 | 266366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (7787) | (147087) |  |  | 100540 | (133439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (84018) | (733683) | 2300343 | 4420968 | 520146 | (146715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 5117180 | (34792685) | (40650205) | (44144078) | 7187750 | (735804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 <sup>(A)</sup> | (119156) | (315804) |  |  | 58190 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T |  |  |  |  | (53387) | (57621) |
|  | 5095439 | (37602361) | (38239401) | (39681064) | 9450073 | (806878) |

---

(A) *Class R6 commenced operations for Transamerica US Growth on May 28, 2021.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 371** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Balanced II** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.87 | $11.62 | $10.99 | $10.21 | $10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.13 | 0.16 | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.04) | 2.72 | 0.91 | 1.08 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.88) | 2.85 | 1.07 | 1.27 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.14) | (0.17) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.12) | (0.46) | (0.27) | (0.29) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.28) | (0.60) | (0.44) | (0.49) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.71 | $13.87 | $11.62 | $10.99 | $10.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (14.90)% | 25.21% | 10.01% | 13.14% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;44058 | $&nbsp;&nbsp;&nbsp;&nbsp;58098 | $&nbsp;&nbsp;&nbsp;&nbsp;52587 | $&nbsp;&nbsp;&nbsp;&nbsp;50316 | $&nbsp;&nbsp;&nbsp;&nbsp;49964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.58% | 0.58% | 0.57% | 0.58% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.58% | 0.58% | 0.57% | 0.57% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.32% | 1.04% | 1.44% | 1.80% | 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% | 37% | 51% | 45% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Balanced II** | **Transamerica Balanced II** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.87 | $11.62 | $10.99 | $10.20 | $10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.10 | 0.07 | 0.11 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.04) | 2.72 | 0.90 | 1.09 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.94) | 2.79 | 1.01 | 1.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.10) | (0.08) | (0.11) | (0.15) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.12) | (0.46) | (0.27) | (0.29) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.22) | (0.54) | (0.38) | (0.44) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.71 | $13.87 | $11.62 | $10.99 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.34)% | 24.59% | 9.43% | 12.79% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;56015 | $&nbsp;&nbsp;&nbsp;&nbsp;76911 | $&nbsp;&nbsp;&nbsp;&nbsp;66033 | $&nbsp;&nbsp;&nbsp;&nbsp;70357 | $&nbsp;&nbsp;&nbsp;&nbsp;82270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.07% | 1.07% | 1.07% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.07% | 1.07% | 1.07% | 1.07 %<sup>(B)</sup> | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.82% | 0.55% | 0.96% | 1.32% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 35% | 37% | 51% | 45% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 372** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.53 | $9.57 | $9.43 | $8.95 | $9.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.20 | 0.22 | 0.29 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.69) | 0.03 | 0.15 | 0.49 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.47) | 0.23 | 0.37 | 0.78 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.21) | (0.23) | (0.30) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.05) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.28) | (0.27) | (0.23) | (0.30) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.78 | $9.53 | $9.57 | $9.43 | $8.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (15.75)%<sup>(C)</sup> | 2.34% | 4.03% | 9.00% | (0.67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;107307 | $&nbsp;&nbsp;&nbsp;&nbsp;142958 | $&nbsp;&nbsp;&nbsp;&nbsp;149010 | $&nbsp;&nbsp;&nbsp;&nbsp;132682 | $&nbsp;&nbsp;&nbsp;&nbsp;87523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.90% | 0.88% | 0.93% | 0.94% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.90 %<sup>(E)</sup> | 0.88% | 0.93% | 0.94 %<sup>(E)</sup> | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.51% | 2.07% | 2.36% | 3.20% | 3.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 42% | 39% | 50% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.47 | $9.50 | $9.37 | $8.89 | $9.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.14 | 0.16 | 0.23 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.69) | 0.04 | 0.15 | 0.49 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.53) | 0.18 | 0.31 | 0.72 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.15) | (0.18) | (0.24) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.05) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.22) | (0.21) | (0.18) | (0.24) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.72 | $9.47 | $9.50 | $9.37 | $8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (16.40)%<sup>(C)</sup> | 1.80% | 3.31% | 8.24% | (1.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;39109 | $&nbsp;&nbsp;&nbsp;&nbsp;71237 | $&nbsp;&nbsp;&nbsp;&nbsp;89962 | $&nbsp;&nbsp;&nbsp;&nbsp;80239 | $&nbsp;&nbsp;&nbsp;&nbsp;44958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.53% | 1.50% | 1.53% | 1.56% | 1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.53 %<sup>(E)</sup> | 1.50% | 1.53% | 1.56 %<sup>(E)</sup> | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.85% | 1.45% | 1.76% | 2.56% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 42% | 39% | 50% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 373** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.55 | $9.59 | $9.45 | $8.96 | $9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.24 | 0.26 | 0.33 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.70) | 0.02 | 0.15 | 0.50 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.45) | 0.26 | 0.41 | 0.83 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.24) | (0.27) | (0.34) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.05) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.31) | (0.30) | (0.27) | (0.34) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.79 | $9.55 | $9.59 | $9.45 | $8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.48)%<sup>(C)</sup> | 2.73% | 4.46% | 9.44% | (0.39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;704476 | $&nbsp;&nbsp;&nbsp;&nbsp;1144560 | $&nbsp;&nbsp;&nbsp;&nbsp;1286752 | $&nbsp;&nbsp;&nbsp;&nbsp;1084474 | $&nbsp;&nbsp;&nbsp;&nbsp;396083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.54% | 0.53% | 0.56% | 0.58% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.50% | 0.50% | 0.50% | 0.50% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.89% | 2.45% | 2.78% | 3.57% | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 42% | 39% | 50% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.56 | $9.59 | $9.45 | $8.96 | $9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.26 | 0.24 | 0.26 | 0.34 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.70) | 0.04 | 0.16 | 0.49 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.44) | 0.28 | 0.42 | 0.83 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.25) | (0.28) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.05) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.32) | (0.31) | (0.28) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.80 | $9.56 | $9.59 | $9.45 | $8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.42)% | 2.90% | 4.52% | 9.49% | (0.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;283641 | $&nbsp;&nbsp;&nbsp;&nbsp;376686 | $&nbsp;&nbsp;&nbsp;&nbsp;352650 | $&nbsp;&nbsp;&nbsp;&nbsp;84016 | $&nbsp;&nbsp;&nbsp;&nbsp;101251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.45% | 0.43% | 0.46% | 0.47% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.45% | 0.43% | 0.46% | 0.47 %<sup>(B)</sup> | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.95% | 2.52% | 2.73% | 3.73% | 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 42% | 39% | 50% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 374** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | |
|:---|:---|
| | **Transamerica<br>Bond**<br>**Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $9.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $7.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(13.24)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.20 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.76 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.89 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** | **Transamerica Bond** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.55 | $9.58 | $9.45 | $8.96 | $9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.26 | 0.24 | 0.27 | 0.34 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.70) | 0.04 | 0.14 | 0.49 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.44) | 0.28 | 0.41 | 0.83 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.25) | (0.28) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.05) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.32) | (0.31) | (0.28) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.79 | $9.55 | $9.58 | $9.45 | $8.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.43)% | 2.90% | 4.41% | 9.49% | (0.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;79972 | $&nbsp;&nbsp;&nbsp;&nbsp;26448 | $&nbsp;&nbsp;&nbsp;&nbsp;23672 | $&nbsp;&nbsp;&nbsp;&nbsp;19805 | $&nbsp;&nbsp;&nbsp;&nbsp;9181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.45% | 0.43% | 0.45% | 0.48% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.45% | 0.43 %<sup>(B)</sup> | 0.45% | 0.48 %<sup>(B)</sup> | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.05% | 2.52% | 2.83% | 3.65% | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 42% | 39% | 50% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 375** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $60.69 | $46.11 | $26.93 | $26.81 | $28.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.28) | (0.53) | (0.37) | (0.26) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (31.69) | 17.94 | 22.30 | 1.55 | 4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (31.97) | 17.41 | 21.93 | 1.29 | 3.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (8.92) | (2.83) | (2.75) | (1.17) | (5.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (8.92) | (2.83) | (2.75) | (1.17) | (5.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $19.80 | $60.69 | $46.11 | $26.93 | $26.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (60.80)%<sup>(C)</sup> | 38.29% | 89.28% | 5.40% | 16.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;396598 | $&nbsp;&nbsp;&nbsp;&nbsp;1213394 | $&nbsp;&nbsp;&nbsp;&nbsp;844139 | $&nbsp;&nbsp;&nbsp;&nbsp;425595 | $&nbsp;&nbsp;&nbsp;&nbsp;384193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.10% | 1.01% | 1.08% | 1.18% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.10 %<sup>(E)</sup> | 1.01% | 1.08% | 1.18 %<sup>(E)</sup> | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.94)% | (0.95)% | (1.04)% | (0.92)% | (0.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 52% | 90% | 40% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $44.66 | $34.77 | $21.08 | $21.41 | $23.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.36) | (0.70) | (0.48) | (0.37) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (21.98) | 13.42 | 16.92 | 1.21 | 3.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (22.34) | 12.72 | 16.44 | 0.84 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (8.92) | (2.83) | (2.75) | (1.17) | (5.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $13.40 | $44.66 | $34.77 | $21.08 | $21.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (61.12)%<sup>(C)</sup> | 37.23% | 87.95% | 4.57% | 15.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;167725 | $&nbsp;&nbsp;&nbsp;&nbsp;594592 | $&nbsp;&nbsp;&nbsp;&nbsp;425798 | $&nbsp;&nbsp;&nbsp;&nbsp;206156 | $&nbsp;&nbsp;&nbsp;&nbsp;149727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.86% | 1.77% | 1.83% | 1.93% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.86 %<sup>(E)</sup> | 1.77% | 1.83% | 1.93 %<sup>(E)</sup> | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (1.70)% | (1.70)% | (1.79)% | (1.67)% | (1.52)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 52% | 90% | 40% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 376** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $64.85 | $49.02 | $28.40 | $28.13 | $29.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.22) | (0.44) | (0.31) | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (34.23) | 19.10 | 23.68 | 1.64 | 4.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (34.45) | 18.66 | 23.37 | 1.44 | 4.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.04 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (8.92) | (2.83) | (2.75) | (1.17) | (5.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (8.96) | (2.83) | (2.75) | (1.17) | (5.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $21.48 | $64.85 | $49.02 | $28.40 | $28.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (60.63)%<sup>(B)</sup> | 38.57% | 89.76% | 5.69% | 16.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;978757 | $&nbsp;&nbsp;&nbsp;&nbsp;3792557 | $&nbsp;&nbsp;&nbsp;&nbsp;2393493 | $&nbsp;&nbsp;&nbsp;&nbsp;1049618 | $&nbsp;&nbsp;&nbsp;&nbsp;719431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.82% | 0.78% | 0.84% | 0.92% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.81% | 0.78% | 0.84% | 0.92% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.65)% | (0.73)% | (0.81)% | (0.66)% | (0.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 52% | 90% | 40% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $25.60 | $20.68 | $13.45 | $13.97 | $17.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.08) | (0.15) | (0.11) | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (10.53) | 7.90 | 10.09 | 0.73 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (10.61) | 7.75 | 9.98 | 0.65 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (8.92) | (2.83) | (2.75) | (1.17) | (5.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.07 | $25.60 | $20.68 | $13.45 | $13.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (60.64)% | 38.69% | 90.02% | 5.82% | 16.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;27957 | $&nbsp;&nbsp;&nbsp;&nbsp;473580 | $&nbsp;&nbsp;&nbsp;&nbsp;402583 | $&nbsp;&nbsp;&nbsp;&nbsp;316761 | $&nbsp;&nbsp;&nbsp;&nbsp;165523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.69% | 0.73% | 0.80% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72% | 0.69% | 0.73% | 0.80% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.60)% | (0.63)% | (0.69)% | (0.54)% | (0.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 52% | 90% | 40% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 377** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | |
|:---|:---|
| | **Transamerica<br>Capital Growth**<br>**Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $32.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (12.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (12.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $19.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(39.32)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.56 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.11 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.92)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** | **Transamerica Capital Growth** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $25.60 | $20.68 | $13.45 | $13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | (0.05) | (0.15) | (0.11) | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (10.55) | 7.90 | 10.09 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (10.60) | 7.75 | 9.98 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (8.92) | (2.83) | (2.75) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $6.08 | $25.60 | $20.68 | $13.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (60.64)% | 38.69% | 90.02% | 0.60 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;18793 | $&nbsp;&nbsp;&nbsp;&nbsp;47106 | $&nbsp;&nbsp;&nbsp;&nbsp;24890 | $&nbsp;&nbsp;&nbsp;&nbsp;15184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.69% | 0.73% | 0.76 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72% | 0.69% | 0.73% | 0.76 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.55)% | (0.63)% | (0.70)% | (0.56)%<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 46% | 63% | 52% | 90% |

---

(A) *Commenced operations on October 18, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Not annualized.* 

(E) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 378** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.57 | $10.33 | $10.49 | $9.85 | $10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.50 | 0.46 | 0.54 | 0.57 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.81) | 0.07 | (0.43) | 0.44 | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.31) | 0.53 | 0.11 | 1.01 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.29) | (0.22) | (0.37) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.05) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.35) | (0.29) | (0.27) | (0.37) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.91 | $10.57 | $&nbsp;&nbsp;&nbsp;&nbsp;10.33 | $&nbsp;&nbsp;&nbsp;&nbsp;10.49 | $9.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(21.97)%<sup>(C)</sup> | 5.20% | 1.20% | 10.42% | &nbsp;&nbsp;&nbsp;&nbsp;(6.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $7220 | $&nbsp;&nbsp;&nbsp;&nbsp;11114 | $8356 | $9203 | $&nbsp;&nbsp;&nbsp;&nbsp;15294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.36% | 1.21% | 1.23% | 1.18% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.25% | 1.21% | 1.23% | 1.18% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.39% | 4.26% | 5.33% | 5.52% | 4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 135% | 185% | 236% | 255% | 221% |

---

(A) *Calculated based on average number of shares outstanding.*

(B) *Rounds to less than $0.01 or $(0.01).*

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.51 | $10.22 | $10.41 | $9.76 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.44 | 0.39 | 0.48 | 0.50 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.79) | 0.07 | (0.44) | 0.46 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.35) | 0.46 | 0.04 | 0.96 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.17) | (0.19) | (0.31) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.29) | (0.17) | (0.23) | (0.31) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.87 | $10.51 | $&nbsp;&nbsp;&nbsp;&nbsp;10.22 | $&nbsp;&nbsp;&nbsp;&nbsp;10.41 | $9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(22.56)%<sup>(C)</sup> | 4.55% | 0.51% | 9.70% | &nbsp;&nbsp;&nbsp;&nbsp;(7.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $2178 | $&nbsp;&nbsp;&nbsp;&nbsp;4203 | $6014 | $8765 | $&nbsp;&nbsp;&nbsp;&nbsp;10089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.92% | 1.86% | 1.89% | 1.88% | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.92 %<sup>(E)</sup> | 1.86% | 1.89% | 1.88% | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.71% | 3.61% | 4.71% | 4.89% | 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 135% | 185% | 236% | 255% | 221% |

---

(A) *Calculated based on average number of shares outstanding.*

(B) *Rounds to less than $0.01 or $(0.01).*

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.*

(E) *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 Report 2022** |

---

**Page 379** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.63 | $10.40 | $10.54 | $9.88 | $10.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.51 | 0.59 | 0.62 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.84) | 0.07 | (0.44) | 0.46 | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.30) | 0.58 | 0.15 | 1.08 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.04 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.35) | (0.24) | (0.42) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.05) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.43) | (0.35) | (0.29) | (0.42) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.94 | $10.63 | $&nbsp;&nbsp;&nbsp;&nbsp;10.40 | $&nbsp;&nbsp;&nbsp;&nbsp;10.54 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(21.42)%<sup>(B)</sup> | 5.66% | 1.61% | 10.89% | &nbsp;&nbsp;&nbsp;&nbsp;(6.36)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;149943 | $&nbsp;&nbsp;&nbsp;&nbsp;251616 | $&nbsp;&nbsp;&nbsp;&nbsp;243965 | $&nbsp;&nbsp;&nbsp;&nbsp;457449 | $&nbsp;&nbsp;&nbsp;&nbsp;481999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.86% | 0.81% | 0.82% | 0.80% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.85% | 0.81% | 0.82% | 0.80% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.76% | 4.67% | 5.77% | 5.96% | 5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 135% | 185% | 236% | 255% | 221% |

---

(A) *Calculated based on average number of shares outstanding.*

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.36%.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.63 | $10.41 | $10.54 | $9.89 | $10.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.52 | 0.59 | 0.63 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.84) | 0.07 | (0.43) | 0.45 | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.30) | 0.59 | 0.16 | 1.08 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.37) | (0.24) | (0.43) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.05) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.37) | (0.29) | (0.43) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.93 | $&nbsp;&nbsp;&nbsp;&nbsp;10.63 | $&nbsp;&nbsp;&nbsp;&nbsp;10.41 | $10.54 | $9.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(21.83)% | 5.71% | 1.77% | 11.00% | &nbsp;&nbsp;&nbsp;&nbsp;(6.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $7318 | $&nbsp;&nbsp;&nbsp;&nbsp;140018 | $&nbsp;&nbsp;&nbsp;&nbsp;133270 | $&nbsp;&nbsp;&nbsp;&nbsp;135377 | $&nbsp;&nbsp;&nbsp;&nbsp;161794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.71% | 0.72% | 0.70% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.77% | 0.71% | 0.72% | 0.70% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.54% | 4.76% | 5.78% | 6.08% | 5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 135% | 185% | 236% | 255% | 221% |

---

(A) *Calculated based on average number of shares outstanding.*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 380** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** | **Transamerica Emerging Markets Debt** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.63 | $10.40 | $10.53 | $9.88 | $10.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.55 | 0.52 | 0.59 | 0.63 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.83) | 0.08 | (0.43) | 0.45 | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.28) | 0.60 | 0.16 | 1.08 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.37) | (0.24) | (0.43) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.05) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.37) | (0.29) | (0.43) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.95 | $&nbsp;&nbsp;&nbsp;&nbsp;10.63 | $&nbsp;&nbsp;&nbsp;&nbsp;10.40 | $10.53 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(21.55)% | 5.71% | 1.76% | 11.01% | &nbsp;&nbsp;&nbsp;&nbsp;(6.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $25467 | $&nbsp;&nbsp;&nbsp;&nbsp;12395 | $9765 | $&nbsp;&nbsp;&nbsp;&nbsp;5915 | $5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.76% | 0.71% | 0.72% | 0.70% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.76% | 0.71% | 0.72% | 0.70% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.95% | 4.78% | 5.77% | 6.09% | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 135% | 185% | 236% | 255% | 221% |

---

(A) *Calculated based on average number of shares outstanding.*

---

| | | | |
|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Opportunities** | **Transamerica Emerging Markets Opportunities** | **Transamerica Emerging Markets Opportunities** |
| | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.81 | $9.90 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.25 | 0.19 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.30) | 1.78 | (0.17)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.05) | 1.97 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(D)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.18) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $6.59 | $11.81 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(37.56)%<sup>(D)</sup> | 19.96% | &nbsp;&nbsp;&nbsp;&nbsp;(1.00)%<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $5366 | $&nbsp;&nbsp;&nbsp;&nbsp;8503 | $70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.97% | 0.97 %<sup>(F)</sup> | 1.21 %<sup>(F)(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.97% | 0.97 %<sup>(F)(H)</sup> | 0.98 %<sup>(F)(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.80% | 1.57% | 0.92 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 66% | 85% | 49 %<sup>(E)</sup> |

---

(A) *Commenced operations on December 19, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(D) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

(E) *Not annualized.* 

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

(G) *Annualized.* 

(H) *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 Report 2022** |

---

**Page 381** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | |
|:---|:---|:---|:---|
| | **Transamerica Emerging Markets Opportunities** | **Transamerica Emerging Markets Opportunities** | **Transamerica Emerging Markets Opportunities** |
| | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.82 | $9.90 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.26 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.30) | 1.87 | (0.20)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.04) | 1.99 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.18) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $6.60 | $11.82 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (37.55)% | 20.11% | (1.00)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;749653 | $&nbsp;&nbsp;&nbsp;&nbsp;1323558 | $&nbsp;&nbsp;&nbsp;&nbsp;841388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.87% | 0.87 %<sup>(E)</sup> | 0.94 %<sup>(E)(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.87% | 0.87 %<sup>(E)</sup> | 0.94 %<sup>(E)(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.90% | 0.98% | 1.32 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 66% | 85% | 49 %<sup>(D)</sup> |

---

(A) *Commenced operations on December 19, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(D) *Not annualized.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Annualized.* 

---

| | | |
|:---|:---|:---|
| | **Transamerica Emerging Markets<br>Opportunities** | **Transamerica Emerging Markets<br>Opportunities** |
| | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and year indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.82 | $12.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.24 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.30) | (0.85)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.06) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $6.64 | $&nbsp;&nbsp;&nbsp;&nbsp;11.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (37.58)% | (5.96)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;49613 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.87% | 0.87 %<sup>(E)(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.87% | 0.87 %<sup>(E)(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.92% | 1.73 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 66% | 85% |

---

(A) *Commenced operations on May 28, 2021.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(D) *Not annualized.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 382** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $6.84 | $4.73 | $6.52 | $6.88 | $7.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.05 | 0.11 | 0.12 | 0.16 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.43 | 2.27 | (1.58) | (0.17) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.48 | 2.38 | (1.46) | (0.01) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)</sup><sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.24) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.29) | (0.27) | (0.09) | (0.28) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.29) | (0.27) | (0.33) | (0.35) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.03 | $6.84 | $4.73 | $6.52 | $6.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | 7.30 %<sup>(C)</sup> | 51.20% | (22.37)% | (0.20)% | (1.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;32347 | $&nbsp;&nbsp;&nbsp;&nbsp;20495 | $&nbsp;&nbsp;&nbsp;&nbsp;13353 | $&nbsp;&nbsp;&nbsp;&nbsp;16363 | $&nbsp;&nbsp;&nbsp;&nbsp;23096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.54% | 1.60% | 1.69% | 1.63% | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.60% | 1.60 %<sup>(E)</sup> | 1.60% | 1.60% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.73% | 1.72% | 2.27% | 2.27% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20% | 18% | 20% | 20% | 33% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $6.83 | $4.71 | $6.50 | $6.85 | $7.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.03 | 0.07 | 0.11 | 0.10 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.40 | 2.28 | (1.62) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.43 | 2.35 | (1.51) | (0.05) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.20) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.24) | (0.23) | (0.08) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.24) | (0.23) | (0.28) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.02 | $6.83 | $4.71 | $6.50 | $6.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | 6.42 %<sup>(C)</sup> | 50.48% | (23.15)% | (0.84)% | (2.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;6753 | $&nbsp;&nbsp;&nbsp;&nbsp;7313 | $&nbsp;&nbsp;&nbsp;&nbsp;6225 | $&nbsp;&nbsp;&nbsp;&nbsp;11796 | $&nbsp;&nbsp;&nbsp;&nbsp;15955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 2.33% | 2.39% | 2.47% | 2.42% | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.38% | 1.13% | 2.08% | 1.52% | (0.29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20% | 18% | 20% | 20% | 33% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 383** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $6.84 | $4.72 | $6.52 | $6.89 | $7.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.08 | 0.11 | 0.11 | 0.18 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.43 | 2.30 | (1.57) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.51 | 2.41 | (1.46) |  | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.25) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.32) | (0.29) | (0.09) | (0.30) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.32) | (0.29) | (0.34) | (0.37) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.03 | $6.84 | $4.72 | $6.52 | $6.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 7.75 %<sup>(C)</sup> | 51.99% | (22.28)% | (0.03)% | (1.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;51296 | $&nbsp;&nbsp;&nbsp;&nbsp;36098 | $&nbsp;&nbsp;&nbsp;&nbsp;14247 | $&nbsp;&nbsp;&nbsp;&nbsp;14258 | $&nbsp;&nbsp;&nbsp;&nbsp;21257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.26% | 1.28% | 1.33% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.26% | 1.28% | 1.33% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.18% | 1.70% | 2.08% | 2.56% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20% | 18% | 20% | 20% | 33% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** | **Transamerica Energy Infrastructure** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $6.84 | $4.72 | $6.52 | $6.89 | $7.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.14 | 0.17 | 0.18 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.36 | 2.28 | (1.62) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.51 | 2.42 | (1.45) | 0.01 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.25) | (0.07) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.32) | (0.30) | (0.10) | (0.31) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.32) | (0.30) | (0.35) | (0.38) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.03 | $6.84 | $4.72 | $6.52 | $6.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 7.78% | 52.12% | (22.19)% | 0.08% | (1.44)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;57944 | $&nbsp;&nbsp;&nbsp;&nbsp;154852 | $&nbsp;&nbsp;&nbsp;&nbsp;123151 | $&nbsp;&nbsp;&nbsp;&nbsp;208684 | $&nbsp;&nbsp;&nbsp;&nbsp;258764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.16% | 1.18% | 1.22% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.16% | 1.18% | 1.22% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.23% | 2.25% | 3.11% | 2.60% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20% | 18% | 20% | 20% | 33% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 384** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.50 | $9.27 | $9.61 | $9.87 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.27 | 0.40 | 0.48 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | 0.27 | (0.37) | (0.26) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.24) | 0.54 | 0.03 | 0.22 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.31) | (0.37) | (0.48) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.35) | (0.31) | (0.37) | (0.48) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.91 | $9.50 | $9.27 | $9.61 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | (2.61)% | 5.85% | 0.47% | 2.44% | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;15531 | $&nbsp;&nbsp;&nbsp;&nbsp;13805 | $&nbsp;&nbsp;&nbsp;&nbsp;13779 | $&nbsp;&nbsp;&nbsp;&nbsp;24106 | $&nbsp;&nbsp;&nbsp;&nbsp;37011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.09% | 1.15% | 1.21% | 1.07% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.71% | 2.90% | 4.31% | 4.94% | 4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 75% | 41% | 37% | 23% | 54% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.51 | $9.28 | $9.62 | $9.87 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.20 | 0.33 | 0.41 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | 0.27 | (0.36) | (0.25) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.31) | 0.47 | (0.03) | 0.16 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.28) | (0.24) | (0.31) | (0.41) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.28) | (0.24) | (0.31) | (0.41) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.92 | $9.51 | $9.28 | $9.62 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (3.33)%<sup>(C)</sup> | 5.06% | (0.28)% | 1.68% | 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;15790 | $&nbsp;&nbsp;&nbsp;&nbsp;14222 | $&nbsp;&nbsp;&nbsp;&nbsp;12659 | $&nbsp;&nbsp;&nbsp;&nbsp;18255 | $&nbsp;&nbsp;&nbsp;&nbsp;22412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.83% | 1.88% | 1.94% | 1.81% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.96% | 2.15% | 3.58% | 4.22% | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 75% | 41% | 37% | 23% | 54% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *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 Report 2022** |

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**Page 385** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.45 | $9.23 | $9.58 | $9.84 | $9.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.29 | 0.42 | 0.51 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.57) | 0.26 | (0.37) | (0.26) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.21) | 0.55 | 0.05 | 0.25 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.37) | (0.33) | (0.40) | (0.51) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.37) | (0.33) | (0.40) | (0.51) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.87 | $9.45 | $9.23 | $9.58 | $9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (2.29)%<sup>(C)</sup> | 6.02% | 0.60% | 2.69% | 3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;107287 | $&nbsp;&nbsp;&nbsp;&nbsp;112017 | $&nbsp;&nbsp;&nbsp;&nbsp;57185 | $&nbsp;&nbsp;&nbsp;&nbsp;99384 | $&nbsp;&nbsp;&nbsp;&nbsp;187447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.84% | 0.89% | 0.95% | 0.82% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.87% | 3.08% | 4.58% | 5.20% | 4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 75% | 41% | 37% | 23% | 54% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** | **Transamerica Floating Rate** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.50 | $9.27 | $9.62 | $9.87 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.28 | 0.44 | 0.52 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.56) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;(0.40) | (0.25) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.22) | 0.56 | 0.04 | 0.27 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.37) | (0.33) | (0.39) | (0.52) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.37) | (0.33) | (0.39) | (0.52) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.91 | $9.50 | $9.27 | $9.62 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (2.32)% | 6.13% | 0.55% | 2.78% | 3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;51209 | $&nbsp;&nbsp;&nbsp;&nbsp;146186 | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;81278 | $&nbsp;&nbsp;&nbsp;&nbsp;473047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.74% | 0.80% | 0.85% | 0.72% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.74 %<sup>(D)</sup> | 0.80 %<sup>(D)</sup> | 0.80% | 0.72% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.72% | 2.94% | 4.36% | 5.30% | 4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 75% | 41% | 37% | 23% | 54% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *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 Report 2022** |

---

**Page 386** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 <sup>(A)</sup> | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.01 | 0.00 <sup>(C)</sup> | 0.01 | 0.02 | 0.00 <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(C)</sup> | 0.00 <sup>(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(C)</sup> | 0.01 | 0.02 | 0.00 <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(C)</sup> | (0.01)<sup>(A)</sup> | (0.02) | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(C)</sup> | (0.01) | (0.02) | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | 0.75% | 0.28 %<sup>(D)</sup> | 0.53 %<sup>(A)</sup> | 1.64% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;241113 | $&nbsp;&nbsp;&nbsp;&nbsp;258675 | $&nbsp;&nbsp;&nbsp;&nbsp;274311 | $&nbsp;&nbsp;&nbsp;&nbsp;187635 | $&nbsp;&nbsp;&nbsp;&nbsp;171707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.67% | 0.65% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.26% | 0.01 %<sup>(F)</sup> | 0.40 %<sup>(F)</sup> | 0.73 %<sup>(G)</sup> | 1.25 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.73% | 0.10% | 0.48% | 1.62% | 0.44% |

---

(A) *Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to Financial Statements for more information regarding Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.00 lower and 0.09% lower, respectively, had the Fund not paid out the distribution(s).* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.18% lower had the affiliate not made additional contributions.* 

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

(F) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(G) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 <sup>(A)</sup> | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.01 | 0.00 <sup>(C)</sup> | 0.02 | 0.01 | 0.00 <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(C)</sup> | 0.00 <sup>(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(C)</sup> | 0.02 | 0.01 | 0.00 <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(C)</sup> | (0.02)<sup>(A)</sup> | (0.01) | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(C)</sup> | (0.02) | (0.01) | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | 0.74% | 0.16 %<sup>(D)</sup> | 1.73 %<sup>(A)</sup> | 0.57% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;8812 | $&nbsp;&nbsp;&nbsp;&nbsp;9593 | $&nbsp;&nbsp;&nbsp;&nbsp;15475 | $&nbsp;&nbsp;&nbsp;&nbsp;9218 | $&nbsp;&nbsp;&nbsp;&nbsp;13477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.40% | 1.40% | 1.44% | 1.41% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.27% | 0.10 %<sup>(F)</sup> | 0.53 %<sup>(F)</sup> | 1.77 %<sup>(G)</sup> | 1.69 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.73% | 0.01% | 1.41% | 0.57% | 0.01% |

---

(A) *Distributions to shareholders from Net investment income and Total return information reflect the impact of one or more distributions paid to shareholders related to certain Rule 12b-1 fees that had been paid from the Fund to TCI but had not been subsequently paid from TCI to various service providers. These fees were returned to the Fund and distributed from Net investment income. Please reference the Distribution and service fees section of the Notes to Financial Statements for more information regarding Rule 12b-1 fee payments. The Distributions to shareholders from Net investment income and Total return would have been 0.01 lower and 1.31% lower, respectively, had the Fund not paid out the distribution(s).* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.14% lower had the affiliate not made additional contributions.* 

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

(F) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(G) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. Transamerica Asset Management, Inc. stopped these earlier recaptures as of March 1, 2019, but could recapture available amounts in the future. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 387** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup> | 0.00 <sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> | 0.00 <sup>(B)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 0.83 %<sup>(C)</sup> | 0.21 %<sup>(D)</sup> | 0.52% | 1.89% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;27320 | $&nbsp;&nbsp;&nbsp;&nbsp;24620 | $&nbsp;&nbsp;&nbsp;&nbsp;23804 | $&nbsp;&nbsp;&nbsp;&nbsp;18213 | $&nbsp;&nbsp;&nbsp;&nbsp;21281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.42% | 0.46% | 0.52% | 0.50% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.28% | 0.00 %<sup>(E)(F)</sup> | 0.31 %<sup>(F)</sup> | 0.48 %<sup>(G)</sup> | 0.76 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.76% | 0.11% | 0.48% | 1.87% | 0.94% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.* 

(E) *Rounds to less than 0.01% or (0.01)%.* 

(F) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(G) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.01 | 0.00 <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup> | 0.00 <sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.01 | 0.00 <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  | 0.00 <sup>(B)(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.01) | (0.00)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.01) | (0.00)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 0.79% | 0.30 %<sup>(C)</sup> | 0.65% | 1.42% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;3412 | $&nbsp;&nbsp;&nbsp;&nbsp;3837 | $&nbsp;&nbsp;&nbsp;&nbsp;5378 | $&nbsp;&nbsp;&nbsp;&nbsp;5400 | $&nbsp;&nbsp;&nbsp;&nbsp;4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.31% | 0.30% | 0.33% | 0.30% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.21% | 0.06 %<sup>(D)</sup> | 0.18 %<sup>(D)</sup> | 0.88 %<sup>(E)</sup> | 1.64 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.75% | 0.05% | 0.61% | 1.47% | 0.00 %<sup>(F)</sup> |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.25% lower had the affiliate not made additional contributions.* 

(D) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(E) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(F) *Rounds to less than 0.01% or (0.01)%.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 388** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup> | 0.00 <sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  | 0.00 <sup>(B)(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 0.79% | 0.30 %<sup>(C)</sup> | 0.65% | 2.07% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;87756 | $&nbsp;&nbsp;&nbsp;&nbsp;83914 | $&nbsp;&nbsp;&nbsp;&nbsp;85900 | $&nbsp;&nbsp;&nbsp;&nbsp;134883 | $&nbsp;&nbsp;&nbsp;&nbsp;106431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.31% | 0.30% | 0.33% | 0.30% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.23% | 0.06 %<sup>(D)</sup> | 0.19 %<sup>(D)</sup> | 0.30 %<sup>(E)(F)</sup> | 0.30 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.72% | 0.04% | 0.68% | 2.02% | 1.41% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.26% lower had the affiliate not made additional contributions.* 

(D) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

(F) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of March 1, 2019. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.00)<sup>(B)</sup> | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(B)</sup> | (0.00)<sup>(B)</sup> | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 0.65% | 0.03% | 0.35% | 1.56% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;127876 | $&nbsp;&nbsp;&nbsp;&nbsp;124774 | $&nbsp;&nbsp;&nbsp;&nbsp;1017445 | $&nbsp;&nbsp;&nbsp;&nbsp;910347 | $&nbsp;&nbsp;&nbsp;&nbsp;728262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.75% | 0.86% | 0.85% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.36% | 0.10 %<sup>(C)</sup> | 0.49 %<sup>(C)</sup> | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.65% | 0.02% | 0.34% | 1.54% | 0.92% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 389** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** | **Transamerica Government Money Market** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.00)<sup>(B)</sup> | 0.00 <sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  | 0.00 <sup>(B)(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.00)<sup>(B)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.01) | (0.00)<sup>(B)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | 0.81% | 0.34 %<sup>(C)</sup> | 0.60% | 1.86% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;70505 | $&nbsp;&nbsp;&nbsp;&nbsp;72583 | $&nbsp;&nbsp;&nbsp;&nbsp;91021 | $&nbsp;&nbsp;&nbsp;&nbsp;117731 | $&nbsp;&nbsp;&nbsp;&nbsp;174150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.56% | 0.55% | 0.58% | 0.55% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.19% | 0.01 %<sup>(D)</sup> | 0.24 %<sup>(D)</sup> | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.80% | 0.10% | 0.59% | 1.85% | 1.19% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.24% lower had the affiliate not made additional contributions.* 

(E) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br> 2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.88 | $9.97 | $10.00 | $9.79 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.16 | 0.29 | 0.25 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.64) | (0.06) | (0.01) | 0.27 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.48) | 0.10 | 0.28 | 0.52 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.19) | (0.31) | (0.31) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.22 | $9.88 | $9.97 | $10.00 | $9.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (4.88)% | 1.03% | 2.91% | 5.38% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;89725 | $&nbsp;&nbsp;&nbsp;&nbsp;119389 | $&nbsp;&nbsp;&nbsp;&nbsp;124051 | $&nbsp;&nbsp;&nbsp;&nbsp;185244 | $&nbsp;&nbsp;&nbsp;&nbsp;231291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.47% | 0.46% | 0.46% | 0.45% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.47% | 0.46% | 0.46% | 0.45 %<sup>(B)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.67% | 1.65% | 2.95% | 2.55% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 71% | 74% | 93% | 69% | 120% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 390** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.90 | $9.99 | $10.02 | $9.82 | $9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.12 | 0.23 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.64) | (0.07) | (0.00)<sup>(B)</sup> | 0.26 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.53) | 0.05 | 0.23 | 0.46 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.13) | (0.14) | (0.26) | (0.26) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.24 | $9.90 | $9.99 | $10.02 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (5.35)% | 0.51% | 2.41% | 4.85% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;10299 | $&nbsp;&nbsp;&nbsp;&nbsp;12312 | $&nbsp;&nbsp;&nbsp;&nbsp;13762 | $&nbsp;&nbsp;&nbsp;&nbsp;12401 | $&nbsp;&nbsp;&nbsp;&nbsp;13520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.96% | 0.95% | 0.95% | 0.94% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.96% | 0.95% | 0.95% | 0.94 %<sup>(C)</sup> | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.19% | 1.16% | 2.36% | 2.00% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 71% | 74% | 93% | 69% | 120% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** | **Transamerica High Quality Bond** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.87 | $9.97 | $10.00 | $9.79 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.14 | 0.27 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.64) | (0.07) | (0.01) | 0.28 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.50) | 0.07 | 0.26 | 0.50 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.17) | (0.29) | (0.29) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.21 | $9.87 | $9.97 | $10.00 | $9.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (5.07)% | 0.74% | 2.72% | 5.15% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;25451 | $&nbsp;&nbsp;&nbsp;&nbsp;37377 | $&nbsp;&nbsp;&nbsp;&nbsp;32366 | $&nbsp;&nbsp;&nbsp;&nbsp;41701 | $&nbsp;&nbsp;&nbsp;&nbsp;37838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.72% | 0.71% | 0.71% | 0.70% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.50% | 1.44% | 2.69% | 2.24% | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 71% | 74% | 93% | 69% | 120% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 391** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.13 | $8.56 | $9.01 | $8.86 | $9.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.39 | 0.37 | 0.40 | 0.48 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.44) | 0.58 | (0.42) | 0.16 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.05) | 0.95 | (0.02) | 0.64 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.38) | (0.43) | (0.49) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.68 | $9.13 | $8.56 | $9.01 | $8.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (11.74)%<sup>(C)</sup> | 11.38% | (0.10)% | 7.79% | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;62992 | $&nbsp;&nbsp;&nbsp;&nbsp;85643 | $&nbsp;&nbsp;&nbsp;&nbsp;78109 | $&nbsp;&nbsp;&nbsp;&nbsp;94450 | $&nbsp;&nbsp;&nbsp;&nbsp;87028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 0.98% | 1.03% | 1.09% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00 %<sup>(E)</sup> | 1.00% | 1.03% | 1.05% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.64% | 4.09% | 4.68% | 5.36% | 5.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.10 | $8.52 | $8.97 | $8.81 | $9.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.30 | 0.34 | 0.42 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.44) | 0.59 | (0.42) | 0.16 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.11) | 0.89 | (0.08) | 0.58 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.31) | (0.37) | (0.42) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.65 | $9.10 | $8.52 | $8.97 | $8.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(B)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(12.42)% | 10.58% | (0.82)% | 6.88% | (0.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;8914 | $&nbsp;&nbsp;&nbsp;&nbsp;14407 | $&nbsp;&nbsp;&nbsp;&nbsp;19387 | $&nbsp;&nbsp;&nbsp;&nbsp;26922 | $&nbsp;&nbsp;&nbsp;&nbsp;31361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.72% | 1.71% | 1.73% | 1.76% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.72% | 1.71% | 1.74% | 1.75% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.91% | 3.37% | 4.00% | 4.68% | 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 392** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br> 2022** | **October 31,<br> 2021** | **October 31,<br> 2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.21 | $8.63 | $9.06 | $8.91 | $9.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.41 | 0.43 | 0.51 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.46) | 0.59 | (0.39) | 0.16 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.03) | 1.00 | 0.04 | 0.67 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.42) | (0.47) | (0.52) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.74 | $9.21 | $8.63 | $9.06 | $8.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.44)%<sup>(B)</sup> | 11.74% | 0.57% | 7.93% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;562580 | $&nbsp;&nbsp;&nbsp;&nbsp;841173 | $&nbsp;&nbsp;&nbsp;&nbsp;520044 | $&nbsp;&nbsp;&nbsp;&nbsp;67078 | $&nbsp;&nbsp;&nbsp;&nbsp;80141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.70% | 0.68% | 0.70% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.61 %<sup>(D)(E)</sup> | 0.60 %<sup>(E)</sup> | 0.62 %<sup>(E)</sup> | 0.74 %<sup>(F)</sup> | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.02% | 4.44% | 4.96% | 5.66% | 5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

(E) *TAM contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.* 

(F) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.23 | $8.64 | $9.10 | $8.94 | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.41 | 0.44 | 0.52 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.46) | 0.60 | (0.43) | 0.17 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.03) | 1.01 | 0.01 | 0.69 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.42) | (0.47) | (0.53) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.76 | $9.23 | $8.64 | $9.10 | $8.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.42)% | 11.87% | 0.28% | 8.17% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;251872 | $&nbsp;&nbsp;&nbsp;&nbsp;931699 | $&nbsp;&nbsp;&nbsp;&nbsp;1054363 | $&nbsp;&nbsp;&nbsp;&nbsp;477381 | $&nbsp;&nbsp;&nbsp;&nbsp;472589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.60% | 0.58% | 0.60% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.60% | 0.58% | 0.60% | 0.63 %<sup>(B)</sup> | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.90% | 4.49% | 5.14% | 5.80% | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 393** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.23 | $8.64 | $9.10 | $8.93 | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.41 | 0.44 | 0.52 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.46) | 0.60 | (0.43) | 0.18 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.03) | 1.01 | 0.01 | 0.70 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.42) | (0.47) | (0.53) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.76 | $9.23 | $8.64 | $9.10 | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.42)% | 11.87% | 0.28% | 8.02% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;154394 | $&nbsp;&nbsp;&nbsp;&nbsp;222760 | $&nbsp;&nbsp;&nbsp;&nbsp;218199 | $&nbsp;&nbsp;&nbsp;&nbsp;279020 | $&nbsp;&nbsp;&nbsp;&nbsp;298604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.60% | 0.58% | 0.60% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.60% | 0.60% | 0.60% | 0.63 %<sup>(B)</sup> | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.04% | 4.48% | 5.11% | 5.79% | 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.23 | $8.64 | $9.10 | $8.93 | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.39 | 0.37 | 0.40 | 0.48 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.46) | 0.60 | (0.43) | 0.17 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.07) | 0.97 | (0.03) | 0.65 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.38) | (0.43) | (0.48) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.76 | $9.23 | $8.64 | $9.10 | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.86)% | 11.29% | (0.23)% | 7.51% | (0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;17663 | $&nbsp;&nbsp;&nbsp;&nbsp;24423 | $&nbsp;&nbsp;&nbsp;&nbsp;32169 | $&nbsp;&nbsp;&nbsp;&nbsp;35439 | $&nbsp;&nbsp;&nbsp;&nbsp;42802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.09% | 1.12% | 1.25% | 1.26% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.55% | 3.98% | 4.63% | 5.33% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 394** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.22 | $8.64 | $9.10 | $8.93 | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.41 | 0.38 | 0.42 | 0.50 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.46) | 0.59 | (0.43) | 0.18 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.05) | 0.97 | (0.01) | 0.68 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.39) | (0.45) | (0.51) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.77 | $9.22 | $8.64 | $9.10 | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.58)% | 11.35% | 0.03% | 7.78% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;48173 | $&nbsp;&nbsp;&nbsp;&nbsp;66337 | $&nbsp;&nbsp;&nbsp;&nbsp;621798 | $&nbsp;&nbsp;&nbsp;&nbsp;396605 | $&nbsp;&nbsp;&nbsp;&nbsp;361072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.85% | 0.83% | 0.85% | 0.88% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.85 %<sup>(B)</sup> | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.81% | 4.20% | 4.86% | 5.56% | 5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** | **Transamerica High Yield Bond** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.23 | $8.64 | $9.10 | $8.94 | $9.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.41 | 0.44 | 0.52 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.46) | 0.60 | (0.43) | 0.17 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.03) | 1.01 | 0.01 | 0.69 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.42) | (0.47) | (0.53) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.76 | $9.23 | $8.64 | $9.10 | $8.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.41)% | 11.87% | 0.28% | 8.05% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;59709 | $&nbsp;&nbsp;&nbsp;&nbsp;61417 | $&nbsp;&nbsp;&nbsp;&nbsp;44075 | $&nbsp;&nbsp;&nbsp;&nbsp;44675 | $&nbsp;&nbsp;&nbsp;&nbsp;29499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.60% | 0.58% | 0.60% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.60% | 0.58% | 0.60% | 0.63 %<sup>(B)</sup> | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.07% | 4.48% | 5.14% | 5.77% | 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 22% | 37% | 37% | 38% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 395** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Transamerica High Yield ESG** | **Transamerica High Yield ESG** | **Transamerica High Yield ESG** |
| | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br> 2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.09 | $9.90 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.39 | 0.33 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.55) | 0.24 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.16) | 0.57 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.38) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.42) | (0.38) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.51 | $&nbsp;&nbsp;&nbsp;&nbsp;10.09 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(11.73)% | &nbsp;&nbsp;&nbsp;&nbsp;5.76% | &nbsp;&nbsp;&nbsp;&nbsp;(0.08)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $997 | $1130 | $999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.25% | 1.50% | 2.02 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.77 %<sup>(E)(F)</sup> | 0.77 %<sup>(F)</sup> | 0.77 %<sup>(D)(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.16% | 3.29% | 3.09 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20% | 37% | 3 %<sup>(C)</sup> |

---

(A) *Commenced operations on July 31, 2020.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

(E) *TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

(F) *TAM contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.* 

---

| | | | |
|:---|:---|:---|:---|
| | **Transamerica High Yield ESG** | **Transamerica High Yield ESG** | **Transamerica High Yield ESG** |
| | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.09 | $9.90 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.39 | 0.34 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.51) | 0.23 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.12) | 0.57 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.38) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.42) | (0.38) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.55 | $10.09 | $9.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.31)% | 5.78% | (0.08)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;35337 | $&nbsp;&nbsp;&nbsp;&nbsp;20088 | $&nbsp;&nbsp;&nbsp;&nbsp;18990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.15% | &nbsp;&nbsp;&nbsp;&nbsp;1.40% | 1.92 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.75 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.28% | 3.31% | 3.11 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 20% | 37% | 3 %<sup>(C)</sup> |

---

(A) *Commenced operations on July 31, 2020.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 396** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.36 | $11.59 | $11.98 | $11.34 | $11.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.35 | 0.38 | 0.42 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.86) | 0.78 | (0.32) | 0.64 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.52) | 1.13 | 0.06 | 1.06 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.36) | (0.41) | (0.42) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.37) | (0.36) | (0.45) | (0.42) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.47 | $12.36 | $11.59 | $11.98 | $11.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(B)</sup>** | (20.80)% | 9.81% | 0.60% | 9.54% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;16721 | $&nbsp;&nbsp;&nbsp;&nbsp;29316 | $&nbsp;&nbsp;&nbsp;&nbsp;18111 | $&nbsp;&nbsp;&nbsp;&nbsp;22116 | $&nbsp;&nbsp;&nbsp;&nbsp;30521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.01% | 0.98% | 1.07% | 1.04% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.98% | 2.86% | 3.22% | 3.63% | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53% | 96% | 37% | 54% | 119% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.38 | $11.60 | $11.99 | $11.35 | $11.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.28 | 0.31 | 0.36 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.87) | 0.79 | (0.32) | 0.64 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.60) | 1.07 | (0.01) | 1.00 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.29) | (0.35) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.30) | (0.29) | (0.38) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.48 | $12.38 | $11.60 | $11.99 | $11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(B)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(21.32)% | 9.24% | —% | 8.89% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $8587 | $&nbsp;&nbsp;&nbsp;&nbsp;13390 | $&nbsp;&nbsp;&nbsp;&nbsp;11731 | $&nbsp;&nbsp;&nbsp;&nbsp;11561 | $&nbsp;&nbsp;&nbsp;&nbsp;11389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.74% | 1.73% | 1.82% | 1.81% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.51% | 1.51% | 1.51% | 1.51% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.41% | 2.28% | 2.63% | 3.05% | 2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53% | 96% | 37% | 54% | 119% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(C) *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 Report 2022** |

---

**Page 397** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.36 | $11.59 | $12.00 | $11.36 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.37 | 0.39 | 0.44 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.86) | 0.78 | (0.33) | 0.64 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.51) | 1.15 | 0.06 | 1.08 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.38) | (0.43) | (0.44) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.39) | (0.38) | (0.47) | (0.44) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.46 | $12.36 | $11.59 | $12.00 | $11.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (20.75)%<sup>(B)</sup> | 9.98% | 0.58% | 9.70% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;93760 | $&nbsp;&nbsp;&nbsp;&nbsp;129929 | $&nbsp;&nbsp;&nbsp;&nbsp;62566 | $&nbsp;&nbsp;&nbsp;&nbsp;75539 | $&nbsp;&nbsp;&nbsp;&nbsp;61523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.77% | 0.86% | 0.84% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.14% | 3.00% | 3.37% | 3.79% | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53% | 96% | 37% | 54% | 119% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

(C) *Rounds to less than $0.01 or $(0.01).* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** | **Transamerica High Yield Muni** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.38 | $11.60 | $12.00 | $11.36 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.38 | 0.39 | 0.45 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.87) | 0.79 | (0.31) | 0.64 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.50) | 1.17 | 0.08 | 1.09 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.37) | (0.39) | (0.44) | (0.45) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.39) | (0.48) | (0.45) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.48 | $&nbsp;&nbsp;&nbsp;&nbsp;12.38 | $&nbsp;&nbsp;&nbsp;&nbsp;11.60 | $&nbsp;&nbsp;&nbsp;&nbsp;12.00 | $&nbsp;&nbsp;&nbsp;&nbsp;11.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.65)% | 10.17% | 0.77% | 9.73% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $10 | $12 | $11 | $11 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.68% | 0.68% | 0.75% | 0.73% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.68% | 0.68% | 0.75% | 0.73% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.28% | 3.11% | 3.39% | 3.83% | 3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 53% | 96% | 37% | 54% | 119% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 398** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,**<br> **2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.09 | $10.78 | $10.26 | $9.58 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.50 | 0.32 | 0.10 | 0.16 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.80) | 0.29 | 0.51 | 0.67 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.30) | 0.61 | 0.61 | 0.83 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.37) | (0.30) | (0.09) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.41) | (0.30) | (0.09) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.39 | $11.09 | $&nbsp;&nbsp;&nbsp;&nbsp;10.78 | $&nbsp;&nbsp;&nbsp;&nbsp;10.26 | $9.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(11.94)%<sup>(B)</sup> | 5.73% | 5.99% | 8.73% | &nbsp;&nbsp;&nbsp;&nbsp;(1.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $2291 | $&nbsp;&nbsp;&nbsp;&nbsp;1430 | $866 | $778 | $719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.98% | 1.02% | 1.10% | 1.07% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.84% | 2.90% | 0.97% | 1.59% | 2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 48% | 28% | 23% | 36% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

(C) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.79 | $10.52 | $10.04 | $9.41 | $9.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.43 | 0.25 | 0.05 | 0.08 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.78) | 0.26 | 0.47 | 0.66 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.35) | 0.51 | 0.52 | 0.74 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.05 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.24) | (0.04) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.34) | (0.24) | (0.04) | (0.11) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.15 | $&nbsp;&nbsp;&nbsp;&nbsp;10.79 | $&nbsp;&nbsp;&nbsp;&nbsp;10.52 | $&nbsp;&nbsp;&nbsp;&nbsp;10.04 | $9.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(12.26)% | 4.89% | 5.23% | 7.90% | &nbsp;&nbsp;&nbsp;&nbsp;(2.59)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $747 | $934 | $562 | $529 | $456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.72% | 1.70% | 1.80% | 1.80% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture  | 1.71% | 1.72% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.24% | 2.37% | 0.44% | 0.80% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 48% | 28% | 23% | 36% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.46%.* 

(C) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(D) *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 Report 2022** |

---

**Page 399** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.18 | $10.86 | $10.32 | $9.63 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.53 | 0.37 | 0.16 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.81) | 0.29 | 0.49 | 0.68 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.28) | 0.66 | 0.65 | 0.86 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.34) | (0.11) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.44) | (0.34) | (0.11) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.46 | $11.18 | $10.86 | $10.32 | $9.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.73)% | 6.08% | 6.33% | 8.97% | (1.67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;10169 | $&nbsp;&nbsp;&nbsp;&nbsp;14310 | $&nbsp;&nbsp;&nbsp;&nbsp;5897 | $&nbsp;&nbsp;&nbsp;&nbsp;4658 | $&nbsp;&nbsp;&nbsp;&nbsp;2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.72% | 0.72% | 0.82% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.65% | 0.65% | 0.73% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.05% | 3.31% | 1.48% | 1.80% | 1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 48% | 28% | 23% | 36% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.21 | $10.88 | $10.35 | $9.65 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.53 | 0.35 | 0.15 | 0.19 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.81) | 0.32 | 0.49 | 0.68 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.28) | 0.67 | 0.64 | 0.87 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.34) | (0.11) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.44) | (0.34) | (0.11) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.49 | $11.21 | $10.88 | $10.35 | $9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.66)% | 6.16% | 6.23% | 9.09% | (1.63)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;102380 | $&nbsp;&nbsp;&nbsp;&nbsp;118370 | $&nbsp;&nbsp;&nbsp;&nbsp;86849 | $&nbsp;&nbsp;&nbsp;&nbsp;121491 | $&nbsp;&nbsp;&nbsp;&nbsp;148450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.63% | 0.72% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.62% | 0.63 %<sup>(C)</sup> | 0.72% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.07% | 3.15% | 1.46% | 1.86% | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 48% | 28% | 23% | 36% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *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 Report 2022** |

---

**Page 400** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** | **Transamerica Inflation Opportunities** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.21 | $10.89 | $10.35 | $9.66 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.56 | 0.35 | 0.16 | 0.19 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.84) | 0.31 | 0.49 | 0.67 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.28) | 0.66 | 0.65 | 0.86 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.34) | (0.11) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.44) | (0.34) | (0.11) | (0.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.49 | $&nbsp;&nbsp;&nbsp;&nbsp;11.21 | $&nbsp;&nbsp;&nbsp;&nbsp;10.89 | $&nbsp;&nbsp;&nbsp;&nbsp;10.35 | $9.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(11.66)% | 6.07% | 6.33% | 8.97% | &nbsp;&nbsp;&nbsp;&nbsp;(1.53)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $156 | $72 | $59 | $55 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.63% | 0.72% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.62% | 0.63 %<sup>(C)</sup> | 0.72% | 0.71% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.41% | 3.14% | 1.47% | 1.87% | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 62% | 48% | 28% | 23% | 36% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.13 | $10.84 | $10.21 | $9.63 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.66 | 0.41 | 0.12 | 0.17 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.90) | 0.25 | 0.65 | 0.65 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.24) | 0.66 | 0.77 | 0.82 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.71) | (0.37) | (0.14) | (0.24) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.18 | $11.13 | $10.84 | $10.21 | $9.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.55)% | 6.16% | 7.59% | 8.58% | (0.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;75996 | $&nbsp;&nbsp;&nbsp;&nbsp;98870 | $&nbsp;&nbsp;&nbsp;&nbsp;99722 | $&nbsp;&nbsp;&nbsp;&nbsp;104687 | $&nbsp;&nbsp;&nbsp;&nbsp;111874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.50% | 0.49% | 0.51% | 0.49% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.50 %<sup>(C)</sup> | 0.49 %<sup>(C)</sup> | 0.52% | 0.47% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 6.39% | 3.75% | 1.14% | 1.73% | 2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 32% | 21% | 16% | 14% | 134% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *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 Report 2022** |

---

**Page 401** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.13 | $10.85 | $10.23 | $9.65 | $9.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.61 | 0.35 | 0.07 | 0.11 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.90) | 0.24 | 0.65 | 0.67 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.29) | 0.59 | 0.72 | 0.78 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.66) | (0.31) | (0.10) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.18 | $11.13 | $10.85 | $10.23 | $9.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(12.01)% | 5.53% | 7.08% | 8.24% | (1.29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $7799 | $&nbsp;&nbsp;&nbsp;&nbsp;9787 | $&nbsp;&nbsp;&nbsp;&nbsp;10488 | $&nbsp;&nbsp;&nbsp;&nbsp;9125 | $&nbsp;&nbsp;&nbsp;&nbsp;10508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.99% | 0.98% | 1.00% | 0.98% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 0.99% | 0.99% | 1.00% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 5.89% | 3.21% | 0.69% | 1.13% | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 32% | 21% | 16% | 14% | 134% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** | **Transamerica Inflation-Protected Securities** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.15 | $10.86 | $10.23 | $9.63 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.66 | 0.32 | 0.11 | 0.10 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.93) | 0.32 | 0.64 | 0.72 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.27) | 0.64 | 0.75 | 0.82 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.69) | (0.35) | (0.12) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.19 | $11.15 | $10.86 | $10.23 | $9.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (11.77)% | 5.96% | 7.39% | 8.58% | (1.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1003 | $&nbsp;&nbsp;&nbsp;&nbsp;1147 | $&nbsp;&nbsp;&nbsp;&nbsp;2012 | $&nbsp;&nbsp;&nbsp;&nbsp;2340 | $&nbsp;&nbsp;&nbsp;&nbsp;15421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.76% | 0.74% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.65% | 0.64% | 0.64% | 0.65% | 0.65 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 6.34% | 2.90% | 1.04% | 1.07% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 32% | 21% | 16% | 14% | 134% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *Includes reorganization expenses incurred outside the Fund's operating expense limit.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 402** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.34 | $10.85 | $10.50 | $9.70 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.23 | 0.19 | 0.23 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.80) | (0.14) | 0.37 | 0.81 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.57) | 0.05 | 0.60 | 1.09 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.20) | (0.25) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) | (0.36) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.56) | (0.25) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.37 | $10.34 | $10.85 | $10.50 | $9.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.67)% | 0.45% | 5.74% | 11.39% | (2.22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1974697 | $&nbsp;&nbsp;&nbsp;&nbsp;1131283 | $&nbsp;&nbsp;&nbsp;&nbsp;1275122 | $&nbsp;&nbsp;&nbsp;&nbsp;1826481 | $&nbsp;&nbsp;&nbsp;&nbsp;1971571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.42% | 0.41% | 0.42% | 0.42% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.42% | 0.41% | 0.42% | 0.42 %<sup>(B)</sup> | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.49% | 1.81% | 2.16% | 2.77% | 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64% | 48% | 46% | 49% | 49% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.36 | $10.87 | $10.51 | $9.72 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.19 | 0.23 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.80) | (0.14) | 0.38 | 0.80 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.58) | 0.05 | 0.61 | 1.08 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.20) | (0.25) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) | (0.36) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.56) | (0.25) | (0.29) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.38 | $10.36 | $10.87 | $10.51 | $9.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.74)% | 0.45% | 5.83% | 11.26% | (2.21)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;248167 | $&nbsp;&nbsp;&nbsp;&nbsp;369100 | $&nbsp;&nbsp;&nbsp;&nbsp;385809 | $&nbsp;&nbsp;&nbsp;&nbsp;485794 | $&nbsp;&nbsp;&nbsp;&nbsp;697789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.42% | 0.41% | 0.42% | 0.42% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.42% | 0.41% | 0.42% | 0.42 %<sup>(B)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.36% | 1.81% | 2.14% | 2.78% | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64% | 48% | 46% | 49% | 49% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

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**Page 403** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.37 | $10.88 | $10.52 | $9.73 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.14 | 0.18 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.81) | (0.15) | 0.37 | 0.80 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.63) | (0.01) | 0.55 | 1.03 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.14) | (0.19) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) | (0.36) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.35) | (0.50) | (0.19) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.39 | $10.37 | $10.88 | $10.52 | $9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (16.15)% | (0.05)% | 5.29% | 10.68% | (2.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;23157 | $&nbsp;&nbsp;&nbsp;&nbsp;31469 | $&nbsp;&nbsp;&nbsp;&nbsp;42002 | $&nbsp;&nbsp;&nbsp;&nbsp;51335 | $&nbsp;&nbsp;&nbsp;&nbsp;94748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.92% | 0.91% | 0.92% | 0.91% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.92% | 0.91% | 0.92% | 0.91 %<sup>(B)</sup> | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.88% | 1.32% | 1.64% | 2.29% | 2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64% | 48% | 46% | 49% | 49% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.36 | $10.87 | $10.52 | $9.72 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.16 | 0.20 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.79) | (0.14) | 0.37 | 0.81 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.59) | 0.02 | 0.57 | 1.07 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.17) | (0.22) | (0.27) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) | (0.36) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.38) | (0.53) | (0.22) | (0.27) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.39 | $10.36 | $10.87 | $10.52 | $9.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.85)% | 0.21% | 5.49% | 11.10% | (2.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;102515 | $&nbsp;&nbsp;&nbsp;&nbsp;152590 | $&nbsp;&nbsp;&nbsp;&nbsp;162185 | $&nbsp;&nbsp;&nbsp;&nbsp;178769 | $&nbsp;&nbsp;&nbsp;&nbsp;181447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.67% | 0.66% | 0.67% | 0.67% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.14% | 1.57% | 1.90% | 2.54% | 2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64% | 48% | 46% | 49% | 49% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 404** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | |
|:---|:---|:---|
| | **Transamerica Intermediate Bond** | **Transamerica Intermediate Bond** |
| | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and year indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.36 | $10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.26 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.84) | 0.01 <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.58) | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.38 | $&nbsp;&nbsp;&nbsp;&nbsp;10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(15.74)% | 0.89 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $693 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.42% | 0.41 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.42% | 0.41 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.99% | 1.78 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 64% | 48% |

---

(A) *Commenced operations on May 28, 2021.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(D) *Not annualized.* 

(E) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.99 | $11.84 | $11.80 | $11.06 | $11.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.20 | 0.19 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.09) | 0.16 | 0.13 | 0.75 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.89) | 0.36 | 0.32 | 1.03 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.21) | (0.24) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.24) | (0.21) | (0.28) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.86 | $11.99 | $11.84 | $11.80 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (15.92)%<sup>(C)</sup> | 3.03% | 2.73% | 9.35% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;179426 | $&nbsp;&nbsp;&nbsp;&nbsp;284610 | $&nbsp;&nbsp;&nbsp;&nbsp;245980 | $&nbsp;&nbsp;&nbsp;&nbsp;218941 | $&nbsp;&nbsp;&nbsp;&nbsp;269452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.74% | 0.73% | 0.75 %<sup>(E)</sup> | 0.78 %<sup>(E)</sup> | 0.77 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.64% | 0.63% | 0.65 %<sup>(E)</sup> | 0.68 %<sup>(E)</sup> | 0.67 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.83% | 1.69% | 1.65% | 2.47% | 2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 35% | 20% | 14% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 405** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.96 | $11.82 | $11.78 | $11.03 | $11.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.13 | 0.12 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.07) | 0.14 | 0.13 | 0.75 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.94) | 0.27 | 0.25 | 0.96 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.13) | (0.18) | (0.21) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.18) | (0.13) | (0.21) | (0.21) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.84 | $11.96 | $11.82 | $11.78 | $11.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (16.40)%<sup>(C)</sup> | 2.30% | 2.10% | 8.80% | (1.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;77442 | $&nbsp;&nbsp;&nbsp;&nbsp;131738 | $&nbsp;&nbsp;&nbsp;&nbsp;138959 | $&nbsp;&nbsp;&nbsp;&nbsp;143332 | $&nbsp;&nbsp;&nbsp;&nbsp;148672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.52% | 1.50% | 1.52 %<sup>(E)</sup> | 1.55 %<sup>(E)</sup> | 1.53 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.27% | 1.25% | 1.27 %<sup>(E)</sup> | 1.30 %<sup>(E)</sup> | 1.28 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.20% | 1.06% | 1.03% | 1.86% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 35% | 20% | 14% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.03 | $11.88 | $11.85 | $11.11 | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.22 | 0.21 | 0.30 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.10) | 0.15 | 0.12 | 0.74 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.88) | 0.37 | 0.33 | 1.04 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.22) | (0.22) | (0.26) | (0.30) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.26) | (0.22) | (0.30) | (0.30) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.90 | $12.03 | $11.88 | $11.85 | $11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (15.67)%<sup>(B)</sup> | 3.16% | 2.81% | 9.45% | (0.71)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1168497 | $&nbsp;&nbsp;&nbsp;&nbsp;2315780 | $&nbsp;&nbsp;&nbsp;&nbsp;1888406 | $&nbsp;&nbsp;&nbsp;&nbsp;1354326 | $&nbsp;&nbsp;&nbsp;&nbsp;999826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.56% | 0.55% | 0.56 %<sup>(C)</sup> | 0.59 %<sup>(C)</sup> | 0.58 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.49% | 0.49% | 0.49 %<sup>(C)</sup> | 0.56 %<sup>(C)</sup> | 0.58 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.96% | 1.84% | 1.80% | 2.59% | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 35% | 20% | 14% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.* 

(C) *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 Report 2022** |

---

**Page 406** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** | **Transamerica Intermediate Muni** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.04 | $11.90 | $11.86 | $11.11 | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.23 | 0.23 | 0.21 | 0.31 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.09) | 0.14 | 0.13 | 0.75 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.86) | 0.37 | 0.34 | 1.06 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.23) | (0.23) | (0.31) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.27) | (0.23) | (0.30) | (0.31) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $&nbsp;&nbsp;&nbsp;&nbsp;9.91 | $&nbsp;&nbsp;&nbsp;&nbsp;12.04 | $&nbsp;&nbsp;&nbsp;&nbsp;11.90 | $&nbsp;&nbsp;&nbsp;&nbsp;11.86 | $&nbsp;&nbsp;&nbsp;&nbsp;11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(15.67)% | 3.14% | 2.94% | 9.64% | (0.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $10 | $12 | $11 | $11 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.46% | 0.44% | 0.46 %<sup>(B)</sup> | 0.48 %<sup>(B)</sup> | 0.47 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.46% | 0.44% | 0.46 %<sup>(B)</sup> | 0.48 %<sup>(B)</sup> | 0.47 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.03% | 1.93% | 1.80% | 2.68% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 35% | 20% | 14% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.36 | $15.73 | $17.65 | $17.30 | $19.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.40 | 0.31 | 0.20 | 0.32 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.03) | 5.45 | (1.69) | 0.83 | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.63) | 5.76 | (1.49) | 1.15 | (1.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.70) | (0.13) | (0.43) | (0.28) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.70) | (0.13) | (0.43) | (0.80) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.03 | $21.36 | $15.73 | $17.65 | $17.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (22.39)%<sup>(C)</sup> | 36.70% | (8.77)% | 7.28% | (7.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;142550 | $&nbsp;&nbsp;&nbsp;&nbsp;111299 | $&nbsp;&nbsp;&nbsp;&nbsp;147674 | $&nbsp;&nbsp;&nbsp;&nbsp;153300 | $&nbsp;&nbsp;&nbsp;&nbsp;202462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.45% | 1.40% | 1.30% | 1.28% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.25% | 1.25% | 1.25% | 1.25% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.18% | 1.52% | 1.22% | 1.94% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 407** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.00 | $15.46 | $17.34 | $16.97 | $18.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.18 | 0.07 | 0.19 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.94) | 5.36 | (1.66) | 0.83 | (1.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.69) | 5.54 | (1.59) | 1.02 | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.54) |  | (0.29) | (0.13) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.54) |  | (0.29) | (0.65) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $15.77 | $21.00 | $15.46 | $17.34 | $16.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (22.86)%<sup>(C)</sup> | 35.77% | (9.38)% | 6.50% | (8.49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;19439 | $&nbsp;&nbsp;&nbsp;&nbsp;30911 | $&nbsp;&nbsp;&nbsp;&nbsp;27884 | $&nbsp;&nbsp;&nbsp;&nbsp;46960 | $&nbsp;&nbsp;&nbsp;&nbsp;64847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.91% | 1.91% | 1.96% | 1.96% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.91 %<sup>(E)</sup> | 1.91% | 1.96% | 1.96% | 1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.35% | 0.88% | 0.45% | 1.15% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.62 | $15.95 | $17.89 | $17.54 | $19.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.40 | 0.26 | 0.39 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.09) | 5.51 | (1.70) | 0.83 | (1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.62) | 5.91 | (1.44) | 1.22 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.24) | (0.50) | (0.35) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.77) | (0.24) | (0.50) | (0.87) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.25 | $21.62 | $15.95 | $17.89 | $17.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (22.03)%<sup>(B)</sup> | 37.24% | (8.38)% | 7.66% | (7.49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;2315412 | $&nbsp;&nbsp;&nbsp;&nbsp;2994603 | $&nbsp;&nbsp;&nbsp;&nbsp;1891398 | $&nbsp;&nbsp;&nbsp;&nbsp;2210381 | $&nbsp;&nbsp;&nbsp;&nbsp;2495943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.84% | 0.85% | 0.86% | 0.86% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.84% | 0.85% | 0.86% | 0.86% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.49% | 1.95% | 1.58% | 2.31% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 408** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.65 | $15.97 | $17.91 | $17.57 | $19.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.42 | 0.28 | 0.39 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.07) | 5.51 | (1.70) | 0.84 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.60) | 5.93 | (1.42) | 1.23 | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.25) | (0.52) | (0.37) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.77) | (0.25) | (0.52) | (0.89) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.28 | $21.65 | $15.97 | $17.91 | $17.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (22.01)% | 37.36% | (8.28)% | 7.72% | (7.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1168404 | $&nbsp;&nbsp;&nbsp;&nbsp;1548574 | $&nbsp;&nbsp;&nbsp;&nbsp;1387536 | $&nbsp;&nbsp;&nbsp;&nbsp;1910356 | $&nbsp;&nbsp;&nbsp;&nbsp;2186243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.51% | 2.06% | 1.69% | 2.31% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.81 | $16.08 | $18.04 | $17.68 | $19.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.42 | 0.29 | 0.41 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.11) | 5.56 | (1.73) | 0.84 | (1.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.64) | 5.98 | (1.44) | 1.25 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.25) | (0.52) | (0.37) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.77) | (0.25) | (0.52) | (0.89) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.40 | $21.81 | $16.08 | $18.04 | $17.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (22.03)% | 37.42% | (8.34)% | 7.78% | (7.41)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;115536 | $&nbsp;&nbsp;&nbsp;&nbsp;166596 | $&nbsp;&nbsp;&nbsp;&nbsp;204877 | $&nbsp;&nbsp;&nbsp;&nbsp;210438 | $&nbsp;&nbsp;&nbsp;&nbsp;218378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.48% | 2.04% | 1.74% | 2.40% | 2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 409** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.80 | $16.08 | $18.03 | $17.65 | $19.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.33 | 0.20 | 0.32 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.11) | 5.55 | (1.72) | 0.84 | (1.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.74) | 5.88 | (1.52) | 1.16 | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.66) | (0.16) | (0.43) | (0.26) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.66) | (0.16) | (0.43) | (0.78) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.40 | $21.80 | $16.08 | $18.03 | $17.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (22.40)% | 36.74% | (8.75)% | 7.23% | (7.89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;19863 | $&nbsp;&nbsp;&nbsp;&nbsp;31246 | $&nbsp;&nbsp;&nbsp;&nbsp;25413 | $&nbsp;&nbsp;&nbsp;&nbsp;31770 | $&nbsp;&nbsp;&nbsp;&nbsp;37376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.24% | 1.24% | 1.26% | 1.26% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.24% | 1.24% | 1.26% | 1.26% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.95% | 1.57% | 1.18% | 1.89% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.77 | $16.06 | $18.01 | $17.65 | $19.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.42 | 0.37 | 0.24 | 0.36 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.11) | 5.55 | (1.71) | 0.83 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.69) | 5.92 | (1.47) | 1.19 | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.71) | (0.21) | (0.48) | (0.31) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.71) | (0.21) | (0.48) | (0.83) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.37 | $21.77 | $16.06 | $18.01 | $17.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(22.22)% | 37.05% | (8.50)% | 7.44% | (7.59)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;4986 | $&nbsp;&nbsp;&nbsp;&nbsp;23706 | $&nbsp;&nbsp;&nbsp;&nbsp;17802 | $&nbsp;&nbsp;&nbsp;&nbsp;19425 | $&nbsp;&nbsp;&nbsp;&nbsp;15775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 1.00% | 1.02% | 1.02% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 1.00% | 1.02% | 1.02% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.14% | 1.76% | 1.46% | 2.14% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 410** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** | **Transamerica International Equity** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $21.88 | $16.13 | $18.09 | $17.73 | $19.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.48 | 0.43 | 0.28 | 0.41 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.13) | 5.57 | (1.72) | 0.84 | (1.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.65) | 6.00 | (1.44) | 1.25 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.25) | (0.52) | (0.37) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.77) | (0.25) | (0.52) | (0.89) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $16.46 | $21.88 | $16.13 | $18.09 | $17.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (21.97)% | 37.37% | (8.31)% | 7.76% | (7.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;397503 | $&nbsp;&nbsp;&nbsp;&nbsp;451687 | $&nbsp;&nbsp;&nbsp;&nbsp;222323 | $&nbsp;&nbsp;&nbsp;&nbsp;255860 | $&nbsp;&nbsp;&nbsp;&nbsp;198633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.75% | 0.77% | 0.77% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.53% | 2.05% | 1.70% | 2.42% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 17% | 22% | 18% | 13% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.07 | $7.77 | $7.53 | $7.85 | $8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.15 | 0.14 | 0.08 | 0.14 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.69) | 2.23 | 0.28 | 0.75 | (1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.54) | 2.37 | 0.36 | 0.89 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.07) | (0.12) | (0.11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.30) |  |  | (1.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.56) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | (1.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $6.97 | $&nbsp;&nbsp;&nbsp;&nbsp;10.07 | $7.77 | $7.53 | $7.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(26.67)%<sup>(D)</sup> | 30.55% | 4.81% | &nbsp;&nbsp;&nbsp;&nbsp;14.77% | &nbsp;&nbsp;&nbsp;&nbsp;(11.70)%<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $480 | $530 | $190 | $106 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.45% | 1.42% | 1.74% | 1.74% | 1.43 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.21 %<sup>(H)</sup> | 1.21 %<sup>(H)</sup> | 1.20% | 1.23% | 1.30 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.79% | 1.48% | 1.11% | 2.06% | 1.49 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 36% | 21% | 28% | 25% | 119% |

---

(A) *Commenced operations on March 1, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

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

(F) *Not annualized.* 

(G) *Annualized.* 

(H) *Includes extraordinary expenses outside the operating expense limit.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 411** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.12 | $7.79 | $7.55 | $7.86 | $8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.16 | 0.16 | 0.09 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.69) | 2.24 | 0.28 | 0.77 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.53) | 2.40 | 0.37 | 0.91 | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.07) | (0.13) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.30) |  |  | (1.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.57) | (0.07) | (0.13) | (1.22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $&nbsp;&nbsp;&nbsp;&nbsp;7.02 | $&nbsp;&nbsp;&nbsp;&nbsp;10.12 | $&nbsp;&nbsp;&nbsp;&nbsp;7.79 | $&nbsp;&nbsp;&nbsp;&nbsp;7.55 | $&nbsp;&nbsp;&nbsp;&nbsp;7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(26.47)% | 30.95% | 4.96% | &nbsp;&nbsp;&nbsp;&nbsp;14.99% | &nbsp;&nbsp;&nbsp;&nbsp;(11.59)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $73 | $29 | $21 | $19 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.02% | 1.33% | 1.31% | 1.43% | 1.36 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.98 %<sup>(E)</sup> | 0.91 %<sup>(E)</sup> | 1.03% | 1.05% | 1.05 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.05% | 1.59% | 1.24% | 1.93% | 2.27 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 36% | 21% | 28% | 25% | 119% |

---

(A) *Commenced operations on March 1, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

(E) *TAM contractually agreed to reimburse certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.09 | $7.78 | $7.53 | $7.87 | $9.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.16 | 0.11 | 0.15 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.66) | 2.24 | 0.29 | 0.76 | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.49) | 2.40 | 0.40 | 0.91 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.09) | (0.15) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.30) |  |  | (1.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.60) | (0.09) | (0.15) | (1.25) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.00 | $10.09 | $7.78 | $7.53 | $7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (26.24)% | 31.01% | 5.34% | 15.22% | (11.29)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;862508 | $&nbsp;&nbsp;&nbsp;&nbsp;1467721 | $&nbsp;&nbsp;&nbsp;&nbsp;1439535 | $&nbsp;&nbsp;&nbsp;&nbsp;1162120 | $&nbsp;&nbsp;&nbsp;&nbsp;1216433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.81% | 0.80% | 0.81% | 0.81% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.81% | 0.80% | 0.81% | 0.81% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.06% | 1.69% | 1.45% | 2.20% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 36% | 21% | 28% | 25% | 119% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 412** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** | **Transamerica International Focus** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.13 | $7.81 | $7.57 | $7.87 | $8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.19 | 0.17 | 0.11 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.69) | 2.24 | 0.28 | 0.77 | (1.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.50) | 2.41 | 0.39 | 0.93 | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.09) | (0.15) | (0.13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.30) |  |  | (1.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.60) | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | (1.23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $7.03 | $&nbsp;&nbsp;&nbsp;&nbsp;10.13 | $7.81 | $7.57 | $7.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (26.23)% | 31.02% | 5.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.35% | &nbsp;&nbsp;&nbsp;&nbsp;(11.47)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;11765 | $14 | $11 | $10 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.81% | 0.80% | 0.81% | 0.80% | 0.83 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.81% | 0.80% | 0.81% | 0.80% | 0.83 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.28% | 1.71% | 1.46% | 2.26% | 2.72 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 36% | 21% | 28% | 25% | 119% |

---

(A) *Commenced operations on March 1, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.30 | $11.94 | $12.60 | $12.44 | $13.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.27 | 0.28 | 0.13 | 0.24 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.74) | 4.23 | (0.51) | 0.83 | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.47) | 4.51 | (0.38) | 1.07 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.42) | (0.15) | (0.28) | (0.22) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) |  |  | (0.69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.59) | (0.15) | (0.28) | (0.91) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.25 | $16.30 | $11.94 | $12.60 | $12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (28.23)%<sup>(B)</sup> | 37.93% | (3.21)% | 9.84% | (6.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;233431 | $&nbsp;&nbsp;&nbsp;&nbsp;348810 | $&nbsp;&nbsp;&nbsp;&nbsp;232368 | $&nbsp;&nbsp;&nbsp;&nbsp;105692 | $&nbsp;&nbsp;&nbsp;&nbsp;291455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets | 1.10% | 1.09% | 1.11% | 1.10% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.06% | 1.82% | 1.09% | 2.07% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 14% | 14% | 30% | 18% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 413** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** | **Transamerica International Small Cap Value** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.34 | $11.96 | $12.63 | $12.47 | $13.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.30 | 0.12 | 0.24 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.75) | 4.24 | (0.49) | 0.85 | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.46) | 4.54 | (0.37) | 1.09 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.16) | (0.30) | (0.24) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.17) |  |  | (0.69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.60) | (0.16) | (0.30) | (0.93) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.28 | $16.34 | $11.96 | $12.63 | $12.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (28.23)% | 38.13% | (3.15)% | 9.97% | (6.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;334444 | $&nbsp;&nbsp;&nbsp;&nbsp;489410 | $&nbsp;&nbsp;&nbsp;&nbsp;282379 | $&nbsp;&nbsp;&nbsp;&nbsp;460442 | $&nbsp;&nbsp;&nbsp;&nbsp;439922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets | 1.01% | 0.99% | 1.01% | 1.00% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.18% | 1.92% | 1.04% | 2.05% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 14% | 14% | 30% | 18% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.77 | $8.62 | $9.60 | $9.19 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.31 | 0.23 | 0.14 | 0.18 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.42) | 3.03 | (1.12) | 0.24 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.11) | 3.26 | (0.98) | 0.42 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.11) |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.63) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.93) | (0.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.75 | $11.77 | $8.62 | $9.60 | $9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(19.19)%<sup>(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38.12% | &nbsp;&nbsp;&nbsp;&nbsp;(10.21)% | 4.59% | &nbsp;&nbsp;&nbsp;&nbsp;(8.10)%<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $745 | $780 | $473 | $498 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.15% | 1.14% | 1.20% | 3.11% | 14.60 %<sup>G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.25% | 1.25% | 1.25% | 1.24% | 1.25 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.13% | 2.04% | 1.60% | 1.95% | (0.74)%<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 41% | 52% | 49% | 35% | 2 %<sup>(E)</sup> |

---

(A) *Commenced operations on September 28, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.19%.* 

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Not annualized.* 

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

(G) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 414** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.83 | $8.65 | $9.62 | $9.19 | $&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.33 | 0.25 | 0.17 | 0.20 | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.43) | 3.07 | (1.13) | 0.24 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.10) | 3.32 | (0.96) | 0.44 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.14) | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.63) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.98) | (0.14) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.77 | $11.83 | $8.65 | $9.62 | $9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(19.02)%<sup>(D)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38.63% | &nbsp;&nbsp;&nbsp;&nbsp;(9.98)% | 4.81% | &nbsp;&nbsp;&nbsp;&nbsp;(8.10)%<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $547 | $608 | $439 | $501 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.93% | 0.96% | 1.03% | 2.95% | 14.44 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 1.00% | 1.00% | 0.99% | 1.00 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.33% | 2.25% | 1.83% | 2.21% | (0.49)%<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 41% | 52% | 49% | 35% | 2 %<sup>(E)</sup> |

---

(A) *Commenced operations on September 28, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.* 

(E) *Not annualized.* 

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

(G) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.83 | $8.65 | $9.62 | $9.19 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.34 | 0.26 | 0.17 | 0.11 | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.42) | 3.06 | (1.13) | 0.33 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.08) | 3.32 | (0.96) | 0.44 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.14) | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.63) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.97) | (0.14) | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.78 | $11.83 | $8.65 | $9.62 | $9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (19.08)% | 38.64% | (9.98)% | 4.81% | (8.10)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;142358 | $&nbsp;&nbsp;&nbsp;&nbsp;136492 | $&nbsp;&nbsp;&nbsp;&nbsp;106120 | $&nbsp;&nbsp;&nbsp;&nbsp;76498 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 0.85% | 0.93% | 2.85% | &nbsp;&nbsp;&nbsp;&nbsp;14.35 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.83% | 0.93% | 1.00% | 0.99% | 1.00 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.37% | 2.31% | 1.89% | 1.24% | (0.49)%<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 41% | 52% | 49% | 35% | 2 %<sup>(D)</sup> |

---

(A) *Commenced operations on September 28, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Not annualized.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 415** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** | **Transamerica International Stock** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.83 | $8.65 | $9.62 | $9.19 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.36 | 0.25 | 0.17 | 0.20 | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.45) | 3.07 | (1.13) | 0.24 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.09) | 3.32 | (0.96) | 0.44 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.14) | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.63) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.97) | (0.14) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.77 | $11.83 | $8.65 | $9.62 | $9.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (19.12)% | &nbsp;&nbsp;&nbsp;&nbsp;38.63% | &nbsp;&nbsp;&nbsp;&nbsp;(9.98)% | 4.81% | &nbsp;&nbsp;&nbsp;&nbsp;(8.10)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;12337 | $601 | $434 | $482 | $460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 0.86% | 0.93% | 2.85% | 14.35 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.92% | 0.96% | 1.00% | 0.99% | 1.00 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.70% | 2.28% | 1.85% | 2.20% | (0.50)%<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 41% | 52% | 49% | 35% | 2 %<sup>(D)</sup> |

---

(A) *Commenced operations on September 28, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

(D) *Not annualized.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.07 | $9.10 | $10.97 | $12.09 | $13.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.09 | 0.19 | 0.19 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.03) | 4.98 | (1.57) | (0.02)<sup>(B)</sup> | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.92) | 5.07 | (1.38) | 0.17 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.12) | (0.10) | (0.18) | (0.19) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) |  | (0.31) | (1.10) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.35) | (0.10) | (0.49) | (1.29) | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.80 | $14.07 | $9.10 | $10.97 | $12.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | (6.69)%<sup>(D)</sup> | 55.91% | (13.06)% | 2.51% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;77059 | $&nbsp;&nbsp;&nbsp;&nbsp;82859 | $&nbsp;&nbsp;&nbsp;&nbsp;50011 | $&nbsp;&nbsp;&nbsp;&nbsp;81213 | $&nbsp;&nbsp;&nbsp;&nbsp;95523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.98% | 0.99% | 1.07% | 1.08% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.98 %<sup>(F)</sup> | 0.99 %<sup>(F)</sup> | 1.07 %<sup>(F)</sup> | 1.08% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.81% | 0.76% | 1.93% | 1.69% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26% | 127% | 184% | 162% | 139% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Rounds to less than $0.01 or $(0.01)* 

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

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

(F) *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 Report 2022** |

---

**Page 416** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.95 | $9.05 | $10.90 | $12.01 | $13.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.12 | 0.11 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.02) | 4.94 | (1.57) | (0.02)<sup>(C)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.01) | 4.94 | (1.45) | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)</sup><sup>(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.01) | (0.04) | (0.09) | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) |  | (0.31) | (1.10) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.24) | (0.04) | (0.40) | (1.20) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.70 | $13.95 | $9.05 | $10.90 | $12.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | (7.34)%<sup>(D)</sup> | 54.71% | (13.77)% | 1.81% | (0.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;17682 | $&nbsp;&nbsp;&nbsp;&nbsp;19204 | $&nbsp;&nbsp;&nbsp;&nbsp;14804 | $&nbsp;&nbsp;&nbsp;&nbsp;38234 | $&nbsp;&nbsp;&nbsp;&nbsp;49839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.75% | 1.76% | 1.83% | 1.82% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.75 %<sup>(F)</sup> | 1.76 %<sup>(F)</sup> | 1.83 %<sup>(F)</sup> | 1.82% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.04% | 0.02% | 1.21% | 0.96% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26% | 127% | 184% | 162% | 139% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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

(F) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.19 | $9.17 | $11.05 | $12.16 | $13.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.14 | 0.24 | 0.23 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.04) | 5.01 | (1.59) | (0.02)<sup>(B)</sup> | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.88) | 5.15 | (1.35) | 0.21 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.13) | (0.22) | (0.22) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) |  | (0.31) | (1.10) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.40) | (0.13) | (0.53) | (1.32) | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.92 | $14.19 | $9.17 | $11.05 | $12.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (6.27)%<sup>(C)</sup> | 56.42% | (12.67)% | 2.88% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;99796 | $&nbsp;&nbsp;&nbsp;&nbsp;108943 | $&nbsp;&nbsp;&nbsp;&nbsp;72131 | $&nbsp;&nbsp;&nbsp;&nbsp;251629 | $&nbsp;&nbsp;&nbsp;&nbsp;375161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.72% | 0.72% | 0.77% | 0.79% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.63 %<sup>(D)(E)</sup> | 0.63 %<sup>(E)</sup> | 0.68 %<sup>(E)</sup> | 0.77 %<sup>(E)</sup> | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.16% | 1.16% | 2.38% | 2.02% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26% | 127% | 184% | 162% | 139% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.* 

(D) *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

(E) *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.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 417** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.16 | $9.16 | $11.04 | $12.16 | $13.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.14 | 0.21 | 0.23 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.05) | 5.00 | (1.56) | (0.02)<sup>(B)</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.89) | 5.14 | (1.35) | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.14) | (0.22) | (0.23) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) |  | (0.31) | (1.10) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.39) | (0.14) | (0.53) | (1.33) | (1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.88 | $14.16 | $9.16 | $11.04 | $12.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (6.37)% | 56.43% | (12.66)% | 2.90% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1684204 | $&nbsp;&nbsp;&nbsp;&nbsp;2294601 | $&nbsp;&nbsp;&nbsp;&nbsp;1454992 | $&nbsp;&nbsp;&nbsp;&nbsp;1523734 | $&nbsp;&nbsp;&nbsp;&nbsp;1664184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.66% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.62% | 0.61% | 0.66 %<sup>(C)</sup> | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.16% | 1.12% | 2.23% | 2.06% | 1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26% | 127% | 184% | 162% | 139% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** | **Transamerica Large Cap Value** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.16 | $9.16 | $11.04 | $12.16 | $13.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.15 | 0.22 | 0.23 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.04) | 4.99 | (1.57) | (0.02)<sup>(B)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.89) | 5.14 | (1.35) | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.14) | (0.22) | (0.23) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) |  | (0.31) | (1.10) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.39) | (0.14) | (0.53) | (1.33) | (1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.88 | $14.16 | $9.16 | $11.04 | $12.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (6.37)% | 56.42% | (12.66)% | 2.90% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;43589 | $&nbsp;&nbsp;&nbsp;&nbsp;24977 | $&nbsp;&nbsp;&nbsp;&nbsp;25121 | $&nbsp;&nbsp;&nbsp;&nbsp;30426 | $&nbsp;&nbsp;&nbsp;&nbsp;27069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.66% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.62% | 0.62 %<sup>(C)</sup> | 0.66 %<sup>(C)</sup> | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.16% | 1.23% | 2.30% | 2.06% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 26% | 127% | 184% | 162% | 139% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *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 Report 2022** |

---

**Page 418** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.68 | $10.52 | $9.95 | $11.12 | $11.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.13 | 0.14 | 0.16 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.57) | 4.06 | 0.60 | 0.64 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.45) | 4.19 | 0.74 | 0.80 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.12) | (0.13) | (0.17) | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.94) | (0.90) | (0.00)<sup>(B)</sup> | (1.81) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.06) | (1.03) | (0.17) | (1.97) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.17 | $13.68 | $10.52 | $9.95 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (12.58)% | 42.24% | 7.62% | 10.53% | 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;109512 | $&nbsp;&nbsp;&nbsp;&nbsp;136168 | $&nbsp;&nbsp;&nbsp;&nbsp;109142 | $&nbsp;&nbsp;&nbsp;&nbsp;191543 | $&nbsp;&nbsp;&nbsp;&nbsp;189483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.52% | 0.51% | 0.52% | 0.51% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.52% | 0.51% | 0.52% | 0.57% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.03% | 1.03% | 1.41% | 1.63% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 82% | 83% | 82% | 130% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.68 | $10.52 | $9.95 | $11.11 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.07 | 0.09 | 0.11 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.56) | 4.06 | 0.60 | 0.65 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.50) | 4.13 | 0.69 | 0.76 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.06) | (0.07) | (0.12) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.94) | (0.90) | (0.00)<sup>(B)</sup> | (1.81) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.00) | (0.97) | (0.12) | (1.92) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.18 | $13.68 | $10.52 | $9.95 | $11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (13.03)% | 41.64% | 7.05% | 10.05% | 5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;49946 | $&nbsp;&nbsp;&nbsp;&nbsp;66418 | $&nbsp;&nbsp;&nbsp;&nbsp;55318 | $&nbsp;&nbsp;&nbsp;&nbsp;61472 | $&nbsp;&nbsp;&nbsp;&nbsp;72764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.02% | 1.01% | 1.02% | 1.01% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.02% | 1.01% | 1.02% | 1.06% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.54% | 0.54% | 0.91% | 1.15% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 82% | 83% | 82% | 130% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *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 Report 2022** |

---

**Page 419** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** | **Transamerica Large Core** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.68 | $10.52 | $9.95 | $11.12 | $11.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.09 | 0.10 | 0.12 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.56) | 4.06 | 0.59 | 0.64 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.47) | 4.16 | 0.71 | 0.77 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.09) | (0.10) | (0.14) | (0.13) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.94) | (0.90) | (0.00)<sup>(B)</sup> | (1.81) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.03) | (1.00) | (0.14) | (1.94) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.18 | $13.68 | $10.52 | $9.95 | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(12.73)% | 41.88% | 7.31% | 10.15% | 6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $2391 | $&nbsp;&nbsp;&nbsp;&nbsp;2800 | $&nbsp;&nbsp;&nbsp;&nbsp;2045 | $&nbsp;&nbsp;&nbsp;&nbsp;5039 | $&nbsp;&nbsp;&nbsp;&nbsp;5386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.76% | 0.78% | 0.76% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.77% | 0.76% | 0.78% | 0.88% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.78% | 0.77% | 1.20% | 1.33% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 82% | 83% | 82% | 130% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $20.56 | $17.03 | $13.09 | $12.45 | $11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.04) | (0.07) | (0.04) | 0.01 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.68) | 6.42 | 6.45 | 1.66 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (7.72) | 6.35 | 6.41 | 1.67 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.81) | (2.82) | (2.47) | (1.02) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.81) | (2.82) | (2.47) | (1.03) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.03 | $20.56 | $17.03 | $13.09 | $12.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (45.20)% | 39.76% | 57.90% | 15.57% | 10.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;303089 | $&nbsp;&nbsp;&nbsp;&nbsp;971642 | $&nbsp;&nbsp;&nbsp;&nbsp;769670 | $&nbsp;&nbsp;&nbsp;&nbsp;640098 | $&nbsp;&nbsp;&nbsp;&nbsp;622541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.70% | 0.69% | 0.69% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.70% | 0.69% | 0.69% | 0.69% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.32)% | (0.36)% | (0.31)% | 0.10% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 48% | 39% | 63% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 420** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $20.13 | $16.79 | $13.00 | $12.41 | $11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.09) | (0.16) | (0.11) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.48) | 6.32 | 6.37 | 1.66 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (7.57) | 6.16 | 6.26 | 1.61 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.81) | (2.82) | (2.47) | (1.02) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.81) | (2.82) | (2.47) | (1.02) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.75 | $20.13 | $16.79 | $13.00 | $12.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (45.47)% | 39.11% | 57.02% | 15.06% | 10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;92615 | $&nbsp;&nbsp;&nbsp;&nbsp;200390 | $&nbsp;&nbsp;&nbsp;&nbsp;161089 | $&nbsp;&nbsp;&nbsp;&nbsp;118346 | $&nbsp;&nbsp;&nbsp;&nbsp;140192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.19% | 1.18% | 1.19% | 1.19% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.19% | 1.18% | 1.19% | 1.19 %<sup>(B)</sup> | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.81)% | (0.86)% | (0.81)% | (0.38)% | (0.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 48% | 39% | 63% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** | **Transamerica Large Growth** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $20.40 | $16.94 | $13.06 | $12.44 | $11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.06) | (0.11) | (0.07) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.61) | 6.39 | 6.42 | 1.65 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (7.67) | 6.28 | 6.35 | 1.64 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.81) | (2.82) | (2.47) | (1.02) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.81) | (2.82) | (2.47) | (1.02) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.92 | $20.40 | $16.94 | $13.06 | $12.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (45.34)% | 39.52% | 57.53% | 15.29% | 10.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;16757 | $&nbsp;&nbsp;&nbsp;&nbsp;64361 | $&nbsp;&nbsp;&nbsp;&nbsp;49984 | $&nbsp;&nbsp;&nbsp;&nbsp;34955 | $&nbsp;&nbsp;&nbsp;&nbsp;37269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.95% | 0.94% | 0.94% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.53)% | (0.58)% | (0.52)% | (0.10)% | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 48% | 39% | 63% | 34% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 421** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | |
|:---|:---|:---|
| | **Transamerica Large Growth** | **Transamerica Large Growth** |
| | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and year indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $20.55 | $17.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.69) | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (7.72) | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.81) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $9.02 | $&nbsp;&nbsp;&nbsp;&nbsp;20.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (45.25)% | 14.73 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;20288 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.69% | 0.69 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.69% | 0.69 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.31)% | (0.45)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 60% | 48% |

---

(A) *Commenced operations on May 28, 2021.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.49 | $8.16 | $9.32 | $10.75 | $10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.19 | 0.21 | 0.21 | 0.22 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.28) | 3.33 | (1.09) | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.09) | 3.54 | (0.88) | 0.50 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.21) | (0.23) | (0.22) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.61) |  | (0.05) | (1.71) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.81) | (0.21) | (0.28) | (1.93) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.59 | $11.49 | $8.16 | $9.32 | $10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (1.20)% | 43.70% | (9.67)% | 7.58% | 3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;259718 | $&nbsp;&nbsp;&nbsp;&nbsp;313063 | $&nbsp;&nbsp;&nbsp;&nbsp;254111 | $&nbsp;&nbsp;&nbsp;&nbsp;438107 | $&nbsp;&nbsp;&nbsp;&nbsp;458786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.50% | 0.49% | 0.50% | 0.49% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.50% | 0.49 %<sup>(C)</sup> | 0.50 %<sup>(C)</sup> | 0.50% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.87% | 2.04% | 2.36% | 2.38% | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 119% | 117% | 116% | 118% | 137% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *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 Report 2022** |

---

**Page 422** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.50 | $8.17 | $9.33 | $10.75 | $10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.16 | 0.16 | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.27) | 3.33 | (1.09) | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.13) | 3.49 | (0.93) | 0.46 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.16) | (0.18) | (0.17) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.61) |  | (0.05) | (1.71) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.76) | (0.16) | (0.23) | (1.88) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.61 | $11.50 | $8.17 | $9.33 | $10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (1.63)% | 42.93% | (10.05)% | 6.97% | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;61830 | $&nbsp;&nbsp;&nbsp;&nbsp;70159 | $&nbsp;&nbsp;&nbsp;&nbsp;56104 | $&nbsp;&nbsp;&nbsp;&nbsp;73596 | $&nbsp;&nbsp;&nbsp;&nbsp;103701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.99% | 0.98% | 0.99% | 0.99% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 1.00% | 1.00% | 1.00% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.37% | 1.53% | 1.89% | 1.91% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 119% | 117% | 116% | 118% | 137% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** | **Transamerica Large Value Opportunities** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.51 | $8.17 | $9.33 | $10.75 | $10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.19 | 0.19 | 0.20 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.28) | 3.34 | (1.10) | 0.29 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.12) | 3.53 | (0.91) | 0.49 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.19) | (0.20) | (0.20) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.61) |  | (0.05) | (1.71) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.78) | (0.19) | (0.25) | (1.91) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.61 | $11.51 | $8.17 | $9.33 | $10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (1.46)% | 43.42% | (9.81)% | 7.31% | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;9087 | $&nbsp;&nbsp;&nbsp;&nbsp;10065 | $&nbsp;&nbsp;&nbsp;&nbsp;19376 | $&nbsp;&nbsp;&nbsp;&nbsp;38170 | $&nbsp;&nbsp;&nbsp;&nbsp;36445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.74% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75 %<sup>(C)</sup> | 0.75% | 0.75 %<sup>(C)</sup> | 0.75% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.61% | 1.83% | 2.13% | 2.14% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 119% | 117% | 116% | 118% | 137% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *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 Report 2022** |

---

**Page 423** 

------

##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.14 | $11.91 | $10.33 | $12.98 | $14.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.06) | (0.11) | (0.07) | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.03) | 3.98 | 1.83 | 1.58 | (0.91)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.09) | 3.87 | 1.76 | 1.52 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.00)<sup>(C)</sup> |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (4.35) | (0.64) | (0.18) | (4.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.70 | $15.14 | $11.91 | $10.33 | $12.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | (35.42)%<sup>(D)</sup> | 33.21% | 17.25% | 23.15% | (6.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;10385 | $&nbsp;&nbsp;&nbsp;&nbsp;16740 | $&nbsp;&nbsp;&nbsp;&nbsp;12670 | $&nbsp;&nbsp;&nbsp;&nbsp;11984 | $&nbsp;&nbsp;&nbsp;&nbsp;8997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.23% | 1.17% | 1.19% | 1.31% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.23 %<sup>(F)</sup> | 1.17% | 1.19% | 1.20% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.72)% | (0.79)% | (0.68)% | (0.62)% | (0.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

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

(F) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.01 | $11.14 | $9.74 | $12.55 | $13.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.12) | (0.20) | (0.14) | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.63) | 3.71 | 1.72 | 1.47 | (0.88)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.75) | 3.51 | 1.58 | 1.35 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.09 <sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.00 | $14.01 | $11.14 | $9.74 | $12.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(35.05)%<sup>(C)</sup> | 32.24% | 16.43% | 22.29% | (7.58)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;544 | $&nbsp;&nbsp;&nbsp;&nbsp;1659 | $&nbsp;&nbsp;&nbsp;&nbsp;1341 | $&nbsp;&nbsp;&nbsp;&nbsp;1370 | $&nbsp;&nbsp;&nbsp;&nbsp;1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 2.07% | 1.90% | 1.94% | 2.06% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 2.02% | 1.90% | 1.94% | 1.93% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (1.52)% | (1.52)% | (1.43)% | (1.34)% | (0.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.92%.* 

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 424** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.44 | $12.10 | $10.46 | $13.09 | $14.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.03) | (0.07) | (0.04) | (0.03) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.15) | 4.05 | 1.86 | 1.60 | (0.93)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.18) | 3.98 | 1.82 | 1.57 | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) |  |  | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (4.37) | (0.64) | (0.18) | (4.20) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.91 | $15.44 | $12.10 | $&nbsp;&nbsp;&nbsp;&nbsp;10.46 | $&nbsp;&nbsp;&nbsp;&nbsp;13.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(35.12)%<sup>(C)</sup> | 33.62% | 17.61% | 23.45% | (6.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1568 | $&nbsp;&nbsp;&nbsp;&nbsp;2417 | $&nbsp;&nbsp;&nbsp;&nbsp;1488 | $&nbsp;&nbsp;&nbsp;&nbsp;769 | $&nbsp;&nbsp;&nbsp;&nbsp;664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.87% | 0.87% | 0.88% | 1.00% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.87% | 0.87% | 0.88% | 0.90% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.36)% | (0.50)% | (0.38)% | (0.32)% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.09%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.58 | $12.19 | $10.53 | $13.10 | $14.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.02) | (0.05) | (0.03) | (0.04) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.20) | 4.08 | 1.87 | 1.63 | (0.99)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.22) | 4.03 | 1.84 | 1.59 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (4.35) | (0.64) | (0.18) | (4.16) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.01 | $15.58 | $12.19 | $10.53 | $13.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (35.18)% | 33.79% | 17.69% | 23.34% | (6.60)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;230060 | $&nbsp;&nbsp;&nbsp;&nbsp;302016 | $&nbsp;&nbsp;&nbsp;&nbsp;391784 | $&nbsp;&nbsp;&nbsp;&nbsp;156858 | $&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.76% | 0.77% | 0.88% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.77% | 0.76% | 0.77 %<sup>(C)</sup> | 0.85% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.25)% | (0.37)% | (0.29)% | (0.41)% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *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 Report 2022** |

---

**Page 425** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.56 | $12.17 | $10.51 | $13.14 | $14.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.02) | (0.05) | (0.03) | (0.03) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.19) | 4.08 | 1.87 | 1.61 | (0.95)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.21) | 4.03 | 1.84 | 1.58 | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (4.35) | (0.64) | (0.18) | (4.21) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $7.00 | $15.56 | $12.17 | $10.51 | $13.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (35.11)% | 33.64% | 17.71% | 23.41% | (6.49)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;22531 | $&nbsp;&nbsp;&nbsp;&nbsp;36970 | $&nbsp;&nbsp;&nbsp;&nbsp;35975 | $&nbsp;&nbsp;&nbsp;&nbsp;38275 | $&nbsp;&nbsp;&nbsp;&nbsp;36797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.78% | 0.76% | 0.76% | 0.88% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.78% | 0.76 %<sup>(C)</sup> | 0.78% | 0.84% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.26)% | (0.38)% | (0.27)% | (0.27)% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.29 | $12.03 | $10.45 | $13.08 | $14.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.06) | (0.12) | (0.09) | (0.07) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.09) | 4.02 | 1.85 | 1.60 | (0.92)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.15) | 3.90 | 1.76 | 1.53 | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.79 | $15.29 | $12.03 | $10.45 | $13.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (35.47)% | 33.13% | 17.05% | 22.79% | (6.89)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;14603 | $&nbsp;&nbsp;&nbsp;&nbsp;25582 | $&nbsp;&nbsp;&nbsp;&nbsp;22527 | $&nbsp;&nbsp;&nbsp;&nbsp;20748 | $&nbsp;&nbsp;&nbsp;&nbsp;19711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.27% | 1.25% | 1.26% | 1.37% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.27% | 1.25% | 1.32% | 1.35% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.76)% | (0.88)% | (0.81)% | (0.76)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 426** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.53 | $12.17 | $10.53 | $13.13 | $14.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.04) | (0.08) | (0.05) | (0.03) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.17) | 4.08 | 1.87 | 1.60 | (0.95)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.21) | 4.00 | 1.82 | 1.57 | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) | (0.64) | (0.18) | (4.16) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (4.35) | (0.64) | (0.18) | (4.17) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.97 | $15.53 | $12.17 | $10.53 | $&nbsp;&nbsp;&nbsp;&nbsp;13.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(35.26)% | &nbsp;&nbsp;&nbsp;&nbsp;33.59% | &nbsp;&nbsp;&nbsp;&nbsp;17.50% | &nbsp;&nbsp;&nbsp;&nbsp;23.05% | &nbsp;&nbsp;&nbsp;&nbsp;(6.64)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $127 | $192 | $334 | $357 | $4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.03% | 1.01% | 1.01% | 1.13% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.43)% | (0.54)% | (0.43)% | (0.32)% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% | 91% | 136% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

---

| | | |
|:---|:---|:---|
| | **Transamerica Mid Cap Growth** | **Transamerica Mid Cap Growth** |
| | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and year indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $15.55 | $13.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (4.18) | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (4.20) | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (4.35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $7.00 | $15.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(35.13)% | &nbsp;&nbsp;&nbsp;&nbsp;12.11 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $7112 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.76 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.77% | 0.76 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.27)% | (0.53)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 77% | 99% |

---

(A) *Commenced operations on May 28, 2021.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 427** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.72 | $10.05 | $11.63 | $11.53 | $11.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.01 | 0.09 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.52) | 4.73 | (1.29) | 0.83 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.48) | 4.74 | (1.20) | 0.94 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.07) | (0.04) | (0.11) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.29) | (0.07) | (0.38) | (0.84) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.95 | $14.72 | $10.05 | $11.63 | $11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (4.39)%<sup>(C)</sup> | 47.42% | (10.80)% | 9.64% | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;27425 | $&nbsp;&nbsp;&nbsp;&nbsp;27613 | $&nbsp;&nbsp;&nbsp;&nbsp;14788 | $&nbsp;&nbsp;&nbsp;&nbsp;22143 | $&nbsp;&nbsp;&nbsp;&nbsp;108568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.19% | 1.19% | 1.31% | 1.33% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.20% | 1.20% | 1.20% | 1.11% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.38% | 0.06% | 0.86% | 1.01% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.45 | $9.87 | $11.48 | $11.35 | $11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.03) | (0.07) | 0.02 | (0.00)<sup>(B)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.51) | 4.65 | (1.28) | 0.88 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.54) | 4.58 | (1.26) | 0.88 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.01) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.27) |  | (0.35) | (0.75) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.64 | $14.45 | $9.87 | $11.48 | $11.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (4.93)%<sup>(C)</sup> | 46.40% | (11.43)% | 9.00% | 4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;16522 | $&nbsp;&nbsp;&nbsp;&nbsp;17471 | $&nbsp;&nbsp;&nbsp;&nbsp;13167 | $&nbsp;&nbsp;&nbsp;&nbsp;19808 | $&nbsp;&nbsp;&nbsp;&nbsp;17476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.86% | 1.85% | 1.91% | 1.89% | 1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.86% | 1.85% | 1.91% | 1.86% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.28)% | (0.53)% | 0.16% | (0.04)% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 428** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.80 | $10.11 | $11.73 | $11.60 | $11.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.09 | 0.07 | 0.12 | 0.11 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.52) | 4.73 | (1.28) | 0.89 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.43) | 4.80 | (1.16) | 1.00 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)</sup><sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.11) | (0.12) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.34) | (0.11) | (0.46) | (0.87) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.03 | $14.80 | $10.11 | $11.73 | $11.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (3.91)%<sup>(B)</sup> | 47.90% | (10.48)% | 9.99% | 5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;734476 | $&nbsp;&nbsp;&nbsp;&nbsp;656368 | $&nbsp;&nbsp;&nbsp;&nbsp;475103 | $&nbsp;&nbsp;&nbsp;&nbsp;512150 | $&nbsp;&nbsp;&nbsp;&nbsp;368787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.84% | 0.83% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.84% | 0.83% | 0.85% | 0.84% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.74% | 0.48% | 1.16% | 0.94% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

(C) *Rounds to less than $0.01 or $(0.01).* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.83 | $10.12 | $11.74 | $11.62 | $11.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.10 | 0.09 | 0.13 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | 4.74 | (1.28) | 0.88 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.43) | 4.83 | (1.15) | 1.00 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) | (0.12) | (0.13) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.35) | (0.12) | (0.47) | (0.88) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.05 | $14.83 | $10.12 | $11.74 | $11.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (3.84)% | 47.93% | (10.31)% | 10.04% | 5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;171713 | $&nbsp;&nbsp;&nbsp;&nbsp;219525 | $&nbsp;&nbsp;&nbsp;&nbsp;293440 | $&nbsp;&nbsp;&nbsp;&nbsp;277692 | $&nbsp;&nbsp;&nbsp;&nbsp;280299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.75 %<sup>(B)</sup> | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.83% | 0.68% | 1.21% | 1.09% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 429** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.89 | $10.17 | $11.80 | $11.67 | $11.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.10 | 0.08 | 0.13 | 0.12 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.52) | 4.76 | (1.29) | 0.90 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.42) | 4.84 | (1.16) | 1.02 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) | (0.12) | (0.13) | (0.16) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.35) | (0.12) | (0.47) | (0.89) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.12 | $14.89 | $10.17 | $11.80 | $11.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (3.81)% | 48.03% | (10.43)% | 10.10% | 5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;99003 | $&nbsp;&nbsp;&nbsp;&nbsp;128122 | $&nbsp;&nbsp;&nbsp;&nbsp;114102 | $&nbsp;&nbsp;&nbsp;&nbsp;212674 | $&nbsp;&nbsp;&nbsp;&nbsp;231307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.75 %<sup>(B)</sup> | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.83% | 0.60% | 1.28% | 1.09% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.86 | $10.15 | $11.77 | $11.63 | $11.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.01 | 0.08 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | 4.77 | (1.29) | 0.88 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.49) | 4.78 | (1.21) | 0.95 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.00)<sup>(B)</sup> | (0.07) | (0.07) | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.27) | (0.07) | (0.41) | (0.81) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.10 | $14.86 | $10.15 | $11.77 | $11.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (4.34)%<sup>(C)</sup> | 47.20% | (10.77)% | 9.45% | 4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;52688 | $&nbsp;&nbsp;&nbsp;&nbsp;58856 | $&nbsp;&nbsp;&nbsp;&nbsp;46194 | $&nbsp;&nbsp;&nbsp;&nbsp;62961 | $&nbsp;&nbsp;&nbsp;&nbsp;69546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.24% | 1.23% | 1.25% | 1.25% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.25% | 1.25% | 1.25 %<sup>(D)</sup> | 1.25 %<sup>(D)</sup> | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.33% | 0.07% | 0.79% | 0.60% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *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 Report 2022** |

---

**Page 430** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.92 | $10.19 | $11.79 | $11.66 | $11.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.08 | 0.06 | 0.12 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | 4.77 | (1.30) | 0.87 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.45) | 4.83 | (1.18) | 0.99 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) | (0.10) | (0.08) | (0.13) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.32) | (0.10) | (0.42) | (0.86) | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.15 | $14.92 | $10.19 | $11.79 | $11.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (3.99)% | 47.83% | (10.55)% | 9.83% | 5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;82892 | $&nbsp;&nbsp;&nbsp;&nbsp;116919 | $&nbsp;&nbsp;&nbsp;&nbsp;83065 | $&nbsp;&nbsp;&nbsp;&nbsp;101137 | $&nbsp;&nbsp;&nbsp;&nbsp;362082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 0.99% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.67% | 0.40% | 1.13% | 1.06% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** | **Transamerica Mid Cap Value Opportunities** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.94 | $10.19 | $11.83 | $11.70 | $12.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.10 | 0.08 | 0.13 | 0.12 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.53) | 4.79 | (1.30) | 0.90 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.43) | 4.87 | (1.17) | 1.02 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) | (0.12) | (0.13) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.27) |  | (0.34) | (0.73) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.35) | (0.12) | (0.47) | (0.89) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.16 | $14.94 | $10.19 | $11.83 | $11.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (3.86)% | 48.09% | (10.40)% | 10.06% | 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;214578 | $&nbsp;&nbsp;&nbsp;&nbsp;190702 | $&nbsp;&nbsp;&nbsp;&nbsp;209734 | $&nbsp;&nbsp;&nbsp;&nbsp;222061 | $&nbsp;&nbsp;&nbsp;&nbsp;166519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.74% | 0.75% | 0.75 %<sup>(B)</sup> | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.82% | 0.62% | 1.27% | 1.08% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 54% | 54% | 82% | 77% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 431** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.24 | $11.53 | $11.64 | $10.91 | $10.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.45 | 0.40 | 0.40 | 0.40 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.62) | 2.72 | (0.09) | 0.82 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.17) | 3.12 | 0.31 | 1.22 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.41) | (0.41) | (0.36) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.18) |  | (0.01) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.64) | (0.41) | (0.42) | (0.49) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.43 | $14.24 | $11.53 | $11.64 | $10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (8.50)%<sup>(C)</sup> | 27.30% | 2.91% | 11.72% | 3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $138668 | $134310 | $36696 | $34731 | $27644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.01 %<sup>(E)</sup> | 0.98 %<sup>(E)</sup> | 1.03% | 1.12% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.99 %<sup>(E)</sup> | 0.98 %<sup>(E)</sup> | 1.03% | 1.12% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.35% | 2.89% | 3.54% | 3.59% | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 45% | 61% | 53% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.17 | $11.48 | $11.59 | $10.86 | $10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.30 | 0.32 | 0.31 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.60) | 2.70 | (0.09) | 0.84 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.25) | 3.00 | 0.23 | 1.15 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.31) | (0.33) | (0.29) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.18) |  | (0.01) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.54) | (0.31) | (0.34) | (0.42) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.38 | $14.17 | $11.48 | $11.59 | $10.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (9.11)%<sup>(C)</sup> | 26.32% | 2.17% | 11.00% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $83457 | $87104 | $52109 | $46600 | $38322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.73 %<sup>(E)</sup> | 1.71 %<sup>(E)</sup> | 1.76% | 1.85% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.71 %<sup>(E)</sup> | 1.71 %<sup>(E)</sup> | 1.76% | 1.85% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.64% | 2.23% | 2.82% | 2.86% | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 45% | 61% | 53% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 432** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.25 | $11.53 | $11.64 | $10.91 | $10.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.48 | 0.43 | 0.44 | 0.43 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.60) | 2.73 | (0.10) | 0.83 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.12) | 3.16 | 0.34 | 1.26 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.51) | (0.44) | (0.44) | (0.40) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.18) |  | (0.01) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.69) | (0.44) | (0.45) | (0.53) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.44 | $14.25 | $11.53 | $11.64 | $10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (8.20)%<sup>(C)</sup> | 27.66% | 3.17% | 12.14% | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $436301 | $347653 | $170942 | $153353 | $92148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75 %<sup>(D)</sup> | 0.74 %<sup>(D)</sup> | 0.78% | 0.85% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72 %<sup>(D)</sup> | 0.72 %<sup>(D)</sup> | 0.72% | 0.83% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.64% | 3.20% | 3.87% | 3.86% | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 45% | 61% | 53% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** | **Transamerica Multi-Asset Income** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.58 | $11.01 | $11.14 | $10.47 | $10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.43 | 0.42 | 0.41 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.52) | 2.58 | (0.09) | 0.79 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.05) | 3.01 | 0.33 | 1.20 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.52) | (0.44) | (0.45) | (0.40) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.18) |  | (0.01) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.70) | (0.44) | (0.46) | (0.53) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.83 | $13.58 | $11.01 | $11.14 | $10.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (8.15)% | 27.79% | 3.28% | 12.03% | 3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $16 | $17 | $13 | $13 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.65 %<sup>(B)</sup> | 0.64 %<sup>(B)</sup> | 0.68% | 0.74% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.64 %<sup>(B)</sup> | 0.64 %<sup>(B)</sup> | 0.68% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.71% | 3.32% | 3.89% | 3.89% | 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 45% | 61% | 53% | 38% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *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 Report 2022** |

---

**Page 433** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $36.04 | $30.23 | $28.66 | $27.54 | $27.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.22 | 0.28 | 0.36 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.41) | 7.06 | 2.44 | 2.79 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (5.12) | 7.28 | 2.72 | 3.15 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.22) | (0.30) | (0.37) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (2.16) | (1.25) | (0.85) | (1.66) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.43) | (1.47) | (1.15) | (2.03) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $28.49 | $36.04 | $30.23 | $28.66 | $27.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (15.21)%<sup>(C)</sup> | 24.80% | 9.76% | 12.53% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $578116 | $725936 | $572827 | $558639 | $532861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.96% | 0.94% | 1.01% | 1.04% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.96 %<sup>(E)</sup> | 0.94% | 1.01% | 1.04% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.90% | 0.65% | 0.98% | 1.34% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34% | 40% | 53% | 41% | 48% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $35.25 | $29.62 | $28.11 | $27.04 | $27.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.04 | (0.03) | 0.06 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.27) | 6.92 | 2.39 | 2.75 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (5.23) | 6.89 | 2.45 | 2.90 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.04) | (0.01) | (0.09) | (0.17) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (2.16) | (1.25) | (0.85) | (1.66) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.20) | (1.26) | (0.94) | (1.83) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $27.82 | $35.25 | $29.62 | $28.11 | $27.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>**  | (15.84)%<sup>(C)</sup> | 23.88% | 8.89% | 11.73% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $168320 | $236477 | $216561 | $195175 | $184727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.71% | 1.69% | 1.76% | 1.80% | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.71 %<sup>(E)</sup> | 1.69% | 1.76% | 1.80% | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.14% | (0.10)% | 0.22% | 0.58% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34% | 40% | 53% | 41% | 48% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 434** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $36.24 | $30.39 | $28.81 | $27.67 | $28.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.29 | 0.35 | 0.43 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.45) | 7.10 | 2.45 | 2.80 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (5.09) | 7.39 | 2.80 | 3.23 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.04 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.29) | (0.37) | (0.43) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (2.16) | (1.25) | (0.85) | (1.66) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.54) | (1.54) | (1.22) | (2.09) | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $28.65 | $36.24 | $30.39 | $28.81 | $27.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (14.93)%<sup>(B)</sup> | 25.06% | 9.99% | 12.79% | 2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $325378 | $401468 | $296123 | $244156 | $232308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.74% | 0.73% | 0.79% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.74% | 0.73% | 0.79% | 0.82% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.12% | 0.85% | 1.18% | 1.55% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34% | 40% | 53% | 41% | 48% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.11%.* 

---

| | |
|:---|:---|
| | **Transamerica<br>Multi-Managed<br>Balanced**<br>**Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022<sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period** | $32.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period** | $28.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(11.47)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) | $113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.29 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.03 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.81 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34% |

---

(A) *Commenced operations on March 1, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 435** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** | **Transamerica Multi-Managed Balanced** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $36.25 | $30.39 | $28.81 | $27.67 | $28.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.39 | 0.32 | 0.37 | 0.44 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (5.45) | 7.12 | 2.46 | 2.82 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (5.06) | 7.44 | 2.83 | 3.26 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.37) | (0.33) | (0.40) | (0.46) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (2.16) | (1.25) | (0.85) | (1.66) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (2.53) | (1.58) | (1.25) | (2.12) | (1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $28.66 | $36.25 | $30.39 | $28.81 | $27.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (14.96)% | 25.22% | 10.11% | 12.92% | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;23982 | $&nbsp;&nbsp;&nbsp;&nbsp;30794 | $&nbsp;&nbsp;&nbsp;&nbsp;17595 | $&nbsp;&nbsp;&nbsp;&nbsp;13458 | $&nbsp;&nbsp;&nbsp;&nbsp;7149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.64% | 0.63% | 0.69% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.64% | 0.63% | 0.69% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.22% | 0.95% | 1.28% | 1.62% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 34% | 40% | 53% | 41% | 48% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.33 | $10.32 | $10.29 | $10.05 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.13 | 0.21 | 0.26 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.69) | 0.02 | 0.04 <sup>(B)</sup> | 0.24 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.55) | 0.15 | 0.25 | 0.50 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)</sup><sup>(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.14) | (0.22) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.63 | $10.33 | $10.32 | $10.29 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | (5.35)%<sup>(D)</sup> | 1.46% | 2.43% | 5.04% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;623306 | $&nbsp;&nbsp;&nbsp;&nbsp;817203 | $&nbsp;&nbsp;&nbsp;&nbsp;731602 | $&nbsp;&nbsp;&nbsp;&nbsp;698062 | $&nbsp;&nbsp;&nbsp;&nbsp;732815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.71% | 0.70% | 0.72% | 0.82% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.71 %<sup>(F)</sup> | 0.70% | 0.72% | 0.82% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.40% | 1.27% | 2.04% | 2.54% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56% | 44% | 44% | 61% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

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

(F) *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 Report 2022** |

---

**Page 436** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.31 | $10.30 | $10.27 | $10.03 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.05 | 0.13 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.68) | 0.02 | 0.03 <sup>(B)</sup> | 0.24 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.62) | 0.07 | 0.16 | 0.42 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)</sup><sup>(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.06) | (0.13) | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.62 | $10.31 | $10.30 | $10.27 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(E)</sup>** | (6.01)%<sup>(D)</sup> | 0.67% | 1.62% | 4.23% | (0.24)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;104042 | $&nbsp;&nbsp;&nbsp;&nbsp;157464 | $&nbsp;&nbsp;&nbsp;&nbsp;225838 | $&nbsp;&nbsp;&nbsp;&nbsp;294497 | $&nbsp;&nbsp;&nbsp;&nbsp;393543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.49% | 1.48% | 1.50% | 1.61% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.49 %<sup>(F)</sup> | 1.48% | 1.50% | 1.61% | 1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.61% | 0.51% | 1.28% | 1.77% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56% | 44% | 44% | 61% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

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

(F) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.15 | $10.15 | $10.11 | $9.88 | $10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.15 | 0.22 | 0.27 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.68) | 0.01 | 0.05 <sup>(B)</sup> | 0.24 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.52) | 0.16 | 0.27 | 0.51 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.16) | (0.23) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.47 | $10.15 | $10.15 | $10.11 | $9.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (4.96)%<sup>(C)</sup> | 1.57% | 2.73% | 5.20% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;2205845 | $&nbsp;&nbsp;&nbsp;&nbsp;2398836 | $&nbsp;&nbsp;&nbsp;&nbsp;1979174 | $&nbsp;&nbsp;&nbsp;&nbsp;1745843 | $&nbsp;&nbsp;&nbsp;&nbsp;1451634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.51% | 0.50% | 0.52% | 0.62% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.51% | 0.50% | 0.52% | 0.62% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.63% | 1.46% | 2.24% | 2.74% | 2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56% | 44% | 44% | 61% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 437** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.14 | $10.13 | $10.11 | $9.87 | $10.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.16 | 0.24 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.68) | 0.02 | 0.02 <sup>(B)</sup> | 0.25 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.50) | 0.18 | 0.26 | 0.53 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.17) | (0.24) | (0.29) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.46 | $10.14 | $10.13 | $10.11 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (5.00)% | 1.77% | 2.63% | 5.41% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;337449 | $&nbsp;&nbsp;&nbsp;&nbsp;138031 | $&nbsp;&nbsp;&nbsp;&nbsp;155005 | $&nbsp;&nbsp;&nbsp;&nbsp;282641 | $&nbsp;&nbsp;&nbsp;&nbsp;220648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.41% | 0.41% | 0.42% | 0.52% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.41% | 0.41% | 0.42% | 0.52% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.90% | 1.56% | 2.37% | 2.85% | 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56% | 44% | 44% | 61% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** | **Transamerica Short-Term Bond** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.15 | $10.14 | $10.11 | $9.87 | $10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.16 | 0.23 | 0.28 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.67) | 0.02 | 0.04 <sup>(B)</sup> | 0.25 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.50) | 0.18 | 0.27 | 0.53 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.17) | (0.24) | (0.29) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.47 | $10.15 | $10.14 | $10.11 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (4.99)% | 1.77% | 2.74% | 5.42% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;201252 | $&nbsp;&nbsp;&nbsp;&nbsp;217665 | $&nbsp;&nbsp;&nbsp;&nbsp;36002 | $&nbsp;&nbsp;&nbsp;&nbsp;28807 | $&nbsp;&nbsp;&nbsp;&nbsp;26240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.41% | 0.40% | 0.42% | 0.52% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.41% | 0.40% | 0.42% | 0.52% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.73% | 1.54% | 2.32% | 2.85% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 56% | 44% | 44% | 61% | 60% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the period.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 438** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.13 | $6.55 | $6.43 | $6.51 | $6.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.06) | (0.07) | (0.07) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.44) | 3.32 | 0.65 | 0.61 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.50) | 3.25 | 0.58 | 0.56 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $5.66 | $9.13 | $6.55 | $6.43 | $6.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (30.18)%<sup>(C)</sup> | 51.78% | 9.34% | 11.11% | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;14396 | $&nbsp;&nbsp;&nbsp;&nbsp;24973 | $&nbsp;&nbsp;&nbsp;&nbsp;16017 | $&nbsp;&nbsp;&nbsp;&nbsp;14777 | $&nbsp;&nbsp;&nbsp;&nbsp;18537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.42% | 1.34% | 1.42% | 1.47% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.40% | 1.38% | 1.40% | 1.35% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.94)% | (0.91)% | (1.07)% | (0.81)% | (0.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $7.83 | $5.73 | $5.72 | $5.91 | $6.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.10) | (0.12) | (0.10) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.04) | 2.89 | 0.57 | 0.54 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.14) | 2.77 | 0.47 | 0.45 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $4.73 | $7.83 | $5.73 | $5.72 | $5.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(30.50)%<sup>(B)</sup> | 50.73% | 8.52% | 10.28% | 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;2041 | $&nbsp;&nbsp;&nbsp;&nbsp;4305 | $&nbsp;&nbsp;&nbsp;&nbsp;3771 | $&nbsp;&nbsp;&nbsp;&nbsp;4131 | $&nbsp;&nbsp;&nbsp;&nbsp;4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 2.16% | 2.08% | 2.15% | 2.19% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 2.14% | 2.11% | 2.15 %<sup>(D)</sup> | 2.10% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (1.69)% | (1.64)% | (1.81)% | (1.55)% | (1.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.20%.* 

(C) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(D) *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 Report 2022** |

---

**Page 439** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.65 | $6.87 | $6.71 | $6.74 | $7.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.05) | (0.05) | (0.05) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.58) | 3.50 | 0.67 | 0.64 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.63) | 3.45 | 0.62 | 0.61 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.05 | $9.65 | $6.87 | $6.71 | $6.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (29.87)% | 52.32% | 9.56% | 11.50% | 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;21199 | $&nbsp;&nbsp;&nbsp;&nbsp;48376 | $&nbsp;&nbsp;&nbsp;&nbsp;35706 | $&nbsp;&nbsp;&nbsp;&nbsp;37424 | $&nbsp;&nbsp;&nbsp;&nbsp;31592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.09% | 1.06% | 1.09% | 1.13% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.08% | 1.06% | 1.09% | 1.07% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.64)% | (0.59)% | (0.76)% | (0.54)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.88 | $7.02 | $6.83 | $6.85 | $7.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.04) | (0.04) | (0.05) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.66) | 3.57 | 0.70 | 0.65 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.70) | 3.53 | 0.65 | 0.62 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.21 | $9.88 | $7.02 | $6.83 | $6.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (29.89)% | 52.35% | 9.85% | 11.48% | 5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;70676 | $&nbsp;&nbsp;&nbsp;&nbsp;142112 | $&nbsp;&nbsp;&nbsp;&nbsp;79099 | $&nbsp;&nbsp;&nbsp;&nbsp;53600 | $&nbsp;&nbsp;&nbsp;&nbsp;35995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.99% | 0.96% | 1.00% | 1.04% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.99% | 0.97% | 1.00 %<sup>(B)</sup> | 1.00% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.54)% | (0.49)% | (0.69)% | (0.46)% | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement and recapture rounds to less than 0.01%.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 440** 

------

##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.87 | $7.01 | $6.83 | $6.84 | $7.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.04) | (0.05) | (0.04) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.65) | 3.58 | 0.68 | 0.66 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.69) | 3.53 | 0.64 | 0.63 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.21 | $9.87 | $7.01 | $6.83 | $6.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (29.81)% | 52.42% | 9.69% | 11.48% | 4.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;22433 | $&nbsp;&nbsp;&nbsp;&nbsp;34682 | $&nbsp;&nbsp;&nbsp;&nbsp;28089 | $&nbsp;&nbsp;&nbsp;&nbsp;26997 | $&nbsp;&nbsp;&nbsp;&nbsp;29619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 0.96% | 1.00% | 1.04% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 0.99% | 1.00 %<sup>(B)</sup> | 0.99% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.53)% | (0.51)% | (0.67)% | (0.46)% | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement and recapture rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.60 | $6.87 | $6.72 | $6.79 | $7.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.07) | (0.08) | (0.08) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.57) | 3.48 | 0.69 | 0.63 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.64) | 3.40 | 0.61 | 0.57 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $5.99 | $9.60 | $6.87 | $6.72 | $6.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (30.16)% | 51.54% | 9.38% | 10.78% | 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;13897 | $&nbsp;&nbsp;&nbsp;&nbsp;21336 | $&nbsp;&nbsp;&nbsp;&nbsp;14838 | $&nbsp;&nbsp;&nbsp;&nbsp;15869 | $&nbsp;&nbsp;&nbsp;&nbsp;16846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.49% | 1.46% | 1.49% | 1.53% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.49% | 1.46% | 1.49% | 1.49% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (1.03)% | (0.98)% | (1.15)% | (0.94)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 441** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.80 | $6.98 | $6.80 | $6.81 | $7.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.05) | (0.06) | (0.05) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.63) | 3.55 | 0.69 | 0.65 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.68) | 3.49 | 0.64 | 0.63 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.15 | $9.80 | $6.98 | $6.80 | $6.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(29.93)% | &nbsp;&nbsp;&nbsp;&nbsp;52.06% | 9.74% | &nbsp;&nbsp;&nbsp;&nbsp;11.54% | 4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $186 | $249 | $93 | $252 | $&nbsp;&nbsp;&nbsp;&nbsp;6609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.25% | 1.21% | 1.25% | 1.29% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.69)% | (0.65)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.77)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.38)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** | **Transamerica Small Cap Growth** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.87 | $7.01 | $6.83 | $6.85 | $7.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.04) | (0.04) | (0.04) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.65) | 3.57 | 0.68 | 0.65 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.69) | 3.53 | 0.64 | 0.62 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.97) | (0.67) | (0.46) | (0.64) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.21 | $9.87 | $7.01 | $6.83 | $6.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(29.82)% | &nbsp;&nbsp;&nbsp;&nbsp;52.42% | 9.69% | &nbsp;&nbsp;&nbsp;&nbsp;11.48% | 5.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $5477 | $121 | $80 | $72 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 0.96% | 1.00% | 1.03% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 0.96% | 1.00% | 1.00% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.48)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.46)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 40% | 69% | 72% | 55% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 442** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.91 | $8.13 | $9.83 | $10.66 | $11.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.03 | (0.00)<sup>(B)</sup> | 0.05 | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.64) | 4.78 | (1.36) | 0.11 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.61) | 4.78 | (1.31) | 0.10 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)</sup><sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) |  | (0.18) | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.75) |  | (0.39) | (0.93) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.55 | $12.91 | $8.13 | $9.83 | $10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (7.92)%<sup>(C)</sup> | 58.79% | (14.03)% | 2.35% | (7.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;8559 | $&nbsp;&nbsp;&nbsp;&nbsp;9240 | $&nbsp;&nbsp;&nbsp;&nbsp;4246 | $&nbsp;&nbsp;&nbsp;&nbsp;4543 | $&nbsp;&nbsp;&nbsp;&nbsp;3050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.24% | 1.19% | 1.39% | 1.36% | 1.45 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.21% | 1.26% | 1.30% | 1.27% | 1.20 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.48% | 0.00 %<sup>(F)</sup> | 0.66% | (0.08)% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *Rounds to less than 0.01% or (0.01)%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $&nbsp;&nbsp;&nbsp;&nbsp;12.60 | $7.99 | $9.67 | $&nbsp;&nbsp;&nbsp;&nbsp;10.50 | $&nbsp;&nbsp;&nbsp;&nbsp;11.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.02) | (0.07) | (0.00)<sup>(B)</sup> | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.63) | 4.68 | (1.36) | 0.11 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.65) | 4.61 | (1.36) | 0.04 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.03 <sup>(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.70) |  | (0.32) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.28 | $12.60 | $7.99 | $9.67 | $10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(8.28)%<sup>(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57.70% | &nbsp;&nbsp;&nbsp;&nbsp;(14.67)% | 1.60% | (7.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $572 | $756 | $581 | $744 | $786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.99% | 1.93% | 2.05% | 2.02% | 2.06 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.99 %<sup>(F)</sup> | 1.95% | 2.05 %<sup>(F)</sup> | 2.00% | 1.95 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.29)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.61)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.75)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.52)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.39%.* 

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *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 Report 2022** |

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**Page 443** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.06 | $8.22 | $9.93 | $10.75 | $12.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.05 | 0.08 | 0.02 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.66) | 4.81 | (1.38) | 0.12 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.60) | 4.86 | (1.30) | 0.14 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.09) | (0.02) | (0.20) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.79) | (0.02) | (0.41) | (0.96) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.67 | $13.06 | $8.22 | $9.93 | $&nbsp;&nbsp;&nbsp;&nbsp;10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (7.72)% | 59.14% | (13.77)% | 2.66% | (6.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;17023 | $&nbsp;&nbsp;&nbsp;&nbsp;19027 | $&nbsp;&nbsp;&nbsp;&nbsp;12838 | $&nbsp;&nbsp;&nbsp;&nbsp;15653 | $&nbsp;&nbsp;&nbsp;&nbsp;756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.94% | 0.90% | 1.02% | 1.00% | 1.07 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.94% | 0.91% | 1.02 %<sup>(C)</sup> | 0.99% | 0.95 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.75% | 0.41% | 0.96% | 0.19% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.08 | $8.23 | $9.94 | $10.76 | $12.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.07 | 0.05 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.66) | 4.81 | (1.34) | 0.05 | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.60) | 4.88 | (1.29) | 0.14 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.10) | (0.03) | (0.21) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.80) | (0.03) | (0.42) | (0.96) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.68 | $13.08 | $8.23 | $9.94 | $10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (7.63)% | 59.35% | (13.69)% | 2.66 %<sup>(B)</sup> | (6.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;360477 | $&nbsp;&nbsp;&nbsp;&nbsp;643658 | $&nbsp;&nbsp;&nbsp;&nbsp;419838 | $&nbsp;&nbsp;&nbsp;&nbsp;52241 | $&nbsp;&nbsp;&nbsp;&nbsp;212025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.84% | 0.80% | 0.92% | 0.90% | 0.96 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.84% | 0.80% | 0.92 %<sup>(D)</sup> | 0.90 %<sup>(D)</sup> | 0.86 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.86% | 0.60% | 0.68% | 0.89% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Total return reflects certain litigation payments received by the Fund in the year. Had these payments not occurred, the total return would be 0.30% lower.* 

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

(D) *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 Report 2022** |

---

**Page 444** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.10 | $8.24 | $9.96 | $10.77 | $12.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.06 | 0.08 | 0.04 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.66) | 4.83 | (1.38) | 0.11 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.60) | 4.89 | (1.30) | 0.15 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.10) | (0.03) | (0.21) | (0.09) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.80) | (0.03) | (0.42) | (0.96) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.70 | $13.10 | $8.24 | $9.96 | $10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (7.70)% | 59.37% | (13.75)% | 2.77% | (6.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;23917 | $&nbsp;&nbsp;&nbsp;&nbsp;31764 | $&nbsp;&nbsp;&nbsp;&nbsp;28471 | $&nbsp;&nbsp;&nbsp;&nbsp;24216 | $&nbsp;&nbsp;&nbsp;&nbsp;27065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.84% | 0.80% | 0.92% | 0.90% | 0.96 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.84% | 0.83% | 0.92 %<sup>(C)</sup> | 0.90 %<sup>(C)</sup> | 0.85 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.85% | 0.52% | 1.04% | 0.40% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.05 | $8.23 | $9.93 | $10.73 | $12.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.03 | 0.00 <sup>(B)</sup> | 0.05 | (0.01) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.67) | 4.82 | (1.38) | 0.10 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.64) | 4.82 | (1.33) | 0.09 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.03) |  | (0.16) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.73) |  | (0.37) | (0.89) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.68 | $13.05 | $8.23 | $9.93 | $10.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (8.16)% | 58.57% | &nbsp;&nbsp;&nbsp;&nbsp;(14.05)% | 2.13% | (7.25)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;7613 | $&nbsp;&nbsp;&nbsp;&nbsp;10125 | $6206 | $&nbsp;&nbsp;&nbsp;&nbsp;7982 | $&nbsp;&nbsp;&nbsp;&nbsp;9264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.34% | 1.29% | 1.42% | 1.40% | 1.45 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.34% | 1.29% | 1.40% | 1.39% | 1.35 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.36% | 0.02% | 0.59% | (0.08)% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *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 Report 2022** |

---

**Page 445** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $&nbsp;&nbsp;&nbsp;&nbsp;13.07 | $8.23 | $9.95 | $&nbsp;&nbsp;&nbsp;&nbsp;10.74 | $&nbsp;&nbsp;&nbsp;&nbsp;12.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.02 | 0.08 | (0.01) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.66) | 4.83 | (1.39) | 0.14 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.62) | 4.85 | (1.31) | 0.13 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) | (0.01) | (0.20) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.75) | (0.01) | (0.41) | (0.92) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.70 | $13.07 | $8.23 | $9.95 | $10.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (7.85)% | &nbsp;&nbsp;&nbsp;&nbsp;58.90% | &nbsp;&nbsp;&nbsp;&nbsp;(13.88)% | 2.57% | (6.99)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $162 | $184 | $117 | $328 | $253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.09% | 1.05% | 1.17% | 1.15% | 1.21 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.10% | 1.10% | 1.10% | 1.10% | 1.10 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.59% | 0.20% | 0.93% | (0.07)% | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** | **Transamerica Small Cap Value** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.16 | $8.28 | $10.00 | $10.81 | $12.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.06 | 0.09 | 0.03 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.67) | 4.85 | (1.39) | 0.12 | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.61) | 4.91 | (1.30) | 0.15 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.10) | (0.03) | (0.21) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (5.70) |  | (0.21) | (0.87) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (5.80) | (0.03) | (0.42) | (0.96) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.75 | $&nbsp;&nbsp;&nbsp;&nbsp;13.16 | $8.28 | $&nbsp;&nbsp;&nbsp;&nbsp;10.00 | $&nbsp;&nbsp;&nbsp;&nbsp;10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (7.68)% | 59.35% | &nbsp;&nbsp;&nbsp;&nbsp;(13.69)% | 2.84% | (6.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;6373 | $80 | $50 | $58 | $57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.84% | 0.80% | 0.92% | 0.90% | 0.95 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.84% | 0.80% | 0.90% | 0.90 %<sup>(C)</sup> | 0.86 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.79% | 0.50% | 1.08% | 0.35% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 38% | 94% | 80% | 168% | 84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Fund invests.* 

(C) *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 Report 2022** |

---

**Page 446** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $32.73 | $21.78 | $25.45 | $26.61 | $29.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.06 | 0.14 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.80) | 11.02 | (2.99) | 1.41 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.68) | 11.08 | (2.85) | 1.54 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.13) | (0.13) | (0.14) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.30) |  | (0.69) | (2.56) | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.32) | (0.13) | (0.82) | (2.70) | (3.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $27.73 | $32.73 | $21.78 | $25.45 | $26.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (5.72)%<sup>(C)</sup> | 51.02% | (11.70)% | 7.63% | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;334241 | $&nbsp;&nbsp;&nbsp;&nbsp;386681 | $&nbsp;&nbsp;&nbsp;&nbsp;268643 | $&nbsp;&nbsp;&nbsp;&nbsp;349550 | $&nbsp;&nbsp;&nbsp;&nbsp;357948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.21% | 1.23% | 1.31% | 1.31% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.21 %<sup>(E)</sup> | 1.23% | 1.31% | 1.31% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.41% | 0.18% | 0.61% | 0.54% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 53% | 65% | 60% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $27.55 | $18.37 | $21.62 | $23.05 | $26.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.08) | (0.12) | (0.01) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.48) | 9.30 | (2.55) | 1.15 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.56) | 9.18 | (2.56) | 1.13 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.30) |  | (0.69) | (2.56) | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $22.69 | $27.55 | $18.37 | $21.62 | $23.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (6.43)%<sup>(C)</sup> | 49.97% | (12.35)% | 6.85% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;39700 | $&nbsp;&nbsp;&nbsp;&nbsp;51556 | $&nbsp;&nbsp;&nbsp;&nbsp;58622 | $&nbsp;&nbsp;&nbsp;&nbsp;116291 | $&nbsp;&nbsp;&nbsp;&nbsp;165647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.97% | 1.96% | 2.02% | 2.00% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.96% | 1.96% | 2.02% | 2.00% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.33)% | (0.49)% | (0.04)% | (0.09)% | (0.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 53% | 65% | 60% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 447** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $34.08 | $22.67 | $26.46 | $27.56 | $30.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.15 | 0.23 | 0.23 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.87) | 11.47 | (3.11) | 1.46 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.66) | 11.62 | (2.88) | 1.69 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.21) | (0.22) | (0.23) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.30) |  | (0.69) | (2.56) | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.44) | (0.21) | (0.91) | (2.79) | (3.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $29.00 | $34.08 | $22.67 | $26.46 | $27.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (5.36)%<sup>(B)</sup> | 51.51% | (11.41)% | 8.03% | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;304806 | $&nbsp;&nbsp;&nbsp;&nbsp;364551 | $&nbsp;&nbsp;&nbsp;&nbsp;228537 | $&nbsp;&nbsp;&nbsp;&nbsp;296684 | $&nbsp;&nbsp;&nbsp;&nbsp;270188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.93% | 0.92% | 0.95% | 0.95% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.93% | 0.92% | 0.95% | 0.95% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.70% | 0.47% | 0.98% | 0.90% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 53% | 65% | 60% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $34.18 | $22.73 | $26.52 | $27.62 | $30.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.24 | 0.24 | 0.25 | 0.26 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.88) | 11.45 | (3.11) | 1.46 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.64) | 11.69 | (2.86) | 1.72 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.24) | (0.24) | (0.26) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.30) |  | (0.69) | (2.56) | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.45) | (0.24) | (0.93) | (2.82) | (3.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $29.09 | $34.18 | $22.73 | $26.52 | $27.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (5.36)% | 51.70% | (11.30)% | 8.14% | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;4277 | $&nbsp;&nbsp;&nbsp;&nbsp;4725 | $&nbsp;&nbsp;&nbsp;&nbsp;17795 | $&nbsp;&nbsp;&nbsp;&nbsp;20641 | $&nbsp;&nbsp;&nbsp;&nbsp;19429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 0.82% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.83% | 0.82% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.79% | 0.83% | 1.06% | 1.01% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 53% | 65% | 60% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 448** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** | **Transamerica Small/Mid Cap Value** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $34.33 | $22.83 | $26.64 | $27.74 | $30.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.24 | 0.19 | 0.24 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.89) | 11.55 | (3.12) | 1.52 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.65) | 11.74 | (2.88) | 1.72 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.24) | (0.24) | (0.26) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.30) |  | (0.69) | (2.56) | (3.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.45) | (0.24) | (0.93) | (2.82) | (3.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $29.23 | $34.33 | $22.83 | $26.64 | $27.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (5.36)% | 51.69% | (11.32)% | 8.11% | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;86703 | $&nbsp;&nbsp;&nbsp;&nbsp;93544 | $&nbsp;&nbsp;&nbsp;&nbsp;51481 | $&nbsp;&nbsp;&nbsp;&nbsp;48043 | $&nbsp;&nbsp;&nbsp;&nbsp;11822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 0.82% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.83% | 0.82% | 0.85% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.79% | 0.59% | 1.04% | 0.80% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 44% | 53% | 65% | 60% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | |
|:---|:---|:---|:---|
| | **Transamerica Sustainable Bond** | **Transamerica Sustainable Bond** | **Transamerica Sustainable Bond** |
| | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $9.67 | $9.82 | $&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.18 | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.90) | (0.14) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.72) | (0.01) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.02 <sup>(C)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.14) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $7.76 | $9.67 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.80)%<sup>(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)% | &nbsp;&nbsp;&nbsp;&nbsp;(1.52)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $813 | $1010 | $985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.13% | 1.27% | 1.79 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.50% | 0.50% | 0.50 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.05% | 1.30% | 0.93 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18% | 43% | 33 %<sup>(D)</sup> |

---

(A) *Commenced operations on July 31, 2020.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.20%.* 

(D) *Not annualized.* 

(E) *Annualized.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 449** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Transamerica Sustainable Bond** | **Transamerica Sustainable Bond** | **Transamerica Sustainable Bond** |
| | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $9.67 | $9.82 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.19 | 0.13 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.90) | (0.13) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.71) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.15) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $7.76 | $9.67 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (17.92)% | (0.01)% | (1.51)%<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;19411 | $&nbsp;&nbsp;&nbsp;&nbsp;23637 | $&nbsp;&nbsp;&nbsp;&nbsp;23636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.04% | 1.18% | 1.70 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.45% | 0.45% | 0.45 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.11% | 1.35% | 0.98 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 18% | 43% | 33 %<sup>(C)</sup> |

---

(A) *Commenced operations on July 31, 2020.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.53 | $6.86 | $9.57 | $10.59 | $11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.13 | 0.15 | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.31) | 2.66 | (1.60) | 0.43 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.20) | 2.79 | (1.45) | 0.63 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.12) | (0.12) | (0.16) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.34) |  | (1.10) | (1.45) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.47) | (0.12) | (1.26) | (1.65) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.86 | $9.53 | $6.86 | $9.57 | $10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (14.38)%<sup>(C)</sup> | 40.92% | (17.52)% | 8.43% | (0.20)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;59568 | $&nbsp;&nbsp;&nbsp;&nbsp;81027 | $&nbsp;&nbsp;&nbsp;&nbsp;69391 | $&nbsp;&nbsp;&nbsp;&nbsp;82402 | $&nbsp;&nbsp;&nbsp;&nbsp;83567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.01% | 1.02% | 1.06% | 1.05% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.01 %<sup>(E)</sup> | 1.02% | 1.06% | 1.05% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.50% | 1.46% | 1.94% | 2.11% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 164% | 45% | 55% | 22% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 450** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.48 | $6.83 | $9.52 | $10.53 | $11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.05 | 0.06 | 0.09 | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.32) | 2.64 | (1.59) | 0.44 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.27) | 2.70 | (1.50) | 0.56 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.06) | (0.05) | (0.09) | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.34) |  | (1.10) | (1.45) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.00)<sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.40) | (0.05) | (1.19) | (1.57) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.81 | $9.48 | $6.83 | $9.52 | $10.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(15.26)%<sup>(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;39.74% | &nbsp;&nbsp;&nbsp;&nbsp;(18.21)% | 7.57% | (1.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $1579 | $2271 | $2641 | $&nbsp;&nbsp;&nbsp;&nbsp;5836 | $&nbsp;&nbsp;&nbsp;&nbsp;5816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.91% | 1.91% | 1.93% | 1.91% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.90% | 1.89% | 1.90% | 1.90% | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 0.62% | 0.68% | 1.23% | 1.25% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 164% | 45% | 55% | 22% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.54 | $6.86 | $9.57 | $10.59 | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.15 | 0.17 | 0.21 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.33) | 2.66 | (1.61) | 0.44 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.19) | 2.81 | (1.44) | 0.65 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.03 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.13) | (0.17) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.34) |  | (1.10) | (1.45) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.52) | (0.13) | (1.27) | (1.67) | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.86 | $9.54 | $6.86 | $9.57 | $10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(13.84)%<sup>(B)</sup> | 41.29% | &nbsp;&nbsp;&nbsp;&nbsp;(17.36)% | 8.65% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $2632 | $&nbsp;&nbsp;&nbsp;&nbsp;4463 | $8240 | $&nbsp;&nbsp;&nbsp;&nbsp;12013 | $&nbsp;&nbsp;&nbsp;&nbsp;16823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 0.85% | 0.88% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.74 %<sup>(C)(D)</sup> | 0.77 %<sup>(D)</sup> | 0.88% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.84% | 1.75% | 2.16% | 2.30% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 164% | 45% | 55% | 22% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.42%.* 

(C) *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2023. These amounts are not subject to recapture by TAM.* 

(D) *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.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 451** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.53 | $6.86 | $9.57 | $10.59 | $11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.17 | 0.16 | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.33) | 2.64 | (1.59) | 0.44 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.19) | 2.81 | (1.43) | 0.66 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.14) | (0.18) | (0.23) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.34) |  | (1.10) | (1.45) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.49) | (0.14) | (1.28) | (1.68) | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.85 | $9.53 | $6.86 | $9.57 | $10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (14.23)% | 41.31% | (17.26)% | 8.77% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;217081 | $&nbsp;&nbsp;&nbsp;&nbsp;253200 | $&nbsp;&nbsp;&nbsp;&nbsp;420958 | $&nbsp;&nbsp;&nbsp;&nbsp;428187 | $&nbsp;&nbsp;&nbsp;&nbsp;484565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.74% | 0.78% | 0.77% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.73% | 0.74% | 0.78% | 0.77% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.80% | 1.97% | 2.18% | 2.40% | 2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 164% | 45% | 55% | 22% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** | **Transamerica Sustainable Equity Income** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $9.53 | $6.86 | $9.57 | $10.59 | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.16 | 0.16 | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.33) | 2.65 | (1.59) | 0.44 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.19) | 2.81 | (1.43) | 0.66 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.14) | (0.18) | (0.23) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (1.34) |  | (1.10) | (1.45) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (1.49) | (0.14) | (1.28) | (1.68) | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $6.85 | $9.53 | $6.86 | $9.57 | $10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(14.23)% | 41.31% | &nbsp;&nbsp;&nbsp;&nbsp;(17.25)% | 8.77% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $1602 | $&nbsp;&nbsp;&nbsp;&nbsp;3364 | $4586 | $&nbsp;&nbsp;&nbsp;&nbsp;4518 | $&nbsp;&nbsp;&nbsp;&nbsp;4082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.74% | 0.78% | 0.77% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.73% | 0.74% | 0.78% | 0.77% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.80% | 1.93% | 2.18% | 2.37% | 2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 28% | 164% | 45% | 55% | 22% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 452** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** |
| | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.27 | $9.89 | $9.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.27 | 0.32 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.10) | 0.38 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.83) | 0.70 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.32) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.47) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.13) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.78) | (0.32) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.66 | $&nbsp;&nbsp;&nbsp;&nbsp;10.27 | $9.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (8.84)%<sup>(D)</sup> | 7.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.98 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1329 | $442 | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.04% | 1.08% | 0.94 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.04 %<sup>(H)</sup> | 1.05% | 0.93 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.94% | 3.07% | 2.25 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 8% | 70% | 126% |

---

(A) *Commenced operations on October 1, 2020.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

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

(G) *Annualized.* 

(H) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.28 | $9.89 | $9.85 | $9.85 | $10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.34 | 0.28 | 0.41 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.11) | 0.39 | 0.08 | 0.00 <sup>(B)(C)</sup> | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.82) | 0.73 | 0.36 | 0.41 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(D)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.47) |  |  |  | (0.00)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.14) |  | (0.05) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.82) | (0.34) | (0.32) | (0.41) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.64 | $10.28 | $9.89 | $9.85 | $9.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (8.65)%<sup>(D)</sup> | 7.46% | 3.83% | 4.23% | (0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;58753 | $&nbsp;&nbsp;&nbsp;&nbsp;46222 | $757 | $869 | $&nbsp;&nbsp;&nbsp;&nbsp;1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.80% | 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.80 %<sup>(F)</sup> | 0.78% | 0.80 %<sup>(F)</sup> | 0.83 %<sup>(F)</sup> | 0.87 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.13% | 3.28% | 2.91% | 4.22% | 3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 8% | 70% | 126% | 87% | 72% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

(E) *Does not include expenses of the underlying investments in which the Fund invests.* 

(F) *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 Report 2022** |

---

**Page 453** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** | **Transamerica Unconstrained Bond** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.25 | $9.87 | $9.83 | $9.81 | $10.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.30 | 0.35 | 0.30 | 0.42 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.12) | 0.38 | 0.07 | 0.02 <sup>(B)</sup> | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (0.82) | 0.73 | 0.37 | 0.44 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.35) | (0.27) | (0.37) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.47) |  |  |  | (0.00)<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.15) |  | (0.06) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.83) | (0.35) | (0.33) | (0.42) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.60 | $10.25 | $9.87 | $9.83 | $9.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (8.69)% | 7.47% | 3.93% | 4.54% | (0.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;654792 | $&nbsp;&nbsp;&nbsp;&nbsp;1196450 | $&nbsp;&nbsp;&nbsp;&nbsp;1588098 | $&nbsp;&nbsp;&nbsp;&nbsp;993309 | $&nbsp;&nbsp;&nbsp;&nbsp;709125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(D)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.71% | 0.70% | 0.70% | 0.73% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.70% | 0.69% | 0.69% | 0.73 %<sup>(E)</sup> | 0.78 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.21% | 3.42% | 3.12% | 4.25% | 3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 8% | 70% | 126% | 87% | 72% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** |
| | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $32.73 | $25.92 | $22.16 | $20.92 | $20.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.10) | (0.12) | (0.08) | (0.06) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.28) | 9.59 | 5.68 | 3.44 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (8.38) | 9.47 | 5.60 | 3.38 | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(B)(C)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.00)<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $20.43 | $32.73 | $25.92 | $22.16 | $20.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(D)</sup>** | (28.96)%<sup>(C)</sup> | 38.69% | 26.76% | 19.17% | 11.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;641399 | $&nbsp;&nbsp;&nbsp;&nbsp;973954 | $&nbsp;&nbsp;&nbsp;&nbsp;764325 | $&nbsp;&nbsp;&nbsp;&nbsp;661541 | $&nbsp;&nbsp;&nbsp;&nbsp;550529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.04% | 1.02% | 1.08% | 1.16% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.04 %<sup>(E)</sup> | 1.02% | 1.08% | 1.16% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.41)% | (0.42)% | (0.35)% | (0.32)% | (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 25% | 28% | 37% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

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

(D) *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.* 

(E) *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 Report 2022** |

---

**Page 454** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** |
| | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $29.26 | $23.58 | $20.47 | $19.63 | $19.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.26) | (0.31) | (0.24) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (7.27) | 8.65 | 5.19 | 3.19 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (7.53) | 8.34 | 4.95 | 2.98 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.01 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $17.82 | $29.26 | $23.58 | $20.47 | $19.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | (29.52)%<sup>(B)</sup> | 37.64% | 25.72% | 18.30% | 10.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;13016 | $&nbsp;&nbsp;&nbsp;&nbsp;18427 | $&nbsp;&nbsp;&nbsp;&nbsp;18000 | $&nbsp;&nbsp;&nbsp;&nbsp;18378 | $&nbsp;&nbsp;&nbsp;&nbsp;13930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.85% | 1.80% | 1.87 %<sup>(D)</sup> | 1.93% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.84% | 1.80 %<sup>(E)</sup> | 1.87 %<sup>(D)(E)</sup> | 1.93% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (1.21)% | (1.19)% | (1.12)% | (1.09)% | (1.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 25% | 28% | 37% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.04%.* 

(C) *Total return has been calculated without deduction of the contingent deferred sales charge.* 

(D) *Includes extraordinary expenses outside the operating expense limit.* 

(E) *Waiver and/or reimbursement rounds to less than 0.01%.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** |
| | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $33.86 | $26.67 | $22.70 | $21.31 | $21.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.04) | (0.06) | (0.02) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.63) | 9.91 | 5.83 | 3.54 | 2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (8.67) | 9.85 | 5.81 | 3.53 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.05 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.97) | (2.66) | (1.84) | (2.14) | (2.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $21.27 | $33.86 | $26.67 | $22.70 | $21.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (28.67)%<sup>(B)</sup> | 39.05% | 27.07% | 19.56% | 12.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;254969 | $&nbsp;&nbsp;&nbsp;&nbsp;388235 | $&nbsp;&nbsp;&nbsp;&nbsp;309755 | $&nbsp;&nbsp;&nbsp;&nbsp;266730 | $&nbsp;&nbsp;&nbsp;&nbsp;186752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.79% | 0.78% | 0.82% | 0.86% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.79% | 0.78% | 0.82% | 0.86% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.16)% | (0.18)% | (0.08)% | (0.03)% | (0.06)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 25% | 28% | 37% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Funds Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 455** 

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** |
| | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $33.89 | $26.68 | $22.68 | $21.27 | $21.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.01) | (0.02) | 0.01 | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.63) | 9.90 | 5.83 | 3.54 | 2.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (8.64) | 9.88 | 5.84 | 3.55 | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.01) |  |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.92) | (2.67) | (1.84) | (2.14) | (2.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $21.33 | $33.89 | $26.68 | $22.68 | $21.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (28.72)% | 39.17% | 27.23% | 19.70% | 12.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;561033 | $&nbsp;&nbsp;&nbsp;&nbsp;647828 | $&nbsp;&nbsp;&nbsp;&nbsp;529573 | $&nbsp;&nbsp;&nbsp;&nbsp;491921 | $&nbsp;&nbsp;&nbsp;&nbsp;190514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.69% | 0.67% | 0.70% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.69% | 0.67% | 0.70% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.05)% | (0.07)% | 0.03% | 0.07% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 25% | 28% | 37% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

---

| | | |
|:---|:---|:---|
| | **Transamerica US Growth** | **Transamerica US Growth** |
| | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and year indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $33.89 | $29.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (8.62) | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (8.64) | 4.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.92) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $21.33 | $&nbsp;&nbsp;&nbsp;&nbsp;33.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(28.71)% | 13.38 %<sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $1248 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.69% | 0.67 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.69% | 0.67 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.07)% | (0.23)%<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 25% |

---

(A) *Commenced operations on May 28, 2021.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 456** 

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** | **Transamerica US Growth** |
| | **Class T** | **Class T** | **Class T** | **Class T** | **Class T** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $107.77 | $79.77 | $64.44 | $56.19 | $52.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | (0.08) | (0.11) | (0.01) | 0.02 | 0.00 <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (29.82) | 30.77 | 17.18 | 10.37 | 6.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (29.90) | 30.66 | 17.17 | 10.39 | 6.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (3.92) | (2.66) | (1.84) | (2.14) | (2.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (3.92) | (2.66) | (1.84) | (2.14) | (2.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $73.95 | $107.77 | $79.77 | $64.44 | $56.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return <sup>(C)</sup>** | (28.76)% | 39.15% | 27.17% | 19.63% | 12.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratios and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;125757 | $&nbsp;&nbsp;&nbsp;&nbsp;189010 | $&nbsp;&nbsp;&nbsp;&nbsp;144510 | $&nbsp;&nbsp;&nbsp;&nbsp;125598 | $&nbsp;&nbsp;&nbsp;&nbsp;113486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.72% | 0.70% | 0.75% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72% | 0.70% | 0.75% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | (0.10)% | (0.11)% | (0.02)% | 0.04% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 40% | 25% | 28% | 37% | 27% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Total return has been calculated without deduction of the initial sales charge.* 

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**NOTES TO FINANCIAL STATEMENTS** 

**At October 31, 2022** 

**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. The funds covered by this report (each, a "Fund" and collectively, the "Funds") are each a series of the Trust and are as follows:

---

| | |
|:---|:---|
| **Fund** | **Class** |
|  Transamerica Balanced II ("Balanced II") | I3,R |
|  Transamerica Bond ("Bond") <sup>(A)</sup> | A,C,I,I2,R,R6 |
|  Transamerica Capital Growth ("Capital Growth") <sup>(A)</sup> | A,C,I,I2,R,R6 |
|  Transamerica Emerging Markets Debt ("Emerging Markets Debt") | A,C,I,I2,R6 |
|  Transamerica Emerging Markets Opportunities ("Emerging Markets Opportunities")  | I,I2,R6 |
|  Transamerica Energy Infrastructure ("Energy Infrastructure") | A,C,I,I2 |
|  Transamerica Floating Rate ("Floating Rate") | A,C,I,I2 |
|  Transamerica Government Money Market ("Government Money Market") | A,C,I,I2,I3,R2,R4 |
|  Transamerica High Quality Bond ("'High Quality Bond")  | I3,R,R4 |
|  Transamerica High Yield Bond ("High Yield Bond") | A,C,I,I2,I3,R,R4,R6 |
|  Transamerica High Yield ESG ("High Yield ESG") | I,I2 |
|  Transamerica High Yield Muni ("High Yield Muni") | A,C,I,I2 |
|  Transamerica Inflation Opportunities ("Inflation Opportunities") | A,C,I,I2,R6 |
|  Transamerica Inflation-Protected Securities ("Inflation-Protected Securities")  | I3,R,R4 |
|  Transamerica Intermediate Bond ("Intermediate Bond")  | I2,I3,R,R4,R6 |
|  Transamerica Intermediate Muni ("Intermediate Muni") | A,C,I,I2 |
|  Transamerica International Equity ("International Equity") <sup>(B)</sup> | A,C,I,I2,I3,R,R4,R6 |
|  Transamerica International Focus ("International Focus") <sup>(C)</sup> | A,I,I2,R6 |
|  Transamerica International Small Cap Value ("International Small Cap Value") | I,I2 |
|  Transamerica International Stock ("International Stock") | A,I,I2,R6 |
|  Transamerica Large Cap Value ("Large Cap Value") | A,C,I,I2,R6 |
|  Transamerica Large Core ("Large Core")  | I3,R,R4 |
|  Transamerica Large Growth ("Large Growth") | I3,R,R4,R6 |
|  Transamerica Large Value Opportunities ("Large Value Opportunities") | I3,R,R4 |
|  Transamerica Mid Cap Growth ("Mid Cap Growth") | A,C,I,I2,I3,R,R4,R6 |
|  Transamerica Mid Cap Value Opportunities ("Mid Cap Value Opportunities") | A,C,I,I2,I3,R,R4,R6 |
|  Transamerica Multi-Asset Income ("Multi-Asset Income")  | A,C,I,I2 |
|  Transamerica Multi-Managed Balanced ("Multi-Managed Balanced") <sup>(A)</sup> | A,C,I,R,R6 |
|  Transamerica Short-Term Bond ("Short-Term Bond")  | A,C,I,I2,R6 |
|  Transamerica Small Cap Growth ("Small Cap Growth") | A,C,I,I2,I3,R,R4,R6 |
|  Transamerica Small Cap Value ("Small Cap Value") | A,C,I,I2,I3,R,R4,R6 |
|  Transamerica Small/Mid Cap Value ("Small/Mid Cap Value") | A,C,I,I2,R6 |
|  Transamerica Sustainable Bond ("Sustainable Bond") | I,I2 |
|  Transamerica Sustainable Equity Income ("Sustainable Equity Income") | A,C,I,I2,R6 |
|  Transamerica Unconstrained Bond ("Unconstrained Bond") | A,I,I2 |
|  Transamerica US Growth ("US Growth") | A,C,I,I2,R6,T |

---

(A) *Class R commenced operations on March 1, 2022.* 

(B) *Transamerica Global Equity merged into International Equity on December 10, 2021.* 

(C) *Formerly, Transamerica International Growth.* 

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

Effective as of March 31, 2021, Government Money Market closed to most new investors. The following investors may continue to purchase Fund shares after the close date: existing Fund investors, asset allocation funds and other investment products in which the Fund is currently an underlying investment option, retirement plans in which the Fund is a plan option, and any plan that is or becomes a part of a multiple plan exchange recordkeeping.

Emerging Markets Debt, Energy Infrastructure and High Yield Muni are "non-diversified" funds, as defined under the 1940 Act.

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

---

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**1. ORGANIZATION (continued)** 

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

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 a 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 Funds and their 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 Funds 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 Funds' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Funds; 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 a 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 Funds' 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 Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; 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 Funds, 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 Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds 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 Funds 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 Funds' custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds' 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 Funds. The Funds pay 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, 2022, (i) the expenses paid to State Street for sub-administration services by the Funds are shown as a part of Other expenses within the Statements of Operations and (ii) the expenses payable to State Street for sub-administration services from the Funds are shown as part of Other accrued expenses within the Statements of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Foreign currency denominated investments:** The accounting records of the Funds 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. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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 Funds are 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 Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue 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 Funds invest. 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 Statements of Operations. The Funds record a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are reflected in Tax reclaims within the Statements of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), certain Funds have 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 Statements of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statements of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements

**Cash overdraft:** The Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have 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 Funds. In no event will commissions, paid by the Funds, be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

Commissions recaptured are included within Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2022, commissions recaptured are as follows. Funds not listed in the subsequent table do not have any commissions recaptured during the year.

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| | |
|:---|:---|
| **Fund** | **Commissions<br>Recaptured** |
|  Emerging Markets Opportunities | $8357 |
|  Energy Infrastructure | 251 |
|  International Equity | 109155 |
|  International Small Cap Value | 9525 |
|  International Stock | 25299 |
|  Large Cap Value | 13910 |
|  Large Core | 5983 |
|  Large Growth | 1131 |
|  Large Value Opportunities | 10542 |
|  Mid Cap Growth | 1770 |
|  Mid Cap Value Opportunities | 52948 |
|  Multi-Asset Income | 5557 |
|  Multi-Managed Balanced | 6134 |
|  Small Cap Growth | 516 |
|  Small Cap Value | 90007 |
|  Small/Mid Cap Value | 38172 |
|  US Growth | 5191 |

---

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Funds' valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Funds' Board of Trustees. The net asset value of each 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 their 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 Funds' 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 Funds' investments at October 31, 2022, is disclosed within the Investment Valuation section of each Fund's Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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 Funds' significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities and Master limited partnerships:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*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.

*Foreign equity securities: S*ecurities 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.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*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.

*Convertible bonds:* The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*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.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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.

*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.

*Short-term notes:* A 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.

Government Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Warrants:* Warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the warrants are priced at zero. Warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*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 Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS** 

**Loan participations and assignments:** The Funds 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 Funds 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 Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

Each 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 Funds that participate 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 Funds have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Funds 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 Funds 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 Statements of Operations. The unfunded amounts are marked-to-market and included in Unrealized appreciation (depreciation) on unfunded commitments within the Statements of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on unfunded commitments within the Statements of Operations. Funds not listed in the subsequent table do not have any unfunded commitments during the year.

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| | | |
|:---|:---|:---|
| **Fund** | **Principal<br>Commitment** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Floating Rate** |  |  |
|  Athenahealth, Inc., Delayed Draw Term Loan | $164402 | $(16592) |
|  Dermatology Intermediate Holdings III, Inc., Delayed Draw Term Loan | 78083 | (2221) |
|  VT Topco, Inc., Delayed Draw Term Loan | 48698 | (1593) |
|  **Total** | $**291183** | $**(20406)** |
|  **Unconstrained Bond** |  |  |
|  Athenahealth, Inc., Delayed Draw Term Loan | $95719 | $(6882) |
|  Trident TPI Holdings, Inc., Delayed Draw Term Loan | 10168 | (576) |
|  **Total** | $**105887** | $**(7458)** |

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Open funded loan participations and assignments at October 31, 2022, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statements of Assets and Liabilities.

PIKs held at October 31, 2022, if any, are identified within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

REITs held at October 31, 2022, if any, are identified within the Schedule of Investments.

**Restricted securities:** The Funds 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, 2022, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-protected bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statements of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Funds 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 Funds engage in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage 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 Funds may be required to pay more at settlement than the security is worth. In addition, the Funds are not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Funds 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 Funds will segregate with their 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 Funds assume 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 Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds 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 Funds sell a security on a delayed-delivery basis, the Funds do 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 Statements 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, 2022, 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 Statements of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Funds 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 their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds 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 Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds' assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds' 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 Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Funds, 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 Funds 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, 2022, the Funds have not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Funds purchase a security and simultaneously commit 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 Funds' 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 Funds 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 Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, 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 Statements 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, 2022.

Repurchase agreements at October 31, 2022, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

**Securities lending:** The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds 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 Funds to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds 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 and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds 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 Funds in the case of default of any securities borrower.

Each applicable Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements 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, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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, 2022. Funds not listed in the subsequent table did not have secured borrowing transactions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $78413 | $— | $— | $— | $78413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | 741221 |  |  |  | 741221 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 200303 |  |  |  | 200303 |
|  Total Securities Lending Transactions | $1019937 | $— | $— | $— | $1019937 |
|  **Total Borrowings** | $**1019937** | $**—** | $**—** | $**—** | $**1019937** |
|  **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $11215313 | $— | $— | $— | $11215313 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 3349650 |  |  |  | 3349650 |
|  Total Securities Lending Transactions | $14564963 | $— | $— | $— | $14564963 |
|  **Total Borrowings** | $**14564963** | $**—** | $**—** | $**—** | $**14564963** |
|  **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $82361489 | $— | $— | $— | $82361489 |
|  **Total Borrowings** | $**82361489** | $**—** | $**—** | $**—** | $**82361489** |
|  **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $2108361 | $— | $— | $— | $2108361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | 2822661 |  |  |  | 2822661 |
|  Total Securities Lending Transactions | $4931022 | $— | $— | $— | $4931022 |
|  **Total Borrowings** | $**4931022** | $**—** | $**—** | $**—** | $**4931022** |
|  **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $20434203 | $— | $— | $— | $20434203 |
|  **Total Borrowings** | $**20434203** | $**—** | $**—** | $**—** | $**20434203** |
|  **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $16585392 | $— | $— | $— | $16585392 |
|  **Total Borrowings** | $**16585392** | $**—** | $**—** | $**—** | $**16585392** |
|  **High Quality Bond** | **High Quality Bond** | **High Quality Bond** | **High Quality Bond** | **High Quality Bond** | **High Quality Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $815033 | $— | $— | $— | $815033 |
|  **Total Borrowings** | $**815033** | $**—** | $**—** | $**—** | $**815033** |
|  **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $97471528 | $— | $— | $— | $97471528 |
|  **Total Borrowings** | $**97471528** | $**—** | $**—** | $**—** | $**97471528** |

---

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  **High Yield ESG** | **High Yield ESG** | **High Yield ESG** | **High Yield ESG** | **High Yield ESG** | **High Yield ESG** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $4357358 | $— | $— | $— | $4357358 |
|  **Total Borrowings** | $**4357358** | $**—** | $**—** | $**—** | $**4357358** |
|  **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $871260 | $— | $— | $— | $871260 |
|  **Total Borrowings** | $**871260** | $**—** | $**—** | $**—** | $**871260** |
|  **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $494863 | $— | $— | $— | $494863 |
|  **Total Borrowings** | $**494863** | $**—** | $**—** | $**—** | $**494863** |
|  **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $5062228 | $— | $— | $— | $5062228 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 28703948 |  |  |  | 28703948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 10847 |  |  |  | 10847 |
|  Total Securities Lending Transactions | $33777023 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;33777023 |
|  **Total Borrowings** | $**33777023** | $**—** | $**—** | $**—** | $**33777023** |
|  **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $48457289 | $— | $— | $— | $48457289 |
|  **Total Borrowings** | $**48457289** | $**—** | $**—** | $**—** | $**48457289** |
|  **International Focus** | **International Focus** | **International Focus** | **International Focus** | **International Focus** | **International Focus** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $11797466 | $— | $— | $— | $11797466 |
|  **Total Borrowings** | $**11797466** | $**—** | $**—** | $**—** | $**11797466** |
|  **International Small Cap Value** | **International Small Cap Value** | **International Small Cap Value** | **International Small Cap Value** | **International Small Cap Value** | **International Small Cap Value** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $28433884 | $— | $— | $— | $28433884 |
|  **Total Borrowings** | $**28433884** | $**—** | $**—** | $**—** | $**28433884** |
|  **International Stock** | **International Stock** | **International Stock** | **International Stock** | **International Stock** | **International Stock** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $10248637 | $— | $— | $— | $10248637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 1563662 |  |  |  | 1563662 |
|  Total Securities Lending Transactions | $11812299 | $— | $— | $— | $11812299 |
|  **Total Borrowings** | $**11812299** | $**—** | $**—** | $**—** | $**11812299** |
|  **Large Core** | **Large Core** | **Large Core** | **Large Core** | **Large Core** | **Large Core** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $143970 | $— | $— | $— | $143970 |
|  Total Securities Lending Transactions | $143970 | $— | $— | $— | $143970 |
|  **Total Borrowings** | $**143970** | $**—** | $**—** | $**—** | $**143970** |

---

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**Page 468** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $16840381 | $— | $— | $— | $16840381 |
|  **Total Borrowings** | $**16840381** | $**—** | $**—** | $**—** | $**16840381** |
|  **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $3846292 | $— | $— | $— | $3846292 |
|  **Total Borrowings** | $**3846292** | $**—** | $**—** | $**—** | $**3846292** |
|  **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $690995 | $— | $— | $— | $690995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 260558 |  |  |  | 260558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | 27703478 |  |  |  | 27703478 |
|  Total Securities Lending Transactions | $28655031 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;28655031 |
|  **Total Borrowings** | $**28655031** | $**—** | $**—** | $**—** | $**28655031** |
|  **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $248605 | $— | $— | $— | $248605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | 788113 |  |  |  | 788113 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 564534 |  |  |  | 564534 |
|  Total Securities Lending Transactions | $1601252 | $— | $— | $— | $1601252 |
|  **Total Borrowings** | $**1601252** | $**—** | $**—** | $**—** | $**1601252** |
|  **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $23151243 | $— | $— | $— | $23151243 |
|  **Total Borrowings** | $**23151243** | $**—** | $**—** | $**—** | $**23151243** |
|  **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $531977 | $— | $— | $— | $531977 |
|  **Total Borrowings** | $**531977** | $**—** | $**—** | $**—** | $**531977** |
|  **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1851889 | $— | $— | $— | $1851889 |
|  **Total Borrowings** | $**1851889** | $**—** | $**—** | $**—** | $**1851889** |
|  **Small/Mid Cap Value** | **Small/Mid Cap Value** | **Small/Mid Cap Value** | **Small/Mid Cap Value** | **Small/Mid Cap Value** | **Small/Mid Cap Value** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1540607 | $— | $— | $— | $1540607 |
|  **Total Borrowings** | $**1540607** | $**—** | $**—** | $**—** | $**1540607** |
|  **Sustainable Bond** | **Sustainable Bond** | **Sustainable Bond** | **Sustainable Bond** | **Sustainable Bond** | **Sustainable Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $706690 | $— | $— | $— | $706690 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations | 187776 |  |  |  | 187776 |
|  Total Securities Lending Transactions | $894466 | $— | $— | $— | $894466 |
|  **Total Borrowings** | $**894466** | $**—** | $**—** | $**—** | $**894466** |

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**Page 469** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $5588547 | $— | $— | $— | $5588547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | 294531 |  |  |  | 294531 |
|  Total Securities Lending Transactions | $5883078 | $— | $— | $— | $5883078 |
|  **Total Borrowings** | $**5883078** | $**—** | $**—** | $**—** | $**5883078** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

Certain Funds' investment strategies allow the Funds 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 Funds' investment strategies, the Funds may seek to use derivatives to increase or decrease their 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 Funds.

*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 Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds 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 Funds. 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 Funds' exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of High Yield Bond and Government Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each 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 exchange-traded funds and/or securities:* The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

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**Page 470** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Options on foreign currency:* The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds 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 Funds pay premiums, which are included within the Statements 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.

*Written options:* Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability within the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Open option contracts at October 31, 2022, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statements of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statements of Assets and Liabilities.

**Futures contracts:** The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds use 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 Funds are 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 Funds, 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 Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds 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, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

**Forward foreign currency contracts:** The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Bond utilizes forward foreign currency contracts for speculative purposes. 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 Statements 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 Statements 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, 2022, if any, are listed within the Schedule of Investments.

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**Page 471** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and each Fund's fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2022. Funds not listed in the subsequent tables do not have direct exposure to derivative investments during the year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Balanced II** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $11665 | $— | $12379 | $— | $— | $24044 |
|  **Total** | $**11665** | $**—** | $**12379** | $**—** | $**—** | $**24044** |
|  **Capital Growth** |  |  |  |  |  |  |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $— | $21600143 | $— | $— | $— | $21600143 |
|  **Total** | $**—** | $**21600143** | $**—** | $**—** | $**—** | $**21600143** |
|  **Emerging Markets Debt** |  |  |  |  |  |  |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $— | $326327 | $— | $— | $— | $326327 |
|  **Total** | $**—** | $**326327** | $**—** | $**—** | $**—** | $**326327** |
|  **Inflation Opportunities** |  |  |  |  |  |  |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $— | $444809 | $— | $— | $— | $444809 |
|  **Total** | $**—** | $**444809** | $**—** | $**—** | $**—** | $**444809** |
|  **Inflation-Protected Securities** |  |  |  |  |  |  |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $— | $211964 | $— | $— | $— | $211964 |
|  **Total** | $**—** | $**211964** | $**—** | $**—** | $**—** | $**211964** |
|  **Intermediate Bond** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $459694 | $— | $— | $— | $— | $459694 |
|  **Total** | $**459694** | $**—** | $**—** | $**—** | $**—** | $**459694** |
|  **Large Growth** |  |  |  |  |  |  |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $— | $3270324 | $— | $— | $— | $3270324 |
|  **Total** | $**—** | $**3270324** | $**—** | $**—** | $**—** | $**3270324** |
|  **Multi-Managed Balanced** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $124432 | $— | $297331 | $— | $— | $421763 |
|  **Total** | $**124432** | $**—** | $**297331** | $**—** | $**—** | $**421763** |
|  **Short-Term Bond** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $1499897 | $— | $— | $— | $— | $1499897 |
|  **Total** | $**1499897** | $**—** | $**—** | $**—** | $**—** | $**1499897** |

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 472** 

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##### [**Table of Contents**](#toc)

------

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Bond** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(22291) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(22291) |
|  **Total** | $**(22291)** | $**—** | $**—** | $**—** | $**—** | $**(22291)** |
|  **Emerging Markets Debt** |  |  |  |  |  |  |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $— | $(351175) | $— | $— | $— | $(351175) |
|  **Total** | $**—** | $**(351175)** | $**—** | $**—** | $**—** | $**(351175)** |
|  **Emerging Markets Opportunities** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $(1881760) | $— | $— | $(1881760) |
|  **Total** | $**—** | $**—** | $**(1881760)** | $**—** | $**—** | $**(1881760)** |
|  **Inflation Opportunities** |  |  |  |  |  |  |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $— | $(43584) | $— | $— | $— | $(43584) |
|  **Total** | $**—** | $**(43584)** | $**—** | $**—** | $**—** | $**(43584)** |
|  **Inflation-Protected Securities** |  |  |  |  |  |  |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $— | $(9769) | $— | $— | $— | $(9769) |
|  **Total** | $**—** | $**(9769)** | $**—** | $**—** | $**—** | $**(9769)** |
|  **Short-Term Bond** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(3987839) | $— | $— | $— | $— | $(3987839) |
|  **Total** | $**(3987839)** | $**—** | $**—** | $**—** | $**—** | $**(3987839)** |
|  **Unconstrained Bond** |  |  |  |  |  |  |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(2139037) | $— | $— | $— | $— | $(2139037) |
|  **Total** | $**(2139037)** | $**—** | $**—** | $**—** | $**—** | $**(2139037)** |

---

<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 Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Balanced II** |  |  |  |  |  |  |
|  Futures contracts | $(7875) | $— | $(68995) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(76870) |
|  **Total** | $**(7875)** | $**—** | $**(68995)** | $**—** | $**—** | $**(76870)** |

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 473** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Bond** |  |  |  |  |  |  |
|  Futures contracts | $(46925) | $— | $— | $— | $— | $(46925) |
|  **Total** | $**(46925)** | $**—** | $**—** | $**—** | $**—** | $**(46925)** |
|  **Capital Growth** |  |  |  |  |  |  |
|  Purchased options and swaptions <sup>(A)</sup> | $— | $(26156393) | $— | $— | $— | $(26156393) |
|  **Total** | $**—** | $**(26156393)** | $**—** | $**—** | $**—** | $**(26156393)** |
|  **Emerging Markets Debt** |  |  |  |  |  |  |
|  Forward foreign currency contracts | $— | $(640181) | $— | $— | $— | $(640181) |
|  **Total** | $**—** | $**(640181)** | $**—** | $**—** | $**—** | $**(640181)** |
|  **Emerging Markets Opportunities** |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(5342406) | $— | $— | $(5342406) |
|  Forward foreign currency contracts |  | (22974) |  |  |  | (22974) |
|  **Total** | $**—** | $**(22974)** | $**(5342406)** | $**—** | $**—** | $**(5365380)** |
|  **High Yield Muni** |  |  |  |  |  |  |
|  Written options and swaptions | $— | $— | $264219 | $— | $— | $264219 |
|  **Total** | $**—** | $**—** | $**264219** | $**—** | $**—** | $**264219** |
|  **Inflation Opportunities** |  |  |  |  |  |  |
|  Forward foreign currency contracts | $— | $4572050 | $— | $— | $— | $4572050 |
|  **Total** | $**—** | $**4572050** | $**—** | $**—** | $**—** | $**4572050** |
|  **Inflation-Protected Securities** |  |  |  |  |  |  |
|  Forward foreign currency contracts | $— | $1503165 | $— | $— | $— | $1503165 |
|  **Total** | $**—** | $**1503165** | $**—** | $**—** | $**—** | $**1503165** |
|  **Intermediate Bond** |  |  |  |  |  |  |
|  Futures contracts | $(137422) | $— | $— | $— | $— | $(137422) |
|  **Total** | $**(137422)** | $**—** | $**—** | $**—** | $**—** | $**(137422)** |
|  **Intermediate Muni** |  |  |  |  |  |  |
|  Written options and swaptions | $— | $— | $1015777 | $— | $— | $1015777 |
|  **Total** | $**—** | $**—** | $**1015777** | $**—** | $**—** | $**1015777** |
|  **Large Growth** |  |  |  |  |  |  |
|  Purchased options and swaptions <sup>(A)</sup> | $— | $(2821181) | $— | $— | $— | $(2821181) |
|  **Total** | $**—** | $**(2821181)** | $**—** | $**—** | $**—** | $**(2821181)** |
|  **Multi-Managed Balanced** |  |  |  |  |  |  |
|  Futures contracts | $(90528) | $— | $(1617097) | $— | $— | $(1707625) |
|  **Total** | $**(90528)** | $**—** | $**(1617097)** | $**—** | $**—** | $**(1707625)** |
|  **Short-Term Bond** |  |  |  |  |  |  |
|  Futures contracts | $4410009 | $— | $— | $— | $— | $4410009 |
|  **Total** | $**4410009** | $**—** | $**—** | $**—** | $**—** | $**4410009** |

---

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**Page 474** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Unconstrained Bond** |  |  |  |  |  |  |
|  Futures contracts | $26657381 | $— | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;26657381 |
|  Forward foreign currency contracts |  | 12264244 |  |  |  | 12264244 |
|  **Total** | $**26657381** | $**12264244** | $**—** | $**—** | $**—** | $**38921625** |
| **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** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** | **Balanced II** |
|  Futures contracts | $14484 | $— | $(32575) | $— | $— | $(18091) |
|  **Total** | $**14484** | $**—** | $**(32575)** | $**—** | $**—** | $**(18091)** |
|  **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** | **Bond** |
|  Futures contracts | $(22343) | $— | $— | $— | $— | $(22343) |
|  **Total** | $**(22343)** | $**—** | $**—** | $**—** | $**—** | $**(22343)** |
|  **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** |
|  Purchased options and swaptions <sup>(B)</sup> | $— | $35799251 | $— | $— | $— | $35799251 |
|  **Total** | $**—** | $**35799251** | $**—** | $**—** | $**—** | $**35799251** |
|  **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** |
|  Forward foreign currency contracts | $— | $(265802) | $— | $— | $— | $(265802) |
|  **Total** | $**—** | $**(265802)** | $**—** | $**—** | $**—** | $**(265802)** |
|  **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** | **Emerging Markets Opportunities** |
|  Futures contracts | $— | $— | $(1862794) | $— | $— | $(1862794) |
|  **Total** | $**—** | $**—** | $**(1862794)** | $**—** | $**—** | $**(1862794)** |
|  **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** |
|  Forward foreign currency contracts | $— | $285168 | $— | $— | $— | $285168 |
|  **Total** | $**—** | $**285168** | $**—** | $**—** | $**—** | $**285168** |
|  **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** |
|  Forward foreign currency contracts | $— | $234627 | $— | $— | $— | $234627 |
|  **Total** | $**—** | $**234627** | $**—** | $**—** | $**—** | $**234627** |
|  **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |
|  Futures contracts | $513253 | $— | $— | $— | $— | $513253 |
|  **Total** | $**513253** | $**—** | $**—** | $**—** | $**—** | $**513253** |
|  **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** |
|  Purchased options and swaptions <sup>(B)</sup> | $— | $4526354 | $— | $— | $— | $4526354 |
|  **Total** | $**—** | $**4526354** | $**—** | $**—** | $**—** | $**4526354** |
|  **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** | **Multi-Managed Balanced** |
|  Futures contracts | $159487 | $— | $20702 | $— | $— | $180189 |
|  **Total** | $**159487** | $**—** | $**20702** | $**—** | $**—** | $**180189** |
|  **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** | **Short-Term Bond** |
|  Futures contracts | $(3686476) | $— | $— | $— | $— | $(3686476) |
|  **Total** | $**(3686476)** | $**—** | $**—** | $**—** | $**—** | $**(3686476)** |

---

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**Page 475** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Fund/Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** | **Unconstrained Bond** |
|  Futures contracts | $(7114478) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(7114478) |
|  Forward foreign currency contracts |  | (2665262) |  |  |  | (2665262) |
|  **Total** | $**(7114478)** | $**(2665262)** | $**—** | $**—** | $**—** | $**(9779740)** |

---

<sup>(A)</sup> *Included within Net realized gain (loss) on Investments in the Statements of Operations.*

<sup>(B)</sup> *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statements of Operations.*

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balanced II** | **Bond** | **Capital<br>Growth** | **Emerging<br>Markets<br>Debt** | **Emerging<br>Markets<br>Opportunities** |
|  **Options:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;6010252 | $— | $— |
|  **Futures contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | 895925 | &nbsp;&nbsp;&nbsp;&nbsp;174252 |  |  | 21442935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | (144188) |  |  |  |  |
|  **Forward foreign currency exchange contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased — in USD |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;24581590 | 452996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold — in USD |  |  |  | 26177258 | 51212 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **High Yield<br>Muni** | **Inflation<br>Opportunities** | **Inflation-<br>Protected<br>Securities** | **Intermediate<br>Bond** | **Intermediate<br>Muni** |
|  **Options:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $(565) | $— | $— | $— | $(5654) |
|  **Futures contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long |  |  |  | 2648156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short |  |  |  | (4001161) |  |
|  **Forward foreign currency exchange contracts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased — in USD |  | 2090793 | 653551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold — in USD |  | 27771787 | &nbsp;&nbsp;&nbsp;&nbsp;10821194 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Large<br>Growth** | **Multi-<br>Managed<br>Balanced** | **Short-Term<br>Bond** | **Unconstrained<br>Bond** |
|  **Options:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $&nbsp;&nbsp;&nbsp;&nbsp;776913 | $— | $— | $— |
|  **Futures contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long |  | &nbsp;&nbsp;&nbsp;&nbsp;12603644 | &nbsp;&nbsp;&nbsp;&nbsp;141178234 | 17608821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short |  | (1538003) | (72126723) | &nbsp;&nbsp;&nbsp;&nbsp;(153822364) |
|  **Forward foreign currency exchange contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased — in USD |  |  |  | 15524263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold — in USD |  |  |  | 85730889 |

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The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with their 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 Funds 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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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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 Funds 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 Funds exercise their 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 Funds' 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, a 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 a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities. Non-cash collateral pledged to each 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 a 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 a 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 Funds' 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 Funds as of October 31, 2022. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements 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. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions during the year.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Net Payable** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** |
|  Goldman Sachs International | $9634572 | $— | $(9634572) | $— | $— | $— | $— | $— |
|  JPMorgan Chase Bank, N.A. | 5642996 |  | (4820000) | 822996 |  |  |  |  |
|  Standard Chartered Bank | 6322575 |  | (5700000) | 622575 |  |  |  |  |
|  **Total** | $**21600143** | $**—** | $**(20154572)** | $**1445571** | $**—** | $**—** | $**—** | $**—** |
|  **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** | **Emerging Markets Debt** |
|  Goldman Sachs Bank | $187272 | $(187272) | $— | $— | $224730 | $(187272) | $— | $37458 |
|  HSBC Bank USA | 103197 | (103197) |  |  | 126445 | (103197) |  | 23248 |
|  JPMorgan Chase Bank, N.A. | 22775 |  |  | 22775 |  |  |  |  |
|  Morgan Stanley Capital Services, Inc. | 13083 |  | (13083) |  |  |  |  |  |
|  **Total** | $**326327** | $**(290469)** | $**(13083)** | $**22775** | $**351175** | $**(290469)** | $**—** | $**60706** |
|  **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** |
|  JPMorgan Securities LLC | $444809 | $(43584) | $— | $401225 | $43584 | $(43584) | $— | $— |
|  **Total** | $**444809** | $**(43584)** | $**—** | $**401225** | $**43584** | $**(43584)** | $**—** | $**—** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statements of<br>Assets and Liabilities** | **Net Payable** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statements of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** |
|  JPMorgan Securities LLC | $211964 | $(9769) | $— | $202195 | $9769 | $(9769) | $— | $— |
|  **Total** | $**211964** | $**(9769)** | $**—** | $**202195** | $**9769** | $**(9769)** | $**—** | $**—** |
|  **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** |
|  Goldman Sachs International | $982437 | $— | $(50000) | $932437 | $— | $— | $— | $— |
|  JPMorgan Chase Bank, N.A. | 1118280 |  | (960000) | 158280 |  |  |  |  |
|  Standard Chartered Bank | 1169607 |  | (1060000) | 109607 |  |  |  |  |
|  **Total** | $**3270324** | $**—** | $**(2070000)** | $**1200324** | $**—** | $**—** | $**—** | $**—** |

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(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statements of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

**7. RISK FACTORS** 

Investing in the Funds involves certain key risks related to the Funds' trading activity. Please reference the Funds' prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

**Market risk:** The market prices of a Fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund's securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund's investments.

**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 value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by a Fund fall, the value of your investment in a Fund will decline. A Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**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, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a Fund falls, the value of your investment will go down. A Fund may lose its entire investment in the fixed-income securities of an issuer.

**Asset class allocation risk:** A Fund's investment performance is significantly impacted by a Fund's asset class allocation and reallocation from time to time. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. 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. A 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.

**Convertible securities risk:** Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. 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 a Fund or a counterparty to a financial contract with a Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be significant, particularly in certain market environments. In addition, a Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**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, valuation risk, market risk, counterparty risk, credit risk, operational risk and legal 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 a Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, a Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to a Fund. In certain cases, a 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 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. A Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivative contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. New Rule 18f-4 under the 1940 Act funds and imposes new requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on a Fund's performance and its ability to implement its investment strategies as it has historically and may increase costs related to a Fund's use of derivatives. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity or performance of derivatives. The new rule may not be effective to limit the risk of loss from derivatives.

**Dividend paying stock risk:** There can be no assurance that the issuers of the stocks held by a Fund will pay dividends in the future or that, if dividends are paid, they will not decrease. A Fund's emphasis on dividend paying stocks could cause a Fund's share price and total return to fluctuate more than, or cause a 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.

**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 a Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. In addition, emerging market securities may have low trading volumes and may be or become illiquid.

**Energy sector risk:** Industries in the energy segment, such as those engaged in the development, production and distribution of energy resources, can be significantly affected by supply and demand both for their specific product or service and for energy products in general. The price of oil, gas and other consumable fuels, exploration and production spending, government regulation, world events and economic conditions likewise will affect the performance of companies in these industries. Such events and related conditions may lead to disputes among oil-producing countries and potential limits on the production of crude oil, leading to increased volatility in the energy sector.

**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, industries and sectors, which may impact the Fund's investment performance. Securities of companies with what 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 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. The Fund's investments may include securities of issuers that derive revenue from non-ESG activities. ESG information from third party data providers may be incomplete, inaccurate or unavailable, which could lead to an incorrect assessment of a company's ESG characteristics.

**Floating rate loans risk:** Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no

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**7. RISK FACTORS (continued)** 

public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans may have trade settlement periods in excess of seven days, which may result in a Fund not receiving proceeds from the sale of a loan for an extended period. As a result, a Fund may be subject to greater "Liquidity" risk than a Fund that does not invest in floating rate loans and a Fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**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 a 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 or unsuccessful government actions, 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.

**Government money market fund risk:** Transamerica Government Money Market operates as a "government" money market fund under applicable federal regulations. The Fund continues to use the special pricing and valuation conventions that currently facilitate a stable share price of $1.00, although there is no guarantee that the Fund will be able to maintain a $1.00 share price. The Fund does not currently intend to avail itself of the ability to impose "liquidity fees" and/or "redemption gates" on fund redemptions, as permitted under the applicable regulations. However, the Board reserves the right, with notice to shareholders, to change this policy, thereby permitting the Fund to impose such fees and gates in the future.

**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 securities typically fall. 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.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for a Fund.

**Industry concentration risk:** A Fund concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, a Fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Inflation-protected securities risk:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Interest rate risk:** Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. A Fund faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of a Fund's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from a Fund. Increased redemptions could cause a Fund to sell securities at inopportune times or depressed prices and result in further losses.

**Large capitalization companies risk:** A 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.

**LIBOR risk:** Many financial instruments, financings or other transactions to which a Fund may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. RISK FACTORS (continued)** 

that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on a Fund, issuers of instruments in which a Fund invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on a Fund or a Fund's investments cannot yet be determined.

**Liquidity risk:** A Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. If a Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, a Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for a Fund to sell. This may prevent a Fund from limiting losses.

**Master limited partnerships ("MLP") risk:** Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. Energy and natural resources MLPs may be adversely affected by changes in and volatility of commodity prices. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of a Fund's investments in such securities may decline if interest rates rise. The value of a Fund's investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

**Medium capitalization companies risk:** A 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.

**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 a 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 a 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 a Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. RISK FACTORS (continued)** 

**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 a Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, a 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.

**Repurchase agreements risk:** In a repurchase agreement, a Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from a Fund at a later date, and at a specified price. The securities purchased serve as a Fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, a Fund is entitled to sell the securities, but a Fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that a Fund will not have a right to the securities, or the immediate right to sell the securities.

**Small capitalization companies risk:** A 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.

**Sovereign debt risk:** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Sustainability investing risk:** Applying the sub-adviser's sustainability assessment framework to its investment analysis for a Fund may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, a 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 a Fund's exposure to risks associated with certain issuers, industries and sectors, which may impact a Fund's investment performance. Securities of companies meeting the sub-adviser's sustainability criteria may shift into and out of favor depending on market and economic conditions, and a 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. The sub-adviser monitors a Fund's holdings based on the latest publicly available information. Any delay in obtaining public information regarding a Fund's holdings could result in a Fund holding an investment that no longer meets a Fund's sustainability investing principals. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessment. A Fund's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability information from third party data providers may be incomplete, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics.

**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.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TAM, the Funds' 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 NV. TLIC is owned by Commonwealth General Corporation

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**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

With respect to Balanced II, Bond, Floating Rate, High Yield Bond, High Yield ESG, Intermediate Bond, Multi-Managed Balanced, Short-Term Bond and Sustainable Bond, 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 applicable Funds, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

With respect to Sustainable Equity Income, TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc ("AAM UK"), a wholly-owned subsidiary of Aegon NV. 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 Funds Services, Inc. ("TFS") is the Funds' transfer agent. Transamerica Capital, Inc. ("TCI") is the Funds' distributor/principal underwriter. TAM, AUIM, AAM UK, TFS and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, AUIM, AAM UK, TFS and TCI. 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 Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

As of October 31, 2022, the investment manager and/or other affiliated investment accounts held balances of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Account<br>Balance** | **Percentage of<br>Net Assets** |
|  Balanced II | $100073452 | 100.00% |
|  Bond | &nbsp;&nbsp;&nbsp;&nbsp;251525796 | 20.71 |
|  Capital Growth | 37679110 | 2.37 |
|  Emerging Markets Debt | 1095121 | 0.57 |
|  Emerging Markets Opportunities | 737123446 | 91.61 |
|  Energy Infrastructure | 43834552 | 29.55 |
|  Floating Rate | 51041705 | 26.89 |
|  Government Money Market | 285663926 | 50.40 |
|  High Quality Bond | 125474590 | 100.00 |
|  High Yield Bond | 478881556 | 41.06 |
|  High Yield ESG | 18737204 | 51.57 |
|  High Yield Muni | 11908 | 0.01 |
|  Inflation Opportunities | 85707623 | 74.05 |
|  Inflation-Protected Securities | 84798374 | 100.00 |
|  Intermediate Bond | 2254320239 | 95.96 |
|  Intermediate Muni | 9765 | 0.00 <sup>(A)</sup> |
|  International Equity | 1228332400 | 29.36 |
|  International Focus | 844557192 | 96.54 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Account<br>Balance** | **Percentage of<br>Net Assets** |
|  International Small Cap Value | $328912957 | 57.92% |
|  International Stock | 138703262 | 88.92 |
|  Large Cap Value | 1675310746 | 87.15 |
|  Large Core | 156734243 | 96.84 |
|  Large Growth | 402240367 | 92.95 |
|  Large Value Opportunities | 327031189 | 98.91 |
|  Mid Cap Growth | 262712824 | 91.56 |
|  Mid Cap Value Opportunities | 389424397 | 27.83 |
|  Multi-Asset Income | 15524 | 0.00 <sup>(A)</sup> |
|  Multi-Managed Balanced | 21918177 | 2.00 |
|  Short-Term Bond | 308998541 | 8.90 |
|  Small Cap Growth | 53132694 | 35.35 |
|  Small Cap Value | 387832174 | 91.32 |
|  Small/Mid Cap Value | 64041311 | 8.32 |
|  Sustainable Bond | 20219896 | 99.98 |
|  Sustainable Equity Income | 239584392 | 84.82 |
|  Unconstrained Bond | 654753023 | 91.59 |
|  US Growth | 561813395 | 35.17 |

---

---

| | |
|:---|:---|
| <sup>(A)</sup> | *Rounds to less than 0.01%.*  |

---

**Investment management fees:** TAM serves as the Funds' investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Each Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Fund** | **Rate** |
|  **Balanced II** | 0.4800% |
|  **Bond** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.4100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.3750 |
|  **Capital Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1.5 billion | 0.7075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $3 billion | 0.6415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.6300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.5500 |
|  **Emerging Markets Debt** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $400 million | 0.6300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $400 million | 0.6100 |
|  **Emerging Markets Opportunities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.8300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $500 million | 0.8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million | 0.7500 |
|  **Energy Infrastructure** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 1.0540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $500 million | 1.0400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.9600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.8500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.8000 |
|  **Floating Rate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.6400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.6200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.5900 |
|  **Government Money Market** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.2100 |
|  **High Quality Bond** | 0.3800 |
|  **High Yield Bond <sup>(A)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1.25 billion | 0.5540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.25 billion up to $2 billion | 0.5440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.5200 |
|  **High Yield ESG <sup>(A)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1.25 billion | 0.5540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.25 billion up to $2 billion | 0.5440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.5200 |
|  **High Yield Muni** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.5400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.5300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.5000 |
|  **Inflation Opportunities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.4900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $1 billion | 0.4300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.3800 |

---

---

| | |
|:---|:---|
| **Fund** | **Rate** |
|  **Inflation Protected-Securities** |  |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $750 million | 0.3800% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million | 0.3700 |
|  Prior to August 1, 2022 | 0.3800 |
|  **Intermediate Bond** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $2 billion | 0.3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3.5 billion | 0.3650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3.5 billion up to $5 billion | 0.3600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion | 0.3550 |
|  **Intermediate Muni** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $150 million | 0.4700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $150 million up to $350 million | 0.4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $350 million up to $650 million | 0.4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $650 million up to $1 billion | 0.4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3 billion | 0.3875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.3825 |
|  **International Equity** |  |
|  Effective December 13, 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $1 billion | 0.7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.7200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $6 billion | 0.6900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $6 billion up to $8 billion | 0.6800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $8 billion | 0.6600 |
|  Prior to December 13, 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.7500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.7200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $6 billion<br> Over $6 billion | 0.6900<br> 0.6800 |
|  **International Focus** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.7600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.7100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3 billion | 0.6950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.6800 |
|  **International Small Cap Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $300 million | 0.9550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $300 million up to $750 million<br> Over $750 million up to $1 billion | 0.9300<br> 0.8800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.8400 |
|  **International Stock** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.6800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.6700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3 billion | 0.6400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.6300 |
|  **Large Cap Value <sup>(B)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.5940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.5800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3 billion | 0.5600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.5400 |

---

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

---

| | |
|:---|:---|
| **Fund** | **Rate** |
|  **Large Core** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.4500% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $750 million | 0.4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million | 0.4300 |
|  **Large Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.6350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.6150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3 billion | 0.6050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $4 billion | 0.5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $4 billion up to $5 billion | 0.5750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.5500 |
|  **Large Value Opportunities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $750 million | 0.4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million | 0.4300 |
|  **Mid Cap Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $200 million | 0.7050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $200 million up to $1 billion | 0.6850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.6700 |
|  **Mid Cap Value Opportunities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $750 million | 0.7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1.5 billion | 0.6950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.6850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.6775 |
|  **Multi-Asset Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.5740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.5450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.5350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.5150 |
|  **Multi-Managed Balanced** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.6100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.5600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.5500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $5 billion | 0.5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion | 0.5000 |
|  **Short-Term Bond** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $500 million | 0.3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.3600 |
|  **Small Cap Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $300 million | 0.8700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $300 million | 0.8300 |
|  **Small Cap Value** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $300 million | 0.8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $300 million up to $800 million | 0.7500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $800 million | 0.7100 |

---

---

| | |
|:---|:---|
| **Fund** | **Rate** |
|  **Small/Mid Cap Value** |  |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $100 million | 0.7900% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $100 million up to $350 million | 0.7800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $350 million up to $500 million | 0.7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $750 million | 0.7500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.7450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.6900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.6800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.6700 |
|  Prior to August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $350 million | 0.7900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $350 million up to $500 million | 0.7800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $750 million | 0.7650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.7550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.7350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.7300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.7250 |
|  **Sustainable Bond** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.4100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.3750 |
|  **Sustainable Equity Income <sup>(B)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.6630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.5800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.5500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.5300 |
|  **Unconstrained Bond** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.6400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.6200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.6100 |
|  **US Growth** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.6800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $800 million | 0.6700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $800 million up to $1 billion | 0.6575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.6130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3 billion | 0.6050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $4 billion | 0.5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $4 billion up to $5 billion | 0.5750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.5500 |

---

---

| | |
|:---|:---|
| <sup>(A)</sup> | *TAM has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2023.*  |

---

*<sup>(B)</sup>* *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2023.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 486** 

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##### [**Table of Contents**](#toc)

------

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

On April 18, 2022, TFS, the Funds' transfer agent, returned to Class I of applicable Funds 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 a "Contributions from affiliate" within each applicable Fund's Statements of Changes in Net Assets and Financial Highlights in this shareholder report.

On three occassions during the year ended October 31, 2022, TCI, the Funds' distributor/principal underwriter, returned to Class A, Class C, Class R and/or Class R3 of applicable Funds certain 12b-1 fees retained by TCI during the period of April 1, 2020, to October 31, 2021. These amounts are reflected as a "Contributions from affiliate, Transamerica Capital,Inc." within each applicable Fund's Statements of Changes in Net Assets and Financial Highlights in this shareholder report.

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 (with exception to Intermediate Muni and Multi-Asset Income), interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds' business, exceed the following stated annual operating expense limits to the Funds' daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

---

| | | |
|:---|:---|:---|
| **Fund** | **Current Operating<br>Expense Limit <sup>(A)</sup>** | **Prior Operating<br>Expense<br>Limit <sup>(B) (C)</sup>** |
|  **Balanced II** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 0.66% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.10 |  |
|  **Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.93 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.60 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class R6 | 0.52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(D)</sup> | 1.18 |  |
|  **Capital Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.83 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.78 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(D)</sup> | 1.41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.74 | 0.78 |
|  **Emerging Markets Debt** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I, Class I2, Class R6 | 0.85 |  |
|  **Emerging Markets Opportunities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.98 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class R6 | 0.95 |  |
|  **Energy Infrastructure** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2.35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1.25 |  |
|  **Floating Rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.80 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I, Class I2 | 0.80 |  |
|  **Government Money Market** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I, Class I2, Class I3 | 0.38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 0.80 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.50 |  |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Current Operating<br>Expense Limit <sup>(A)</sup>** | **Prior Operating<br>Expense<br>Limit <sup>(B) (C)</sup>** |
|  **High Quality Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 0.51% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.65 |  |
|  **High Yield Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.09 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class I3, Class R6 | 0.67 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.85 |  |
|  **High Yield ESG** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.75 |  |
|  **High Yield Muni** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.73 | 0.76 |
|  **Inflation Opportunities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class R6 | 0.64 |  |
|  **Inflation-Protected Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 0.53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.65 |  |
|  **Intermediate Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3, Class R6 | 0.46 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.65 |  |
|  **Intermediate Muni** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.54 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I  | 0.49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.60 |  |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 487** 

------

##### [**Table of Contents**](#toc)

------

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Current Operating<br>Expense Limit <sup>(A)</sup>** | **Prior Operating<br>Expense<br>Limit <sup>(B) (C)</sup>** |
|  **International Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.25% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class I3, Class R6 | 0.90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1.15 |  |
|  **International Focus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.87 | 0.95% |
|  **International Small Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.16 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 1.12 |  |
|  **International Stock** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.92 | 0.95 |
|  **Large Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.09 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.83 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.77 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.67 | 0.72 |
|  **Large Core** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3 | 0.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.81 | 0.83 |
|  **Large Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3, Class R6 | 0.74 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.25 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.90 |  |
|  **Large Value Opportunities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I3  | 0.65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.75 |  |
|  **Mid Cap Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.99 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.98 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class I3, Class R6 | 0.85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 0.95 |  |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Current Operating<br>Expense Limit <sup>(A)</sup>** | **Prior Operating<br>Expense<br>Limit <sup>(B) (C)</sup>** |
|  **Mid Cap Value Opportunities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I, Class R4 | 0.90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class I3, Class R6 | 0.80 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.25 |  |
|  **Multi-Asset Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.87 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2  | 0.83 |  |
|  **Multi-Managed Balanced** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.09 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.84 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R <sup>(D)</sup> | 1.34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.70 | 0.73 |
|  **Short-Term Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0.84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.56 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class R6 | 0.50 |  |
|  **Small Cap Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2.13 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.10 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class I3, Class R6 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1.15 |  |
|  **Small Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class I3, Class R6 | 0.95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1.10 |  |
|  **Small/Mid Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.30 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2.02 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.97 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.90 | . |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.88 | 0.90 |
|  **Sustainable Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.45 |  |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 488** 

------

##### [**Table of Contents**](#toc)

------

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Current Operating<br>Expense Limit <sup>(A)</sup>** | **Prior Operating<br>Expense<br>Limit <sup>(B) (C)</sup>** |
|  **Sustainable Equity Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.09% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2, Class R6 | 0.80 | 0.83 |
|  **Unconstrained Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2  | 0.85 |  |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Current Operating<br>Expense Limit <sup>(A)</sup>** | **Prior Operating<br>Expense<br>Limit <sup>(B) (C)</sup>** |
|  **US Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1.16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1.86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 0.86 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 0.76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 0.73 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class T | 0.79 |  |

---

<sup>(A)</sup> *Current operating expense limit is effective through March 1, 2023.* 

<sup>(B)</sup> *Prior operating expense limit was effective through March 1, 2022.* 

<sup>(C)</sup> *No rate displayed indicates no change to the operating expense limit during the period.* 

<sup>(D)</sup> *Class R commenced operations on March 1, 2022.* 

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, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements 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 Funds, 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, 2022, the balances available for recapture by TAM for each Fund are as follows. Funds and/or classes not listed in the subsequent table do not have balances available for recapture during the year. Government Money Market is discussed in further detail in proceeding notes and tables:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **Bond** | **Bond** | **Bond** | **Bond** | **Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | $&nbsp;&nbsp;&nbsp;&nbsp;635743 | $&nbsp;&nbsp;&nbsp;&nbsp;428066 | $&nbsp;&nbsp;&nbsp;&nbsp;403265 | $&nbsp;&nbsp;&nbsp;&nbsp;1467074 |
|  **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** | **Capital Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 230011 | 230011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 1767 | 1767 |
|  **Emerging Markets Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 10675 | 10675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 19209 | 19209 |
|  **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** | **Energy Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 5695 | 5695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 11022 | 5296 | 2360 | 18678 |
|  **Floating Rate** | **Floating Rate** | **Floating Rate** | **Floating Rate** | **Floating Rate** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 44032 | 18775 | 8058 | 70865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 29057 | 15303 | 7734 | 52094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 168210 | 104598 | 57134 | 329942 |
|  **High Quality Bond** | **High Quality Bond** | **High Quality Bond** | **High Quality Bond** | **High Quality Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 25698 | 23538 | 26043 | 75279 |
|  **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** | **High Yield Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 49947 | 18706 | 1457 | 70110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 36419 | 40351 | 4139 | 80909 |
|  **High Yield ESG <sup>(A)</sup>** | **High Yield ESG <sup>(A)</sup>** | **High Yield ESG <sup>(A)</sup>** | **High Yield ESG <sup>(A)</sup>** | **High Yield ESG <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 2536 | 7401 | 4296 | 14233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | 50019 | 135253 | 84447 | 269719 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **High Yield Muni** | **High Yield Muni** | **High Yield Muni** | **High Yield Muni** | **High Yield Muni** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $3510 | $13266 | $16776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1654 | 3475 | 2698 | 7827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 60437 | 46412 | 47178 | 154027 |
|  **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** | **Inflation Opportunities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 1686 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 3467 | 8821 | 10911 | 23199 |
|  **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** | **Inflation-Protected Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 866 | 1420 | 1748 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2790 | 1629 | 1171 | 5590 |
|  **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** | **Intermediate Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 36908 | 28500 | 30309 | 95717 |
|  **Intermediate Muni** | **Intermediate Muni** | **Intermediate Muni** | **Intermediate Muni** | **Intermediate Muni** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 1183870 | 1202647 | 1249847 | 3636364 |
|  **International Equity** | **International Equity** | **International Equity** | **International Equity** | **International Equity** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 102388 | 171304 | 328705 | 602397 |
|  **International Focus** | **International Focus** | **International Focus** | **International Focus** | **International Focus** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 737 | 867 | 1406 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 45 | 73 | 43 | 161 |
|  **International Stock** | **International Stock** | **International Stock** | **International Stock** | **International Stock** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 161 | 62 | 2068 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 347 | 31 | 64 | 442 |
|  **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** | **Large Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 20241 | 24409 | 19200 | 63850 |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 489** 

------

##### [**Table of Contents**](#toc)

------

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** | **Large Value Opportunities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | $2492 | $756 | $569 | $3817 |
|  **Mid Cap Growth** | **Mid Cap Growth** | **Mid Cap Growth** | **Mid Cap Growth** | **Mid Cap Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 128 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 346 | 181 | 110 | 637 |
|  **Mid Cap Value Opportunities** | **Mid Cap Value Opportunities** | **Mid Cap Value Opportunities** | **Mid Cap Value Opportunities** | **Mid Cap Value Opportunities** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 20347 | 4610 | 974 | 25931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 2153 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;94284 | &nbsp;&nbsp;&nbsp;&nbsp;99140 | &nbsp;&nbsp;&nbsp;&nbsp;104004 | &nbsp;&nbsp;&nbsp;&nbsp;297428 |
|  **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** | **Multi-Asset Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 72476 | 86111 | 99778 | 258365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** | **Small Cap Growth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $— | $— | $2278 | $2278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 646 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  | 2972 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 122 | 136 | 194 | 452 |
|  **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** | **Small Cap Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 247 | 26 | 21 | 294 |
|  **Sustainable Bond <sup>(A)</sup>** | **Sustainable Bond <sup>(A)</sup>** | **Sustainable Bond <sup>(A)</sup>** | **Sustainable Bond <sup>(A)</sup>** | **Sustainable Bond <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | 2975 | 7867 | 5913 | 16755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I2 | &nbsp;&nbsp;&nbsp;&nbsp;68899 | &nbsp;&nbsp;&nbsp;&nbsp;177809 | &nbsp;&nbsp;&nbsp;&nbsp;127637 | &nbsp;&nbsp;&nbsp;&nbsp;374345 |
|  **Sustainable Equity Income** | **Sustainable Equity Income** | **Sustainable Equity Income** | **Sustainable Equity Income** | **Sustainable Equity Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 186 | 1294 | 639 | 2119 |

---

<sup>(A)</sup> *The Fund commenced operations on July 31, 2020.* 

*Government Money Market*: TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of Government Money Market to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the Fund's yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the Fund of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to Government Money Market or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Fund. There can be no assurance that Government Money Market will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of the yield are included in "Expenses waived and/or reimbursed," and amounts recaptured by TAM under the voluntary yield waiver are included in "Recapture of previously waived and/or reimbursed fees," in each case included in Government Money Market's Statements of Operations included in this shareholder report. The actual expense ratio of each class of Government Money Market, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the "Ratio and supplemental data" section in the Fund's Financial Highlights in this shareholder report. For the year ended October 31, 2022, TAM contributed additional amounts to Government Money Market in connection with the maintenance of the yield, and these amounts are reflected as Contributions from affiliate within the Statements of Changes in Net Assets and Financial Highlights in this shareholder report.

For the 36-month period ended October 31, 2022, the amounts waived by TAM due to the maintenance of the yield are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
| | **2020** | **2021** | **2022** | **Total** |
|  Class A | $329815 | $861188 | $294623 | $1485626 |
|  Class C | 23256 | 44085 | 12485 | 79826 |
|  Class I | 28926 | 89234 | 27018 | 145178 |
|  Class I2 | 7847 | 11874 | 3419 | 23140 |
|  Class I3 | 106901 | 174055 | 58843 | 339799 |
|  Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;1384068 | &nbsp;&nbsp;&nbsp;&nbsp;2314197 | &nbsp;&nbsp;&nbsp;&nbsp;239724 | &nbsp;&nbsp;&nbsp;&nbsp;3937989 |
|  Class R4 | 144946 | 185733 | 41957 | 372636 |

---

As of October 31, 2022, the balances available for recapture by TAM due to the maintenance of the yield are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |
| | **2020** | **2021** | **2022** | **Total** |
|  Class A | $241970 | $742230 | $&nbsp;&nbsp;&nbsp;&nbsp;1556035 | $2540235 |
|  Class C | 17127 | 44082 | 58793 | 120002 |
|  Class I | 17696 | 64155 | 179740 | 261591 |
|  Class I2 | 2819 | 9918 | 23404 | 36141 |
|  Class I3 | 40120 | 144872 | 485645 | 670637 |
|  Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;1383836 | &nbsp;&nbsp;&nbsp;&nbsp;2269319 | &nbsp;&nbsp;&nbsp;&nbsp;590630 | &nbsp;&nbsp;&nbsp;&nbsp;4243785 |
|  Class R4 | 16964 | 113678 | 554358 | 685000 |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 490** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

For the 36-month period ended October 31, 2022, the amounts waived from financial intermediaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |
| | **2020 <sup>(A)</sup>** | **2021 <sup>(A)</sup>** | **2022 <sup>(A)</sup>** | **Total** |
|  Class A | $384998 | $834825 | $632929 | $1852752 |
|  Class C | 104200 | 129367 | 98168 | 331735 |
|  Class I |  |  | 12197 | 12197 |
|  Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;1658643 | &nbsp;&nbsp;&nbsp;&nbsp;1289238 | &nbsp;&nbsp;&nbsp;&nbsp;317789 | &nbsp;&nbsp;&nbsp;&nbsp;3265670 |
|  Class R4 | 132624 | 191958 | 186607 | 511189 |

---

<sup>(A)</sup> *Not subject to recapture.* 

For the 36-month period ended October 31, 2022, the amounts waived by TAM due to the operating expense limitation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
| | **2020** | **2021** | **2022** | **Total** |
|  Class A | $1253 | $— | $— | $1253 |
|  Class C | 372 | 591 |  | 963 |
|  Class I | 12904 | 22106 | 8605 | 43615 |
|  Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;632536 | &nbsp;&nbsp;&nbsp;&nbsp;112397 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;744933 |
|  Class R4 | 86496 | 48230 | &nbsp;&nbsp;&nbsp;&nbsp;45788 | 180514 |

---

As of October 31, 2022, the balances available for recapture by TAM due to the operating expense limitation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |
| | **2020** | **2021** | **2022** | **Total** |
|  Class I | $6095 | $22106 | $8605 | $36806 |
|  Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;632536 | &nbsp;&nbsp;&nbsp;&nbsp;112397 |  | 744933 |
|  Class R4 | 86496 | 48230 | &nbsp;&nbsp;&nbsp;&nbsp;45788 | &nbsp;&nbsp;&nbsp;&nbsp;180514 |

---

**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 TCI as the Funds' distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution and service fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class <sup>(A)</sup>** | **Rate** |
|  Class A | 0.25% |
|  Class C | 1.00 |
|  Class R | 0.50 |
|  Class R2 | 0.25 |
|  Class R4 | 0.25 |

---

(A) *12b-1 fees are not applicable for Class I, Class I2, Class I3, Class R6 and Class T.* 

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years. Funds not listed in the subsequent table do not have a 12b-1 waiver.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A<br>Waiver** | **Class C<br>Waiver** | **12b-1 Expense Waiver<br>Effective Through** |
|  High Yield Muni | 0.10% | 0.25% | March 1, 2023 |
|  Intermediate Muni | 0.10 | 0.25 | March 1, 2023 |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 491** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Shareholder fees:** Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge and Class T shares are subject to an initial sales charge on certain share redemptions. For the year ended October 31, 2022, underwriter commissions received by TCI from the various sales charges are as follows. Funds and/or classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
| **Fund** | **Initial**<br> **Sales Charge** | **Contingent<br>Deferred**<br> **Sales Charge** |
|  **Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $50800 | $9762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 6381 |
|  **Capital Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1858835 | 57912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 55339 |
|  **Emerging Markets Debt** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2791 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 261 |
|  **Energy Infrastructure** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 40000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 1114 |
|  **Floating Rate** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8068 | 6967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 4240 |
|  **Government Money Market** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 4861 |
|  **High Yield Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 48197 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 4469 |
|  **High Yield Muni** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 29847 | 7681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 2172 |
|  **Inflation Opportunities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 11966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 424 |
|  **Intermediate Muni** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 82286 | 46559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 11774 |
|  **International Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 83163 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 5056 |
|  **International Focus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 4275 |  |
|  **International Stock** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1371 |  |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Initial**<br> **Sales Charge** | **Contingent<br>Deferred**<br> **Sales Charge** |
|  **Large Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | $124645 | $678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 2103 |
|  **Mid Cap Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 12204 | 26 |
|  **Mid Cap Value Opportunities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 80990 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 1244 |
|  **Multi-Asset Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 549240 | 2661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 12154 |
|  **Multi-Managed Balanced** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 480628 | 6117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 26027 |
|  **Short-Term Bond** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 98212 | 123762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 26938 |
|  **Small Cap Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 15393 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 619 |
|  **Small Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 4350 | 1 |
|  **Small/Mid Cap Value** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 102302 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 3775 |
|  **Sustainable Equity Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8252 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 118 |
|  **Unconstrained Bond** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 5821 |  |
|  **US Growth** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 238327 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | 736 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on assets, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Funds' Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 492** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

For the year ended October 31, 2022, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Paid to TFS** | **Fees Due to TFS** |
|  Balanced II | $3830 | $277 |
|  Bond | 1304168 | 90582 |
|  Capital Growth | 3173453 | 188163 |
|  Emerging Markets Debt | 243324 | 15985 |
|  Emerging Markets Opportunities | 88807 | 5782 |
|  Energy Infrastructure | 101776 | 8912 |
|  Floating Rate | 177542 | 12729 |
|  Government Money Market | 234921 | 18824 |
|  High Quality Bond | 10615 | 752 |
|  High Yield Bond | 914354 | 59859 |
|  High Yield ESG | 2665 | 306 |
|  High Yield Muni | 161045 | 11549 |
|  Inflation Opportunities | 27554 | 1914 |
|  Inflation-Protected Securities | 6798 | 491 |
|  Intermediate Bond | 119384 | 14837 |
|  Intermediate Muni | 2030522 | 120348 |
|  International Equity | 3822374 | 293572 |
|  International Focus | 90759 | 5614 |
|  International Small Cap Value | 316247 | 22069 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Paid to TFS** | **Fees Due to TFS** |
|  International Stock | $11775 | $1067 |
|  Large Cap Value | 388464 | 29004 |
|  Large Core | 9453 | 687 |
|  Large Growth | 51813 | 2163 |
|  Large Value Opportunities | 22031 | 1620 |
|  Mid Cap Growth | 51631 | 4084 |
|  Mid Cap Value Opportunities | 799418 | 71794 |
|  Multi-Asset Income | 652545 | 56141 |
|  Multi-Managed Balanced | 995330 | 78254 |
|  Short-Term Bond | 2850508 | 236301 |
|  Small Cap Growth | 79734 | 5356 |
|  Small Cap Value | 65081 | 4954 |
|  Small/Mid Cap Value | 912721 | 73076 |
|  Sustainable Bond | 2585 | 196 |
|  Sustainable Equity Income | 52167 | 4041 |
|  Unconstrained Bond | 134515 | 9353 |
|  US Growth | 1378431 | 107285 |

---

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by each series of the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Funds incurred brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s).

For the year ended October 31, 2022, brokerage commissions are as follows. Funds not listed in the subsequent table do not have brokerage commissions during the year.

---

| | |
|:---|:---|
| **Fund** | **Commissions** |
|  Capital Growth | $&nbsp;&nbsp;&nbsp;&nbsp;7562 |
|  Large Growth | 677 |

---

**Cross-trades:** The Funds are authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Funds 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 each Fund participating in the transaction.

For the year ended October 31, 2022, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net Realized<br>Gains (Losses)** |
|  Large Growth | $302163 | $— | $— |
|  Mid Cap Growth | 86968 |  |  |
|  US Growth | &nbsp;&nbsp;&nbsp;&nbsp;1500870 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 493** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended October 31, 2022, 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** |
| <br>**Fund** | **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
|  Balanced II | $29754631 | $7073706 | $42916621 | $8961198 |
|  Bond | 283408033 | 295248003 | 639399114 | 199524090 |
|  Capital Growth | 1365253502 |  | 2569871530 |  |
|  Emerging Markets Debt | 382895193 | 900000 | 519697430 | 901000 |
|  Emerging Markets Opportunities | 694325475 |  | 709474722 |  |
|  Energy Infrastructure | 32578215 |  | 106779997 |  |
|  Floating Rate | 275392782 |  | 348973913 |  |
|  High Quality Bond | 48382291 | 59013334 | 73087319 | 62914954 |
|  High Yield Bond | 358325674 |  | 1126898748 |  |
|  High Yield ESG | 21056719 |  | 4293019 |  |
|  High Yield Muni | 75456070 | 7079395 | 74619499 | 6541483 |
|  Inflation Opportunities | 26589920 | 64628781 | 20093895 | 62471104 |
|  Inflation-Protected Securities | 8082874 | 23716085 | 6900643 | 32176232 |
|  Intermediate Bond | 716801357 | 828742756 | 384931449 | 448060428 |
|  Intermediate Muni | 520353394 | 73960957 | 1309120215 | 93916960 |
|  International Equity | 967241576 |  | 817190037 |  |
|  International Focus | 407839897 |  | 600621217 |  |
|  International Small Cap Value | 93251177 |  | 112726678 |  |
|  International Stock | 106016371 |  | 57137049 |  |
|  Large Cap Value | 575674224 |  | 991080275 |  |
|  Large Core | 140913567 |  | 157965151 |  |
|  Large Growth | 474008912 |  | 750832789 |  |
|  Large Value Opportunities | 425337504 |  | 471632373 |  |
|  Mid Cap Growth | 286746790 |  | 242479317 |  |
|  Mid Cap Value Opportunities | 825144760 |  | 709416852 |  |
|  Multi-Asset Income | 446010601 |  | 274082921 |  |
|  Multi-Managed Balanced | 306193657 | 80592512 | 382259970 | 94302478 |
|  Short-Term Bond | 1274056976 | 670396876 | 1748678646 | 290919504 |
|  Small Cap Growth | 70194743 |  | 120184426 |  |
|  Small Cap Value | 175958507 |  | 428314242 |  |
|  Small/Mid Cap Value | 354581317 |  | 412475938 |  |
|  Sustainable Bond | 2337508 | 1607952 | 2417313 | 1022045 |
|  Sustainable Equity Income | 85162636 |  | 90851623 |  |
|  Unconstrained Bond | 686093365 | 431858743 | 1350444446 | 180304551 |
|  US Growth | 772226740 |  | 754605575 |  |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize 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 Funds' 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 Funds' tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are 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.

For U.S. income tax purposes, ECJ tax reclaims received by the Funds, if any, reduce the amounts 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 a Fund during the fiscal year exceed foreign withholding taxes paid, and a Fund previously passed foreign tax credits on to its shareholders, a Fund must either

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 494** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

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, 2022, the ECJ tax reclaims received by the Funds did not exceed the foreign withholding taxes of the respective Funds.

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, interest written off, passive foreign investment companies, preferred securities, preferred stock interest accrual adjustments, TIPS, defaulted bonds, corporate action adjustments, premium amortization adjustments, non-real estate investment trust adjustments, organizational expenses, dividends payable, partnership basis adjustments, option contracts, forward contracts mark-to-market, futures contracts mark-to-market and straddle loss deferral from underlying investments. 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 wash sales from mergers, adjustment to prior year accumulated balances, basis adjustments due to prior mergers, net operating losses, distributions in excess of current earnings, and merger adjustments. In addition, the Funds claimed 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total<br>Distributable<br>Earnings** |
|  Balanced II | $(442915) | $442915 |
|  Bond | (63396) | 63396 |
|  Capital Growth | (47366014) | 47366014 |
|  Emerging Markets Debt | (732353) | 732353 |
|  Emerging Markets Opportunities | 2159148 | (2159148) |
|  Energy Infrastructure | (5711186) | 5711186 |
|  Floating Rate | (3649) | 3649 |
|  Government Money Market | (27790) | 27790 |
|  High Quality Bond | 292297 | (292297) |
|  High Yield Bond | 1061067 | (1061067) |
|  High Yield ESG | (5538) | 5538 |
|  High Yield Muni | (13205) | 13205 |
|  Inflation Opportunities |  |  |
|  Inflation-Protected Securities | (97878) | 97878 |
|  Intermediate Bond | 201761 | (201761) |
|  Intermediate Muni | (851374) | 851374 |
|  International Equity | (206562) | 206562 |
|  International Focus |  |  |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total<br>Distributable<br>Earnings** |
|  International Small Cap Value | $(239586) | $239586 |
|  International Stock | (1486) | 1486 |
|  Large Cap Value | (108984) | 108984 |
|  Large Core | (29618) | 29618 |
|  Large Growth | (6656342) | 6656342 |
|  Large Value Opportunities | 1237362 | (1237362) |
|  Mid Cap Growth | 532125 | (532125) |
|  Mid Cap Value Opportunities | 16664741 | (16664741) |
|  Multi-Asset Income | (156030) | 156030 |
|  Multi-Managed Balanced | (460193) | 460193 |
|  Short-Term Bond | (3033397) | 3033397 |
|  Small Cap Growth | (298354) | 298354 |
|  Small Cap Value | 14159020 | (14159020) |
|  Small/Mid Cap Value | 10453572 | (10453572) |
|  Sustainable Bond | (2477) | 2477 |
|  Sustainable Equity Income | 1817330 | (1817330) |
|  Unconstrained Bond | (9493) | 9493 |
|  US Growth | (1642555) | 1642555 |

---

As of October 31, 2022, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net<br>Appreciation<br>(Depreciation)** |
|  Balanced II | $94530018 | $20799332 | $(7274604) | $13524728 |
|  Bond | 1476600702 | 1871769 | (197569519) | (195697750) |
|  Capital Growth | &nbsp;&nbsp;&nbsp;&nbsp;2508120122 | &nbsp;&nbsp;&nbsp;&nbsp;61040891 | &nbsp;&nbsp;&nbsp;&nbsp;(872037001) | &nbsp;&nbsp;&nbsp;&nbsp;(810996110) |
|  Emerging Markets Debt | 242088398 | 505775 | (48414791) | (47909016) |
|  Emerging Markets Opportunities | 1147399833 | 17040115 | (372155422) | (355115307) |
|  Energy Infrastructure | 118250094 | 48549080 | (2452488) | 46096592 |
|  Floating Rate | 198600515 | 704516 | (18070078) | (17365562) |
|  Government Money Market | 566325110 |  |  |  |
|  High Quality Bond | 134004213 | 52108 | (8803553) | (8751445) |
|  High Yield Bond | 1435294571 | 2169515 | (220703961) | (218534446) |
|  High Yield ESG | 41867475 | 110342 | (3447401) | (3337059) |
|  High Yield Muni | 148145426 | 112675 | (31238392) | (31125717) |

---

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 495** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net<br>Appreciation<br>(Depreciation)** |
|  Inflation Opportunities | $133026963 | $55956 | $(16780991) | $(16725035) |
|  Inflation-Protected Securities | 93876050 | 26500 | (8895540) | (8869040) |
|  Intermediate Bond | 3053674591 | 338047 | (225943584) | (225605537) |
|  Intermediate Muni | 1659815523 | 1043195 | (249396583) | (248353388) |
|  International Equity | 4522330898 | 449198385 | (747783743) | (298585358) |
|  International Focus | 858435176 | 95983069 | (84922534) | 11060535 |
|  International Small Cap Value | 679331395 | 63589646 | (150542855) | (86953209) |
|  International Stock | 174825988 | 5423111 | (18374351) | (12951240) |
|  Large Cap Value | 1683270507 | 347107625 | (108181523) | 238926102 |
|  Large Core | 134706760 | 33577419 | (6695091) | 26882328 |
|  Large Growth | 429284525 | 93097468 | (84074994) | 9022474 |
|  Large Value Opportunities | 322445635 | 31422680 | (15204887) | 16217793 |
|  Mid Cap Growth | 338647793 | 13672971 | (65459413) | (51786442) |
|  Mid Cap Value Opportunities | 1304247905 | 219164640 | (98668156) | 120496484 |
|  Multi-Asset Income | 685930726 | 50514632 | (54933675) | (4419043) |
|  Multi-Managed Balanced | 1002035209 | 260310233 | (76736890) | 183573343 |
|  Short-Term Bond | 3692926652 | 2585417 | (188497279) | (185911862) |
|  Small Cap Growth | 131882138 | 38342805 | (19384156) | 18958649 |
|  Small Cap Value | 394170673 | 65609314 | (33061418) | 32547896 |
|  Small/Mid Cap Value | 672128753 | 163383765 | (64170879) | 99212886 |
|  Sustainable Bond | 27735699 | 29394 | (4467327) | (4437933) |
|  Sustainable Equity Income | 279190654 | 25387676 | (22178587) | 3209089 |
|  Unconstrained Bond | 752768250 | 3395528 | (42521590) | (39126062) |
|  US Growth | 1101141629 | 592138931 | (93328295) | 498810636 |

---

As of October 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

---

| | | |
|:---|:---|:---|
| | **Unlimited** | **Unlimited** |
| <br>**Fund** | **Short-Term** | **Long-Term** |
|  Bond | $29289483 | $30058501 |
|  Capital Growth | &nbsp;&nbsp;&nbsp;&nbsp;261541613 |  |
|  Emerging Markets Debt | 78562404 | 52297979 |
|  Emerging Markets Opportunities | 67374194 | 31706754 |
|  Energy Infrastructure | 63331939 | &nbsp;&nbsp;&nbsp;&nbsp;107354140 |
|  Floating Rate | 11248845 | 29028049 |
|  High Quality Bond | 2472324 | 7506136 |
|  High Yield Bond | 19171915 | 40041741 |
|  High Yield ESG | 35385 | 56589 |
|  High Yield Muni | 5875210 | 2266275 |
|  Inflation-Protected Securities | 2966539 | 753223 |
|  Intermediate Bond | 63837065 | 15618996 |
|  Intermediate Muni | 48563296 | 34630415 |
|  International Equity | 67999761 | 56163265 |
|  International Focus | 9977471 |  |
|  International Stock | 371631 |  |
|  Mid Cap Growth | 36211306 |  |
|  Multi-Asset Income | 82300884 | 64394964 |
|  Short-Term Bond | 33886082 | 39891442 |
|  Sustainable Bond | 863529 | 434300 |
|  Sustainable Equity Income | 3258979 |  |
|  Unconstrained Bond | 46919329 | 8504909 |

---

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 496** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

During the year ended October 31, 2022, the capital loss carryforwards utilized are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized.

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryforwards<br>Utilized** |
|  Energy Infrastructure | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21000329 |
|  Inflation-Protected Securities | 1667590 |

---

The tax character of distributions paid may differ from the character of distributions shown within the Statements 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 2022 and 2021 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| <br>**Fund** | **Ordinary<br>Income** | **Tax<br>Exempt<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** | **Ordinary<br>Income** | **Tax Exempt<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** |
|  Balanced II | $2280493 | $— | $9644246 | $— | $1029252 | $— | $4650091 | $— |
|  Bond | &nbsp;&nbsp;&nbsp;&nbsp;43877209 | &nbsp;&nbsp;&nbsp;&nbsp;— | 9301105 |  | 54311621 |  | 2304850 |  |
|  Capital Growth | 5201608 |  | &nbsp;&nbsp;&nbsp;&nbsp;961321363 | &nbsp;&nbsp;&nbsp;&nbsp;2067789 |  |  | 292992395 |  |
|  Emerging Markets Debt | 14286473 |  |  |  | 14210884 |  |  |  |
|  Emerging Markets Opportunities | 99704875 |  | 30800174 |  | 5822239 |  |  |  |
|  Energy Infrastructure |  |  |  | 7502043 |  |  |  | 9486420 |
|  Floating Rate | 15297364 |  |  | 170259 | 5257617 |  |  |  |
|  Government Money Market | 4154465 |  |  |  | 505817 |  | 4817 | 870560 |
|  High Quality Bond | 2769114 |  |  |  | 3217470 |  |  |  |
|  High Yield Bond | 85694840 |  |  |  | 112305168 |  |  |  |
|  High Yield ESG | 1020013 |  |  |  | 776004 |  |  |  |
|  High Yield Muni | 622494 | 4881590 |  |  | 296755 | 3385080 |  |  |
|  Inflation Opportunities | 5256054 |  | 779243 |  | 3346317 |  |  |  |
|  Inflation-Protected Securities | 6703133 |  |  |  | 3601543 |  |  |  |
|  Intermediate Bond | 40115517 |  | 26487109 |  | 60999791 |  | 34382214 |  |
|  Intermediate Muni | 532920 | 42108635 | 9794173 |  | 504276 | 44673063 |  |  |
|  International Equity | 193235945 |  |  |  | 59494700 |  |  |  |
|  International Focus | 43510189 |  | 43406863 |  | 17219397 |  |  |  |
|  International Small Cap Value | 21876569 |  | 8950472 |  | 6415016 |  |  |  |
|  International Stock | 4622786 |  | 7842845 |  | 1700298 |  |  |  |
|  Large Cap Value | 68465322 |  |  |  | 24620296 |  |  |  |
|  Large Core | 10360487 |  | 20167785 |  | 2296184 |  | 13449603 |  |
|  Large Growth | 19683638 |  | 212585691 |  | 76526312 |  | 84318227 |  |
|  Large Value Opportunities | 35682199 |  | 25155002 |  | 7386432 |  |  |  |
|  Mid Cap Growth | 39644300 |  | 70236494 |  | 7535515 |  | 16704527 |  |
|  Mid Cap Value Opportunities | 122826848 |  | 191384078 |  | 14229047 |  |  |  |
|  Multi-Asset Income | 23588909 |  | 7040168 |  | 12166368 |  |  |  |
|  Multi-Managed Balanced | 23741921 |  | 70610604 |  | 7696857 |  | 46418222 |  |
|  Short-Term Bond | 60817895 |  |  |  | 51329782 |  |  |  |
|  Small Cap Growth | 4499087 |  | 20984611 |  | 23 |  | 17096549 |  |
|  Small Cap Value | 158632939 |  | 73051514 |  | 2475736 |  |  |  |
|  Small/Mid Cap Value | 19568921 |  | 70322113 |  | 4324438 |  |  |  |
|  Sustainable Bond | 505140 |  |  |  | 376495 |  |  |  |
|  Sustainable Equity Income | 39594588 |  | 16774681 | 403662 | 7544224 |  |  |  |
|  Unconstrained Bond | 54812923 |  | 26035680 | 16739756 | 48890605 |  |  |  |
|  US Growth | 27709300 |  | 215731371 |  | 3227685 |  | 165394457 |  |

---

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 497** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of October 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Tax Exempt<br>Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary<br>Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Balanced II | $172876 | $— | $4268673 | $— | $— | $(2861284) | $13524728 |
|  Bond | 58483 |  |  | (59347984) |  | (485871) | (195697750) |
|  Capital Growth |  |  |  | (261541613) |  |  | (810996915) |
|  Emerging Markets Debt | 523359 |  |  | (130860383) |  | (4938279) | (47970286) |
|  Emerging Markets Opportunities | 23484935 |  |  | (99080948) |  |  | (356839609) |
|  Energy Infrastructure |  |  |  | (170686079) |  | (10707913) | 46096143 |
|  Floating Rate |  |  |  | (40276894) |  | (2119) | (17385968) |
|  Government Money Market | 1328 |  |  |  |  | (2008) |  |
|  High Quality Bond | 343543 |  |  | (9978460) |  | 1484 | (8751445) |
|  High Yield Bond |  |  |  | (59213656) |  | 533948 | (218534446) |
|  High Yield ESG |  |  |  | (91974) |  |  | (3337059) |
|  High Yield Muni |  | 640 |  | (8141485) |  | (16813) | (31125717) |
|  Inflation Opportunities |  |  | 2177900 |  |  |  | (16726815) |
|  Inflation-Protected Securities | 664344 |  |  | (3719762) |  | (452699) | (8871521) |
|  Intermediate Bond | 447003 |  |  | (79456061) |  | 158624 | (225605537) |
|  Intermediate Muni |  |  |  | (83193711) |  | (13375) | (248353388) |
|  International Equity | 45058978 |  |  | (124163026) |  | 1895709 | (300835510) |
|  International Focus | 15747689 |  |  | (9977471) |  |  | 10556532 |
|  International Small Cap Value | 3139570 |  | 17136979 |  |  |  | (87185332) |
|  International Stock | 3941122 |  |  | (371631) |  |  | (12993001) |
|  Large Cap Value | 1744654 |  | 103837362 |  |  |  | 238926102 |
|  Large Core | 124977 |  | 7973579 |  |  | (1473050) | 26882328 |
|  Large Growth |  |  | 5529616 |  |  | (6383394) | 9022489 |
|  Large Value Opportunities | 394406 |  | 20635385 |  |  | (949165) | 16217793 |
|  Mid Cap Growth |  |  |  | (36211306) |  |  | (51786442) |
|  Mid Cap Value Opportunities | 8717747 |  | 73564271 |  |  | (814629) | 120496484 |
|  Multi-Asset Income | 334575 |  |  | (146695848) |  | (23514) | (4419279) |
|  Multi-Managed Balanced | 1648417 |  | 20964657 |  |  |  | 183573343 |
|  Short-Term Bond | 714428 |  |  | (73777524) |  | (810509) | (185911862) |
|  Small Cap Growth |  |  | 5737845 |  | (853927) | (51973) | 18958649 |
|  Small Cap Value | 9098074 |  | 63034949 |  |  | (11871) | 32547896 |
|  Small/Mid Cap Value | 3850028 |  | 62353156 |  |  |  | 99212886 |
|  Sustainable Bond |  |  |  | (1297829) |  |  | (4437933) |
|  Sustainable Equity Income |  |  |  | (3258979) |  |  | 3209089 |
|  Unconstrained Bond |  |  |  | (55424238) |  |  | (39334688) |
|  US Growth |  |  | 62271543 |  | (2685264) |  | 498849840 |

---

**11. NEW ACCOUNTING PRONOUNCEMENTS** 

In January 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting

---

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**Page 498** 

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##### [**Table of Contents**](#toc)

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**11. NEW ACCOUNTING PRONOUNCEMENTS (continued)** 

transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. Management does not expect ASU 2021-01 to have a material impact on the financial statements.

In June 2022, FASB issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements.

**12. REORGANIZATIONS** 

**Multi-Asset Income:** Following the close of business on May 28, 2021, Multi-Asset Income acquired all of the net assets of Transamerica Dynamic Income ("Dynamic Income") pursuant to a Plan of Reorganization. Multi-Asset Income is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Multi-Asset Income for shares of Dynamic Income outstanding following the close of business on May 28, 2021. The cost basis of the investments received from Dynamic Income was carried forward to align ongoing reporting of the Multi-Asset Income's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Dynamic Income shareholders, along with the exchange ratio of the reorganization for Multi-Asset Income, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Dynamic<br>Income**<br> **Class** | **Dynamic**<br> **Income**<br> **Shares** | **Multi-Asset**<br> **Income**<br> **Class** | **Multi-Asset**<br> **Income**<br> **Shares** | **Dollar<br>Amount** | **Exchange**<br> **Ratio <sup>(A)</sup>** |
|  Class A | 8294729 | Class A | 5087201 | $&nbsp;&nbsp;&nbsp;&nbsp;70567616 | 0.61 |
|  Class C | 1916356 | Class C | 1175220 | 16215922 | 0.61 |
|  Class I | 2340160 | Class I | 1435260 | 19920834 | 0.61 |

---

<sup>(A)</sup> *Calculated by dividing the Multi-Asset Income shares issuable by the Dynamic Income shares outstanding on May 28, 2021.* 

The net assets of Dynamic Income, including unrealized appreciation (depreciation), were combined with those of Multi-Asset Income. These amounts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Dynamic Income**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Dynamic Income**<br> **Net Assets** | **Multi-Asset Income**<br> **Net Assets Prior to<br>Reorganization** | **Net Assets**<br> **After<br>Reorganization** |
| $7420578 | $106704372 | $369322812 | $476027185 |

---

**International Equity Income:** Following the close of business on December 10, 2021, International Equity acquired all of the net assets of Global Equity pursuant to a Plan of Reorganization. International Equity is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of International Equity for shares of Global Equity outstanding following the close of business on December 10, 2021. The cost basis of the investments received from Global Equity was carried forward to align ongoing reporting of the International Equity's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Global Equity shareholders, along with the exchange ratio of the reorganization for International Equity, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Global<br>Equity**<br> **Class** | **Global**<br> **Equity**<br> **Shares** | **International<br>Equity**<br> **Class** | **International<br>Equity**<br> **Shares** | **Dollar**<br> **Amount** | **Exchange**<br> **Ratio <sup>(A)</sup>** |
|  Class A | 3792903 | Class A | 2800779 | $59144888 | 0.74 |
|  Class C | 187363 | Class C | 136391 | 2828913 | 0.73 |
|  Class I | 2235407 | Class I | 1631882 | 34894866 | 0.73 |
|  Class R6 | 60533 | Class R6 | 43687 | 945301 | 0.72 |

---

<sup>(A)</sup> *Calculated by dividing the International Equity shares issuable by the Global Equity shares outstanding on December 10, 2021.* 

---

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|:---|:---|
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**Page 499** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**12. REORGANIZATIONS (continued)** 

The net assets of Global Equity, including unrealized appreciation (depreciation), were combined with those of International Equity. These amounts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Global Equity**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Global Equity**<br> **Net Assets** | **International Equity**<br> **Net Assets Prior to<br>Reorganization** | **Net Assets**<br> **After<br>Reorganization** |
| $26849509 | $97813968 | $5303314204 | $5401128172 |

---

Assuming the reorganization had been completed on November 1, 2021, the beginning of the annual reporting period of International Equity, the proforma results of operations for the year ended October 31, 2022, are as follows:

---

| | |
|:---|:---|
|  Net investment income (loss) | $123909683 |
|  Net realized and change in unrealized gain (loss) | (1377377551) |
|  Net increase (decrease) in net assets resulting from operations | (1253467868) |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings of Global Equity that have been included in International Equity's Statement of Operations following the close of business on December 10, 2021.

**13. SUBSEQUENT EVENTS** 

Effective November 1, 2022, Intermediate Bond was renamed Transamerica Core Bond. Also effective November 1, 2022, Class A shares, Class C shares and Class I shares of the Fund are offered to new investors. The Fund's principal investment strategies, principal risks, portfolio managers, investment manager and investment management and sub-advisory fee schedules remain the same.

**Short-Term Bond:** Effective as of the close of business on December 9, 2022, High Quality Bond was reorganized into Short-Term Bond, and High Quality Bond was subsequently liquidated. Short-Term Bond acquired all of the net assets of High Quality Bond pursuant to a Plan of Reorganization. Short-Term Bond is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Short-Term Bond for shares of High Quality Bond following the close of business on December 9, 2022. The cost basis of the investments received from High Quality Bond was carried forward to align ongoing reporting of Short-Term Bond's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to High Quality Bond shareholders, along with the exchange ratio of the reorganization for Short-Term Bond, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **High<br>Quality<br>Bond<br>Class** | **High<br>Quality<br>Bond<br>Shares** | **Short-Term<br>Bond<br>Class** | **Short-Term<br>Bond<br>Shares** | **Dollar<br>Amount** | **Exchange<br>Ratio <sup>(A)</sup>** |
|  Class I3 | 9551065 | Class I3 | 9282599 | 88709161 | 0.97 |
|  Class R | 1124492 | Class R | 1076564 | 10478301 | 0.96 |
|  Class R4 | 2771953 | Class R4 | 2645306 | 25747024 | 0.95 |

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<sup>(A)</sup> *Calculated by dividing the Short-Term Bond shares issuable by the High Quality Bond shares outstanding on December 9, 2022.* 

The net assets of High Quality Bond, including unrealized appreciation (depreciation), were combined with those of Short-Term Bond. These amounts were as follows:

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| | | | |
|:---|:---|:---|:---|
| **High Quality Bond<br>Unrealized<br>Appreciation<br>(Depreciation)** | **High Quality Bond<br>Net Assets** | **Short-Term Bond<br>Net Assets Prior to<br>Reorganization** | **Net Assets<br>After<br>Reorganization** |
| $(7405918) | $124934486 | $3402426788 | $3527361274 |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Opportunities, Transamerica Energy Infrastructure, Transamerica Floating Rate, Transamerica Government Money Market, Transamerica High Quality Bond, Transamerica High Yield Bond, Transamerica High Yield ESG, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Inflation-Protected Securities, Transamerica Intermediate Bond, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Focus (formerly, Transamerica International Growth), Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica Multi-Asset Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Sustainable Bond, Transamerica Sustainable Equity Income, Transamerica Unconstrained Bond and Transamerica US Growth and the Board of Trustees of Transamerica Funds* 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Transamerica Balanced II, Transamerica Bond, Transamerica Capital Growth, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Opportunities, Transamerica Energy Infrastructure, Transamerica Floating Rate, Transamerica Government Money Market, Transamerica High Quality Bond, Transamerica High Yield Bond, Transamerica High Yield ESG, Transamerica High Yield Muni, Transamerica Inflation Opportunities, Transamerica Inflation-Protected Securities, Transamerica Intermediate Bond, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Focus, Transamerica International Small Cap Value, Transamerica International Stock, Transamerica Large Cap Value, Transamerica Large Core, Transamerica Large Growth, Transamerica Large Value Opportunities, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica Multi-Asset Income, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Sustainable Bond, Transamerica Sustainable Equity Income, Transamerica Unconstrained Bond, Transamerica US Growth (collectively referred to as the "Funds") (thirty-seven of the funds constituting Transamerica Funds (the "Trust")), including the schedules of investments, as of October 31, 2022, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below 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 each of the Funds (thirty-six of the Funds constituting Transamerica Funds) at October 31, 2022, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Individual fund constituting the<br>Transamerica Funds** | **Statement of operations** | **Statements of**<br> **changes in net assets** | **Financial highlights** |
| &nbsp;&nbsp;&nbsp; Transamerica Balanced II<br> Transamerica Bond<br> Transamerica Capital Growth<br> Transamerica Emerging Markets Debt<br> Transamerica Energy Infrastructure<br> Transamerica Floating Rate<br> Transamerica Government Money Market<br> Transamerica High Quality Bond<br> Transamerica High Yield Bond<br> Transamerica High Yield Muni<br> Transamerica Inflation Opportunities<br> Transamerica Inflation-Protected Securities<br> Transamerica Intermediate Bond<br> Transamerica Intermediate Muni<br> Transamerica International Equity<br> Transamerica International Focus (formerly, Transamerica International Growth)<br> Transamerica International Small Cap Value<br> Transamerica Large Cap Value<br> Transamerica Large Core<br> Transamerica Large Growth<br> Transamerica Large Value Opportunities<br> Transamerica Mid Cap Growth<br> Transamerica Mid Cap Value Opportunities<br> Transamerica Multi-Asset Income<br> Transamerica Multi-Managed Balanced<br> Transamerica Short-Term Bond<br> Transamerica Small Cap Growth<br> Transamerica Small Cap Value<br> Transamerica Small/Mid Cap Value<br> Transamerica Sustainable Equity Income<br> Transamerica Unconstrained Bond<br> Transamerica US Growth | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the five years in the period ended October 31, 2022 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Individual fund constituting the<br>Transamerica Funds** | **Statement of operations** | **Statements of**<br> **changes in net assets** | **Financial highlights** |
| &nbsp;&nbsp;&nbsp;Transamerica International Stock | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the four years in the period ended October 31, 2022 and the period from September 28, 2018 (commencement of operations) through October 31, 2018 |
| &nbsp;&nbsp;&nbsp;Transamerica Emerging Markets Opportunities | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 and the period from December 19, 2019 (commencement of operations) through October 31, 2020 |
| &nbsp;&nbsp;&nbsp; Transamerica High Yield ESG<br> Transamerica Sustainable Bond | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 and the period from July 31, 2020 (commencement of operations) through October 31, 2020 |

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**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' 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, 2022, 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.

![LOGO](g404440ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2022

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**SUPPLEMENTAL INFORMATION** 

**(unaudited)** 

**TAX INFORMATION** 

For dividends paid during the year ended October 31, 2022, the Funds designated the following maximum amounts of qualified dividend income:

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| | |
|:---|:---|
| **Fund** | **Qualified Dividend<br>Income** |
|  Balanced II | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982195 |
|  Capital Growth | 601543 |
|  Emerging Markets Opportunities | 25494262 |
|  High Yield Bond | 24619 |
|  Intermediate Bond | 10239 |
|  International Equity | 132492263 |
|  International Focus | 22344165 |
|  International Small Cap Value | 18451736 |
|  International Stock | 4550368 |
|  Large Cap Value | 38668008 |
|  Large Core | 2711701 |
|  Large Growth | 2505785 |
|  Large Value Opportunities | 7785054 |
|  Mid Cap Growth | 1636114 |
|  Mid Cap Value Opportunities | 20900119 |
|  Multi-Asset Income | 9362445 |
|  Multi-Managed Balanced | 10684521 |
|  Small Cap Growth | 859982 |
|  Small Cap Value | 5837346 |
|  Small/Mid Cap Value | 12767969 |
|  Sustainable Equity Income | 7830263 |
|  Unconstrained Bond | 614533 |
|  US Growth | 11337647 |

---

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

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| | |
|:---|:---|
| **Fund** | **Dividend Received<br>Deduction Percentage** |
|  Balanced II | 58% |
|  Large Cap Value | 69 |
|  Large Core | 37 |
|  Large Growth | 17 |
|  Large Value Opportunities | 37 |
|  Mid Cap Growth | 4 |
|  Mid Cap Value Opportunities | 19 |
|  Multi-Asset Income | 34 |
|  Multi-Managed Balanced | 63 |
|  Small Cap Value | 7 |
|  Small/Mid Cap Value | 55 |
|  Sustainable Equity Income | 35 |
|  Unconstrained Bond | 1 |
|  US Growth | 42 |

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**SUPPLEMENTAL INFORMATION** 

**(unaudited)** 

**TAX INFORMATION (continued)** 

For tax purposes, the long-term capital gain designations for the year ended October 31, 2022 are as follows:

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| | |
|:---|:---|
| **Fund** | **Long-Term Capital Gain<br>Designation** |
|  Balanced II | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644246 |
|  Bond | 9301105 |
|  Capital Growth | 961321363 |
|  Emerging Markets Opportunities | 30800174 |
|  Inflation Opportunities | 779243 |
|  Intermediate Bond | 26487109 |
|  Intermediate Muni | 9794173 |
|  International Focus | 43406863 |
|  International Small Cap Value | 8950472 |
|  International Stock | 7842845 |
|  Large Core | 20167785 |
|  Large Growth | 212585691 |
|  Large Value Opportunities | 25155002 |
|  Mid Cap Growth | 70236494 |
|  Mid Cap Value Opportunities | 191384078 |
|  Multi-Asset Income | 7040168 |
|  Multi-Managed Balanced | 70610604 |
|  Small Cap Growth | 20984611 |
|  Small Cap Value | 73051514 |
|  Small/Mid Cap Value | 70322113 |
|  Sustainable Equity Income | 16774681 |
|  Unconstrained Bond | 26035680 |
|  US Growth | 215731371 |

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The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Foreign Source Income** | **Foreign Taxes** |
|  Emerging Markets Opportunities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34998705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574271 |
|  International Equity | 138209054 | 9667099 |
|  International Focus | 27489093 | 2204302 |
|  International Small Cap Value | 16642765 | 2037368 |
|  International Stock | 5186225 | 347860 |

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The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL** 

**(unaudited)** 

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 15-16, 2022, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of each of the following funds (each a "Fund" and collectively the "Funds"):

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| | |
|:---|:---|
|  Transamerica Balanced II | Transamerica International Small Cap Value |
|  Transamerica Bond | Transamerica International Stock |
|  Transamerica Capital Growth | Transamerica Large Cap Value |
|  Transamerica Emerging Markets Debt | Transamerica Large Core |
|  Transamerica Emerging Markets Opportunities | Transamerica Large Growth |
|  Transamerica Energy Infrastructure | Transamerica Large Value Opportunities |
|  Transamerica Floating Rate | Transamerica Mid Cap Growth |
|  Transamerica Government Money Market | Transamerica Mid Cap Value Opportunities |
|  Transamerica High Quality Bond | Transamerica Multi-Asset Income |
|  Transamerica High Yield Bond | Transamerica Multi-Managed Balanced |
|  Transamerica High Yield ESG | Transamerica Short-Term Bond |
|  Transamerica High Yield Muni | Transamerica Small Cap Growth |
|  Transamerica Inflation Opportunities | Transamerica Small Cap Value |
|  Transamerica Inflation-Protected Securities | Transamerica Small/Mid Cap Value |
|  Transamerica Intermediate Bond | Transamerica Sustainable Bond |
|  Transamerica Intermediate Muni | Transamerica Sustainable Equity Income |
|  Transamerica International Equity | Transamerica Unconstrained Bond |
|  Transamerica International Focus<br>(formerly, Transamerica International Growth) | Transamerica US Growth |

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For the Funds listed in the left column below, 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") between TAM and the corresponding sub-advisers listed in the right column below (each a "Sub-Adviser" and collectively the "Sub-Advisers").

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| | |
|:---|:---|
| **Fund** | **Sub-Adviser(s)** |
|  Transamerica Balanced II | Aegon USA Investment Management, LLC<br> J.P. Morgan Investment Management Inc. |
|  Transamerica Bond | Aegon USA Investment Management, LLC |
|  Transamerica Capital Growth | Morgan Stanley Investment Management Inc. |
|  Transamerica Emerging Markets Debt | MetLife Investment Management, LLC |
|  Transamerica Emerging Markets Opportunities | Wellington Management Company LLP |
|  Transamerica Energy Infrastructure | Kayne Anderson Capital Advisors, L.P. |
|  Transamerica Floating Rate | Aegon USA Investment Management, LLC |
|  Transamerica Government Money Market | BlackRock Investment Management, LLC |
|  Transamerica High Quality Bond | Merganser Capital Management, LLC |
|  Transamerica High Yield Bond | Aegon USA Investment Management, LLC |
|  Transamerica High Yield ESG | Aegon USA Investment Management, LLC |
|  Transamerica High Yield Muni | Belle Haven Investments, L.P. |
|  Transamerica Inflation Opportunities | PineBridge Investments LLC |
|  Transamerica Inflation-Protected Securities | PineBridge Investments LLC |
|  Transamerica Intermediate Bond | Aegon USA Investment Management, LLC |
|  Transamerica Intermediate Muni | Belle Haven Investments, L.P. |
|  Transamerica International Equity | Thompson, Siegel & Walmsley LLC |
|  Transamerica International Focus<br>(formerly, Transamerica International Growth) | Epoch Investment Partners, Inc.<br>(formerly, TDAM USA Inc.) |
|  Transamerica International Small Cap Value | Thompson, Siegel & Walmsley LLC |
|  Transamerica International Stock | ClariVest Asset Management LLC |
|  Transamerica Large Cap Value | Rothschild & Co Asset Management US Inc. |
|  Transamerica Large Core | PineBridge Investments LLC |
|  Transamerica Large Growth | Morgan Stanley Investment Management Inc.<br> Wellington Management Company LLP |
|  Transamerica Large Value Opportunities | PineBridge Investments LLC |
|  Transamerica Mid Cap Growth | Wellington Management Company LLP |
|  Transamerica Mid Cap Value Opportunities | Thompson, Siegel & Walmsley LLC |
|  Transamerica Multi-Asset Income | Thompson, Siegel & Walmsley LLC |

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

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| | |
|:---|:---|
| **Fund** | **Sub-Adviser(s)** |
|  Transamerica Multi-Managed Balanced | Aegon USA Investment Management, LLC<br> J.P. Morgan Investment Management Inc. |
|  Transamerica Short-Term Bond | Aegon USA Investment Management, LLC |
|  Transamerica Small Cap Growth | Ranger Investment Management, L.P. |
|  Transamerica Small Cap Value | Peregrine Capital Management, LLC |
|  Transamerica Small/Mid Cap Value | Systematic Financial Management L.P.<br> Thompson, Siegel & Walmsley LLC |
|  Transamerica Sustainable Bond | Aegon USA Investment Management, LLC |
|  Transamerica Sustainable Equity Income | Aegon Asset Management UK plc |
|  Transamerica Unconstrained Bond | PineBridge Investments LLC |
|  Transamerica US Growth | Wellington Management Company LLP |

---

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 applicable Fund and its shareholders. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2023.

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 each 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 fee, expense, and 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. In their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups 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 applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each 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 applicable 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 each 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 each 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 Funds; 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 Funds; 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 Funds' prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM's investment management services

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, 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, as applicable, of each 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(s), in each case for various trailing periods ended December 31, 2021. 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 applicable 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 performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares, Class R Shares, Class R4 Shares or Class I2 Shares, where such class is offered and in that order of preference. In describing a 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 a 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 each 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.

*Transamerica Balanced II*. The Board noted that the performance of Class R Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund's fixed income sub-adviser, Aegon USA Investment Management, LLC ("AUIM"), had commenced sub-advising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on September 15, 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 Balanced, effective as of that date in place of its own historical performance record.

*Transamerica Bond.* 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-, 5- and 10-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods.

*Transamerica Capital Growth.* 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-, 5- and 10-year periods 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 its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

*Transamerica Emerging Markets Debt.* 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, in line with the median for the past 3- and 5-year periods 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 its composite benchmark for the past 3- and 10-year periods and below its composite benchmark for the past 1- and 5-year periods.

*Transamerica Emerging Markets Opportunities.* The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe but below its benchmark, each for the past 1-year period.

*Transamerica Energy Infrastructure.* 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 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 below its primary benchmark for the past 1-, 3- and 5-year periods.

*Transamerica Floating Rate.* 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 5-year period and below the median for the past 1-and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

*Transamerica Government Money Market.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on November 1, 2018 pursuant to its current investment strategies. The Board also noted that the Fund converted from a "prime" to a "government" money market fund as of May 1, 2016. The Board further noted the relatively close spread in performance among the money market funds in the peer universe over certain periods.

*Transamerica High Quality Bond.* The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. 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 High Quality Bond, effective as of that date in place of its own historical performance record.

*Transamerica High Yield Bond.* 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-, 5-, and 10-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods.

*Transamerica High Yield ESG.* The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and its benchmark, each for the past 1-year period.

*Transamerica High Yield Muni.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at Belle Haven Investments, L.P. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

*Transamerica Inflation Opportunities.* 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 3- and 5-year periods and 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 its benchmark for the 1-year period and below its benchmark for the past 3- and 5-year periods.

*Transamerica Inflation-Protected Securities.* The Board noted that the performance of Class R4 Shares of the Fund was in line with the median for its peer universe for the past 3-, 5- and 10-year periods and below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was below its benchmark 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 June 29, 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 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 Inflation-Protected Securities, effective as of that date in place of its own historical performance record.

*Transamerica Intermediate Bond.* The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1- and 3-year periods.

*Transamerica Intermediate Muni.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and above its benchmark, each for the past 1-, 3- and 5-year periods. The Trustees also noted recent changes in the portfolio management team at Belle Haven Investments, L.P. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

*Transamerica International Equity.* 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 above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods.

*Transamerica International Focus (formerly, Transamerica International Growth).* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1-year period. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on March 1, 2018 pursuant to its current investment strategies.

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*Transamerica International Small Cap Value.* 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 and in line with 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 its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods.

*Transamerica International Stock.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-year period.

*Transamerica Large Cap Value.* 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, in line with the median for the past 10-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 its benchmark for the past 1- and 10-year periods and below its benchmark for the past 3- and 5-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.

*Transamerica Large Core.* The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 1-year period, in line with the median for its peer universe for the past 10-year period, and below the median for its peer universe for the past 3- and 5-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on 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.

*Transamerica Large Growth.* The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. 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.

*Transamerica Large Value Opportunities.* The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 1-year period, in line with the median for its peer universe for the past 10-year period and below the median for its peer universe for the past 3- and 5- year periods. The Board also noted that the performance of Class R4 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on September 1, 2018 pursuant to its current investment objective and investment strategies and used a different benchmark. 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.

*Transamerica Mid Cap Growth.* The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund's 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.

*Transamerica Mid Cap Value Opportunities.* 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 5-year period and below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class I Shares of the Fund was below its 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 2022.

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*Transamerica Multi-Asset Income.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe but below its composite benchmark, each for the past 1-, 3- and 5-year periods.

*Transamerica Multi-Managed Balanced.* 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 its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund's fixed income sub-adviser, AUIM, had commenced sub-advising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies.

*Transamerica Short-Term Bond.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 10-year periods and in line with 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 its benchmark for the past 1-, 3-, 5- and 10-year periods.

*Transamerica Small Cap Growth.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5-year period. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods.

*Transamerica Small Cap Value.* The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1- and 3-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on November 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 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.

*Transamerica Small/Mid Cap Value.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5- and 10-year periods, in line with the median for its peer universe for the past 3-year period, and 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 its benchmark for the past 5- and 10-year periods and below its benchmark for the past 1- and 3-year periods. 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 pursuant to the Fund's current investment strategies on December 5, 2016.

*Transamerica Sustainable Bond.* The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and above its benchmark, each for the past 1-year period.

*Transamerica Sustainable Equity Income.* The Board noted that the performance of Class I Shares of the Fund was below the median for its peer universe and below its benchmark, each for the past 1-, 3- and 5-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.

*Transamerica Unconstrained Bond.* The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and its benchmark, each for the past 1-, 3- and 5-year periods.

*Transamerica US Growth.* 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 below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund's sub-adviser had commenced using its current investment objective and investment strategies on July 1, 2014.

**Management and Sub-Advisory Fees and Total Expense Ratios** 

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each 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 management fees and total expense ratios 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, Class R Shares, Class R4 Shares or Class I2 Shares, where such class is offered and in that order of preference. In describing a 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 a Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it

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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 a 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.

*Transamerica Balanced II.* 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.

*Transamerica Bond.* 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 below 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.

*Transamerica Capital Growth.* 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 in line with the median for its peer group and below 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.

*Transamerica Emerging Markets Debt.* 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 below 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.

*Transamerica Emerging Markets Opportunities.* The Board noted that the Fund's contractual management fee and 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.

*Transamerica Energy Infrastructure.* The Board noted that the Fund's contractual management fee was in line with the median for its peer group and above 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.

*Transamerica Floating Rate.* 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.

*Transamerica Government Money Market.* 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 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.

*Transamerica High Quality Bond.* 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 R4 Shares of the Fund were below the median for its peer group and above 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.

*Transamerica High Yield Bond.* The Board noted that the Fund's contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (*i.e.*, expenses reflecting any waivers and/or

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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.

*Transamerica High Yield ESG.* The Board noted that the Fund's contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (*i.e.*, expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the 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.

*Transamerica High Yield Muni.* 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.

*Transamerica Inflation Opportunities.* The Board noted that the Fund's contractual management fee was above 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.

*Transamerica Inflation-Protected Securities.* 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 R4 Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees and TAM agreed upon an additional breakpoint to the Fund's management fee schedule. 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.

*Transamerica Intermediate Bond.* 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 I2 Shares of the Fund were above the median for its peer group and below 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.

*Transamerica Intermediate Muni.* 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.

*Transamerica International Equity.* 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 10, 2021.

*Transamerica International Focus (formerly, Transamerica International Growth).* 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 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.

*Transamerica International Small Cap Value.* 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 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.

*Transamerica International Stock.* 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

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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.

*Transamerica Large Cap Value.* 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.

*Transamerica Large Core.* 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 R4 Shares of the Fund were below 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.

*Transamerica Large Growth.* The Board noted that the Fund's contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (*i.e.*, expenses reflecting any waivers and/or reimbursements) of Class R4 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.

*Transamerica Large Value Opportunities.* 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 R4 Shares of the Fund were below 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.

*Transamerica Mid Cap Growth.* 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.

*Transamerica Mid Cap Value Opportunities.* The Board noted that the Fund's contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (*i.e.*, expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were 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.

*Transamerica Multi-Asset Income.* The Board noted that the Fund's contractual management fee and 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.

*Transamerica Multi-Managed Balanced.* The Board noted that the Fund's contractual management fee 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.

*Transamerica Short-Term Bond.* 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 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.

*Transamerica Small Cap Growth.* 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.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

*Transamerica Small Cap Value.* 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 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.

*Transamerica Small/Mid Cap Value.* The Board noted that the Fund's contractual management fee was above 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 and TAM agreed upon a reduction to the Fund's management fee schedule. 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.

*Transamerica Sustainable Bond.* The Board noted that the Fund's contractual management fee and 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.

*Transamerica Sustainable Equity Income.* 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 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.

*Transamerica Unconstrained Bond.* 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.

*Transamerica US Growth.* The Board noted that the Fund's contractual management fee and 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-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 each 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 each 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 Funds 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 each 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 (with the exception of those fees paid to AUIM and Aegon Asset Management UK plc ("AAM"), which are affiliated with TAM), and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AUIM or AAM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AUIM and AAM, the Board noted that information about AUIM's and AAM's revenues and expenses, as applicable, was incorporated into the profitability analysis for TAM and its affiliates with respect to such Fund. As a result, the Board focused on profitability information for TAM and its affiliates and AUIM and AAM, as applicable, in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

**Economies of Scale** 

The Board considered economies of scale with respect to the management of each 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 Funds benefited from any economies of scale. The Board recognized that, as a 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 each Fund's management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds 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 applicable Fund's management fee schedule. The Board considered that certain Funds' sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that each 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 fees 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 Funds** 

The Board considered other benefits derived by TAM, its affiliates and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions ("soft dollars") as a result of its relationships with the Funds ****and that TAM believes the use of soft dollars by ClariVest Asset Management LLC, J.P. Morgan Investment Management Inc., Kayne Anderson Capital Advisors, L.P., Morgan Stanley Investment Management Inc., Peregrine Capital Management, LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Rothschild & Co Asset Management US Inc., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP is generally appropriate and in the best interests of the applicable Funds. The Board also noted that ClariVest Asset Management LLC, J.P. Morgan Investment Management Inc., Kayne Anderson Capital Advisors, L.P., Peregrine Capital Management, LLC, PineBridge Investments LLC, Ranger Investment Management, L.P., Rothschild & Co Asset Management US Inc., Systematic Financial Management L.P., Thompson, Siegel & Walmsley LLC and Wellington Management Company LLP participate in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a 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 each Fund in a professional manner that is consistent with the best interests of the Fund and its 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 Funds.

**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 applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

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**TRANSAMERICA INTERNATIONAL EQUITY** 

**TRANSAMERICA INTERNATIONAL SMALL CAP VALUE** 

**TRANSAMERICA MID CAP VALUE OPPORTUNITIES** 

**TRANSAMERICA MULTI-ASSET INCOME** 

**TRANSAMERICA SMALL/MID CAP VALUE** 

**APPROVAL OF SUB-ADVISORY AGREEMENTS** 

**(unaudited)** 

On August 25, 2022, Pendal Group Limited ("Pendal"), the parent company of Thompson, Siegel & Walmsley LLC ("TSW"), agreed to enter into a transaction with Perpetual Limited ("Perpetual") for the acquisition of 100% of Pendal's business (the "Transaction"). The Transaction constituted an "assignment," within the meaning of the Investment Company Act of 1940, of the sub-advisory agreements between Transamerica Asset Management, Inc. ("TAM") and TSW, resulting in their automatic termination.

In anticipation of the closing of the Transaction, the Board of Trustees of Transamerica Funds (the "Board" or "Board Members"), at a meeting held on September 21-22, 2022, considered the continued retention of TSW as sub-adviser to Transamerica International Equity, Transamerica International Small Cap Value, Transamerica Mid Cap Value Opportunities, Transamerica Multi-Asset Income and Transamerica Small/Mid Cap Value (each a "Fund" and collectively, the "Funds"). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreements between TAM and TSW, with respect to the Funds (the "New Sub-Advisory Agreements"), were reasonable, and approval of each New Sub-Advisory Agreement was in the best interests of the applicable Fund and the shareholders invested in such Fund. The Board Members, including the independent members of the Board (the "Independent Board Members"), unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the Transaction.

The Board Members reviewed and considered whether the terms of the proposed sub-advisory agreement were reasonable and in the best interests of the Funds and their investors. To assist the Board Members in their consideration of the New Sub-Advisory Agreements, the Board Members had requested and received from TAM and TSW certain materials and information in advance of the meeting. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members' deliberations.

Among other matters, the Board Members considered:

(a) that the Transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided to the Funds and their investors, including compliance services;

(b) that TSW does not anticipate any restructuring of TSW's management and operations following the Transaction, and that TSW will continue to have investment and operational autonomy;

(c) that TSW will continue to have the capabilities, resources and personnel necessary to provide services to the Funds based on an assessment of TSW, its investment personnel, and the services TSW currently provides to the Funds; and

(d) that the New Sub-Advisory Agreements will not result in any change in the rate of sub-advisory fees payable by TAM to TSW.

In approving the New Sub-Advisory Agreements, the Board Members also relied, as to TSW's services, fees, profitability and fallout benefits, on their prior deliberations in approving the renewal of the existing sub-advisory agreements at the Board meeting held on June 15-16, 2022, as supplemented by the new information concerning the Transaction.

In their deliberations, the Board Members 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. The Board Members based their decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of each New Sub-Advisory Agreement is in the best interests of the applicable Fund and its investors and unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the Transaction.

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**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

**(unaudited)** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund's assets by the investment manager and its respective sub-adviser.

The Funds are among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of 111 funds as of the date of this shareholder report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their age, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of<br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen <br>by Board <br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(49) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present);<br>Chairman of the Board, President and Chief Executive Officer, TET (2017 – present);<br>Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio ("TPP"), Transamerica Partners Funds Group ("TPFG") and Transamerica Partners Funds Group II ("TPFG II") (2014 – 2018);<br>Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. ("TAM") and Transamerica Fund Services, Inc. ("TFS") (2014 – present);<br>Senior Vice President, Transamerica Retirement Solutions LLC (2012 – 2020); Trust Officer, Massachusetts Fidelity Trust Company (2014 – 2021); | 111 | Director,<br>Massachusetts<br>Fidelity Trust<br>Company<br> (2014 – 2021); <br> Director, Aegon<br>Global Funds<br>(2016 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of<br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen <br>by Board <br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(continued) |  |  | <br> President, Investment Solutions,<br> Transamerica Investments & Retirement (2014 – 2016);<br>Vice President, Transamerica Life Insurance Company (2010 – 2016);<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);<br>Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016);<br>Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016)<br>and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016). |  |  |
| &nbsp;&nbsp;&nbsp;Alan F. Warrick <br>(74) | Board Member | Since 2012 | Board Member, TF, TST and TAAVF (2012 – present);<br>Board Member, TPP, TPFG and TPFG II (2012 – 2018);<br>Senior Advisor, Lovell Minnick Equity Partners (2010 – present); <br>and Retired (2010). | 111 | N/A |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp;Sandra N. Bane <br>(70) | Board Member | Since 2008 | Retired (1999 – present);<br>Board Member, TF, TST and TAAVF (2008 – present);<br>Board Member, TPP, TPFG and TPFG II (2008 – 2018); and<br>Partner, KPMG (1975 – 1999). | 111 | Big 5 Sporting<br>Goods<br> (2002 – 2021); <br> Southern<br>Company Gas<br>(energy services<br>holding<br>company)<br>(2008 – present) |
| &nbsp;&nbsp;&nbsp;Leo J. Hill <br>(66) | Lead Independent Board Member | Since 2002 | Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);<br>Board Member, TST (2001 – present);<br>Board Member, TF (2002 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018); | 111 | Ameris Bancorp<br> (2013 – present); <br> Ameris Bank<br>(2013 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of<br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen <br>by Board <br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Leo J. Hill <br>(continued) |  |  | <br> Market President, Nations Bank of Sun Coast Florida (1998 – 1999);<br>Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida<br>(1994 – 1998);<br>Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida<br>(1991 – 1994);<br>and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia<br>(1976 – 1991). |  |  |
| &nbsp;&nbsp;&nbsp;Kathleen T. Ives <br>(57) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Retired (2019 – present);<br>Senior Vice President & Director of Internal Audit (2011 – 2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc. | 111 | Junior<br> AchievementRocky Mountain<br> (non-profit<br>organization)<br>(2013 – present);<br>Institute of<br>Internal<br> Auditors, Denver<br> Chapter (audit<br> organization)<br>(2017 – 2021). |
| &nbsp;&nbsp;&nbsp;Lauriann C. Kloppenburg <br>(62) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Director, Adams Funds (investment<br> companies) (2017 – present);<br>Investment Committee Member, 1911 Office, LLC (family office) (2017 – Present);<br>Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present);<br>Executive in Residence, Bentley University (2015 – 2017);<br>Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P. | 111 | Trustees of<br>Donations to the<br>Protestant<br>Episcopal<br>Church<br>(non-profit organization)<br>(2010 – present);<br>Forte<br>Foundation<br> (non-profit<br>organization)<br>(2016 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of<br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen <br>by Board <br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Fredric A. Nelson III <br>(65) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Chief Investment Officer ("CIO"),<br> Commonfund (2011 – 2015);<br>Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009);<br>Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003);<br>and Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management<br>(1981 – 1994). | 111 | N/A |
| &nbsp;&nbsp;&nbsp;John E. Pelletier <br>(58) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Director, Center for Financial Literacy, Champlain College<br>(2010 – present);<br>Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);<br>Chairman, Vermont Universal Children's Higher Education Savings Account Program Advisory Committee (2015 – 2021);<br>Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm)<br>(2009 – 2017);<br>Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017);<br>Chief Legal Officer, Eaton Vance Corp. (2007 – 2008);<br>and Executive Vice President and Chief Operating Officer<br>(2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates. | 111 | N/A |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with <br>Trust** | **Term of<br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen <br>by Board <br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years** |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Patricia L. Sawyer <br>(72) | Board Member | Since 2007 | Retired (2007 – present);<br>President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007);<br>Board Member, TF and TST<br>(2007 – present);<br>Board Member, TAAVF<br>(1993 – present);<br>Board Member, TPP, TPFG and TPFG II (1993 – 2018);<br>and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University. | 111 | Honorary<br> Trustee,Bryant University<br>(1996 – present) |
| &nbsp;&nbsp;&nbsp;John W. Waechter <br>(70) | Board Member | Since 2005 | Partner, Englander Fischer<br>(2016 – present) (law firm);<br>Attorney, Englander Fischer<br>(2008 – 2015);<br>Retired (2004 – 2008);<br>Board Member, TST<br>(2004 – present);<br>Board Member, TF<br>(2005 – present);<br>Board Member, TAAVF<br>(2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief<br>Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004);<br>and Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting). | 111 | Board Member,<br> Operation PAR,<br>Inc.<br> (non-profit<br>organization)<br>(2008 – present);<br>Board Member,<br>Boley PAR, Inc.<br>(non-profit<br> organization)<br>(2016 – present)<br>Board Member,<br> Remember<br>Honor<br> Support, Inc.<br>(non-profit<br>organization)<br>(2013 – 2020);<br>Board Member,<br>WRH Income<br>Properties, Inc.<br>and WRH<br>Properties, Inc.<br>(real estate)<br>(2014 – present) |

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\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**OFFICERS** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their age, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(49) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp;&nbsp;Christopher A. Staples, CFA <br>(52) | Vice President and Chief<br> Investment Officer, Advisory Services | Since 2005 | Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present);<br>Vice President and Chief Investment Officer, TET (2017 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018);<br>Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM;<br>Director, TFS (2005 – 2019);<br>Trust Officer, Massachusetts Fidelity Trust Company (2010 – present);<br>Registered Representative (2007 – 2016), Transamerica Capital, Inc. ("TCI");<br>and Registered Representative, TFA (2005 – present). |
| &nbsp;&nbsp;&nbsp;Thomas R. Wald, CFA <br>(62) | Vice President and Chief<br> Investment Officer | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present);<br>Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018);<br>Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión;<br>Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020);<br>Senior Vice President and Chief Investment Officer, TAM (2014 – present);<br>Director, TFS (2019 – present); and<br>Trust Officer, Massachusetts Fidelity Trust Company (2015 – present). |
| &nbsp;&nbsp;&nbsp;Joshua Durham <br>(49) | Vice President and Chief<br> Operating Officer | Since 2022 | Vice President and Chief Operating Officer, TF, TST and TAAVF (2022 – present);<br>Director, Senior Vice President, and Chief Operating Officer TAM and TFS (2022 – present); |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Joshua Durham <br>*(continued)* |  |  | Vice President, TAG Resources, LLC<br>(2022 – present);<br>Vice President, Transamerica Retirement Solutions, LLC (2017 – present);<br>Vice President, Transamerica Casualty Insurance Company (2016 – 2022);<br>Vice President (2004 – 2007 and 2012 – 2022), Responsible Officer (2017 – 2022), Transamerica Financial Life Insurance Company;<br>Vice President (2004 – 2007 and 2010 – 2022), Responsible Officer (2016 – 2022) Transamerica Life Insurance Company;<br>Chief Administrative Officer (2014 – 2016) and Senior Vice President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2020);<br>and Vice President, Transamerica Advisors Life Insurance Company (2016 – 2019). |
| &nbsp;&nbsp;&nbsp;Vincent J. Toner <br>(52) | Vice President and Treasurer | Since 2014 | Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET;<br>Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018);<br>Vice President (2016 – present), Treasurer<br>(2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM;<br>Vice President, Administration and Treasurer<br>(2014 – 2019), Senior Vice President (2019 – present), TFS;<br>Vice President (2016 – present), TCI;<br>and Trust Officer (2015 – present), Massachusetts Fidelity Trust Company. |
| &nbsp;&nbsp;&nbsp;Francine J. Rosenberger <br>(55) | Chief Compliance Officer | Since 2019 | Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present);<br>Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br>Chief Compliance Officer (2019 – present), TAM;<br>and General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019). |
| &nbsp;&nbsp;&nbsp;Molly Possehl <br>(44) | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present);<br>Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present);<br>and Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present). |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Dennis P. Gallagher <br>(51) | Chief Legal Officer and<br> Secretary | Since 2021; <br>2006 – 2014 | Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – present and 2006 – 2014); Assistant Secretary, TF, TST, TET and TAAVF (2019);<br>Associate General Counsel, TAM, Mutual Funds and Latin American Operations (2017 – 2021);<br>Associate General Counsel, Chief Legal Officer, Latin American Operations and International Funds (2014 – 2017);<br>Chairman of the Board, Aegon Global Funds (2013 – present);<br>Director, Mongeral Aegon Seguros e Previdencia SA (2017 – present);<br>Vice President, General Counsel and Secretary, TPP, TPFG and TPFG II (2007 – 2014);<br>Assistant Vice President, TCI (2007 – 2014);<br>Chief Legal Officer and Assistant Secretary, TAM (2022 – present); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – 2014);<br>and Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – 2014). |
| &nbsp;&nbsp;&nbsp;Timothy Bresnahan <br>(53) | Assistant Secretary | Since 2020 | Assistant Secretary, TF, TST and TAAVF (2020 – present);<br>Chief Legal Officer, Secretary (2021 – present), Assistant Secretary (2019 – 2021), Secretary (2019), TET;<br>and Senior Counsel, TAM (2008 – present). |

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\* Elected and serves at the pleasure of the Board of the Trust.

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**TRANSAMERICA HIGH QUALITY BOND** 

**RESULTS OF SHAREHOLDER MEETING** 

**(unaudited)** 

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled "Reports to Stockholders of Management Companies," requires regulated investment companies to report on all subject matters put to the vote of shareholders and to provide final results. Accordingly, the Board of Trustees of the Fund solicited a vote by the shareholders for the following item:

A special meeting of shareholders of Transamerica High Quality Bond was held on November 11, 2022. The results of Proposal 1 were as follows:

To approve an Agreement and Plan of Reoganization, providing for (i) the acquisition of all of the assets of Transamerica High Quality Bond by Transamerica Short-Term Bond, in exchange for shares of Transamerica Short-Term Bond to be distributed to the shareholders of Transamerica High Quality Bond, and the assumption of all of the liabilities of Transamerica High Quality Bond by Transamerica Short-Term Bond; and (ii) the liquidation of Transamerica High Quality Bond.

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| | |
|:---|:---|
| **Proposal** | **Number of Shares** |
| For | 11509004.983 |
| Against | 24384.333 |
| Withheld | 82813.904 |

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**PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS** 

**(unaudited)** 

A description of the Transamerica Funds' proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at <u>https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf</u> and (2) on the SEC's website at <u>http://www.sec.gov</u>.

Each fiscal quarter, the Funds, except Government Money Market, will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

On a monthly basis, Government Money Market will file with the SEC portfolio holdings information on Form N-MFP2. A complete schedule of portfolio holdings is also available at <u>www.tranasmercia.com</u>.

You may also visit the Trust's website at <u>www.transamerica.com</u> for this and other information about the Funds and the Trust.

**Important Notice Regarding Delivery of Shareholder Documents** 

Every year we provide shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. ***We will continue to do this unless you tell us not to.*** To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

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**NOTICE OF PRIVACY POLICY** 

**(unaudited)** 

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use "nonpublic personal information" in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

**What Information We Collect and From Whom We Collect It** 

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you, such as on applications or other forms, which may include your name, address, and account
number;

• Information about your transactions with us, our affiliates, or non-affiliated third
parties, such as your account balance and purchase/redemption history; and

• Information we receive from consumer reporting agencies.

**What Information We Disclose and To Whom We Disclose It** 

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to non-affiliated companies that perform services on our behalf and to financial institutions with which we have joint marketing agreements.

We require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

**Our Security Procedures** 

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies to assist in providing products or services to you and as otherwise permitted by law. We maintain physical, technical, and procedural safeguards designed to protect your nonpublic personal information and to safeguard the disposal of such information.

**Contact Us** 

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

*Note:* This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

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**Page 527** 

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Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g404440g76j19.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, Inc., Member of FINRA

2558035 10/22© 2022 Transamerica Capital, Inc.

![LOGO](g404440g95y56.jpg)

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## TRANSAMERICA FUNDS

## ANNUAL REPORT

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**OCTOBER 31, 2022** 

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![LOGO](g404143g14y52.jpg)

Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g404143g95y56.jpg)

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**Table of Contents** 

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| | |
|:---|:---|
|  **[Shareholder Letter](#toc404143_1)** | 1 |
|  **[Disclosure of Expenses](#toc404143_2)** | 2 |
|  **[Manager Commentary and Schedule of Investments](#toc404143_3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica Mid Cap Value](#toc404143_4) | 3 |
|  **[Statement of Assets and Liabilities](#toc404143_5)** | 8 |
|  **[Statement of Operations](#toc404143_6)** | 8 |
|  **[Statement of Changes in Net Assets](#toc404143_7)** | 9 |
|  **[Financial Highlights](#toc404143_8)** | 9 |
|  **[Notes to Financial Statements](#toc404143_9)** | 10 |
|  **[Report of Independent Registered Public Accounting Firm](#toc404143_10)** | 18 |
|  **[Supplemental Information](#toc404143_11)** | 19 |
|  **[Approval of Management and Sub-Advisory Agreements](#toc404143_12)** | 20 |
|  **[Management of the Trust](#toc404143_13)** | 23 |
|  **[Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings](#toc404143_14)** | 31 |
|  **[Notice of Privacy Policy](#toc404143_15)** | 32 |

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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.***

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Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission requires that annual and semi-annual reports be made available to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2022.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began in November of 2021, U.S. stocks, as represented by the S&P 500<sup>®</sup> Index, were approaching record highs as corporate earnings continued to be strong and interest rates remained at historically low levels due to the U.S. Federal Reserve ("Fed") maintaining accommodative monetary policy. While inflation was rising to multi-decade highs, there was still a sense it could be transitory in nature based on global supply chain challenges easing in a post-pandemic environment.

As the calendar turned to 2022, more serious market concerns emerged led by a recognition that the persistent rise of inflation would not be temporary and Fed policy would need to catch up quickly in the form of higher interest rates. This was exacerbated by Russia's invasion of Ukraine in February and the human tragedy of war, which triggered economic concerns in Eastern Europe and across the globe, such as food and energy shortages, global inflation and recession. In March, the Fed raised rates for the first time in more than two years, and with inflation continuing to rise, it was apparent that a full-fledged tightening cycle was at hand, soon leading to materially higher interest rates.

As the Consumer Price Index reached 9% in June, it became clear the Fed would need to be more aggressive in its efforts to curtail inflation and that the risk of recession had become a very real probability. This was augmented by the U.S. economy experiencing two consecutive quarters of negative Gross Domestic Product growth by mid-year. However, due mostly to strong employment trends the National Bureau of Economic Research did not declare the U.S. economy to be in recession. Nonetheless, stock prices continued to fall precipitously, U.S. Treasury bond rates rose as the Fed increased the pace of its rate hikes, and credit spreads widened considerably increasing corporate bond yields.

By the end of September, the S&P 500<sup>®</sup> Index had fallen solidly into bear market territory (a decline of 20%), the 10-year U.S. Treasury bond yield had increased more than 2% since the start of the year to 3.83%, and corporate bonds were yielding more than double their rates of a year earlier. Corporate earnings growth continued to slow throughout the remainder of the period.

For the one-year period ended October 31, 2022, the S&P 500<sup>®</sup> Index returned -14.61% while the MSCI EAFE Index, representing international developed market equities, returned -22.62%. During the same period, the Bloomberg US Aggregate Bond Index returned -15.68%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market's history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

![LOGO](g404143g35n89.jpg)

**Marijn Smit** 

**President & Chief Executive Officer** 

**Transamerica Funds**![LOGO](g404143g03a96.jpg)

**Tom Wald, CFA** 

**Chief Investment Officer** 

**Transamerica Funds** 

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.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500<sup>®</sup> Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

*The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds.* 

*Investing involves risk, including potential loss of principal. The past performance data presented represents past performance and does not guarantee future performance or results. Indexes are unmanaged and it is not possible to invest directly in an index.* 

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**Disclosure of Expenses** 

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**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Fund shareholders may incur two types of costs: (i) transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and (ii) ongoing costs, including management fees, and other fund expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at May 1, 2022, and held for the entire six-month period until October 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>&nbsp;&nbsp;&nbsp;**Beginning<br>Account Value<br>May 1, 2022** | **Ending Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup><br>May 1, 2022 -<br>October 31, 2022** | **Ending Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup><br>May 1, 2022 -<br>October 31, 2022** | <br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
| $1000.00 | $959.50 | $4.79 | $1020.30 | $4.94 | 0.97% |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Fund's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.*

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**Transamerica Mid Cap Value** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The first quarter of the fiscal year ended October 31, 2022, was trying for equity markets. The U.S. Federal Reserve ("Fed") rate hikes and geopolitical developments drove market concerns around economic conditions. Rising oil and gas prices aided the energy sector to significantly outperform the rest of the market. As a result of the Russia-Ukraine war, rising manufacturing prices heightened concerns over inflation and consumer spending. Settling the dispute between curbing inflation and supporting growth, the Fed initiated the first rate hike since 2018. In addition, while the world was recuperating from the COVID-19 pandemic, news of fresh rounds of infections in Southeast Asia and the U.K. emerged.

The second calendar quarter of the year saw broader equity markets, as measured by the S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>"), continue to selloff as markets grappled with high inflation levels, continued supply chain constraints, fast-paced tightening liquidity and by the end of the quarter, recessionary risks. The S&P 500<sup>®</sup>'s biggest monthly fall in two years was brought on by news of the economy shrinking in April. Some respite was found in May, as markets briefly rebounded in the wake of much anticipated Fed action on rate hikes and general optimism surrounding corporate output. However, with the tide turning from record stimulus to fiscal drag, corporate profits grew at a slower pace in June when faced with additional headwinds like rising wage costs and slowing nominal sales growth. Consumer spending in areas of recreation and travel were one of the only bright spots in the quarter's gloomy market environment.

Broader equity markets ended the third calendar quarter of 2022 with the S&P 500<sup>®</sup> down -4.88%, the third consecutive quarter of declines for the index for the first time since 2009. July marked the only month the index posted gains, which were erased in August and September. While inflation showed little signs of cooling, the third quarter saw two of the three consecutive 75 basis points rate hikes which took place in July and September. By the end of the quarter, U.S. equities found little relief as further deterioration in multiples and declining earnings expectations led to negative returns.

The U.S. equity markets bounced back in October after a turbulent August & September. While September's Consumer Price Index Inflation print came in higher than expected, markets seemingly shrugged it off. A strong labor market remained a bright spot, with the September jobs report indicating unemployment rates remained low. Finally, third quarter earnings were mixed, with several beats but lackluster results from large technology companies.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica Mid Cap Value (Class I2) returned -6.18%. By comparison, its benchmark, the Russell Midcap<sup>®</sup> Value Index, returned -10.18%.

**STRATEGY REVIEW** 

Transamerica Mid Cap Value outperformed the benchmark, the Russell Midcap<sup>®</sup> Value Index, for the trailing twelve month period ended October 31, 2022. Stock selection in financials and information technology sectors contributed to performance whereas stock selection in energy and communication services sectors detracted from performance.

At a stock specific level, while increased recessionary fears have weighed on financials, we have been able to provide downside protection due to our quality bias. Specifically, M&T Bank Corp., a high quality regional bank, was a top absolute contributor during the fiscal year. Rising interest rates benefitted the bank's net interest margins while both bank and consumer balance sheets have proven to be resilient and better positioned in the face of weakening economic fundamentals. As the period ended, we remained comfortable with the Fund's M&T Bank Corp. weighting, given their impressive balance sheet and best in class management team in our view, with a history of consistent performance during difficult market environments.

Alternatively, stock selection within communication services was disappointing, and Liberty Broadband Corp. was one of the largest detractors from performance. Charter, Liberty Broadband Corp.'s principal holding, has stumbled with declining residential broadband subscribers. While fixed wireless competition looms over the stock multiple, we feel optimistic in Liberty Broadband Corp.'s management team's ability to navigate, as evidenced by their active share buy backs during this bout of volatility. We believe Liberty Broadband Corp.'s valuation remains inexpensive, and the business has evolved from high growth to a steady cash flow generator, which keeps it a strong fit within the Fund's portfolio.

**Lawrence Playford, CFA** 

**Jonathan K.L. Simon** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.5% |
|  Repurchase Agreement | 2.6 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica Mid Cap Value** 

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**(unaudited)**![LOGO](g404143g05i76.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Years or<br>Since Inception** | **Inception Date** |
|  Class I2 (NAV) | (6.18)% | 6.49% | 10.04% | 11/15/2005 |
|  Russell Midcap<sup>®</sup> Value Index <sup>(A)</sup> | (10.18)% | 6.49% | 10.42% |  |

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<sup>(A)</sup> *The 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.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or since inception date of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security's intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.5%** | **COMMON STOCKS - 97.5%** | **COMMON STOCKS - 97.5%** |
| **Airlines - 0.5%** | **Airlines - 0.5%** | **Airlines - 0.5%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 10185 | $370225 |
| **Banks - 9.7%** | **Banks - 9.7%** | **Banks - 9.7%** |
|  Citizens Financial Group, Inc. | 24519 | 1002827 |
|  Fifth Third Bancorp | 31894 | 1138297 |
|  First Citizens BancShares, Inc., Class A | 764 | 628100 |
|  Huntington Bancshares, Inc. | 98102 | 1489188 |
|  M&T Bank Corp. | 9654 | 1625444 |
|  Regions Financial Corp. | 53807 | 1181064 |
|  Zions Bancorp NA | 11516 | 598141 |
|  |  | 7663061 |
| **Beverages - 1.6%** | **Beverages - 1.6%** | **Beverages - 1.6%** |
|  Constellation Brands, Inc., Class A | 2637 | 651550 |
|  Keurig Dr. Pepper, Inc. | 15051 | 584581 |
|  |  | 1236131 |
| **Building Products - 2.1%** | **Building Products - 2.1%** | **Building Products - 2.1%** |
|  Carlisle Cos., Inc. | 3580 | 854904 |
|  Fortune Brands Home & Security, Inc. | 13562 | 818060 |
|  |  | 1672964 |
| **Capital Markets - 6.1%** | **Capital Markets - 6.1%** | **Capital Markets - 6.1%** |
|  Ameriprise Financial, Inc. | 4734 | 1463374 |
|  Northern Trust Corp. | 8725 | 735954 |
|  Raymond James Financial, Inc. | 9970 | 1177856 |
|  State Street Corp. | 11019 | 815406 |
| T. Rowe Price Group, Inc. | 5804 | 616152 |
|  |  | 4808742 |
| **Chemicals - 1.5%** | **Chemicals - 1.5%** | **Chemicals - 1.5%** |
|  Celanese Corp. | 3108 | 298741 |
|  RPM International, Inc. | 9457 | 894349 |
|  |  | 1193090 |
| **Communications Equipment - 1.5%** | **Communications Equipment - 1.5%** | **Communications Equipment - 1.5%** |
|  Motorola Solutions, Inc. | 4623 | 1154409 |
| **Construction Materials - 1.1%** | **Construction Materials - 1.1%** | **Construction Materials - 1.1%** |
|  Martin Marietta Materials, Inc. | 2544 | 854733 |
| **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** | **Consumer Finance - 0.8%** |
|  Discover Financial Services | 5898 | 616105 |
| **Containers & Packaging - 2.3%** | **Containers & Packaging - 2.3%** | **Containers & Packaging - 2.3%** |
|  Ball Corp. | 6375 | 314861 |
|  Packaging Corp. of America | 5730 | 688804 |
|  Silgan Holdings, Inc. | 17756 | 840924 |
|  |  | 1844589 |
| **Distributors - 2.4%** | **Distributors - 2.4%** | **Distributors - 2.4%** |
|  Genuine Parts Co. | 4307 | 766043 |
|  LKQ Corp. | 20067 | 1116528 |
|  |  | 1882571 |
| **Diversified Financial Services - 0.7%** | **Diversified Financial Services - 0.7%** | **Diversified Financial Services - 0.7%** |
|  Voya Financial, Inc. | 7960 | 544146 |
| **Electric Utilities - 3.9%** | **Electric Utilities - 3.9%** | **Electric Utilities - 3.9%** |
|  Edison International | 8786 | 527511 |
|  Entergy Corp. | 10669 | 1143077 |
|  Xcel Energy, Inc. | 21626 | 1408069 |
|  |  | 3078657 |
| **Electrical Equipment - 3.9%** | **Electrical Equipment - 3.9%** | **Electrical Equipment - 3.9%** |
|  Acuity Brands, Inc. | 5492 | 1008166 |
|  AMETEK, Inc. | 6764 | 877020 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
|  Hubbell, Inc. | 4916 | $1167452 |
|  |  | 3052638 |
| **Electronic Equipment, Instruments & Components - 3.9%** | **Electronic Equipment, Instruments & Components - 3.9%** | **Electronic Equipment, Instruments & Components - 3.9%** |
|  Amphenol Corp., Class A | 11006 | 834585 |
|  CDW Corp. | 6122 | 1057943 |
|  Jabil, Inc. | 10344 | 664602 |
|  Teledyne Technologies, Inc. <sup>(A)</sup> | 1280 | 509414 |
|  |  | 3066544 |
| **Equity Real Estate Investment Trusts - 9.6%** | **Equity Real Estate Investment Trusts - 9.6%** | **Equity Real Estate Investment Trusts - 9.6%** |
|  American Homes 4 Rent, Class A | 19301 | 616474 |
|  AvalonBay Communities, Inc. | 3383 | 592431 |
|  Boston Properties, Inc. | 6376 | 463535 |
|  Brixmor Property Group, Inc. | 21485 | 457845 |
|  Essex Property Trust, Inc. | 1502 | 333805 |
|  Federal Realty Investment Trust | 3433 | 339798 |
|  Host Hotels & Resorts, Inc. | 17292 | 326473 |
|  JBG SMITH Properties | 11957 | 235314 |
|  Kimco Realty Corp. | 26227 | 560733 |
|  Mid-America Apartment Communities, Inc. | 2234 | 351743 |
|  Rayonier, Inc. | 21835 | 735840 |
|  Regency Centers Corp. | 5889 | 356343 |
|  Rexford Industrial Realty, Inc. | 6066 | 335329 |
|  Sun Communities, Inc. | 2396 | 323101 |
|  Ventas, Inc. | 6808 | 266397 |
|  Weyerhaeuser Co. | 23368 | 722772 |
|  WP Carey, Inc. <sup>(B)</sup> | 7318 | 558363 |
|  |  | 7576296 |
| **Food & Staples Retailing - 1.4%** | **Food & Staples Retailing - 1.4%** | **Food & Staples Retailing - 1.4%** |
|  Kroger Co. | 11836 | 559724 |
|  US Foods Holding Corp. <sup>(A)</sup> | 18017 | 536186 |
|  |  | 1095910 |
| **Food Products - 0.8%** | **Food Products - 0.8%** | **Food Products - 0.8%** |
|  Post Holdings, Inc. <sup>(A)</sup> | 7321 | 661965 |
| **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** |
|  National Fuel Gas Co. | 9859 | 665384 |
| **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** | **Health Care Equipment & Supplies - 1.5%** |
|  Globus Medical, Inc., Class A <sup>(A)</sup> | 4611 | 308937 |
|  Zimmer Biomet Holdings, Inc. | 7700 | 872795 |
|  |  | 1181732 |
| **Health Care Providers & Services - 5.3%** | **Health Care Providers & Services - 5.3%** | **Health Care Providers & Services - 5.3%** |
|  AmerisourceBergen Corp. | 8257 | 1298166 |
|  Henry Schein, Inc. <sup>(A)</sup> | 14476 | 991027 |
|  Laboratory Corp. of America Holdings | 6132 | 1360445 |
|  Universal Health Services, Inc., Class B | 4629 | 536362 |
|  |  | 4186000 |
| **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** |
|  Darden Restaurants, Inc. | 3912 | 559964 |
|  Expedia Group, Inc. <sup>(A)</sup> | 4217 | 394163 |
|  |  | 954127 |
| **Household Durables - 1.4%** | **Household Durables - 1.4%** | **Household Durables - 1.4%** |
|  Mohawk Industries, Inc. <sup>(A)</sup> | 4941 | 468160 |
|  Newell Brands, Inc. | 45195 | 624143 |
|  |  | 1092303 |
| **Household Products - 0.4%** | **Household Products - 0.4%** | **Household Products - 0.4%** |
|  Energizer Holdings, Inc. <sup>(B)</sup> | 12012 | 347027 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance - 6.4%** | **Insurance - 6.4%** | **Insurance - 6.4%** |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 14157 | $814027 |
|  Globe Life, Inc. | 1996 | 230578 |
|  Hartford Financial Services Group, Inc. | 13349 | 966601 |
|  Lincoln National Corp. | 9517 | 512681 |
|  Loews Corp. | 21707 | 1237733 |
|  RenaissanceRe Holdings Ltd. | 2702 | 417945 |
|  W.R. Berkley Corp. | 11412 | 848825 |
|  |  | 5028390 |
| **Interactive Media & Services - 0.8%** | **Interactive Media & Services - 0.8%** | **Interactive Media & Services - 0.8%** |
|  IAC, Inc. <sup>(A)</sup> | 12353 | 601344 |
| **IT Services - 1.7%** | **IT Services - 1.7%** | **IT Services - 1.7%** |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 3732 | 694600 |
|  GoDaddy, Inc., Class A <sup>(A)</sup> | 7659 | 615783 |
|  |  | 1310383 |
| **Machinery - 6.5%** | **Machinery - 6.5%** | **Machinery - 6.5%** |
|  IDEX Corp. | 3321 | 738292 |
|  ITT, Inc. | 11449 | 874589 |
|  Lincoln Electric Holdings, Inc. | 7165 | 1017430 |
|  Middleby Corp. <sup>(A)</sup> | 6960 | 973426 |
|  Snap-on, Inc. | 4310 | 957035 |
|  Timken Co. | 8153 | 581227 |
|  |  | 5141999 |
| **Media - 1.9%** | **Media - 1.9%** | **Media - 1.9%** |
|  Liberty Broadband Corp., Class C <sup>(A)</sup> | 7763 | 655430 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(A)</sup> | 19791 | 834982 |
|  |  | 1490412 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
|  Freeport-McMoRan, Inc. | 9154 | 290090 |
| **Multi-Utilities - 3.4%** | **Multi-Utilities - 3.4%** | **Multi-Utilities - 3.4%** |
|  CMS Energy Corp. | 20531 | 1171294 |
|  Sempra Energy | 1886 | 284673 |
|  WEC Energy Group, Inc. | 13595 | 1241631 |
|  |  | 2697598 |
| **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** |
|  Kohl's Corp. | 6211 | 186019 |
| **Oil, Gas & Consumable Fuels - 2.8%** | **Oil, Gas & Consumable Fuels - 2.8%** | **Oil, Gas & Consumable Fuels - 2.8%** |
|  Coterra Energy, Inc. | 23666 | 736722 |
|  Diamondback Energy, Inc. | 4819 | 757113 |
|  Williams Cos., Inc. | 21416 | 700946 |
|  |  | 2194781 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Personal Products - 0.3%** | **Personal Products - 0.3%** | **Personal Products - 0.3%** |
|  BellRing Brands, Inc. <sup>(A)</sup> | 9264 | $224374 |
| **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** |
|  Jazz Pharmaceuticals PLC <sup>(A)</sup> | 4410 | 634114 |
| **Real Estate Management & Development - 0.8%** | **Real Estate Management & Development - 0.8%** | **Real Estate Management & Development - 0.8%** |
|  CBRE Group, Inc., Class A <sup>(A)</sup> | 8729 | 619235 |
| **Software - 1.6%** | **Software - 1.6%** | **Software - 1.6%** |
|  NortonLifeLock, Inc. | 27310 | 615294 |
|  Take-Two Interactive Software, Inc. <sup>(A)</sup> | 5443 | 644887 |
|  |  | 1260181 |
| **Specialty Retail - 2.6%** | **Specialty Retail - 2.6%** | **Specialty Retail - 2.6%** |
|  AutoZone, Inc. <sup>(A)</sup> | 451 | 1142329 |
|  Bath & Body Works, Inc. | 11302 | 377260 |
|  Best Buy Co., Inc. | 5358 | 366541 |
|  Gap, Inc. <sup>(B)</sup> | 16196 | 182529 |
|  |  | 2068659 |
| **Textiles, Apparel & Luxury Goods - 2.3%** | **Textiles, Apparel & Luxury Goods - 2.3%** | **Textiles, Apparel & Luxury Goods - 2.3%** |
|  Carter's, Inc. <sup>(B)</sup> | 8489 | 576148 |
|  Ralph Lauren Corp. | 6876 | 637337 |
|  Tapestry, Inc. | 19410 | 614909 |
|  |  | 1828394 |
| **Thrifts & Mortgage Finance - 0.6%** | **Thrifts & Mortgage Finance - 0.6%** | **Thrifts & Mortgage Finance - 0.6%** |
|  MGIC Investment Corp. | 38204 | 521485 |
|  **Total Common Stocks <br>(Cost $50,681,596)** | **Total Common Stocks <br>(Cost $50,681,596)** | 76896807 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $2,057,400 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $2,098,510. | $2057337 | 2057337 |
|  **Total Repurchase Agreement <br>(Cost $2,057,337)** | **Total Repurchase Agreement <br>(Cost $2,057,337)** | 2057337 |
|  **Total Investments <br>(Cost $52,738,933)** | **Total Investments <br>(Cost $52,738,933)** | 78954144 |
|  **Net Other Assets (Liabilities) - (0.1)%** |  | (76947) |
|  **Net Assets - 100.0%** |  | **$78877197** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $76896807 | $— | $— | $76896807 |
|  Repurchase Agreement |  | 2057337 |  | 2057337 |
|  **Total Investments** | $**76896807** | $**2057337** | $**—** | $**78954144** |

---

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

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $1,415,004 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,445,061. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. 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.***

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At October 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $50,681,596)<br>(including securities loaned of $1,415,004) | $76896807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $2,057,337) | 2057337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 13058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 63 |
|  Total assets | 78967424 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 55978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 4204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2157 |
|  Total liabilities | 90227 |
|  **Net assets** | $78877197 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $37045605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 41831592 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;78877197 |
|  **Shares outstanding (unlimited shares, no par value)** | 7731442 |
|  **Net asset value and offering price per share** | $10.20 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended October 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1638858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 8833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 549 |
|  Total investment income | 1648240 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 803452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 24218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 11701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 15112 |
|  Total expenses | 873156 |
|  **Net investment income (loss)** | 775084 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 19223627 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(24657411) |
|  Net realized and change in unrealized gain (loss) | (5433784) |
|  **Net increase (decrease) in net assets resulting from operations** | $(4658700) |

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica Mid Cap Value** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **October 31, 2022** | **October 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $775084 | $649821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19223627 | 18433484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (24657411) | 23405637 |
|  Net increase (decrease) in net assets resulting from operations | (4658700) | 42488942 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (19017343) | (17948661) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (19017343) | (17948661) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 600448 | 1076608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 19017343 | 17948661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (36701992) | (15127915) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (17084201) | 3897354 |
|  **Net increase (decrease) in net assets** | (40760244) | 28437635 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;119637441 | 91199806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $78877197 | $&nbsp;&nbsp;&nbsp;&nbsp;119637441 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 57003 | 87460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 1752751 | 1763130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3266228) | (1267978) |
|  Net increase (decrease) in shares outstanding | (1456474) | 582612 |

---

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.02 | $10.60 | $13.04 | $15.42 | $17.02 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.09 | 0.07 | 0.13 | 0.14 | 0.20 |
|  Net realized and unrealized gain (loss) | (0.77) | 4.44 | (1.36) | 0.85 | (0.17)<sup>(B)</sup> |
|  Total investment operations | (0.68) | 4.51 | (1.23) | 0.99 | 0.03 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.09) | (0.14) | (0.16) | (0.23) | (0.16) |
|  Net realized gains | (2.05) | (1.95) | (1.05) | (3.14) | (1.47) |
|  Total dividends and/or distributions to shareholders | (2.14) | (2.09) | (1.21) | (3.37) | (1.63) |
|  **Net asset value, end of year** | $10.20 | $13.02 | $10.60 | $13.04 | $15.42 |
|  **Total return** | (6.18)% | 47.96% | (10.81)% | 10.78% | (0.17)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;78877 | $&nbsp;&nbsp;&nbsp;&nbsp;119637 | $&nbsp;&nbsp;&nbsp;&nbsp;91200 | $&nbsp;&nbsp;&nbsp;&nbsp;139235 | $&nbsp;&nbsp;&nbsp;&nbsp;152116 |
|  Expenses to average net assets | 0.95% | 0.94% | 0.94% | 0.91% | 0.91% |
|  Net investment income (loss) to average net assets | 0.85% | 0.57% | 1.19% | 1.10% | 1.25% |
|  Portfolio turnover rate | 19% | 25% | 19% | 9% | 19% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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**Page 9** 

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**Transamerica Mid Cap Value** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At October 31, 2022** 

**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 (the "Fund") is a series of the Trust. The Fund currently offers one class of shares, Class I2.

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 a sub-adviser 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; fund construction and asset allocation when using multiple sub-advisers for a 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, 2022, (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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**Transamerica Mid Cap Value** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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.

**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, 2022, commissions recaptured are $1,037.

**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** 

Effective September 8, 2022, 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, 2022, 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

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**Transamerica Mid Cap Value** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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: S*ecurities 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, 2022, 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 the 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, 2022, the Fund has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

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, 2022.

Repurchase agreements at October 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK FACTORS** 

Investing in the Fund involves certain key risks related to the Fund's trading activity. Please reference the Fund's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Fund's securities and assets fall, the value of your investment will go down. The Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. 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. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Fund's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Fund's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not

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**Transamerica Mid Cap Value** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. RISK FACTORS (continued)** 

work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Fund's investments.

**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 value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. 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.

**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.

**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 NV. 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 NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, Inc. ("TCI") is the Fund's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Fund are also officers and/or trustees of TAM, TFS and TCI. 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, CCO and deferred compensation fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

As of October 31, 2022, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

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| | |
|:---|:---|
| **Account Balance** | **Percentage of<br>Net Assets** |
| $73032397 | 92.59% |

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**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:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $100 million | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $100 million up to $550 million | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $550 million up to $750 million | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.76 |
|  Prior to August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $100 million | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $100 million up to $750 million | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1.5 billion | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.80 |

---

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, reorganization expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. 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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| | | |
|:---|:---|:---|
| | **Current Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Effective March 1, 2022 | 1.00% | March 1, 2023 |
|  Prior to March 1, 2022 | 1.05 |  |

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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, 2022 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, 2022, there are no amounts available for recapture by TAM.

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pay 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 Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

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**Transamerica Mid Cap Value** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended October 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**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, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended October 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $17210817 | $— | $51385366 | $— |

---

**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. In addition, the fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. This reclassification has no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

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| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $3276549 | $(3276549) |

---

As of October 31, 2022, 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:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $53398705 | $27822653 | $(2267214) | $25555439 |

---

As of October 31, 2022, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2022, the Fund did not have any capital loss carryforwards utilized.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $1568075 | $17449268 | $— | $1088201 | $16860460 | $— |

---

As of October 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $531036 | $15745117 | $— | $— | $— | $25555439 |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Fund's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders of Transamerica Mid Cap Value and the Board of Trustees of Transamerica Funds* 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Transamerica Mid Cap Value (the "Fund"), including the schedule of investments, as of October 31, 2022, the related statement of operations for the year then ended, the statement 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 at October 31, 2022, 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 Fund's management. Our responsibility is to express an opinion on each of 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of the Fund'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 Fund'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, 2022, 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.

![LOGO](g404143ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2022

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**SUPPLEMENTAL INFORMATION** 

**(unaudited)** 

**TAX INFORMATION** 

For dividends paid during the year ended October 31, 2022, the Fund designated $1,483,979 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 $17,449,268 for the year ended October 31, 2022.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL** 

**(unaudited)** 

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 16-17, 2022, 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 (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 J.P. Morgan Investment Management Inc. (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 its shareholders. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2023.

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 fee, expense, and 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. 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, 2021. Based on these considerations, the

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

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 performance are summarized below. For purposes of its review, the Board used the performance of Class I2 Shares, which is currently the sole class offered by the Fund. 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 I2 Shares of the Fund was above the median for its peer universe for the past 10-year period and in line with the median for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods.

**Management 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 used the actual total expenses (*i.e.*, expenses reflecting any waivers and/or reimbursements) of Class I2 Shares, which is currently the sole class offered by the Fund. 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 the actual total expenses (*i.e.*, expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the medians for its peer group and peer universe. The Trustees and TAM agreed upon a reduction to the Fund's management fee schedule. 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.

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**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

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, if any, 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 ("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 its 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 its 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 Sub-Advisory Agreement was in the best interests of the Fund and its shareholders and voted to approve the renewal of the Agreements.

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**Management of the Trust** 

The Fund is supervised by the Board.

**Board Members and Officers** 

**(unaudited)** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs the Fund and is responsible for protecting the interests of its shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of the Fund and the operation of the Fund by its officers. The Board also reviews the management of the Fund's assets by the investment manager and its respective sub-adviser.

The Fund is among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of 111 funds as of the date of this shareholder report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their age, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other<br>Directorships<br>Held By<br>Board Member<br>During Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit<br> (49) | Chairman of the Board, President and Chief Executive Officer | Since<br> 2014 | Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 –present);<br>Chairman of the Board, President and Chief Executive Officer, TET (2017 – present);<br>Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio ("TPP"), Transamerica Partners Funds Group ("TPFG") and Transamerica Partners Funds Group II ("TPFG II") (2014 – 2018);<br>Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. ("TAM") and Transamerica Fund Services, Inc. ("TFS") (2014 – present);<br>Senior Vice President, Transamerica Retirement Solutions LLC (2012 – 2020); Trust Officer, Massachusetts Fidelity Trust Company (2014 – 2021);<br>| 111 | Director,<br>Massachusetts<br>Fidelity Trust<br>Company<br>(2014 – 2021);<br>Director, Aegon<br>Global Funds<br>(2016 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other<br>Directorships<br>Held By<br>Board Member<br>During Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit<br> (continued) |  |  | <br> President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016);<br>Vice President, Transamerica Life Insurance Company (2010 – 2016);<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);<br>Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016);<br>Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016)<br>and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016). |  |  |
| &nbsp;&nbsp;&nbsp; Alan F. Warrick<br> (74) | Board Member | Since<br> 2012 | Board Member, TF, TST and TAAVF (2012 – present);<br>Board Member, TPP, TPFG and TPFG II (2012 – 2018);<br>Senior Advisor, Lovell Minnick Equity Partners (2010 – present);<br>and Retired (2010). | 111 | N/A |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp; Sandra N. Bane<br> (70) | Board Member | Since<br> 2008 | Retired (1999 – present);<br>Board Member, TF, TST and TAAVF (2008 – present);<br>Board Member, TPP, TPFG and TPFG II (2008 – 2018); and<br>Partner, KPMG (1975 – 1999). | 111 | Big 5 Sporting<br>Goods<br>(2002 – 2021);<br>Southern<br>Company Gas<br>(energy services<br>holding<br>company)<br>(2008 – present) |
| &nbsp;&nbsp;&nbsp;Leo J. Hill <br>(66) | Lead Independent Board Member | Since 2002 | Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);<br>Board Member, TST (2001 – present);<br>Board Member, TF (2002 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Market President, Nations Bank of Sun Coast Florida (1998 – 1999);<br>| 111 | Ameris Bancorp<br>(2013 – present);<br>Ameris Bank<br>(2013 – present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other<br>Directorships<br>Held By<br>Board Member<br>During Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Leo J. Hill<br> (continued) |  |  | <br> Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);<br>Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994);<br>and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991). |  |  |
| &nbsp;&nbsp;&nbsp;Kathleen T. Ives <br>(57) | Board Member | Since<br> 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Retired (2019 – present);<br>Senior Vice President & Director of Internal Audit (2011 – 2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc. | 111 | Junior<br>Achievement<br>Rocky Mountain<br>(non-profit<br>organization)<br>(2013 – present);<br>Institute of<br>Internal Auditors,<br>Denver Chapter<br>(audit<br>organization)<br>(2017 – 2021). |
| &nbsp;&nbsp;&nbsp;Lauriann C. Kloppenburg <br>(62) | Board Member | Since<br> 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Director, Adams Funds (investment companies) (2017 – present);<br>Investment Committee Member, 1911 Office, LLC (family office) (2017 – Present);<br>Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present);<br>Executive in Residence, Bentley University (2015 – 2017);<br>Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P.<br>| 111 | Trustees of<br>Donations to the<br>Protestant<br>Episcopal<br>Church<br>(non-profit<br>organization)<br>(2010 – present);<br>Forte Foundation<br>(non-profit<br>organization)<br>(2016 – present) |
| &nbsp;&nbsp;&nbsp;Fredric A. Nelson III <br>(65) | Board Member | Since<br> 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Chief Investment Officer ("CIO"),<br>Commonfund (2011 – 2015);<br>Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009);<br>| 111 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other<br>Directorships<br>Held By<br>Board Member<br>During Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Fredric A. Nelson III<br> (continued) |  |  | <br> Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003);<br>and Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994). |  |  |
| &nbsp;&nbsp;&nbsp;John E. Pelletier <br>(58) | Board Member | Since<br> 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Director, Center for Financial Literacy, Champlain College (2010 – present);<br>Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);<br>Chairman, Vermont Universal Children's Higher Education Savings Account Program Advisory Committee (2015 – 2021);<br>Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);<br>Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017);<br>Chief Legal Officer, Eaton Vance Corp. (2007 – 2008);<br>and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates. | 111 | N/A |
| &nbsp;&nbsp;&nbsp;Patricia L. Sawyer <br>(72) | Board Member | Since<br> 2007 | Retired (2007 – present);<br>President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007);<br>Board Member, TF and TST (2007 – present);<br>Board Member, TAAVF (1993 – present);<br>Board Member, TPP, TPFG and TPFG II (1993 – 2018);<br>and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University. | 111 | Honorary<br>Trustee, Bryant<br>University<br>(1996 – present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other<br>Directorships<br>Held By<br>Board Member<br>During Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;John W. Waechter <br>(70) | Board Member | Since<br> 2005 | Partner, Englander Fischer (2016 – present) (law firm);<br>Attorney, Englander Fischer (2008 – 2015);<br>Retired (2004 – 2008);<br>Board Member, TST (2004 – present);<br>Board Member, TF (2005 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Employee, RBC Dain Rauscher (securities dealer) (2004);<br>Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004);<br>and Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting).<br>| 111 | Board Member,<br>Operation PAR,<br>Inc. (non-profit<br>organization)<br>(2008 – present);<br>Board Member,<br>Boley PAR, Inc.<br>(non-profit<br>organization)<br>(2016 – present)<br>Board Member,<br>Remember<br>Honor Support,<br>Inc. (non-profit<br>organization)<br>(2013 – 2020);<br>Board Member,<br>WRH Income<br>Properties, Inc.<br>and WRH<br>Properties, Inc.<br>(real estate)<br>(2014 – present) |

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\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their age, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(49) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp;&nbsp;Christopher A. Staples, CFA <br>(52) | Vice President and Chief<br> Investment Officer, Advisory Services | Since 2005 | Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present);<br>Vice President and Chief Investment Officer, TET (2017 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018);<br>Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM;<br>Director, TFS (2005 – 2019);<br>Trust Officer, Massachusetts Fidelity Trust Company (2010 – present);<br>Registered Representative (2007 – 2016), Transamerica Capital, Inc. ("TCI");<br>and Registered Representative, TFA (2005 – present). |
| &nbsp;&nbsp;&nbsp;Thomas R. Wald, CFA <br>(62) | Vice President and Chief<br> Investment Officer | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present);<br>Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018);<br>Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión;<br>Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020);<br>Senior Vice President and Chief Investment Officer, TAM (2014 – present);<br>Director, TFS (2019 – present); and<br>Trust Officer, Massachusetts Fidelity Trust Company (2015 – present). |

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| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Joshua Durham <br>(49) | Vice President and Chief Operating Officer | Since 2022 | Vice President and Chief Operating Officer, TF, TST and TAAVF (2022 – present);<br>Director, Senior Vice President, and Chief Operating Officer TAM and TFS (2022 – present);<br>Vice President, TAG Resources, LLC (2022 – present);<br>Vice President, Transamerica Retirement Solutions, LLC (2017 – present);<br>Vice President, Transamerica Casualty Insurance Company (2016 – 2022);<br>Vice President (2004 – 2007 and 2012 – 2022), Responsible Officer (2017 – 2022), Transamerica Financial Life Insurance Company;<br>Vice President (2004 – 2007 and 2010 – 2022), Responsible Officer (2016 – 2022) Transamerica Life Insurance Company;<br>Chief Administrative Officer (2014 – 2016) and Senior Vice President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2020);<br>and Vice President, Transamerica Advisors Life Insurance Company (2016 – 2019). |
| &nbsp;&nbsp;&nbsp;Vincent J. Toner <br>(52) | Vice President and Treasurer | Since 2014 | Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET;<br>Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018);<br>Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM;<br>Vice President, Administration and Treasurer (2014 – 2019), Senior Vice President (2019 – present), TFS;<br>Vice President (2016 – present), TCI;<br>and Trust Officer (2015 – present), Massachusetts Fidelity Trust Company. |
| &nbsp;&nbsp;&nbsp;Francine J. Rosenberger <br>(55) | Chief Compliance Officer | Since 2019 | Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present);<br>Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br>Chief Compliance Officer (2019 – present), TAM;<br>and General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment <br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Molly Possehl <br>(44) | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present);<br>Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present);<br>and Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present). |
| &nbsp;&nbsp;&nbsp;Dennis P. Gallagher <br>(51) | Chief Legal Officer and<br> Secretary | Since 2021; <br>2006 – 2014 | Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – present and 2006 – 2014); Assistant Secretary, TF, TST, TET and TAAVF (2019);<br>Associate General Counsel, TAM, Mutual Funds and Latin American Operations (2017 – 2021);<br>Associate General Counsel, Chief Legal Officer, Latin American Operations and International Funds (2014 – 2017);<br>Chairman of the Board, Aegon Global Funds (2013 – present);<br>Director, Mongeral Aegon Seguros e Previdencia SA (2017 – present);<br>Vice President, General Counsel and Secretary, TPP, TPFG and TPFG II (2007 – 2014);<br>Assistant Vice President, TCI (2007 – 2014);<br>Chief Legal Officer and Assistant Secretary, TAM (2022 – present); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – 2014);<br>and Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – 2014). |
| &nbsp;&nbsp;&nbsp;Timothy Bresnahan <br>(53) | Assistant Secretary | Since 2020 | Assistant Secretary, TF, TST and TAAVF (2020 – present);<br>Chief Legal Officer, Secretary (2021 – present), Assistant Secretary (2019 – 2021), Secretary (2019), TET;<br>and Senior Counsel, TAM (2008 – present). |

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\* Elected and serves at the pleasure of the Board of the Trust.

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**PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS** 

**(unaudited)** 

A description of the Transamerica Funds' proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at <u>https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf</u>; and (2) on the SEC's website at <u>http://www.sec.gov</u>.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

You may also visit the Trust's website at<u> </u><u>www.transamerica.com</u> for this and other information about the Funds and the Trust.

**Important Notice Regarding Delivery of Shareholder Documents** 

Every year we provide shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. ***We will continue to do this unless you tell us not to***. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday–Friday. Your request will take effect within 30 days.

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**NOTICE OF PRIVACY POLICY** 

**(unaudited)** 

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use "nonpublic personal information" in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

**What Information We Collect and From Whom We Collect It** 

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption
history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

**What Information We Disclose and To Whom We Disclose It** 

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

**Our Security Procedures** 

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

*Note:* This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

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Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g404143g76j19.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, Inc., Member of FINRA

2558019 10/22© 2022 Transamerica Capital, Inc.

![LOGO](g404143g95y56.jpg)

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## TRANSAMERICA FUNDS

## ANNUAL REPORT

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**OCTOBER 31, 2022** 

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![LOGO](g105146g60e10.jpg)

Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g105146g95y56.jpg)

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**Table of Contents** 

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| | |
|:---|:---|
|  **[Shareholder Letter](#toc105146_1)** | 1 |
|  **[Disclosure of Expenses](#toc105146_2)** | 2 |
|  **[Manager Commentary and Schedules of Investments](#toc105146_3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2015](#toc105146_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2020](#toc105146_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2025](#toc105146_6) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2030](#toc105146_7) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2035](#toc105146_8) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2040](#toc105146_9) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2045](#toc105146_10) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2050](#toc105146_11) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2055](#toc105146_12) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> 2060](#toc105146_13) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transamerica ClearTrack<sup>®</sup> Retirement Income](#toc105146_14) | 54 |
|  **[Statements of Assets and Liabilities](#toc105146_15)** | 60 |
|  **[Statements of Operations](#toc105146_16)** | 63 |
|  **[Statements of Changes in Net Assets](#toc105146_17)** | 66 |
|  **[Financial Highlights](#toc105146_18)** | 70 |
|  **[Notes to Financial Statements](#toc105146_19)** | 87 |
|  **[Report of Independent Registered Public Accounting Firm](#toc105146_20)** | 98 |
|  **[Supplemental Information](#toc105146_21)** | 99 |
|  **[Approval of Management Agreement](#toc105146_22)** | 101 |
|  **[Management of the Trust](#toc105146_23)** | 106 |
|  **[Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings](#toc105146_24)** | 114 |
|  **[Notice of Privacy Policy](#toc105146_25)** | 115 |

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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.***

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Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s) during the fiscal year. The Securities and Exchange Commission requires that annual and semi-annual reports be made available to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended October 31, 2022.

We believe it is important to understand market conditions over the last fiscal year to provide a context for reading this report. As the period began in November of 2021, U.S. stocks, as represented by the S&P 500<sup>®</sup> Index, were approaching record highs as corporate earnings continued to be strong and interest rates remained at historically low levels due to the U.S. Federal Reserve ("Fed") maintaining accommodative monetary policy. While inflation was rising to multi-decade highs, there was still a sense it could be transitory in nature based on global supply chain challenges easing in a post-pandemic environment.

As the calendar turned to 2022, more serious market concerns emerged led by a recognition that the persistent rise of inflation would not be temporary and Fed policy would need to catch up quickly in the form of higher interest rates. This was exacerbated by Russia's invasion of Ukraine in February and the human tragedy of war, which triggered economic concerns in Eastern Europe and across the globe, such as food and energy shortages, global inflation and recession. In March, the Fed raised rates for the first time in more than two years, and with inflation continuing to rise, it was apparent that a full-fledged tightening cycle was at hand, soon leading to materially higher interest rates.

As the Consumer Price Index reached 9% in June, it became clear the Fed would need to be more aggressive in its efforts to curtail inflation and that the risk of recession had become a very real probability. This was augmented by the U.S. economy experiencing two consecutive quarters of negative Gross Domestic Product growth by mid-year. However, due mostly to strong employment trends the National Bureau of Economic Research did not declare the U.S. economy to be in recession. Nonetheless, stock prices continued to fall precipitously, U.S. Treasury bond rates rose as the Fed increased the pace of its rate hikes, and credit spreads widened considerably increasing corporate bond yields.

By the end of September, the S&P 500<sup>®</sup> Index had fallen solidly into bear market territory (a decline of 20%), the 10-year U.S. Treasury bond yield had increased more than 2% since the start of the year to 3.83%, and corporate bonds were yielding more than double their rates of a year earlier. Corporate earnings growth continued to slow throughout the remainder of the period.

For the one-year period ended October 31, 2022, the S&P 500<sup>®</sup> Index returned -14.61% while the MSCI EAFE Index, representing international developed market equities, returned -22.62%. During the same period, the Bloomberg US Aggregate Bond Index returned -15.68%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market's history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

![LOGO](g105146g35n89.jpg)

**Marijn Smit** 

**President & Chief Executive Officer** 

**Transamerica Funds**![LOGO](g105146g03a96.jpg)

**Tom Wald, CFA** 

**Chief Investment Officer** 

**Transamerica Funds** 

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.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500<sup>®</sup> Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

*The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds.* 

*Investing involves risk, including potential loss of principal. The past performance data presented represents past performance and does not guarantee future performance or results. Indexes are unmanaged and it is not possible to invest directly in an index.* 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses** 

------

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Fund shareholders may incur two types of costs: (i) transaction costs; and (ii) ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2022, and held for the entire six-month period until October 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup> <sup>(D)</sup>** |
|  Transamerica ClearTrack<sup>®</sup> 2015 | Transamerica ClearTrack<sup>®</sup> 2015 |  |  |  |  |  |
|  Class R1 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;923.10 | $4.17 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.90 | $4.38 | 0.86% |
|  Class R3 | 1000.00 | 928.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | 1024.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.16 |
|  Class R6 | 1000.00 | 926.40 | 1.02 | 1024.10 | 1.07 | 0.21 |
|  Transamerica ClearTrack<sup>®</sup> 2020 | Transamerica ClearTrack<sup>®</sup> 2020 |  |  |  |  |  |
|  Class R1 | 1000.00 | 922.70 | 4.17 | 1020.90 | 4.38 | 0.86 |
|  Class R3 | 1000.00 | 929.10 | 0.29 | 1024.90 | 0.31 | 0.06 |
|  Class R6 | 1000.00 | 925.40 | 1.02 | 1024.10 | 1.07 | 0.21 |
|  Transamerica ClearTrack<sup>®</sup> 2025 | Transamerica ClearTrack<sup>®</sup> 2025 |  |  |  |  |  |
|  Class R1 | 1000.00 | 919.60 | 4.11 | 1020.90 | 4.33 | 0.85 |
|  Class R3 | 1000.00 | 921.40 | 2.86 | 1022.20 | 3.01 | 0.59 |
|  Class R6 | 1000.00 | 923.30 | 0.92 | 1024.20 | 0.97 | 0.19 |
|  Transamerica ClearTrack<sup>®</sup> 2030 | Transamerica ClearTrack<sup>®</sup> 2030 |  |  |  |  |  |
|  Class R1 | 1000.00 | 917.90 | 4.06 | 1021.00 | 4.28 | 0.84 |
|  Class R3 | 1000.00 | 920.20 | 2.71 | 1022.40 | 2.85 | 0.56 |
|  Class R6 | 1000.00 | 921.20 | 0.97 | 1024.20 | 1.02 | 0.20 |
|  Transamerica ClearTrack<sup>®</sup> 2035 | Transamerica ClearTrack<sup>®</sup> 2035 |  |  |  |  |  |
|  Class R1 | 1000.00 | 914.10 | 4.05 | 1021.00 | 4.28 | 0.84 |
|  Class R3 | 1000.00 | 916.30 | 2.66 | 1022.40 | 2.80 | 0.55 |
|  Class R6 | 1000.00 | 917.30 | 0.92 | 1024.20 | 0.97 | 0.19 |

---

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Disclosure of Expenses (continued)** 

------

**(unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Fund** |<br>**Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup> <sup>(D)</sup>** |
|  Transamerica ClearTrack<sup>®</sup> 2040 | Transamerica ClearTrack<sup>®</sup> 2040 |  |  |  |  |  |
|  Class R1 | $1000.00 | $912.20 | $4.05 | $1021.00 | $4.28 | 0.84% |
|  Class R3 | 1000.00 | 913.60 | 2.75 | 1022.30 | 2.91 | 0.57 |
|  Class R6 | 1000.00 | 914.30 | 0.92 | 1024.20 | 0.97 | 0.19 |
|  Transamerica ClearTrack<sup>®</sup> 2045 | Transamerica ClearTrack<sup>®</sup> 2045 |  |  |  |  |  |
|  Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;910.00 | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.00 | 4.23 | 0.83 |
|  Class R3 | 1000.00 | 911.20 | 2.79 | 1022.30 | 2.96 | 0.58 |
|  Class R6 | 1000.00 | 913.20 | 0.87 | 1024.30 | 0.92 | 0.18 |
|  Transamerica ClearTrack<sup>®</sup> 2050 | Transamerica ClearTrack<sup>®</sup> 2050 |  |  |  |  |  |
|  Class R1 | 1000.00 | 909.10 | 3.95 | 1021.10 | 4.18 | 0.82 |
|  Class R3 | 1000.00 | 910.20 | 2.60 | 1022.50 | 2.75 | 0.54 |
|  Class R6 | 1000.00 | 912.30 | 0.82 | 1024.30 | 0.87 | 0.17 |
|  Transamerica ClearTrack<sup>®</sup> 2055 | Transamerica ClearTrack<sup>®</sup> 2055 |  |  |  |  |  |
|  Class R1 | 1000.00 | 906.40 | 3.17 | 1021.90 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | 0.66 |
|  Class R3 | 1000.00 | 907.60 | 2.36 | 1022.70 | 2.50 | 0.49 |
|  Class R6 | 1000.00 | 909.90 | 0.67 | 1024.50 | 0.71 | 0.14 |
|  Transamerica ClearTrack<sup>®</sup> 2060 | Transamerica ClearTrack<sup>®</sup> 2060 |  |  |  |  |  |
|  Class R1 | 1000.00 | 908.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | 1021.90 | 3.36 | 0.66 |
|  Class R3 | 1000.00 | 908.60 | 2.36 | 1022.70 | 2.50 | 0.49 |
|  Class R6 | 1000.00 | 910.70 | 0.72 | 1024.40 | 0.77 | 0.15 |
|  Transamerica ClearTrack<sup>®</sup> Retirement Income | Transamerica ClearTrack<sup>®</sup> Retirement Income |  |  |  |  |  |
|  Class R1 | 1000.00 | 923.30 | 4.17 | 1020.90 | 4.38 | 0.86 |
|  Class R3 | 1000.00 | 924.10 | 2.91 | 1022.20 | 3.06 | 0.60 |
|  Class R6 | 1000.00 | 926.80 | 0.97 | 1024.20 | 1.02 | 0.20 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using each Fund's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The net annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and recapture, if any, are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.*

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2015** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall slightly negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -2.20% for the Schwab U.S. Large-Cap ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.46% for the iShares TIPS Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund underperformed its benchmark, the Dow Jones Target 2015 Index, during the same period. Asset allocation was the primary factor in underperformance, as the Fund is generally overweight equity. The overweight allocations to U.S. large-cap and international equities, along with the underweight to U.S. fixed income, were the largest detractors.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2015** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2015 (Class R6) returned -16.28%. By comparison, its benchmark, the S&P Target Date Retirement Income Index, returned -13.06%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date Retirement Income Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a substantially larger allocation to equities than its benchmark, which served as a notable headwind to Fund returns. Within fixed income, the benchmark had a large allocation to ultra-short-term fixed income, which benefited the benchmark and caused it to have materially less sensitivity to rising interest rates compared to the Fund. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns.

Within equities, the Fund was relatively overweight U.S. equities and global real estate, which contributed to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 53.3% |
|  U.S. Equity Funds | 26.4 |
|  International Equity Funds | 14.7 |
|  International Fixed Income Fund | 4.9 |
|  Repurchase Agreement | 1 |
|  Other Investment Company | 0.9 |
|  Net Other Assets (Liabilities) | (1.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2015** 

------

**(unaudited)**![LOGO](g105146g04a03.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (16.85)% | 2.10% | 2.48% | 03/02/2015 |
|  Class R3 (NAV) | (16.20)% | N/A | 2.87% | 03/01/2019 |
|  Class R6 (NAV) | (16.28)% | 2.78% | 3.15% | 03/02/2015 |
|  S&P Target Date Retirement Income Index <sup>(A) (B)</sup> | (13.06)% | 2.07% | 2.64% |  |
|  Dow Jones Target 2015 Index <sup>(C)</sup> | (16.53)% | (0.12)% | 0.99% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date Retirement Income Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2015 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date Retirement Income Index seeks to represent investment opportunity generally available to target date funds through an asset allocation which targets an immediate retirement horizon.* 

<sup>(C)</sup> *The Dow Jones Target 2015 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2015** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 45.6%** | **EXCHANGE-TRADED FUNDS - 45.6%** | **EXCHANGE-TRADED FUNDS - 45.6%** |
| **International Equity Funds - 9.7%** | **International Equity Funds - 9.7%** | **International Equity Funds - 9.7%** |
|  iShares Core MSCI EAFE ETF | 27856 | $1552136 |
|  iShares Core MSCI Emerging Markets ETF | 5862 | 248256 |
|  iShares Global REIT ETF <sup>(A)</sup> | 32788 | 724943 |
|  |  | 2525335 |
| **U.S. Equity Fund - 12.8%** | **U.S. Equity Fund - 12.8%** | **U.S. Equity Fund - 12.8%** |
|  iShares Core S&P 500 ETF | 8589 | 3330728 |
| **U.S. Fixed Income Funds - 23.1%** | **U.S. Fixed Income Funds - 23.1%** | **U.S. Fixed Income Funds - 23.1%** |
|  iShares 0-5 Year TIPS Bond ETF <sup>(A)</sup> | 24708 | 2401865 |
|  iShares Core U.S. Aggregate Bond ETF | 38189 | 3624136 |
|  |  | 6026001 |
|  **Total Exchange-Traded Funds <br>(Cost $14,097,171)** | **Total Exchange-Traded Funds <br>(Cost $14,097,171)** | 11882064 |
| **INVESTMENT COMPANIES - 53.7%** | **INVESTMENT COMPANIES - 53.7%** | **INVESTMENT COMPANIES - 53.7%** |
| **International Equity Funds - 5.0%** | **International Equity Funds - 5.0%** | **International Equity Funds - 5.0%** |
|  Transamerica Emerging Markets Opportunities <sup>(B)</sup> | 36778 | 244207 |
|  Transamerica International Focus <sup>(B)</sup> | 73482 | 516577 |
|  Transamerica International Stock <sup>(B)</sup> | 59884 | 525181 |
|  |  | 1285965 |
| **International Fixed Income Fund - 4.9%** | **International Fixed Income Fund - 4.9%** | **International Fixed Income Fund - 4.9%** |
|  Transamerica Emerging Markets Debt <sup>(B)</sup> | 160634 | 1283467 |
| **U.S. Equity Funds - 13.6%** | **U.S. Equity Funds - 13.6%** | **U.S. Equity Funds - 13.6%** |
|  Transamerica Large Cap Value <sup>(B)</sup> | 90555 | 1166349 |
|  Transamerica Large Growth <sup>(B)</sup> | 119376 | 1076776 |
|  Transamerica Mid Cap Growth <sup>(B)</sup> | 53103 | 371717 |
|  Transamerica Mid Cap Value Opportunities <sup>(B)</sup> | 35660 | 397961 |
|  Transamerica Small Cap Growth <sup>(B)</sup> | 41221 | 255981 |
|  Transamerica Small Cap Value <sup>(B)</sup> | 41497 | 280103 |
|  |  | 3548887 |

---

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 30.2%** | **U.S. Fixed Income Funds - 30.2%** | **U.S. Fixed Income Funds - 30.2%** |
|  Transamerica Bond <sup>(B)</sup> | 765578 | $5963855 |
|  Transamerica High Yield Bond <sup>(B)</sup> | 246081 | 1909591 |
|  |  | 7873446 |
|  **Total Investment Companies <br>(Cost $18,075,574)** | **Total Investment Companies <br>(Cost $18,075,574)** | 13991765 |
| **OTHER INVESTMENT COMPANY - 0.9%** | **OTHER INVESTMENT COMPANY - 0.9%** | **OTHER INVESTMENT COMPANY - 0.9%** |
| **Securities Lending Collateral - 0.9%** | **Securities Lending Collateral - 0.9%** | **Securities Lending Collateral - 0.9%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 247395 | 247395 |
|  **Total Other Investment Company <br>(Cost $247,395)** | **Total Other Investment Company <br>(Cost $247,395)** | 247395 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $257,506 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $262,693. | $257499 | 257499 |
|  **Total Repurchase Agreement <br>(Cost $257,499)** | **Total Repurchase Agreement <br>(Cost $257,499)** | 257499 |
|  **Total Investments <br>(Cost $32,677,639)** | **Total Investments <br>(Cost $32,677,639)** | 26378723 |
|  **Net Other Assets (Liabilities) - (1.2)%** |  | (312270) |
|  **Net Assets - 100.0%** |  | **$26066453** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $11882064 | $— | $— | $11882064 |
|  Investment Companies | 13991765 |  |  | 13991765 |
|  Other Investment Company | 247395 |  |  | 247395 |
|  Repurchase Agreement |  | 257499 |  | 257499 |
|  **Total Investments** | $**26121224** | $**257499** | $**—** | $**26378723** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2015** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $241,560, collateralized by cash collateral of $247,395. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $8622784 | $(1237445) | $(135780) | $(1285704) | $5963855 | 765578 | $196900 | $42252 |
|  Transamerica Emerging Markets Debt |  | 1896463 | (197349) | (30114) | (385533) | 1283467 | 160634 | 66542 |  |
|  Transamerica Emerging Markets Opportunities |  | 417804 | (12870) | (1686) | (159041) | 244207 | 36778 | 25688 | 9271 |
|  Transamerica High Yield Bond |  | 2598013 | (312988) | (32546) | (342888) | 1909591 | 246081 | 102125 |  |
|  Transamerica International Focus |  | 772906 | (37137) | (2583) | (216609) | 516577 | 73482 | 21025 | 20913 |
|  Transamerica International Stock |  | 765092 | (67137) | (6334) | (166440) | 525181 | 59884 | 22141 | 36983 |
|  Transamerica Large Cap Value |  | 1556062 | (262659) | (15261) | (111793) | 1166349 | 90555 | 40879 |  |
|  Transamerica Large Growth |  | 2235376 | (234412) | (193930) | (730258) | 1076776 | 119376 | 25041 | 270287 |
|  Transamerica Mid Cap Growth |  | 703623 | (11257) | (7239) | (313410) | 371717 | 53103 | 56979 | 107168 |
|  Transamerica Mid Cap Value Opportunities |  | 653789 | (121355) | (32572) | (101901) | 397961 | 35660 | 46869 | 72443 |
|  Transamerica Small Cap Growth |  | 394784 | (7570) | (1849) | (129384) | 255981 | 41221 | 6617 | 30182 |
|  Transamerica Small Cap Value |  | 514442 | (47570) | (45921) | (140848) | 280103 | 41497 | 107166 | 49291 |
| **Total** | $**—** | $**21131138** | $**(2549749)** | $**(505815)** | $**(4083809)** | $**13991765** | **1723849** | $**717972** | $**638790** |

---

(C) *Rates disclosed reflect the yields at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2020** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -2.20% for the Schwab U.S. Large-Cap ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.46% for the iShares TIPS Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund underperformed its benchmark, the Dow Jones Target 2020 Index, during the same period. Asset allocation was the primary factor in underperformance, as the Fund is generally overweight equity. Within equities, the overweight allocations to U.S. large-cap and international equities, along with the underweight to U.S. fixed income, were the largest detractors.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2020** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2020 (Class R6) returned -16.54%. By comparison, its benchmark, the S&P Target Date Retirement Income Index, returned -13.06%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date Retirement Income Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a substantially larger allocation to equities than its benchmark, which served as a notable headwind to Fund returns. Within fixed income, the benchmark had a large allocation to ultra-short-term fixed income, which benefited the benchmark and caused it to have materially less sensitivity to rising interest rates compared to the Fund. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns.

Within equities, the Fund was relatively overweight U.S. equities and global real estate, which contributed to returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 53.3% |
|  U.S. Equity Funds | 27.2 |
|  International Equity Funds | 15.1 |
|  International Fixed Income Fund | 5.1 |
|  Repurchase Agreement | 0.8 |
|  Net Other Assets (Liabilities) | (1.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 10** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2020** 

------

**(unaudited)**![LOGO](g105146g86r45.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (17.00)% | (1.23)% | 0.36% | 03/02/2015 |
|  Class R3 (NAV) | (16.29)% | N/A | (1.67)% | 03/01/2019 |
|  Class R6 (NAV) | (16.54)% | (0.60)% | 1.00% | 03/02/2015 |
|  S&P Target Date Retirement Income Index <sup>(A) (B)</sup> | (13.06)% | 2.07% | 2.64% |  |
|  Dow Jones Target 2020 Index <sup>(C)</sup> | (17.43)% | 0.30% | 1.54% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date Retirement Income Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2020 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date Retirement Income Index seeks to represent investment opportunity generally available to target date funds through an asset allocation which targets an immediate retirement horizon.* 

<sup>(C)</sup> *The Dow Jones Target 2020 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 11** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2020** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 46.3%** | **EXCHANGE-TRADED FUNDS - 46.3%** | **EXCHANGE-TRADED FUNDS - 46.3%** |
| **International Equity Funds - 10.1%** | **International Equity Funds - 10.1%** | **International Equity Funds - 10.1%** |
|  iShares Core MSCI EAFE ETF | 29284 | $1631704 |
|  iShares Core MSCI Emerging Markets ETF | 5720 | 242242 |
|  iShares Global REIT ETF | 34809 | 769627 |
|  |  | 2643573 |
| **U.S. Equity Fund - 13.2%** | **U.S. Equity Fund - 13.2%** | **U.S. Equity Fund - 13.2%** |
|  iShares Core S&P 500 ETF | 8864 | 3437370 |
| **U.S. Fixed Income Funds - 23.0%** | **U.S. Fixed Income Funds - 23.0%** | **U.S. Fixed Income Funds - 23.0%** |
|  iShares 0-5 Year TIPS Bond ETF | 24236 | 2355982 |
|  iShares Core U.S. Aggregate Bond ETF | 38469 | 3650708 |
|  |  | 6006690 |
|  **Total Exchange-Traded Funds <br>(Cost $14,795,400)** | **Total Exchange-Traded Funds <br>(Cost $14,795,400)** | 12087633 |
| **INVESTMENT COMPANIES - 54.4%** | **INVESTMENT COMPANIES - 54.4%** | **INVESTMENT COMPANIES - 54.4%** |
| **International Equity Funds - 5.0%** | **International Equity Funds - 5.0%** | **International Equity Funds - 5.0%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 34757 | 230789 |
|  Transamerica International Focus <sup>(A)</sup> | 73915 | 519623 |
|  Transamerica International Stock <sup>(A)</sup> | 62162 | 545161 |
|  |  | 1295573 |
| **International Fixed Income Fund - 5.1%** | **International Fixed Income Fund - 5.1%** | **International Fixed Income Fund - 5.1%** |
|  Transamerica Emerging Markets Debt <sup>(A)</sup> | 165261 | 1320435 |
| **U.S. Equity Funds - 14.0%** | **U.S. Equity Funds - 14.0%** | **U.S. Equity Funds - 14.0%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 91846 | 1182977 |
|  Transamerica Large Growth <sup>(A)</sup> | 125270 | 1129935 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 55668 | 389674 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 36928 | 412120 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 42408 | $263354 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 41394 | 279412 |
|  |  | 3657472 |
| **U.S. Fixed Income Funds - 30.3%** | **U.S. Fixed Income Funds - 30.3%** | **U.S. Fixed Income Funds - 30.3%** |
|  Transamerica Bond <sup>(A)</sup> | 776072 | 6045599 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 241255 | 1872142 |
|  |  | 7917741 |
|  **Total Investment Companies <br>(Cost $18,474,291)** | **Total Investment Companies <br>(Cost $18,474,291)** | 14191221 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $213,231 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $217,540. | $213225 | 213225 |
|  **Total Repurchase Agreement <br>(Cost $213,225)** | **Total Repurchase Agreement <br>(Cost $213,225)** | 213225 |
|  **Total Investments <br>(Cost $33,482,916)** | **Total Investments <br>(Cost $33,482,916)** | 26492079 |
|  **Net Other Assets (Liabilities) - (1.5)%** |  | (392445) |
|  **Net Assets - 100.0%** |  | **$26099634** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $12087633 | $— | $— | $12087633 |
|  Investment Companies | 14191221 |  |  | 14191221 |
|  Repurchase Agreement |  | 213225 |  | 213225 |
|  **Total Investments** | $**26278854** | $**213225** | $**—** | $**26492079** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2020** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $9026747 | $(1489962) | $(171715) | $(1319471) | $6045599 | 776072 | $205022 | $44236 |
|  Transamerica Emerging Markets Debt |  | 1954782 | (201157) | (30568) | (402622) | 1320435 | 165261 | 69393 |  |
|  Transamerica Emerging Markets Opportunities |  | 411859 | (18159) | (3901) | (159010) | 230789 | 34757 | 26841 | 9687 |
|  Transamerica High Yield Bond |  | 2735631 | (472264) | (53974) | (337251) | 1872142 | 241255 | 106088 |  |
|  Transamerica International Focus |  | 800155 | (52151) | (6939) | (221442) | 519623 | 73915 | 21968 | 21852 |
|  Transamerica International Stock |  | 818113 | (92151) | (8954) | (171847) | 545161 | 62162 | 23134 | 38644 |
|  Transamerica Large Cap Value |  | 1666668 | (349559) | (20969) | (113163) | 1182977 | 91846 | 42604 |  |
|  Transamerica Large Growth |  | 2353152 | (208006) | (150499) | (864712) | 1129935 | 125270 | 26228 | 283112 |
|  Transamerica Mid Cap Growth |  | 739507 | (13665) | (10352) | (325816) | 389674 | 55668 | 59489 | 111889 |
|  Transamerica Mid Cap Value Opportunities |  | 693851 | (138655) | (39445) | (103631) | 412120 | 36928 | 49393 | 76342 |
|  Transamerica Small Cap Growth |  | 415506 | (14070) | (5757) | (132325) | 263354 | 42408 | 6910 | 31518 |
|  Transamerica Small Cap Value |  | 540460 | (69070) | (60198) | (131780) | 279412 | 41394 | 111909 | 51473 |
| **Total** | $**—** | $**22156431** | $**(3118869)** | $**(563271)** | $**(4283070)** | $**14191221** | **1746936** | $**748979** | $**668753** |

---

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 13** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2025** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -2.20% for the Schwab U.S. Large-Cap ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.46% for the iShares TIPS Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund underperformed its benchmark, the Dow Jones Target 2025 Index, during the same period. Asset allocation was the primary factor in underperformance, as the Fund is generally overweight equity. Within equities, the overweight allocations to U.S. large-cap and international equities, along with the underweight to U.S. fixed income, were the largest detractors.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 14** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2025** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2025 (Class R6) returned -17.17%. By comparison, its benchmark, the S&P Target Date 2025 Index, returned -14.66%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2025 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a smaller allocation to equities than its benchmark, which benefited relative performance. Within fixed income, the benchmark had a large allocation to ultra-short-term fixed income, which benefited the benchmark and caused it to have materially less sensitivity to rising interest rates compared to the Fund. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 45.3% |
|  U.S. Equity Funds | 30.5 |
|  International Equity Funds | 18.5 |
|  International Fixed Income Fund | 4.8 |
|  Repurchase Agreement | 1 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2025** 

------

**(unaudited)**![LOGO](g105146g81j44.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (17.73)% | (1.14)% | 0.78% | 03/02/2015 |
|  Class R3 (NAV) | (17.52)% | N/A | (1.97)% | 03/01/2019 |
|  Class R6 (NAV) | (17.17)% | (0.50)% | 1.44% | 03/02/2015 |
|  S&P Target Date 2025 Index <sup>(A) (B)</sup> | (14.66)% | 3.65% | 4.43% |  |
|  Dow Jones Target 2025 Index <sup>(C)</sup> | (17.56)% | 1.21% | 2.41% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2025 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2025 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2025 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2025. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2025 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 16** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2025** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 45.9%** | **EXCHANGE-TRADED FUNDS - 45.9%** | **EXCHANGE-TRADED FUNDS - 45.9%** |
| **International Equity Funds - 12.0%** | **International Equity Funds - 12.0%** | **International Equity Funds - 12.0%** |
|  iShares Core MSCI EAFE ETF | 57107 | $3182002 |
|  iShares Core MSCI Emerging Markets ETF | 16945 | 717621 |
|  iShares Global REIT ETF | 61130 | 1351584 |
|  |  | 5251207 |
| **U.S. Equity Fund - 14.9%** | **U.S. Equity Fund - 14.9%** | **U.S. Equity Fund - 14.9%** |
|  iShares Core S&P 500 ETF | 16830 | 6526506 |
| **U.S. Fixed Income Funds - 19.0%** | **U.S. Fixed Income Funds - 19.0%** | **U.S. Fixed Income Funds - 19.0%** |
|  iShares 0-5 Year TIPS Bond ETF | 29708 | 2887914 |
|  iShares Core U.S. Aggregate Bond ETF | 56973 | 5406738 |
|  |  | 8294652 |
|  **Total Exchange-Traded Funds <br>(Cost $24,777,588)** | **Total Exchange-Traded Funds <br>(Cost $24,777,588)** | 20072365 |
| **INVESTMENT COMPANIES - 53.2%** | **INVESTMENT COMPANIES - 53.2%** | **INVESTMENT COMPANIES - 53.2%** |
| **International Equity Funds - 6.5%** | **International Equity Funds - 6.5%** | **International Equity Funds - 6.5%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 91126 | 605076 |
|  Transamerica International Focus <sup>(A)</sup> | 158473 | 1114064 |
|  Transamerica International Stock <sup>(A)</sup> | 128174 | 1124085 |
|  |  | 2843225 |
| **International Fixed Income Fund - 4.8%** | **International Fixed Income Fund - 4.8%** | **International Fixed Income Fund - 4.8%** |
|  Transamerica Emerging Markets Debt <sup>(A)</sup> | 261931 | 2092830 |
| **U.S. Equity Funds - 15.6%** | **U.S. Equity Funds - 15.6%** | **U.S. Equity Funds - 15.6%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 178628 | 2300727 |
|  Transamerica Large Growth <sup>(A)</sup> | 232872 | 2100508 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 92881 | 650166 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 61106 | 681942 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 87030 | $540457 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 83892 | 566273 |
|  |  | 6840073 |
| **U.S. Fixed Income Funds - 26.3%** | **U.S. Fixed Income Funds - 26.3%** | **U.S. Fixed Income Funds - 26.3%** |
|  Transamerica Bond <sup>(A)</sup> | 1107191 | 8625017 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 366982 | 2847779 |
|  |  | 11472796 |
|  **Total Investment Companies <br>(Cost $30,216,814)** | **Total Investment Companies <br>(Cost $30,216,814)** | 23248924 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $422,350 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $430,868. | $422337 | 422337 |
|  **Total Repurchase Agreement <br>(Cost $422,337)** | **Total Repurchase Agreement <br>(Cost $422,337)** | 422337 |
|  **Total Investments <br>(Cost $55,416,739)** | **Total Investments <br>(Cost $55,416,739)** | 43743626 |
|  **Net Other Assets (Liabilities) - (0.1)%** |  | (55729) |
|  **Net Assets - 100.0%** |  | **$43687897** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $20072365 | $— | $— | $20072365 |
|  Investment Companies | 23248924 |  |  | 23248924 |
|  Repurchase Agreement |  | 422337 |  | 422337 |
|  **Total Investments** | $**43321289** | $**422337** | $**—** | $**43743626** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 17** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2025** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $12594260 | $(1889364) | $(201301) | $(1878578) | $8625017 | 1107191 | $285807 | $61671 |
|  Transamerica Emerging Markets Debt |  | 2957703 | (203753) | (21442) | (639678) | 2092830 | 261931 | 105881 |  |
|  Transamerica Emerging Markets Opportunities |  | 1042107 | (36970) | (5444) | (394617) | 605076 | 91126 | 64396 | 23240 |
|  Transamerica High Yield Bond |  | 3894182 | (488754) | (46873) | (510776) | 2847779 | 366982 | 152837 |  |
|  Transamerica International Focus |  | 1653762 | (79629) | (6268) | (453801) | 1114064 | 158473 | 43984 | 43748 |
|  Transamerica International Stock |  | 1663989 | (179629) | (14605) | (345670) | 1124085 | 128174 | 46344 | 77414 |
|  Transamerica Large Cap Value |  | 3114335 | (582882) | (12868) | (217858) | 2300727 | 178628 | 80584 |  |
|  Transamerica Large Growth |  | 4644215 | (712047) | (525243) | (1306417) | 2100508 | 232872 | 49441 | 533668 |
|  Transamerica Mid Cap Growth |  | 1221911 | (39184) | (28314) | (504247) | 650166 | 92881 | 95263 | 179174 |
|  Transamerica Mid Cap Value Opportunities |  | 1110869 | (209184) | (46260) | (173483) | 681942 | 61106 | 79094 | 122252 |
|  Transamerica Small Cap Growth |  | 833018 | (15987) | (4138) | (272436) | 540457 | 87030 | 13800 | 62949 |
|  Transamerica Small Cap Value |  | 1083240 | (140987) | (105651) | (270329) | 566273 | 83892 | 223961 | 103011 |
| **Total** | $**—** | $**35813591** | $**(4578370)** | $**(1018407)** | $**(6967890)** | $**23248924** | **2850286** | $**1241392** | $**1207127** |

---

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 18** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2030** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -2.20% for the Schwab U.S. Large-Cap ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.46% for the iShares TIPS Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2030 Index, during the same period. Style selection was the largest contributor to outperformance, with U.S. Large-cap equity adding the most value. Underlying fund selection also added value while asset allocation detracted.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 19** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2030** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2030 (Class R6) returned -17.96%. By comparison, its benchmark, the S&P Target Date 2030 Index, returned -15.49%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2030 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a smaller allocation to equities than its benchmark, which benefited relative performance. Within fixed income, the benchmark had a notable allocation to ultra-short-term fixed income, which benefited the benchmark and caused it to have materially less sensitivity to rising interest rates compared to the Fund. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 37.5% |
|  U.S. Fixed Income Funds | 34.7 |
|  International Equity Funds | 23.1 |
|  International Fixed Income Fund | 3.9 |
|  Other Investment Company | 3.4 |
|  Repurchase Agreement | 0.9 |
|  Net Other Assets (Liabilities) | (3.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 20** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2030** 

------

**(unaudited)**![LOGO](g105146g54i17.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (18.51)% | 2.91% | 3.69% | 03/02/2015 |
|  Class R3 (NAV) | (18.17)% | N/A | 3.43% | 03/01/2019 |
|  Class R6 (NAV) | (17.96)% | 3.58% | 4.37% | 03/02/2015 |
|  S&P Target Date 2030 Index <sup>(A) (B)</sup> | (15.49)% | 4.11% | 4.91% |  |
|  Dow Jones Target 2030 Index <sup>(C)</sup> | (17.68)% | 2.20% | 3.37% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2030 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2030 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2030 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2030. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2030 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 21** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2030** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 47.4%** | **EXCHANGE-TRADED FUNDS - 47.4%** | **EXCHANGE-TRADED FUNDS - 47.4%** |
| **International Equity Funds - 15.5%** | **International Equity Funds - 15.5%** | **International Equity Funds - 15.5%** |
|  iShares Core MSCI EAFE ETF | 89163 | $4968162 |
|  iShares Core MSCI Emerging Markets ETF | 23838 | 1009539 |
|  iShares Global REIT ETF | 75024 | 1658781 |
|  |  | 7636482 |
| **U.S. Equity Fund - 17.6%** | **U.S. Equity Fund - 17.6%** | **U.S. Equity Fund - 17.6%** |
|  iShares Core S&P 500 ETF | 22326 | 8657800 |
| **U.S. Fixed Income Funds - 14.3%** | **U.S. Fixed Income Funds - 14.3%** | **U.S. Fixed Income Funds - 14.3%** |
|  iShares 0-5 Year TIPS Bond ETF <sup>(A)</sup> | 26044 | 2531737 |
|  iShares Core U.S. Aggregate Bond ETF | 47285 | 4487347 |
|  |  | 7019084 |
|  **Total Exchange-Traded Funds <br>(Cost $28,390,490)** | **Total Exchange-Traded Funds <br>(Cost $28,390,490)** | 23313366 |
| **INVESTMENT COMPANIES - 51.8%** | **INVESTMENT COMPANIES - 51.8%** | **INVESTMENT COMPANIES - 51.8%** |
| **International Equity Funds - 7.6%** | **International Equity Funds - 7.6%** | **International Equity Funds - 7.6%** |
|  Transamerica Emerging Markets Opportunities <sup>(B)</sup> | 115411 | 766329 |
|  Transamerica International Focus <sup>(B)</sup> | 214216 | 1505936 |
|  Transamerica International Stock <sup>(B)</sup> | 169383 | 1485492 |
|  |  | 3757757 |
| **International Fixed Income Fund - 3.9%** | **International Fixed Income Fund - 3.9%** | **International Fixed Income Fund - 3.9%** |
|  Transamerica Emerging Markets Debt <sup>(B)</sup> | 241298 | 1927971 |
| **U.S. Equity Funds - 19.9%** | **U.S. Equity Funds - 19.9%** | **U.S. Equity Funds - 19.9%** |
|  Transamerica Large Cap Value <sup>(B)</sup> | 241002 | 3104109 |
|  Transamerica Large Growth <sup>(B)</sup> | 334180 | 3014302 |
|  Transamerica Mid Cap Growth <sup>(B)</sup> | 148965 | 1042757 |
|  Transamerica Mid Cap Value Opportunities <sup>(B)</sup> | 93584 | 1044397 |
|  Transamerica Small Cap Growth <sup>(B)</sup> | 123965 | 769825 |
|  Transamerica Small Cap Value <sup>(B)</sup> | 119374 | 805773 |
|  |  | 9781163 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 20.4%** | **U.S. Fixed Income Funds - 20.4%** | **U.S. Fixed Income Funds - 20.4%** |
|  Transamerica Bond <sup>(B)</sup> | 919819 | $7165394 |
|  Transamerica High Yield Bond <sup>(B)</sup> | 366187 | 2841611 |
|  |  | 10007005 |
|  **Total Investment Companies <br>(Cost $33,792,030)** | **Total Investment Companies <br>(Cost $33,792,030)** | 25473896 |
| **OTHER INVESTMENT COMPANY - 3.4%** | **OTHER INVESTMENT COMPANY - 3.4%** | **OTHER INVESTMENT COMPANY - 3.4%** |
| **Securities Lending Collateral - 3.4%** | **Securities Lending Collateral - 3.4%** | **Securities Lending Collateral - 3.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 1684868 | 1684868 |
|  **Total Other Investment Company <br>(Cost $1,684,868)** | **Total Other Investment Company <br>(Cost $1,684,868)** | 1684868 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.9%** | **REPURCHASE AGREEMENT - 0.9%** | **REPURCHASE AGREEMENT - 0.9%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $465,799 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $475,140. | $465784 | 465784 |
|  **Total Repurchase Agreement <br>(Cost $465,784)** | **Total Repurchase Agreement <br>(Cost $465,784)** | 465784 |
|  **Total Investments <br>(Cost $64,333,172)** | **Total Investments <br>(Cost $64,333,172)** | 50937914 |
|  **Net Other Assets (Liabilities) - (3.5)%** |  | (1739962) |
|  **Net Assets - 100.0%** |  | **$49197952** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $23313366 | $— | $— | $23313366 |
|  Investment Companies | 25473896 |  |  | 25473896 |
|  Other Investment Company | 1684868 |  |  | 1684868 |
|  Repurchase Agreement |  | 465784 |  | 465784 |
|  **Total Investments** | $**50472130** | $**465784** | $**—** | $**50937914** |

---

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 22** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2030** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the security is on loan. The value of the security on loan is $1,650,237, collateralized by cash collateral of $1,684,868. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.* 

(B) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $10378842 | $(1521082) | $(173808) | $(1518558) | $7165394 | 919819 | $232838 | $49207 |
|  Transamerica Emerging Markets Debt |  | 2703857 | (171486) | (23416) | (580984) | 1927971 | 241298 | 96055 |  |
|  Transamerica Emerging Markets Opportunities |  | 1291997 | (20867) | (4407) | (500394) | 766329 | 115411 | 79811 | 28803 |
|  Transamerica High Yield Bond |  | 3898382 | (495387) | (59401) | (501983) | 2841611 | 366187 | 151854 |  |
|  Transamerica International Focus |  | 2146321 | (45699) | (5859) | (588827) | 1505936 | 214216 | 56161 | 55861 |
|  Transamerica International Stock |  | 2132228 | (175699) | (26032) | (445005) | 1485492 | 169383 | 59140 | 98788 |
|  Transamerica Large Cap Value |  | 3953565 | (507952) | (44744) | (296760) | 3104109 | 241002 | 104209 |  |
|  Transamerica Large Growth |  | 5753932 | (301473) | (317141) | (2121016) | 3014302 | 334180 | 63129 | 681418 |
|  Transamerica Mid Cap Growth |  | 1809211 | (10495) | (7767) | (748192) | 1042757 | 148965 | 134536 | 253043 |
|  Transamerica Mid Cap Value Opportunities |  | 1560310 | (195445) | (44806) | (275662) | 1044397 | 93584 | 111528 | 172381 |
|  Transamerica Small Cap Growth |  | 1168705 | (47834) | (26981) | (324065) | 769825 | 123965 | 17560 | 80094 |
|  Transamerica Small Cap Value |  | 1387191 | (82834) | (81896) | (416688) | 805773 | 119374 | 285038 | 131103 |
| **Total** | $**—** | $**38184541** | $**(3576253)** | $**(816258)** | $**(8318134)** | $**25473896** | **3087384** | $**1391859** | $**1550698** |

---

(C) *Rates disclosed reflect the yields at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 23** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2035** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -0.79% for the Schwab U.S. REIT ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.46% for the iShares TIPS Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2035 Index, during the same period. Style and underlying fund selection were the largest contributors to outperformance, with U.S. large-cap equity adding the most value. Asset allocation was also positive with the underweight to U.S. small cap adding the most value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 24** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2035** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2035 (Class R6) returned -18.91%. By comparison, its benchmark, the S&P Target Date 2035 Index, returned -16.50%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2035 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a smaller allocation to equities than its benchmark, which benefited relative performance. Within fixed income, the benchmark had a notable allocation to ultra-short-term fixed income, which benefited the benchmark and caused it to have materially less sensitivity to rising interest rates compared to the Fund. The Fund had a modest out-of-benchmark allocation to emerging markets debt which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 44.4% |
|  International Equity Funds | 26.6 |
|  U.S. Fixed Income Funds | 24.8 |
|  International Fixed Income Fund | 3.3 |
|  Repurchase Agreement | 1 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 25** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2035** 

------

**(unaudited)**![LOGO](g105146g56o55.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (19.41)% | 3.32% | 4.24% | 03/02/2015 |
|  Class R3 (NAV) | (19.15)% | N/A | 4.00% | 03/01/2019 |
|  Class R6 (NAV) | (18.91)% | 4.01% | 4.91% | 03/02/2015 |
|  S&P Target Date 2035 Index <sup>(A) (B)</sup> | (16.50)% | 4.57% | 5.39% |  |
|  Dow Jones Target 2035 Index <sup>(C)</sup> | (17.81)% | 3.16% | 4.24% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2035 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2035 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2035 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2035. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2035 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 26** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2035** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 48.8%** | **EXCHANGE-TRADED FUNDS - 48.8%** | **EXCHANGE-TRADED FUNDS - 48.8%** |
| **International Equity Funds - 17.2%** | **International Equity Funds - 17.2%** | **International Equity Funds - 17.2%** |
|  iShares Core MSCI EAFE ETF | 102218 | $5695587 |
|  iShares Core MSCI Emerging Markets ETF | 30944 | 1310478 |
|  iShares Global REIT ETF | 83424 | 1844505 |
|  |  | 8850570 |
| **U.S. Equity Fund - 21.4%** | **U.S. Equity Fund - 21.4%** | **U.S. Equity Fund - 21.4%** |
|  iShares Core S&P 500 ETF | 28273 | 10963987 |
| **U.S. Fixed Income Funds - 10.2%** | **U.S. Fixed Income Funds - 10.2%** | **U.S. Fixed Income Funds - 10.2%** |
|  iShares 0-5 Year TIPS Bond ETF | 23739 | 2307668 |
|  iShares Core U.S. Aggregate Bond ETF | 30970 | 2939053 |
|  |  | 5246721 |
|  **Total Exchange-Traded Funds <br>(Cost $30,987,711)** | **Total Exchange-Traded Funds <br>(Cost $30,987,711)** | 25061278 |
| **INVESTMENT COMPANIES - 50.3%** | **INVESTMENT COMPANIES - 50.3%** | **INVESTMENT COMPANIES - 50.3%** |
| **International Equity Funds - 9.4%** | **International Equity Funds - 9.4%** | **International Equity Funds - 9.4%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 117666 | 781303 |
|  Transamerica International Focus <sup>(A)</sup> | 281918 | 1981881 |
|  Transamerica International Stock <sup>(A)</sup> | 234870 | 2059805 |
|  |  | 4822989 |
| **International Fixed Income Fund - 3.3%** | **International Fixed Income Fund - 3.3%** | **International Fixed Income Fund - 3.3%** |
|  Transamerica Emerging Markets Debt <sup>(A)</sup> | 212242 | 1695816 |
| **U.S. Equity Funds - 23.0%** | **U.S. Equity Funds - 23.0%** | **U.S. Equity Funds - 23.0%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 311123 | 4007270 |
|  Transamerica Large Growth <sup>(A)</sup> | 357685 | 3226319 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 168999 | 1182990 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 132193 | 1475276 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 136655 | $848625 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 157446 | 1062759 |
|  |  | 11803239 |
| **U.S. Fixed Income Funds - 14.6%** | **U.S. Fixed Income Funds - 14.6%** | **U.S. Fixed Income Funds - 14.6%** |
|  Transamerica Bond <sup>(A)</sup> | 675354 | 5261006 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 287420 | 2230383 |
|  |  | 7491389 |
|  **Total Investment Companies <br>(Cost $35,665,961)** | **Total Investment Companies <br>(Cost $35,665,961)** | 25813433 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $499,434 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $509,421. | $499418 | 499418 |
|  **Total Repurchase Agreement <br>(Cost $499,418)** | **Total Repurchase Agreement <br>(Cost $499,418)** | 499418 |
|  **Total Investments <br>(Cost $67,153,090)** | **Total Investments <br>(Cost $67,153,090)** | 51374129 |
|  **Net Other Assets (Liabilities) - (0.1)%** |  | (58475) |
|  **Net Assets - 100.0%** |  | **$51315654** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $25061278 | $— | $— | $25061278 |
|  Investment Companies | 25813433 |  |  | 25813433 |
|  Repurchase Agreement |  | 499418 |  | 499418 |
|  **Total Investments** | $**50874711** | $**499418** | $**—** | $**51374129** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 27** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2035** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $7198686 | $(726179) | $(72746) | $(1138755) | $5261006 | 675354 | $167375 | $35224 |
|  Transamerica Emerging Markets Debt |  | 2264191 | (51314) | (1818) | (515243) | 1695816 | 212242 | 82917 |  |
|  Transamerica Emerging Markets Opportunities |  | 1329227 | (18463) | (2042) | (527419) | 781303 | 117666 | 83156 | 30010 |
|  Transamerica High Yield Bond |  | 2960690 | (297410) | (34768) | (398129) | 2230383 | 287420 | 118410 |  |
|  Transamerica International Focus |  | 2878267 | (54039) | (1509) | (840838) | 1981881 | 281918 | 78346 | 77928 |
|  Transamerica International Stock |  | 2882773 | (154038) | (14141) | (654789) | 2059805 | 234870 | 82676 | 138104 |
|  Transamerica Large Cap Value |  | 4830745 | (413263) | (24393) | (385819) | 4007270 | 311123 | 128422 |  |
|  Transamerica Large Growth |  | 6308541 | (74724) | (31593) | (2975905) | 3226319 | 357685 | 77032 | 831493 |
|  Transamerica Mid Cap Growth |  | 2217533 | (35508) | (16232) | (982803) | 1182990 | 168999 | 177257 | 333392 |
|  Transamerica Mid Cap Value Opportunities |  | 2050797 | (140241) | (36978) | (398302) | 1475276 | 132193 | 146635 | 226644 |
|  Transamerica Small Cap Growth |  | 1304548 | (22169) | (2397) | (431357) | 848625 | 136655 | 21540 | 98246 |
|  Transamerica Small Cap Value |  | 1678613 | (7169) | (5516) | (603169) | 1062759 | 157446 | 348540 | 160311 |
| **Total** | $**—** | $**37904611** | $**(1994517)** | $**(244133)** | $**(9852528)** | $**25813433** | **3073571** | $**1512306** | $**1931352** |

---

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 28** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2040** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -0.79% for the Schwab U.S. REIT ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.38% for the Vanguard Total International Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2040 Index, during the same period. Asset allocation was the largest contributor to outperformance, with the underweight to U.S. small-cap equity adding the most value. Both style and underlying fund selection also added to value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 29** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2040** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2040 (Class R6) returned -19.54%. By comparison, its benchmark, the S&P Target Date 2040 Index, returned -17.10%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2040 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns. The Fund's use of short-term treasury inflation-protected securities was beneficial as interest rates rose rapidly during the period.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection within equities detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 51.3% |
|  International Equity Funds | 31.2 |
|  U.S. Fixed Income Funds | 14.9 |
|  Other Investment Company | 3.2 |
|  International Fixed Income Fund | 2.0 |
|  Repurchase Agreement | 0.8 |
|  Net Other Assets (Liabilities) | (3.4) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 30** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2040** 

------

**(unaudited)**![LOGO](g105146g28r82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (19.99)% | 3.66% | 4.60% | 03/02/2015 |
|  Class R3 (NAV) | (19.76)% | N/A | 4.29% | 03/01/2019 |
|  Class R6 (NAV) | (19.54)% | 4.30% | 5.31% | 03/02/2015 |
|  S&P Target Date 2040 Index <sup>(A) (B)</sup> | (17.10)% | 4.92% | 5.74% |  |
|  Dow Jones Target 2040 Index <sup>(C)</sup> | (18.02)% | 4.00% | 4.99% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2040 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2040 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2040 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2040. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2040 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 31** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2040** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 52.1%** | **EXCHANGE-TRADED FUNDS - 52.1%** | **EXCHANGE-TRADED FUNDS - 52.1%** |
| **International Equity Funds - 20.4%** | **International Equity Funds - 20.4%** | **International Equity Funds - 20.4%** |
|  iShares Core MSCI EAFE ETF | 111386 | $6206428 |
|  iShares Core MSCI Emerging Markets ETF | 35037 | 1483817 |
|  iShares Global REIT ETF | 79749 | 1763250 |
|  |  | 9453495 |
| **U.S. Equity Fund - 25.0%** | **U.S. Equity Fund - 25.0%** | **U.S. Equity Fund - 25.0%** |
|  iShares Core S&P 500 ETF | 29772 | 11545284 |
| **U.S. Fixed Income Funds - 6.7%** | **U.S. Fixed Income Funds - 6.7%** | **U.S. Fixed Income Funds - 6.7%** |
|  iShares 0-5 Year TIPS Bond ETF <sup>(A)</sup> | 15612 | 1517643 |
|  iShares Core U.S. Aggregate Bond ETF | 16741 | 1588721 |
|  |  | 3106364 |
|  **Total Exchange-Traded Funds <br>(Cost $30,073,752)** | **Total Exchange-Traded Funds <br>(Cost $30,073,752)** | 24105143 |
| **INVESTMENT COMPANIES - 47.3%** | **INVESTMENT COMPANIES - 47.3%** | **INVESTMENT COMPANIES - 47.3%** |
| **International Equity Funds - 10.8%** | **International Equity Funds - 10.8%** | **International Equity Funds - 10.8%** |
|  Transamerica Emerging Markets Opportunities <sup>(B)</sup> | 135727 | 901227 |
|  Transamerica International Focus <sup>(B)</sup> | 288881 | 2030834 |
|  Transamerica International Stock <sup>(B)</sup> | 237758 | 2085135 |
|  |  | 5017196 |
| **International Fixed Income Fund - 2.0%** | **International Fixed Income Fund - 2.0%** | **International Fixed Income Fund - 2.0%** |
|  Transamerica Emerging Markets Debt <sup>(B)</sup> | 116398 | 930021 |
| **U.S. Equity Funds - 26.3%** | **U.S. Equity Funds - 26.3%** | **U.S. Equity Funds - 26.3%** |
|  Transamerica Large Cap Value <sup>(B)</sup> | 312665 | 4027123 |
|  Transamerica Large Growth <sup>(B)</sup> | 356041 | 3211493 |
|  Transamerica Mid Cap Growth <sup>(B)</sup> | 165869 | 1161080 |
|  Transamerica Mid Cap Value Opportunities <sup>(B)</sup> | 140288 | 1565616 |
|  Transamerica Small Cap Growth <sup>(B)</sup> | 157215 | 976305 |
|  Transamerica Small Cap Value <sup>(B)</sup> | 181167 | 1222877 |
|  |  | 12164494 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 8.2%** | **U.S. Fixed Income Funds - 8.2%** | **U.S. Fixed Income Funds - 8.2%** |
|  Transamerica Bond <sup>(B)</sup> | 337050 | $2625617 |
|  Transamerica High Yield Bond <sup>(B)</sup> | 152712 | 1185042 |
|  |  | 3810659 |
|  **Total Investment Companies <br>(Cost $31,042,129)** | **Total Investment Companies <br>(Cost $31,042,129)** | 21922370 |
| **OTHER INVESTMENT COMPANY - 3.2%** | **OTHER INVESTMENT COMPANY - 3.2%** | **OTHER INVESTMENT COMPANY - 3.2%** |
| **Securities Lending Collateral - 3.2%** | **Securities Lending Collateral - 3.2%** | **Securities Lending Collateral - 3.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 1501057 | 1501057 |
|  **Total Other Investment Company <br>(Cost $1,501,057)** | **Total Other Investment Company <br>(Cost $1,501,057)** | 1501057 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $372,045 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $379,554. | $372034 | 372034 |
|  **Total Repurchase Agreement <br>(Cost $372,034)** | **Total Repurchase Agreement <br>(Cost $372,034)** | 372034 |
|  **Total Investments <br>(Cost $62,988,972)** | **Total Investments <br>(Cost $62,988,972)** | 47900604 |
|  **Net Other Assets (Liabilities) - (3.4)%** |  | (1571434) |
|  **Net Assets - 100.0%** |  | **$46329170** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $24105143 | $— | $— | $24105143 |
|  Investment Companies | 21922370 |  |  | 21922370 |
|  Other Investment Company | 1501057 |  |  | 1501057 |
|  Repurchase Agreement |  | 372034 |  | 372034 |
|  **Total Investments** | $**47528570** | $**372034** | $**—** | $**47900604** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 32** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2040** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the security is on loan. The value of the security on loan is $1,470,204, collateralized by cash collateral of $1,501,057. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.* 

(B) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $3670561 | $(441057) | $(40977) | $(562910) | $2625617 | 337050 | $83481 | $17608 |
|  Transamerica Emerging Markets Debt |  | 1236350 | (21289) | (968) | (284072) | 930021 | 116398 | 45522 |  |
|  Transamerica Emerging Markets Opportunities |  | 1523414 | (13528) | (1331) | (607328) | 901227 | 135727 | 95518 | 34472 |
|  Transamerica High Yield Bond |  | 1559635 | (149111) | (15889) | (209593) | 1185042 | 152712 | 62350 |  |
|  Transamerica International Focus |  | 2888214 | (20146) | (565) | (836669) | 2030834 | 288881 | 78701 | 78281 |
|  Transamerica International Stock |  | 2872891 | (116146) | (12385) | (659225) | 2085135 | 237758 | 83006 | 138654 |
|  Transamerica Large Cap Value |  | 4893211 | (434125) | (44943) | (387020) | 4027123 | 312665 | 129770 |  |
|  Transamerica Large Growth |  | 6216400 | (28316) | (13654) | (2962937) | 3211493 | 356041 | 78634 | 848787 |
|  Transamerica Mid Cap Growth |  | 2149461 | (3577) | (2219) | (982585) | 1161080 | 165869 | 174063 | 327385 |
|  Transamerica Mid Cap Value Opportunities |  | 2003566 | (4522) | (1093) | (432335) | 1565616 | 140288 | 143600 | 221953 |
|  Transamerica Small Cap Growth |  | 1478880 | (3700) | (798) | (498077) | 976305 | 157215 | 24693 | 112631 |
|  Transamerica Small Cap Value |  | 1926488 | (3700) | (2903) | (697008) | 1222877 | 181167 | 400651 | 184279 |
| **Total** | $**—** | $**32419071** | $**(1239217)** | $**(137725)** | $**(9119759)** | $**21922370** | **2581771** | $**1399989** | $**1964050** |

---

(C) *Rates disclosed reflect the yields at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 33** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2045** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -0.79% for the Schwab U.S. REIT ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income returns were positive with the iShares Core U.S. Aggregate Bond ETF returning 0.74%.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2045 Index, during the same period. Asset allocation was the largest contributor to outperformance, with the underweight to U.S. small cap equity adding the most value. Both style and underlying fund selection also added to value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 34** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2045** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and, in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2045 (Class R6) returned -20.10%. By comparison, its benchmark, the S&P Target Date 2045 Index, returned -17.36%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2045 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns. The Fund's use of short-term treasury inflation-protected securities was beneficial as interest rates rose rapidly during the period.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 55.0% |
|  International Equity Funds | 34.6 |
|  U.S. Fixed Income Funds | 8.7 |
|  International Fixed Income Fund | 1 |
|  Repurchase Agreement | 1 |
|  Net Other Assets (Liabilities) | (0.3) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 35** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2045** 

------

**(unaudited)**![LOGO](g105146g84d69.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (20.63)% | 4.16% | 5.13% | 03/02/2015 |
|  Class R3 (NAV) | (20.41)% | N/A | 4.81% | 03/01/2019 |
|  Class R6 (NAV) | (20.10)% | 4.83% | 5.81% | 03/02/2015 |
|  S&P Target Date 2045 Index <sup>(A) (B)</sup> | (17.36)% | 5.13% | 5.95% |  |
|  Dow Jones Target 2045 Index <sup>(C)</sup> | (18.16)% | 4.67% | 5.57% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2045 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2045 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2045 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2045. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2045 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 36** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2045** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 52.4%** | **EXCHANGE-TRADED FUNDS - 52.4%** | **EXCHANGE-TRADED FUNDS - 52.4%** |
| **International Equity Funds - 22.0%** | **International Equity Funds - 22.0%** | **International Equity Funds - 22.0%** |
|  iShares Core MSCI EAFE ETF | 77691 | $4328943 |
|  iShares Core MSCI Emerging Markets ETF | 26217 | 1110290 |
|  iShares Global REIT ETF | 53866 | 1190977 |
|  |  | 6630210 |
| **U.S. Equity Fund - 26.1%** | **U.S. Equity Fund - 26.1%** | **U.S. Equity Fund - 26.1%** |
|  iShares Core S&P 500 ETF | 20265 | 7858564 |
| **U.S. Fixed Income Funds - 4.3%** | **U.S. Fixed Income Funds - 4.3%** | **U.S. Fixed Income Funds - 4.3%** |
|  iShares 0-5 Year TIPS Bond ETF | 6666 | 648002 |
|  iShares Core U.S. Aggregate Bond ETF | 6800 | 645320 |
|  |  | 1293322 |
|  **Total Exchange-Traded Funds <br>(Cost $19,879,002)** | **Total Exchange-Traded Funds <br>(Cost $19,879,002)** | 15782096 |
| **INVESTMENT COMPANIES - 46.9%** | **INVESTMENT COMPANIES - 46.9%** | **INVESTMENT COMPANIES - 46.9%** |
| **International Equity Funds - 12.6%** | **International Equity Funds - 12.6%** | **International Equity Funds - 12.6%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 122631 | 814271 |
|  Transamerica International Focus <sup>(A)</sup> | 210207 | 1477758 |
|  Transamerica International Stock <sup>(A)</sup> | 169511 | 1486610 |
|  |  | 3778639 |
| **International Fixed Income Fund - 1.0%** | **International Fixed Income Fund - 1.0%** | **International Fixed Income Fund - 1.0%** |
|  Transamerica Emerging Markets Debt <sup>(A)</sup> | 37750 | 301621 |
| **U.S. Equity Funds - 28.9%** | **U.S. Equity Funds - 28.9%** | **U.S. Equity Funds - 28.9%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 213520 | 2750139 |
|  Transamerica Large Growth <sup>(A)</sup> | 279612 | 2522102 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 120067 | 840472 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 91332 | 1019264 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 116529 | $723647 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 125746 | 848788 |
|  |  | 8704412 |
| **U.S. Fixed Income Funds - 4.4%** | **U.S. Fixed Income Funds - 4.4%** | **U.S. Fixed Income Funds - 4.4%** |
|  Transamerica Bond <sup>(A)</sup> | 131336 | 1023106 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 39787 | 308747 |
|  |  | 1331853 |
|  **Total Investment Companies <br>(Cost $20,252,546)** | **Total Investment Companies <br>(Cost $20,252,546)** | 14116525 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $296,934 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $302,939. | $296925 | 296925 |
|  **Total Repurchase Agreement <br>(Cost $296,925)** | **Total Repurchase Agreement <br>(Cost $296,925)** | 296925 |
|  **Total Investments <br>(Cost $40,428,473)** | **Total Investments <br>(Cost $40,428,473)** | 30195546 |
|  **Net Other Assets (Liabilities) - (0.3)%** |  | (77984) |
|  **Net Assets - 100.0%** |  | **$30117562** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $15782096 | $— | $— | $15782096 |
|  Investment Companies | 14116525 |  |  | 14116525 |
|  Repurchase Agreement |  | 296925 |  | 296925 |
|  **Total Investments** | $**29898621** | $**296925** | $**—** | $**30195546** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 37** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2045** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $1463599 | $(194231) | $(23147) | $(223115) | $1023106 | 131336 | $33864 | $7233 |
|  Transamerica Emerging Markets Debt |  | 423041 | (25529) | (3883) | (92008) | 301621 | 37750 | 15327 |  |
|  Transamerica Emerging Markets Opportunities |  | 1399100 | (38554) | (5594) | (540681) | 814271 | 122631 | 85638 | 30906 |
|  Transamerica High Yield Bond |  | 419498 | (49529) | (6454) | (54768) | 308747 | 39787 | 16784 |  |
|  Transamerica International Focus |  | 2181695 | (83258) | (6349) | (614330) | 1477758 | 210207 | 59220 | 58903 |
|  Transamerica International Stock |  | 2160523 | (183258) | (19442) | (471213) | 1486610 | 169511 | 62518 | 104432 |
|  Transamerica Large Cap Value |  | 3510700 | (458018) | (38617) | (263926) | 2750139 | 213520 | 92626 |  |
|  Transamerica Large Growth |  | 4774560 | (121735) | (61547) | (2069176) | 2522102 | 279612 | 56367 | 608433 |
|  Transamerica Mid Cap Growth |  | 1576134 | (16472) | (10302) | (708888) | 840472 | 120067 | 127737 | 240253 |
|  Transamerica Mid Cap Value Opportunities |  | 1471796 | (141587) | (38758) | (272187) | 1019264 | 91332 | 105534 | 163118 |
|  Transamerica Small Cap Growth |  | 1109935 | (13822) | (3328) | (369138) | 723647 | 116529 | 18548 | 84601 |
|  Transamerica Small Cap Value |  | 1446226 | (72323) | (68524) | (456591) | 848788 | 125746 | 300997 | 138443 |
| **Total** | $**—** | $**21936807** | $**(1398316)** | $**(285945)** | $**(6136021)** | $**14116525** | **1658028** | $**975160** | $**1436322** |

---

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 38** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2050** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -0.79% for the Schwab U.S. REIT ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income returns were positive with the iShares Core U.S. Aggregate Bond ETF returning 0.74%.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2050 Index, during the same period. Asset allocation was the largest contributor to outperformance, with the underweight to U.S. small-cap and overweight to U.S. large-cap equities adding the most value. Both style and underlying fund selection also added to value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 39** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2050** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2050 (Class R6) returned -20.34%. By comparison, its benchmark, the S&P Target Date 2050 Index, returned -17.50%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2050 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a modest out-of-benchmark allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns. The Fund's use of short-term treasury inflation-protected securities was beneficial as interest rates rose rapidly during the period.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 56.5% |
|  International Equity Funds | 35.3 |
|  U.S. Fixed Income Funds | 6.5 |
|  International Fixed Income Fund | 1 |
|  Repurchase Agreement | 0.9 |
|  Net Other Assets (Liabilities) | (0.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 40** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2050** 

------

**(unaudited)**![LOGO](g105146g25g66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (20.88)% | 4.42% | 5.33% | 03/02/2015 |
|  Class R3 (NAV) | (20.67)% | N/A | 5.21% | 03/01/2019 |
|  Class R6 (NAV) | (20.34)% | 5.13% | 6.03% | 03/02/2015 |
|  S&P Target Date 2050 Index <sup>(A) (B)</sup> | (17.50)% | 4.71% | 5.67% |  |
|  Dow Jones Target 2050 Index <sup>(C)</sup> | (18.23)% | 5.10% | 5.92% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2050 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2050 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2050 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2050. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2050 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 41** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2050** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 52.1%** | **EXCHANGE-TRADED FUNDS - 52.1%** | **EXCHANGE-TRADED FUNDS - 52.1%** |
| **International Equity Funds - 22.5%** | **International Equity Funds - 22.5%** | **International Equity Funds - 22.5%** |
|  iShares Core MSCI EAFE ETF | 71129 | $3963308 |
|  iShares Core MSCI Emerging Markets ETF | 22939 | 971467 |
|  iShares Global REIT ETF | 43874 | 970054 |
|  |  | 5904829 |
| **U.S. Equity Fund - 26.6%** | **U.S. Equity Fund - 26.6%** | **U.S. Equity Fund - 26.6%** |
|  iShares Core S&P 500 ETF | 18042 | 6996507 |
| **U.S. Fixed Income Funds - 3.0%** | **U.S. Fixed Income Funds - 3.0%** | **U.S. Fixed Income Funds - 3.0%** |
|  iShares 0-5 Year TIPS Bond ETF | 5424 | 527267 |
|  iShares Core U.S. Aggregate Bond ETF | 2726 | 258697 |
|  |  | 785964 |
|  **Total Exchange-Traded Funds <br>(Cost $17,255,270)** | **Total Exchange-Traded Funds <br>(Cost $17,255,270)** | 13687300 |
| **INVESTMENT COMPANIES - 47.2%** | **INVESTMENT COMPANIES - 47.2%** | **INVESTMENT COMPANIES - 47.2%** |
| **International Equity Funds - 12.8%** | **International Equity Funds - 12.8%** | **International Equity Funds - 12.8%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 103885 | 689797 |
|  Transamerica International Focus <sup>(A)</sup> | 187547 | 1318453 |
|  Transamerica International Stock <sup>(A)</sup> | 153697 | 1347919 |
|  |  | 3356169 |
| **International Fixed Income Fund - 1.0%** | **International Fixed Income Fund - 1.0%** | **International Fixed Income Fund - 1.0%** |
|  Transamerica Emerging Markets Debt <sup>(A)</sup> | 32010 | 255757 |
| **U.S. Equity Funds - 29.9%** | **U.S. Equity Funds - 29.9%** | **U.S. Equity Funds - 29.9%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 193041 | 2486368 |
|  Transamerica Large Growth <sup>(A)</sup> | 253507 | 2286629 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 112315 | 786202 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 83616 | 933158 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 100358 | $623225 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 111574 | 753123 |
|  |  | 7868705 |
| **U.S. Fixed Income Funds - 3.5%** | **U.S. Fixed Income Funds - 3.5%** | **U.S. Fixed Income Funds - 3.5%** |
|  Transamerica Bond <sup>(A)</sup> | 82461 | 642374 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 34662 | 268978 |
|  |  | 911352 |
|  **Total Investment Companies <br>(Cost $17,857,047)** | **Total Investment Companies <br>(Cost $17,857,047)** | 12391983 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.9%** | **REPURCHASE AGREEMENT - 0.9%** | **REPURCHASE AGREEMENT - 0.9%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(B)</sup>, dated 10/31/2022, to be repurchased at $246,034 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.47%, due 04/20/2023, and with a value of $251,038. | $246026 | 246026 |
|  **Total Repurchase Agreement <br>(Cost $246,026)** | **Total Repurchase Agreement <br>(Cost $246,026)** | 246026 |
|  **Total Investments <br>(Cost $35,358,343)** | **Total Investments <br>(Cost $35,358,343)** | 26325309 |
|  **Net Other Assets (Liabilities) - (0.2)%** |  | (41104) |
|  **Net Assets - 100.0%** |  | **$26284205** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $13687300 | $— | $— | $13687300 |
|  Investment Companies | 12391983 |  |  | 12391983 |
|  Repurchase Agreement |  | 246026 |  | 246026 |
|  **Total Investments** | $**26079283** | $**246026** | $**—** | $**26325309** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 42** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2050** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $1009134 | $(217825) | $(18311) | $(130624) | $642374 | 82461 | $20612 | $4459 |
|  Transamerica Emerging Markets Debt |  | 386260 | (48645) | (6312) | (75546) | 255757 | 32010 | 13016 |  |
|  Transamerica Emerging Markets Opportunities |  | 1200466 | (40102) | (6861) | (463706) | 689797 | 103885 | 74230 | 26789 |
|  Transamerica High Yield Bond |  | 398491 | (78052) | (6148) | (45313) | 268978 | 34662 | 14247 |  |
|  Transamerica International Focus |  | 1967015 | (82283) | (9255) | (557024) | 1318453 | 187547 | 53725 | 53438 |
|  Transamerica International Stock |  | 1977055 | (180814) | (21008) | (427314) | 1347919 | 153697 | 56729 | 94761 |
|  Transamerica Large Cap Value |  | 3147748 | (390787) | (31814) | (238779) | 2486368 | 193041 | 82287 |  |
|  Transamerica Large Growth |  | 4398991 | (136383) | (86838) | (1889141) | 2286629 | 253507 | 49980 | 539488 |
|  Transamerica Mid Cap Growth |  | 1478454 | (18083) | (12697) | (661472) | 786202 | 112315 | 119463 | 224691 |
|  Transamerica Mid Cap Value Opportunities |  | 1380527 | (160263) | (40074) | (247032) | 933158 | 83616 | 98692 | 152543 |
|  Transamerica Small Cap Growth |  | 959512 | (14693) | (4364) | (317230) | 623225 | 100358 | 15986 | 72917 |
|  Transamerica Small Cap Value |  | 1249358 | (44693) | (39659) | (411883) | 753123 | 111574 | 259426 | 119321 |
| **Total** | $**—** | $**19553011** | $**(1412623)** | $**(283341)** | $**(5465064)** | $**12391983** | **1448673** | $**858393** | $**1288407** |

---

(B) *Rate disclosed reflects the yield at October 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 43** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2055** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -0.79% for the Schwab U.S. REIT ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income returns were positive with the iShares Core U.S. Aggregate Bond ETF returning 0.74%.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2055 Index, during the same period. Asset allocation was the largest contributor to outperformance, with the underweight to U.S. small-cap and overweight to U.S. large-cap equities adding the most value. Both style and underlying fund selection also added to value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 44** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2055** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2055 (Class R6) returned -20.82%. By comparison, its benchmark, the S&P Target Date 2055 Index, returned -17.52%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2055 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a marginally larger allocation to equities than its benchmark, which served as a headwind to Fund returns. The Fund's use of short-term treasury inflation-protected securities was beneficial as interest rates rose rapidly during the period.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 56.1% |
|  International Equity Funds | 38.3 |
|  Other Investment Company | 6.2 |
|  U.S. Fixed Income Funds | 6.2 |
|  Net Other Assets (Liabilities) | (6.8) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 45** 

------

##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2055** 

------

**(unaudited)**![LOGO](g105146g27y74.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (21.32)% | 4.48% | 5.37% | 07/07/2017 |
|  Class R3 (NAV) | (21.24)% | N/A | 5.16% | 03/01/2019 |
|  Class R6 (NAV) | (20.82)% | 5.14% | 6.05% | 07/07/2017 |
|  S&P Target Date 2055 Index <sup>(A) (B)</sup> | (17.52)% | 5.28% | 6.29% |  |
|  Dow Jones Target 2055 Index <sup>(C)</sup> | (18.25)% | 5.25% | 6.28% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2055 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2055 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2055 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2055. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2055 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 46** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2055** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 53.8%** | **EXCHANGE-TRADED FUNDS - 53.8%** | **EXCHANGE-TRADED FUNDS - 53.8%** |
| **International Equity Funds - 24.2%** | **International Equity Funds - 24.2%** | **International Equity Funds - 24.2%** |
|  iShares Core MSCI EAFE ETF | 2781 | $154958 |
|  iShares Core MSCI Emerging Markets ETF | 912 | 38623 |
|  iShares Global REIT ETF <sup>(A)</sup> | 1765 | 39024 |
|  |  | 232605 |
| **U.S. Equity Fund - 26.5%** | **U.S. Equity Fund - 26.5%** | **U.S. Equity Fund - 26.5%** |
|  iShares Core S&P 500 ETF | 655 | 254002 |
| **U.S. Fixed Income Funds - 3.1%** | **U.S. Fixed Income Funds - 3.1%** | **U.S. Fixed Income Funds - 3.1%** |
|  iShares 0-5 Year TIPS Bond ETF <sup>(A)</sup> | 201 | 19539 |
|  iShares Core U.S. Aggregate Bond ETF | 102 | 9680 |
|  |  | 29219 |
|  **Total Exchange-Traded Funds <br>(Cost $621,212)** | **Total Exchange-Traded Funds <br>(Cost $621,212)** | 515826 |
| **INVESTMENT COMPANIES - 46.8%** | **INVESTMENT COMPANIES - 46.8%** | **INVESTMENT COMPANIES - 46.8%** |
| **International Equity Funds - 14.1%** | **International Equity Funds - 14.1%** | **International Equity Funds - 14.1%** |
|  Transamerica Emerging Markets Opportunities <sup>(B)</sup> | 4345 | 28848 |
|  Transamerica International Focus <sup>(B)</sup> | 7568 | 53204 |
|  Transamerica International Stock <sup>(B)</sup> | 6058 | 53132 |
|  |  | 135184 |
| **U.S. Equity Funds - 29.6%** | **U.S. Equity Funds - 29.6%** | **U.S. Equity Funds - 29.6%** |
|  Transamerica Large Cap Value <sup>(B)</sup> | 6690 | 86168 |
|  Transamerica Large Growth <sup>(B)</sup> | 9436 | 85117 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Mid Cap Growth <sup>(B)</sup> | 4554 | $31878 |
|  Transamerica Mid Cap Value Opportunities <sup>(B)</sup> | 2869 | 32016 |
|  Transamerica Small Cap Growth <sup>(B)</sup> | 3960 | 24592 |
|  Transamerica Small Cap Value <sup>(B)</sup> | 3667 | 24754 |
|  |  | 284525 |
| **U.S. Fixed Income Funds - 3.1%** | **U.S. Fixed Income Funds - 3.1%** | **U.S. Fixed Income Funds - 3.1%** |
|  Transamerica Bond <sup>(B)</sup> | 2529 | 19702 |
|  Transamerica High Yield Bond <sup>(B)</sup> | 1282 | 9945 |
|  |  | 29647 |
|  **Total Investment Companies <br>(Cost $526,486)** | **Total Investment Companies <br>(Cost $526,486)** | 449356 |
| **OTHER INVESTMENT COMPANY - 6.2%** | **OTHER INVESTMENT COMPANY - 6.2%** | **OTHER INVESTMENT COMPANY - 6.2%** |
| **Securities Lending Collateral - 6.2%** | **Securities Lending Collateral - 6.2%** | **Securities Lending Collateral - 6.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 59508 | 59508 |
|  **Total Other Investment Company <br>(Cost $59,508)** | **Total Other Investment Company <br>(Cost $59,508)** | 59508 |
|  **Total Investments <br>(Cost $1,207,206)** | **Total Investments <br>(Cost $1,207,206)** | 1024690 |
|  **Net Other Assets (Liabilities) - (6.8)%** |  | (64962) |
|  **Net Assets - 100.0%** |  | **$959728** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $515826 | $— | $— | $515826 |
|  Investment Companies | 449356 |  |  | 449356 |
|  Other Investment Company | 59508 |  |  | 59508 |
|  **Total Investments** | $**1024690** | $**—** | $**—** | $**1024690** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 47** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2055** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $57,980, collateralized by cash collateral of $59,508. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $37325 | $(13655) | $(1422) | $(2546) | $19702 | 2529 | $540 | $105 |
|  Transamerica Emerging Markets Opportunities |  | 65872 | (21921) | (7307) | (7796) | 28848 | 4345 | 2201 | 794 |
|  Transamerica High Yield Bond |  | 16731 | (5163) | (513) | (1110) | 9945 | 1282 | 455 |  |
|  Transamerica International Focus |  | 107701 | (36196) | (7694) | (10607) | 53204 | 7568 | 1663 | 1655 |
|  Transamerica International Stock |  | 109307 | (42271) | (5748) | (8156) | 53132 | 6058 | 1760 | 2938 |
|  Transamerica Large Cap Value |  | 155495 | (62200) | (3745) | (3382) | 86168 | 6690 | 2504 |  |
|  Transamerica Large Growth |  | 203823 | (56577) | (47977) | (14152) | 85117 | 9436 | 1478 | 15959 |
|  Transamerica Mid Cap Growth |  | 62064 | (9449) | (8541) | (12196) | 31878 | 4554 | 3527 | 6633 |
|  Transamerica Mid Cap Value Opportunities |  | 52449 | (12006) | (3039) | (5388) | 32016 | 2869 | 2927 | 4523 |
|  Transamerica Small Cap Growth |  | 41261 | (6602) | (3020) | (7047) | 24592 | 3960 | 472 | 2156 |
|  Transamerica Small Cap Value |  | 47030 | (9197) | (8329) | (4750) | 24754 | 3667 | 7669 | 3528 |
| **Total** | $**—** | $**899058** | $**(275237)** | $**(97335)** | $**(77130)** | $**449356** | **52958** | $**25196** | $**38291** |

---

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 48** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2060** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -0.79% for the Schwab U.S. REIT ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income returns were positive with the iShares Core U.S. Aggregate Bond ETF returning 0.74%.

On a relative basis, the Fund outperformed its benchmark, the Dow Jones Target 2060 Index, during the same period. Asset allocation was the largest contributor to outperformance, with the underweight to U.S. small-cap and overweight to U.S. large-cap equities adding the most value. Both style and underlying fund selection also added to value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 49** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2060** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") became sub-adviser to the ClearTrack funds in December 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> 2060 (Class R6) returned -20.63%. By comparison, its benchmark, the S&P Target Date 2060 Index, returned -17.56%.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date 2060 Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund had a marginally larger allocation to equities than its benchmark, which served as a headwind to Fund returns. The Fund's use of short-term treasury inflation-protected securities was beneficial as interest rates rose rapidly during the period.

Within equities, the Fund was relatively underweight foreign equities and overweight global real estate, which contributed modestly to Fund returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 56.1% |
|  International Equity Funds | 38.3 |
|  Other Investment Company | 6.3 |
|  U.S. Fixed Income Funds | 6.2 |
|  Net Other Assets (Liabilities) | (6.9) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 50** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2060** 

------

**(unaudited)**![LOGO](g105146g30x73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (21.14)% | 4.53% | 5.42% | 07/07/2017 |
|  Class R3 (NAV) | (20.97)% | N/A | 5.28% | 03/01/2019 |
|  Class R6 (NAV) | (20.63)% | 5.20% | 6.11% | 07/07/2017 |
|  S&P Target Date 2060 Index <sup>(A) (B)</sup> | (17.56)% | 5.33% | 6.34% |  |
|  Dow Jones Target 2060 Index <sup>(C)</sup> | (18.25)% | 5.26% | 6.28% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Target Date 2060 Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Dow Jones Target 2060 Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date 2060 Index seeks to represent a broadly derived consensus of asset class exposure and glide path for target date year 2060. The index allocates to equities and fixed income at varying levels, according to a pre-determined schedule related to the respective target date.* 

<sup>(C)</sup> *The Dow Jones Target 2060 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.* 

The S&P Target Date Index Series is designed to represent a broadly derived consensus of asset class exposure for each target date year, as well as an overall guide path. Each index corresponds to a particular target retirement date, providing varying levels of exposure to equities, bonds and other asset classes. The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 51** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2060** 

------

**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 53.8%** | **EXCHANGE-TRADED FUNDS - 53.8%** | **EXCHANGE-TRADED FUNDS - 53.8%** |
| **International Equity Funds - 24.2%** | **International Equity Funds - 24.2%** | **International Equity Funds - 24.2%** |
|  iShares Core MSCI EAFE ETF | 2727 | $151949 |
|  iShares Core MSCI Emerging Markets ETF | 898 | 38030 |
|  iShares Global REIT ETF <sup>(A)</sup> | 1710 | 37808 |
|  |  | 227787 |
| **U.S. Equity Fund - 26.4%** | **U.S. Equity Fund - 26.4%** | **U.S. Equity Fund - 26.4%** |
|  iShares Core S&P 500 ETF | 642 | 248961 |
| **U.S. Fixed Income Funds - 3.2%** | **U.S. Fixed Income Funds - 3.2%** | **U.S. Fixed Income Funds - 3.2%** |
|  iShares 0-5 Year TIPS Bond ETF <sup>(A)</sup> | 209 | 20317 |
|  iShares Core U.S. Aggregate Bond ETF | 103 | 9774 |
|  |  | 30091 |
|  **Total Exchange-Traded Funds <br>(Cost $611,074)** | **Total Exchange-Traded Funds <br>(Cost $611,074)** | 506839 |
| **INVESTMENT COMPANIES - 46.8%** | **INVESTMENT COMPANIES - 46.8%** | **INVESTMENT COMPANIES - 46.8%** |
| **International Equity Funds - 14.1%** | **International Equity Funds - 14.1%** | **International Equity Funds - 14.1%** |
|  Transamerica Emerging Markets Opportunities <sup>(B)</sup> | 4178 | 27740 |
|  Transamerica International Focus <sup>(B)</sup> | 7430 | 52235 |
|  Transamerica International Stock <sup>(B)</sup> | 5969 | 52349 |
|  |  | 132324 |
| **U.S. Equity Funds - 29.7%** | **U.S. Equity Funds - 29.7%** | **U.S. Equity Funds - 29.7%** |
|  Transamerica Large Cap Value <sup>(B)</sup> | 6750 | 86946 |
|  Transamerica Large Growth <sup>(B)</sup> | 9053 | 81656 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Mid Cap Growth <sup>(B)</sup> | 4419 | $30936 |
|  Transamerica Mid Cap Value Opportunities <sup>(B)</sup> | 2825 | 31527 |
|  Transamerica Small Cap Growth <sup>(B)</sup> | 3811 | 23668 |
|  Transamerica Small Cap Value <sup>(B)</sup> | 3766 | 25422 |
|  |  | 280155 |
| **U.S. Fixed Income Funds - 3.0%** | **U.S. Fixed Income Funds - 3.0%** | **U.S. Fixed Income Funds - 3.0%** |
|  Transamerica Bond <sup>(B)</sup> | 2314 | 18024 |
|  Transamerica High Yield Bond <sup>(B)</sup> | 1357 | 10530 |
|  |  | 28554 |
|  **Total Investment Companies <br>(Cost $562,291)** | **Total Investment Companies <br>(Cost $562,291)** | 441033 |
| **OTHER INVESTMENT COMPANY - 6.3%** | **OTHER INVESTMENT COMPANY - 6.3%** | **OTHER INVESTMENT COMPANY - 6.3%** |
| **Securities Lending Collateral - 6.3%** | **Securities Lending Collateral - 6.3%** | **Securities Lending Collateral - 6.3%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 3.09% <sup>(C)</sup> | 59123 | 59123 |
|  **Total Other Investment Company <br>(Cost $59,123)** | **Total Other Investment Company <br>(Cost $59,123)** | 59123 |
|  **Total Investments <br>(Cost $1,232,488)** | **Total Investments <br>(Cost $1,232,488)** | 1006995 |
|  **Net Other Assets (Liabilities) - (6.9)%** |  | (64907) |
|  **Net Assets - 100.0%** |  | **$942088** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $506839 | $— | $— | $506839 |
|  Investment Companies | 441033 |  |  | 441033 |
|  Other Investment Company | 59123 |  |  | 59123 |
|  **Total Investments** | $**1006995** | $**—** | $**—** | $**1006995** |

---

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 52** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> 2060** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $57,616, collateralized by cash collateral of $59,123. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $33463 | $(11757) | $(1281) | $(2401) | $18024 | 2314 | $527 | $99 |
|  Transamerica Emerging Markets Opportunities |  | 52120 | (9215) | (2897) | (12268) | 27740 | 4178 | 2073 | 748 |
|  Transamerica High Yield Bond |  | 14770 | (2501) | (262) | (1477) | 10530 | 1357 | 480 |  |
|  Transamerica International Focus |  | 86913 | (15753) | (3544) | (15381) | 52235 | 7430 | 1569 | 1561 |
|  Transamerica International Stock |  | 90989 | (24052) | (3635) | (10953) | 52349 | 5969 | 1659 | 2771 |
|  Transamerica Large Cap Value |  | 116819 | (21000) | (1878) | (6995) | 86946 | 6750 | 2466 |  |
|  Transamerica Large Growth |  | 167765 | (25000) | (26357) | (34752) | 81656 | 9053 | 1394 | 15047 |
|  Transamerica Mid Cap Growth |  | 56907 | (6000) | (5693) | (14278) | 30936 | 4419 | 3331 | 6264 |
|  Transamerica Mid Cap Value Opportunities |  | 44809 | (5000) | (1430) | (6852) | 31527 | 2825 | 2755 | 4258 |
|  Transamerica Small Cap Growth |  | 38754 | (5502) | (2381) | (7203) | 23668 | 3811 | 445 | 2032 |
|  Transamerica Small Cap Value |  | 42780 | (4500) | (4160) | (8698) | 25422 | 3766 | 7228 | 3325 |
| **Total** | $**—** | $**746089** | $**(130280)** | $**(53518)** | $**(121258)** | $**441033** | **51872** | $**23927** | $**36105** |

---

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 53** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> Retirement Income** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

Global equity markets declined in US-dollar terms during the period of November 1, 2021, through December 5, 2021, as uncertainty around the COVID-19 pandemic increased and global supply-chain issues continued. Worries over continued inflation and when inflation would prompt key developed market central banks to raise interest rates also weighed on investors' minds. As measured by MSCI indexes in US-dollar terms, developed stock markets overall performed better than the global index while emerging markets trailed it. In terms of investment style, global value stocks declined but not as much as global growth equities. The US stock market ascended to new highs in November before it joined a broader global selloff across asset classes driven by fears that a new COVID-19 variant may spread widely and resist vaccines.

**STRATEGY REVIEW** 

**Franklin Advisers, Inc. (11/1/21 - 12/5/21)** 

The fund seeks to achieve its investment objective by investing in a combination of underlying exchange-traded funds ("ETFs") representing a variety of broad asset classes — equity, fixed income, inflation-hedging — and investment styles. The fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor's retirement year, and is designed for investors expecting to retire around the target date. The fund follows a particular glidepath in which over time the fund's target asset mix will gradually become more conservative until approximately 10 years after the target date, at which time the target asset mix will become static.

The Fund had an overall slightly negative return for the period of November 1, 2021, through December 5, 2021. In absolute terms, all the Fund's equity holdings posted negative returns ranging from -2.20% for the Schwab U.S. Large-Cap ETF to -7.99% for the Schwab U.S. Small-Cap ETF. Fixed income posted mixed returns, ranging from 1.46% for the iShares TIPS Bond ETF to -0.39% for the Xtrackers USD High Yield Corporate Bond ETF.

On a relative basis, the Fund underperformed its benchmark, the Bloomberg US Aggregate Index, during the same period. Asset allocation was the primary factor in underperformance, as the Fund is generally overweight equity. The overweight allocations to U.S. large-cap and international equities were the largest detractors. Underlying fund selection was positive with U.S. large cap equities adding value.

**Laura Green, CFA** 

**Jacqueline Kenney, CFA** 

**Thomas Picciochi** 

**Co-Portfolio Managers** 

**Franklin Advisers, Inc.** 

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 54** 

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##### [**Table of Contents**](#toc)
**Transamerica ClearTrack<sup>®</sup> Retirement Income** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

Since Wilshire Advisors LLC ("Wilshire") took over as sub-adviser to the ClearTrack funds in late 2021, the market environment has been difficult. Inflation moved from being viewed as transitory to sticky and interest rates began to march upwards as views on inflation evolved. The rise in interest rates, coupled with continued COVID-19 lockdowns in China and the negative effects of Russia's invasion of Ukraine on various commodities markets, weighed on equity returns, both within the U.S. and in foreign markets during the Fund's fiscal year ended October 31, 2022. The U.S. dollar strengthened considerably as the U.S. Federal Reserve ("Fed") aggressively hiked the Fed Funds Rate, which served as a headwind for assets priced in foreign currencies.

The Fund was negatively impacted by both the rise in interest rates as well as the downturn in foreign and domestic equity markets.

Coming into 2022, Wilshire had its lowest ever 10-year expected returns for core fixed income, but after the recent, large interest rate increases, the outlook for fixed income has improved considerably and in our view, returns are now expected to far outpace inflation over the coming decade. If interest rates peak, and a recession is avoided (or mild), then we believe equities will be relatively attractive. If the Fed continues to tighten aggressively, then we believe equity and fixed income markets could selloff further and the U.S. (and perhaps foreign economies) could enter a recession.

**PERFORMANCE** 

For the year ended October 31, 2022, Transamerica ClearTrack<sup>®</sup> Retirement Income (Class R6) returned -15.96%. By comparison, its primary and secondary benchmarks, the S&P Target Date Retirement Income Index and the Transamerica ClearTrack<sup>®</sup> Retirement Income Blended Benchmark, returned -13.06% and -18.31%, respectively.

**STRATEGY REVIEW** 

The Fund is a multi-asset, target date fund-of-funds that seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. During the period from which Wilshire became sub-adviser to the Fund (December 6, 2021 through October 31, 2022), the Fund posted negative returns and underperformed its primary benchmark, the S&P Target Date Retirement Income Index.

The period was a difficult market environment for most types of investments, particularly equities. The Fund has a substantially larger allocation to equities than its benchmark, which served as a notable headwind to Fund returns. Within fixed income, the benchmark has a large allocation to ultra-short-term fixed income, which benefited the benchmark and caused it to have materially less sensitivity to rising interest rates compared to the Fund. The Fund had a modest out-of-benchmark, allocation to emerging markets debt, which weighed on Fund returns versus the benchmark. Wilshire believes that exposure to emerging markets debt is both a diversifying exposure and a driver of long-term returns.

Within equities, the Fund was relatively overweight U.S. equities and global real estate, which contributed to returns.

Underlying fund selection among equity funds detracted from returns, driven in large part by the Fund's allocation to Transamerica Large Growth. Transamerica International Focus, Transamerica International Stock and Transamerica Emerging Markets Opportunities were the other notable detractors from underlying fund selection.

**Nathan Palmer, CFA** 

**Anthony Wicklund, CFA** 

**Co-Portfolio Managers** 

**Wilshire Advisors LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 52.8% |
|  U.S. Equity Funds | 26.4 |
|  International Equity Funds | 14.9 |
|  International Fixed Income Fund | 5.0 |
|  Repurchase Agreement | 0.8 |
|  Net Other Assets (Liabilities) | 0.1 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 55** 

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**Transamerica ClearTrack<sup>®</sup> Retirement Income** 

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**(unaudited)**![LOGO](g105146g12c45.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** | **Average Annual Total Return for Periods Ended 10/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R1 (NAV) | (16.54)% | 1.44% | 1.97% | 03/02/2015 |
|  Class R3 (NAV) | (16.40)% | N/A | 1.70% | 03/01/2019 |
|  Class R6 (NAV) | (15.96)% | 2.11% | 2.64% | 03/02/2015 |
|  S&P Target Date Retirement Income Index <sup>(A) (B)</sup> | (13.06)% | 2.07% | 2.64% |  |
|  Bloomberg US Aggregate Bond Index <sup>(C)</sup> | (15.68)% | (0.54)% | 0.32% |  |
|  Transamerica ClearTrack<sup>®</sup> Retirement Income Blended Benchmark <sup>(C) (D) (E) (F) (G) (H) (I) (J) (K)</sup> | (18.31)% | 0.94% | 2.10% |  |

---

<sup>(A)</sup> *Effective December 6, 2021, S&P Retirement Income Index became the Fund's primary benchmark. Prior to December 6, 2021, the Fund's primary benchmark was the Bloomberg US Aggregate Bond Index. The change to the primary benchmark was made to more accurately reflect the principal investment strategies of the Fund.* 

<sup>(B)</sup> *The S&P Target Date Retirement Income Index seeks to serve as the ultimate endpoint for all assets tracking other indices in the S&P Target Date Index Series. When an index in the S&P Target Date Index Series is retired, any funds tracking that index will have the assets rolled into a fund that tracks the S&P Target Date Retirement Income Index.* 

<sup>(C)</sup> *The 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.* 

<sup>(D)</sup> *The Transamerica ClearTrack<sup>®</sup> Retirement Income Blended Benchmark is composed of the following benchmarks: 42% Bloomberg US Aggregate Bond Index, 15% Bloomberg Global Aggregate ex USD, 14% MSCI EAFE Index, 8% Russell 1000<sup>®</sup> Index, 8% Bloomberg US Corporate High Yield 2% Issuer Capped Index, 5% MSCI US REIT Index, 5% Russell 2000<sup>®</sup> Index and 3% MSCI Emerging Markets Index.* 

<sup>(E)</sup> *The Bloomberg Global Aggregate ex-US is a multi-currency benchmark that includes fixed-rate Treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers, excluding the U.S.* 

<sup>(F)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(G)</sup> *The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. The 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.* 

<sup>(H)</sup> *The Bloomberg US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.* 

<sup>(I)</sup> *The MSCI US REIT Index Gross is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts.* 

<sup>(J)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. The 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.* 

<sup>(K)</sup> *The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.* 

The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

---

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 56** 

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**Transamerica ClearTrack<sup>®</sup> Retirement Income (continued)** 

------

**(unaudited)** 

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value ("NAV") returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Transamerica ClearTrack<sup>®</sup> target date options invest in a combination of actively managed Transamerica funds and exchange-traded funds (ETFs) which may represent a variety of broad asset classes including fixed income, domestic equity, foreign equity, real estate, and inflation-hedging positions and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's shares may not develop or be maintained. The allocations become more conservative over time; The Fund's asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

FTSE<sup>®</sup> and Russell<sup>®</sup> and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies.

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 57** 

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**Transamerica ClearTrack<sup>®</sup> Retirement Income** 

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**SCHEDULE OF INVESTMENTS** 

**At October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 45.6%** | **EXCHANGE-TRADED FUNDS - 45.6%** | **EXCHANGE-TRADED FUNDS - 45.6%** |
| **International Equity Funds - 9.9%** | **International Equity Funds - 9.9%** | **International Equity Funds - 9.9%** |
|  iShares Core MSCI EAFE ETF | 47006 | $2619175 |
|  iShares Core MSCI Emerging Markets ETF | 9792 | 414691 |
|  iShares Global REIT ETF | 53812 | 1189783 |
|  |  | 4223649 |
| **U.S. Equity Fund - 12.8%** | **U.S. Equity Fund - 12.8%** | **U.S. Equity Fund - 12.8%** |
|  iShares Core S&P 500 ETF | 14077 | 5458920 |
| **U.S. Fixed Income Funds - 22.9%** | **U.S. Fixed Income Funds - 22.9%** | **U.S. Fixed Income Funds - 22.9%** |
|  iShares 0-5 Year TIPS Bond ETF | 38843 | 3775928 |
|  iShares Core U.S. Aggregate Bond ETF | 62646 | 5945105 |
|  |  | 9721033 |
|  **Total Exchange-Traded Funds <br>(Cost $23,034,358)** | **Total Exchange-Traded Funds <br>(Cost $23,034,358)** | 19403602 |
| **INVESTMENT COMPANIES - 53.5%** | **INVESTMENT COMPANIES - 53.5%** | **INVESTMENT COMPANIES - 53.5%** |
| **International Equity Funds - 5.0%** | **International Equity Funds - 5.0%** | **International Equity Funds - 5.0%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup>  | 56436 | 374732 |
|  Transamerica International Focus <sup>(A)</sup> | 119240 | 838260 |
|  Transamerica International Stock <sup>(A)</sup> | 103359 | 906455 |
|  |  | 2119447 |
| **International Fixed Income Fund - 5.0%** | **International Fixed Income Fund - 5.0%** | **International Fixed Income Fund - 5.0%** |
|  Transamerica Emerging Markets Debt <sup>(A)</sup> | 266693 | 2130876 |
| **U.S. Equity Funds - 13.6%** | **U.S. Equity Funds - 13.6%** | **U.S. Equity Funds - 13.6%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 150850 | 1942943 |
|  Transamerica Large Growth <sup>(A)</sup> | 170867 | 1541224 |
|  Transamerica Mid Cap Growth <sup>(A)</sup>  | 89157 | 624099 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 65164 | 727229 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 68774 | $427084 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 74356 | 501904 |
|  |  | 5764483 |
| **U.S. Fixed Income Funds - 29.9%** | **U.S. Fixed Income Funds - 29.9%** | **U.S. Fixed Income Funds - 29.9%** |
|  Transamerica Bond <sup>(A)</sup> | 1249186 | 9731157 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 385535 | 2991754 |
|  |  | 12722911 |
|  **Total Investment Companies <br>(Cost $29,809,760)** | **Total Investment Companies <br>(Cost $29,809,760)** | 22737717 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** |
|  Fixed Income Clearing Corp., 1.10% <sup>(C)</sup>, dated 10/31/2022, to be repurchased at $343,091 on 11/01/2022. Collateralized by a U.S. Government Obligation, 4.30%, due 04/27/2023, and with a value of $350,004. | $343081 | 343081 |
|  **Total Repurchase Agreement <br>(Cost $343,081)** | **Total Repurchase Agreement <br>(Cost $343,081)** | 343081 |
|  **Total Investments <br>(Cost $53,187,199)** | **Total Investments <br>(Cost $53,187,199)** | 42484400 |
|  **Net Other Assets (Liabilities) - 0.1%** |  | 33461 |
|  **Net Assets - 100.0%** |  | **$42517861** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $19403602 | $— | $— | $19403602 |
|  Investment Companies | 22737717 |  |  | 22737717 |
|  Repurchase Agreement |  | 343081 |  | 343081 |
|  **Total Investments** | $**42141319** | $**343081** | $**—** | $**42484400** |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 58** 

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**Transamerica ClearTrack<sup>®</sup> Retirement Income** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At October 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class R6 shares of Transamerica Funds. The Fund's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>October 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>October 31,<br>2022** | **Shares as of<br>October 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Bond | $— | $14733187 | $(2607560) | $(303771) | $(2090699) | $9731157 | 1249186 | $328344 | $71144 |
|  Transamerica Emerging Markets Debt |  | 3093603 | (268967) | (39979) | (653781) | 2130876 | 266693 | 111695 |  |
|  Transamerica Emerging Markets Opportunities |  | 666114 | (32606) | (3922) | (254854) | 374732 | 56436 | 43347 | 15644 |
|  Transamerica High Yield Bond |  | 4345051 | (718750) | (92111) | (542436) | 2991754 | 385535 | 170380 |  |
|  Transamerica International Focus |  | 1291292 | (96621) | (4967) | (351444) | 838260 | 119240 | 35479 | 35289 |
|  Transamerica International Stock |  | 1295291 | (96620) | (5370) | (286846) | 906455 | 103359 | 37361 | 62408 |
|  Transamerica Large Cap Value |  | 2628639 | (478328) | (21450) | (185918) | 1942943 | 150850 | 68867 |  |
|  Transamerica Large Growth |  | 3304793 | (174406) | (81342) | (1507821) | 1541224 | 170867 | 42218 | 455709 |
|  Transamerica Mid Cap Growth |  | 1185983 | (23041) | (13701) | (525142) | 624099 | 89157 | 95950 | 180467 |
|  Transamerica Mid Cap Value Opportunities |  | 1106257 | (151205) | (36821) | (191002) | 727229 | 65164 | 79228 | 122456 |
|  Transamerica Small Cap Growth |  | 663126 | (16805) | (3543) | (215694) | 427084 | 68774 | 11102 | 50642 |
|  Transamerica Small Cap Value |  | 863892 | (51165) | (44417) | (266406) | 501904 | 74356 | 179809 | 82704 |
| **Total** | $**—** | $**35177228** | $**(4716074)** | $**(651394)** | $**(7072043)** | $**22737717** | **2799617** | $**1203780** | $**1076463** |

---

(C) *Rate disclosed reflects the yield at October 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended October 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*REIT* *Real Estate Investment Trust*

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 59** 

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**STATEMENTS OF ASSETS AND LIABILITIES** 

**At October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>ClearTrack<sup>®</sup> 2015** | **Transamerica<br>ClearTrack<sup>®</sup> 2020** | **Transamerica<br>ClearTrack<sup>®</sup> 2025** | **Transamerica<br>ClearTrack<sup>®</sup> 2030** | **Transamerica<br>ClearTrack<sup>®</sup> 2035** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value <sup>(A)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;13991765 | $&nbsp;&nbsp;&nbsp;&nbsp;14191221 | $&nbsp;&nbsp;&nbsp;&nbsp;23248924 | $&nbsp;&nbsp;&nbsp;&nbsp;25473896 | $&nbsp;&nbsp;&nbsp;&nbsp;25813433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value <sup>(B) (C)</sup> | 12129459 | 12087633 | 20072365 | 24998234 | 25061278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(D)</sup> | 257499 | 213225 | 422337 | 465784 | 499418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 883 | 2075 | 652 | 2480 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold |  | 100 | 676 | 13836 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 27898 | 28244 | 40945 | 36381 | 27461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 8 | 7 | 13 | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 26407512 | 26522505 | 43785912 | 50990625 | 51404469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 247395 |  |  | 1684868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 27898 | 28244 | 40946 | 36381 | 27461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 20634 | 349668 | 33 | 12263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12112 | 12317 | 14413 | 14473 | 14964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 10710 | 10993 | 17937 | 19288 | 20712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3378 | 3467 | 5676 | 6130 | 6550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 953 | 230 | 276 | 254 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14722 | 14725 | 14781 | 14792 | 14804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 470 | 405 | 548 | 682 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 418 | 434 | 696 | 755 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 360 | 368 | 447 | 464 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 529 | 529 | 529 | 529 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1480 | 1491 | 1733 | 1794 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 341059 | 422871 | 98015 | 1792673 | 88815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $26066453 | $26099634 | $43687897 | $49197952 | $51315654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $23696025 | $28174512 | $46862371 | $42382621 | $42009842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 2370428 | (2074878) | (3174474) | 6815331 | 9305812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $26066453 | $26099634 | $43687897 | $49197952 | $51315654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $25522124 | $25629794 | $42706299 | $45872320 | $49802415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 11088 | 9393 | 326149 | 562985 | 295144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 533241 | 460447 | 655449 | 2762647 | 1218095 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 2624480 | 3065799 | 4914926 | 4273676 | 4458329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 1137 | 1121 | 37585 | 52488 | 26450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 54286 | 54524 | 74602 | 254184 | 107679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $9.72 | $8.36 | $8.69 | $10.73 | $11.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 9.75 | 8.38 | 8.68 | 10.73 | 11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.82 | 8.44 | 8.79 | 10.87 | 11.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Affiliated investments, at cost | $18075574 | $18474291 | $30216814 | $33792030 | $35665961 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Unaffiliated investments, at cost | $14344566 | $14795400 | $24777588 | $30075358 | $30987711 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Securities on loan, at value | $241560 | $— | $— | $1650237 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Repurchase agreements, at cost | $257499 | $213225 | $422337 | $465784 | $499418 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 60** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>ClearTrack<sup>®</sup> 2040** | **Transamerica<br>ClearTrack<sup>®</sup> 2045** | **Transamerica<br>ClearTrack<sup>®</sup> 2050** | **Transamerica<br>ClearTrack<sup>®</sup> 2055** | **Transamerica<br>ClearTrack<sup>®</sup> 2060** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value <sup>(A)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;21922370 | $&nbsp;&nbsp;&nbsp;&nbsp;14116525 | $&nbsp;&nbsp;&nbsp;&nbsp;12391983 | $&nbsp;&nbsp;&nbsp;&nbsp;449356 | $&nbsp;&nbsp;&nbsp;&nbsp;441033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value <sup>(B) (C)</sup> | 25606200 | 15782096 | 13687300 | 575334 | 565962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(D)</sup> | 372034 | 296925 | 246026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  | 7801 | 13647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  |  | 4247 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1864 | 261 | 149 | 51 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 915 | 112 | 1894 | 724 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 14086 | 4693 | 3314 | 109 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 11 | 9 | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from investment manager |  |  |  | 1685 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 47917480 | 30200621 | 26330674 | &nbsp;&nbsp;&nbsp;&nbsp;1039307 | &nbsp;&nbsp;&nbsp;&nbsp;1022311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 1501057 |  |  | 59508 | 59123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 14086 | 4693 | 3314 | 2874 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 15203 | 32158 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 14351 | 12084 | 11340 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 18788 | 12133 | 10514 | 179 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5953 | 3852 | 3338 | 73 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 227 | 161 | 128 | 64 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14783 | 14733 | 14718 | 14632 | 14632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 430 | 335 | 364 | 379 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 704 | 472 | 404 | 12 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 448 | 378 | 357 | 234 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 529 | 529 | 529 | 529 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1751 | 1531 | 1463 | 1095 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1588310 | 83059 | 46469 | 79579 | 80223 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $46329170 | $30117562 | $26284205 | $959728 | $942088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $37467815 | $22951746 | $19705213 | $900483 | $899761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 8861355 | 7165816 | 6578992 | 59245 | 42327 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $46329170 | $30117562 | $26284205 | $959728 | $942088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $45150201 | $29168291 | $25317774 | $334999 | $335751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 460702 | 268749 | 361723 | 218327 | 139988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 718267 | 680522 | 604708 | 406402 | 466349 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 3986565 | 2464712 | 2041145 | 28636 | 28665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 40727 | 22767 | 29244 | 18999 | 12136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 62325 | 56748 | 48075 | 34992 | 40109 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $11.33 | $11.83 | $12.40 | $11.70 | $11.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 11.31 | 11.80 | 12.37 | 11.49 | 11.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11.52 | 11.99 | 12.58 | 11.61 | 11.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Affiliated investments, at cost | $31042129 | $20252546 | $17857047 | $526486 | $562291 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Unaffiliated investments, at cost | $31574809 | $19879002 | $17255270 | $680720 | $670197 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Securities on loan, at value | $1470204 | $— | $— | $57980 | $57616 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(D)</sup> Repurchase agreements, at cost | $372034 | $296925 | $246026 | $— | $— |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 61** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF ASSETS AND LIABILITIES (continued)** 

**At October 31, 2022** 

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| | |
|:---|:---|
|  | **Transamerica<br>ClearTrack<sup>®</sup><br>Retirement Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value <sup>(A)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;22737717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value <sup>(B)</sup> | 19403602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements, at value <sup>(C)</sup> | 343081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 81841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 11937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 45722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 42626150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 45722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 15802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 17720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 108289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $42517861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $42281088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 236773 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets** | $42517861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $41567699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 578196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 371966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares outstanding (unlimited shares, no par value):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 4427988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 61618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 39162 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net asset value per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 9.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(A)</sup> Affiliated investments, at cost | $29809760 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(B)</sup> Unaffiliated investments, at cost | $23034358 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(C)</sup> Repurchase agreements, at cost | $343081 |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 62** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS** 

**For the year ended October 31, 2022** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>ClearTrack<sup>®</sup> 2015** | **Transamerica<br>ClearTrack<sup>®</sup> 2020** | **Transamerica<br>ClearTrack<sup>®</sup> 2025** | **Transamerica<br>ClearTrack<sup>®</sup> 2030** | **Transamerica<br>ClearTrack<sup>®</sup> 2035** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $717972 | $748979 | $1241392 | $1391859 | $1512306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 495865 | 511252 | 789486 | 868084 | 924262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 672 | 645 | 1138 | 1342 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 29350 | 29118 | 28403 | 25245 | 10732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1243859 | 1289994 | 2060419 | 2286530 | 2448604 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 40730 | 42532 | 68097 | 73806 | 77025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 152593 | 159270 | 253231 | 272340 | 288667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 30 | 26 | 290 | 264 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 48067 | 50170 | 79767 | 85787 | 90930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 19 | 16 | 183 | 166 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 43 | 41 | 90 | 148 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1004 | 1044 | 1676 | 1830 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18676 | 18681 | 18884 | 18930 | 18963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1216 | 1101 | 1540 | 1681 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4829 | 5042 | 8122 | 8684 | 9046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 6650 | 6923 | 9509 | 10113 | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 47458 | 47459 | 47474 | 47477 | 47479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 9456 | 9471 | 9603 | 9612 | 9628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 855 | 876 | 1436 | 1561 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 331626 | 342652 | 499902 | 532399 | 557447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (78801) | (79622) | (86864) | (92705) | (94639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (90) | (73) | (268) | (193) | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1512) | (1393) | (2313) | (3167) | (1868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 18314 | 19677 | 32338 | 35692 | 37878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 67 | 50 | 128 | 61 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 367 | 355 | 1028 | 1103 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 269971 | 281646 | 443951 | 473190 | 499450 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 973888 | 1008348 | 1616468 | 1813340 | 1949154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (505815) | (563271) | (1018407) | (816258) | (244133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 8320671 | 4364661 | 7832829 | 18971802 | 23022377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 638790 | 668753 | 1207127 | 1550698 | 1931352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8453646 | 4470143 | 8021549 | 19706242 | 24709596 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (4083809) | (4283070) | (6967890) | (8318134) | (9852528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (11008231) | (7214501) | (12710521) | (24739761) | (29534609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(15092040) | &nbsp;&nbsp;&nbsp;&nbsp;(11497571) | (19678411) | (33057895) | (39387137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (6638394) | (7027428) | (11656862) | (13351653) | (14677541) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(5664506) | $&nbsp;&nbsp;&nbsp;&nbsp;(6019080) | $&nbsp;&nbsp;&nbsp;&nbsp;(10040394) | $&nbsp;&nbsp;&nbsp;&nbsp;(11538313) | $&nbsp;&nbsp;&nbsp;&nbsp;(12728387) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 63** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transamerica<br>ClearTrack<sup>®</sup> 2040** | **Transamerica<br>ClearTrack<sup>®</sup> 2045** | **Transamerica<br>ClearTrack<sup>®</sup> 2050** | **Transamerica<br>ClearTrack<sup>®</sup> 2055** | **Transamerica<br>ClearTrack<sup>®</sup> 2060** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $1399989 | $975160 | $858393 | $25196 | $23927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 845180 | 559248 | 476459 | 15209 | 15184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 1275 | 786 | 742 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 10687 | 9214 | 7099 | 357 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2257131 | 1544408 | 1342693 | 40762 | 39471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 68737 | 46097 | 39624 | 1227 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 259099 | 171778 | 147176 | 1865 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 319 | 461 | 305 | 189 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 81616 | 54110 | 46360 | 587 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 201 | 291 | 192 | 119 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 58 | 53 | 57 | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1697 | 1135 | 971 | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18892 | 18725 | 18674 | 18379 | 18379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1261 | 1004 | 1037 | 984 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8000 | 5428 | 4649 | 137 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 9432 | 6811 | 6081 | 998 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 47474 | 47461 | 47458 | 46814 | 46814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 9583 | 9464 | 9430 | 9239 | 9239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1451 | 986 | 848 | 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 507820 | 363804 | 322862 | 80634 | 80528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (91982) | (89230) | (89942) | (40335) | (40254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (283) | (744) | (679) | (9188) | (7390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1374) | (1873) | (2354) | (45893) | (46654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 33240 | 21736 | 18612 | 8439 | 8543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 118 | 370 | 361 | 3141 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 496 | 476 | 526 | 5483 | 5765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 448035 | 294539 | 249386 | 2281 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 1809096 | 1249869 | 1093307 | 38481 | 37198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (137725) | (285945) | (283341) | 97335 | (53518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 21904982 | 16169728 | 14474857 | 98951 | 276548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 1964050 | 1436322 | 1288407 | 38291 | 36105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23731307 | 17320105 | 15479923 | 234577 | 259135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (9119759) | (6136021) | (5465064) | (77130) | (121258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (28219612) | (20557907) | &nbsp;&nbsp;&nbsp;&nbsp;(18229239) | (416923) | (397596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (37339371) | &nbsp;&nbsp;&nbsp;&nbsp;(26693928) | (23694303) | (494053) | (518854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | (13608064) | (9373823) | (8214380) | (259476) | (259719) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(11798968) | $&nbsp;&nbsp;&nbsp;&nbsp;(8123954) | $&nbsp;&nbsp;&nbsp;&nbsp;(7121073) | $&nbsp;&nbsp;&nbsp;&nbsp;(220995) | $&nbsp;&nbsp;&nbsp;&nbsp;(222521) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 64** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF OPERATIONS (continued)** 

**For the year ended October 31, 2022** 

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| | |
|:---|:---|
|  | **Transamerica<br>ClearTrack<sup>®</sup><br>Retirement Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $1203780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 847369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 44424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2096573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 68202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 256742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 80874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 9590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 47475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 9608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 10801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 514113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (91287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 31778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 453866 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 1642707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (651394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 10013238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 1076463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10438307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (7072043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (14362825) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (21434868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and change in unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(10996561) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(9353854) |

---

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 65** 

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##### [**Table of Contents**](#toc)

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**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $973888 | $291215 | $1008348 | $298254 | $1616468 | $422436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8453646 | 1539521 | 4470143 | 1374444 | 8021549 | 1844536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(15092040) | 3582633 | (11497571) | 4702472 | (19678411) | 8169398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (5664506) | 5413369 | (6019080) | 6375170 | (10040394) | 10436370 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1978593) | (964670) | (2006014) | (23137) | (2994648) | (1172851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (791) | (367) | (646) | (38) | (609) | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (39188) | (21652) | (36709) | (4059) | (86551) | (47195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2018572) | (986689) | (2043369) | (27234) | (3081808) | (1220286) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 1017882 | 511022 | 1187743 | 1746103 | 2159366 | 2721140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  |  |  | 408905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 19163 | 26529 | 55526 | 75900 | 342982 | 208146 |
|  | 1037045 | 537551 | 1243269 | 1822003 | 2911253 | 2929286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 1978593 | 964670 | 2006014 | 23137 | 2994648 | 1172851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 791 | 367 | 646 | 38 | 609 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 39188 | 21652 | 36709 | 4059 | 86551 | 47195 |
|  | 2018572 | 986689 | 2043369 | 27234 | 3081808 | 1220286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (5134820) | (4533085) | (6788516) | (8345604) | (8472697) | (10053418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  |  |  | (74656) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2522) | (103740) | (90205) | (69340) | (950822) | (593338) |
|  | (5137342) | (4636825) | (6878721) | (8414944) | (9498175) | &nbsp;&nbsp;&nbsp;&nbsp;(10646756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (2081725) | (3112585) | (3592083) | (6565707) | (3505114) | (6497184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 48 <sup>(A)</sup> |  | 41 <sup>(A)</sup> |  | 41 <sup>(A)</sup> |  |
|  | 48 |  | 41 |  | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (9764755) | 1314095 | &nbsp;&nbsp;&nbsp;&nbsp;(11654491) | (217771) | &nbsp;&nbsp;&nbsp;&nbsp;(16627275) | 2718900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 35831208 | 34517113 | 37754125 | 37971896 | 60315172 | 57596272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $26066453 | $&nbsp;&nbsp;&nbsp;&nbsp;35831208 | $26099634 | $&nbsp;&nbsp;&nbsp;&nbsp;37754125 | $&nbsp;&nbsp;&nbsp;&nbsp;43687897 | $60315172 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 94628 | 42793 | 120060 | 173047 | 216756 | 253792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  |  |  | 44584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1757 | 2216 | 5881 | 7445 | 34107 | 19497 |
|  | 96385 | 45009 | 125941 | 180492 | 295447 | 273289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 167962 | 83594 | 197832 | 2349 | 281188 | 114648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 68 | 31 | 64 | 4 | 57 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3310 | 1868 | 3602 | 410 | 8081 | 4586 |
|  | 171340 | 85493 | 201498 | 2763 | 289326 | 119258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (479616) | (384254) | (740496) | (828014) | (866298) | (951188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  |  |  | (8070) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (236) | (8862) | (10066) | (6853) | (99347) | (56836) |
|  | (479852) | (393116) | (750562) | (834867) | (973715) | (1008024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (217026) | (257867) | (422604) | (652618) | (368354) | (582748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 68 | 31 | 64 | 4 | 36571 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4831 | (4778) | (583) | 1002 | (57159) | (32753) |
|  | (212127) | (262614) | (423123) | (651612) | (388942) | (615477) |

---

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 66** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1813340 | $410202 | $1949154 | $376107 | $1809096 | $330633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19706242 | 1787287 | 24709596 | 2101628 | 23731307 | 1896434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33057895) | 9870171 | (39387137) | 12142956 | (37339371) | 11842273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (11538313) | 12067660 | (12728387) | 14620691 | (11798968) | 14069340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (3110618) | (1610860) | (3527833) | (1490594) | (3438261) | (1548456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (725) | (369) | (817) | (334) | (890) | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (62017) | (27672) | (68980) | (29820) | (54494) | (41403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (3173360) | (1638901) | (3597630) | (1520748) | (3493645) | (1590251) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 1046563 | 3737656 | 1935832 | 2784176 | 1570311 | 1601543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 831398 |  | 301267 |  | 504137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2293374 | 211988 | 582855 | 311106 | 130148 | 180380 |
|  | 4171335 | 3949644 | 2819954 | 3095282 | 2204596 | 1781923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 3110618 | 1610860 | 3527833 | 1490594 | 3438261 | 1548456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 725 | 369 | 817 | 334 | 890 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 62017 | 27672 | 68980 | 29820 | 54494 | 41403 |
|  | 3173360 | 1638901 | 3597630 | 1520748 | 3493645 | 1590251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (7236306) | (6516056) | (5687672) | (6674395) | (3405554) | (6336961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (255984) |  | (4044) |  | (29997) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (286607) | (67283) | (206573) | (324554) | (77989) | (663278) |
|  | (7778897) | (6583339) | (5898289) | (6998949) | (3513540) | (7000239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | (434202) | (994794) | 519295 | (2382919) | 2184701 | (3628065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 49 <sup>(A)</sup> |  | 49 <sup>(A)</sup> |  | 50 <sup>(A)</sup> |  |
|  | 49 |  | 49 |  | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(15145826) | 9433965 | &nbsp;&nbsp;&nbsp;&nbsp;(15806673) | 10717024 | &nbsp;&nbsp;&nbsp;&nbsp;(13107862) | 8851024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 64343778 | 54909813 | 67122327 | 56405303 | 59437032 | 50586008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;49197952 | $&nbsp;&nbsp;&nbsp;&nbsp;64343778 | $&nbsp;&nbsp;&nbsp;&nbsp;51315654 | $&nbsp;&nbsp;&nbsp;&nbsp;67122327 | $&nbsp;&nbsp;&nbsp;&nbsp;46329170 | $&nbsp;&nbsp;&nbsp;&nbsp;59437032 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 85725 | 288057 | 151497 | 205236 | 117280 | 111984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 76161 |  | 25761 |  | 42201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 196730 | 16016 | 46183 | 22564 | 10031 | 12680 |
|  | 358616 | 304073 | 223441 | 227800 | 169512 | 124664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 234057 | 127948 | 251808 | 114047 | 239600 | 116865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 55 | 29 | 59 | 26 | 62 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4635 | 2184 | 4889 | 2266 | 3753 | 3090 |
|  | 238747 | 130161 | 256756 | 116339 | 243415 | 119984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (614236) | (496098) | (450719) | (487073) | (269288) | (456155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (24728) |  | (346) |  | (2505) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (24072) | (5254) | (16527) | (24058) | (6028) | (48542) |
|  | (663036) | (501352) | (467592) | (511131) | (277821) | (504697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (294454) | (80093) | (47414) | (167790) | 87592 | (227306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 51488 | 29 | 25474 | 26 | 39758 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 177293 | 12946 | 34545 | 772 | 7756 | (32772) |
|  | (65673) | (67118) | 12605 | (166992) | 135106 | (260049) |

---

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 67** 

------

##### [**Table of Contents**](#toc)

------

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

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1249869 | $221310 | $1093307 | $188422 | $38481 | $8563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17320105 | 1050607 | 15479923 | 823787 | 234577 | 13917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26693928) | 9049585 | &nbsp;&nbsp;&nbsp;&nbsp;(23694303) | 8394815 | (494053) | 236148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (8123954) | 10321502 | (7121073) | 9407024 | (220995) | 258628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (2171567) | (1099539) | (1795304) | (530496) | (18217) | (7447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (861) | (428) | (847) | (255) | (701) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (46020) | (22414) | (51931) | (17874) | (28579) | (11731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2218448) | (1122381) | (1848082) | (548625) | (47497) | (19476) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 858936 | 1622748 | 2005600 | 2875382 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 546086 |  | 463459 |  | 399224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 147597 | 131162 | 98712 | 69401 | 80623 | 45500 |
|  | 1552619 | 1753910 | 2567771 | 2944783 | 479847 | 45500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 2171567 | 1099539 | 1795304 | 530496 | 18217 | 7447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 861 | 428 | 847 | 255 | 701 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 46020 | 22414 | 51931 | 17874 | 28579 | 11731 |
|  | 2218448 | 1122381 | 1848082 | 548625 | 47497 | 19476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (3435422) | (3981854) | (3484901) | (4974447) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (248786) |  | (95695) |  | (182089) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (42697) | (109246) | (173706) | (129727) | (124824) | (914) |
|  | (3726905) | (4091100) | (3754302) | (5104174) | (306913) | (914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 44162 | (1214809) | 661551 | (1610766) | 220431 | 64062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 |  |  |  |  | 2630 <sup>(A)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 50 <sup>(A)</sup> |  | 51 <sup>(A)</sup> |  | 51 <sup>(A)</sup> |  |
|  | 50 |  | 51 |  | 2681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(10298190) | 7984312 | (8307553) | 7247633 | (45380) | 303214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 40415752 | 32431440 | 34591758 | &nbsp;&nbsp;&nbsp;&nbsp;27344125 | &nbsp;&nbsp;&nbsp;&nbsp;1005108 | 701894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $30117562 | $&nbsp;&nbsp;&nbsp;&nbsp;40415752 | $26284205 | $34591758 | $959728 | $&nbsp;&nbsp;&nbsp;&nbsp;1005108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 59142 | 109395 | 134693 | 187693 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 43091 |  | 35845 |  | 31823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10964 | 8728 | 6574 | 4567 | 5941 | 3231 |
|  | 113197 | 118123 | 177112 | 192260 | 37764 | 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 143717 | 80258 | 112982 | 37333 | 1225 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 57 | 32 | 54 | 18 | 47 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3022 | 1625 | 3240 | 1248 | 1919 | 893 |
|  | 146796 | 81915 | 116276 | 38599 | 3191 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (254495) | (272745) | (244996) | (327065) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (21331) |  | (7576) |  | (13870) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3235) | (7616) | (12649) | (8366) | (9862) | (65) |
|  | (279061) | (280361) | (265221) | (335431) | (23732) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (51636) | (83092) | 2679 | (102039) | 1225 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 21817 | 32 | 28323 | 18 | 18000 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10751 | 2737 | (2835) | (2551) | (2002) | 4059 |
|  | (19068) | (80323) | 28167 | (104572) | 17223 | 4648 |

---

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 68** 

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##### [**Table of Contents**](#toc)

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

**For the years ended:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup><br>Retirement Income** | **Transamerica ClearTrack<sup>®</sup><br>Retirement Income** |
|  | **October 31, 2022** | **October 31, 2021** | **October 31, 2022** | **October 31, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp; **From operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $37198 | $8001 | $1642707 | $489794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 259135 | 15197 | 10438307 | 1904531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (518854) | 220512 | (21434868) | 4431110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (222521) | 243710 | (9353854) | 6825435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (18203) | (7475) | (3076518) | (1499880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (700) | (299) | (695) | (322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (27781) | (10540) | (31408) | (22555) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (46684) | (18314) | (3108621) | (1522757) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 |  |  | 1429733 | 2297678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 319350 |  | 690931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 147786 | 36591 | 92748 | 174811 |
|  | 467136 | 36591 | 2213412 | 2472489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 18203 | 7475 | 3076518 | 1499880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 700 | 299 | 695 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 27781 | 10540 | 31408 | 22555 |
|  | 46684 | 18314 | 3108621 | 1522757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 |  |  | (11013770) | (7137348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;(181101) |  | (81481) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (66791) | (4219) | (180540) | (408423) |
|  | (247892) | (4219) | (11275791) | (7545771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from capital share transactions | 265928 | 50686 | (5953758) | (3550525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributions from affiliate, Transamerica Capital, Inc.: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 2631 <sup>(A)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 51 <sup>(A)</sup> |  | 47 <sup>(A)</sup> |  |
|  | 2682 |  | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets** | (595) | 276082 | &nbsp;&nbsp;&nbsp;&nbsp;(18416186) | 1752153 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 942683 | 666601 | 60934047 | 59181894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $942088 | $&nbsp;&nbsp;&nbsp;&nbsp;942683 | $42517861 | $&nbsp;&nbsp;&nbsp;&nbsp;60934047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Capital share transactions - shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 |  |  | 130438 | 197848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 25968 |  | 69115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10542 | 2556 | 8452 | 15310 |
|  | 36510 | 2556 | 208005 | 213158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 1227 | 569 | 270582 | 132968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 47 | 23 | 61 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1868 | 803 | 2745 | 1989 |
|  | 3142 | 1395 | 273388 | 134986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 |  |  | (1065138) | (621694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (14879) |  | (8631) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (5245) | (312) | (17177) | (35724) |
|  | (20124) | (312) | (1090946) | (657418) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 1227 | 569 | (664118) | (290878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 11136 | 23 | 60545 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 7165 | 3047 | (5980) | (18425) |
|  | 19528 | 3639 | (609553) | (309274) |

---

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

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 69** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.39 | $10.94 | $10.67 | $10.24 | $10.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.10 | 0.13 | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.30) | 1.67 | 0.48 | 0.81 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.96) | 1.77 | 0.61 | 0.97 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.24) | (0.10) | (0.16) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.47) | (0.22) | (0.18) | (0.37) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.71) | (0.32) | (0.34) | (0.54) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.72 | $12.39 | $10.94 | $10.67 | $10.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (16.85)% | 16.40% | 5.89% | 10.23% | (1.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;25522 | $&nbsp;&nbsp;&nbsp;&nbsp;35199 | $&nbsp;&nbsp;&nbsp;&nbsp;33907 | $&nbsp;&nbsp;&nbsp;&nbsp;37914 | $&nbsp;&nbsp;&nbsp;&nbsp;41573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.08% | 1.26% | 1.26% | 1.26% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.88% | 1.14% | 1.14% | 1.12% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.12% | 0.80% | 1.20% | 1.53% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 101% | 7% | 12% | 42% | 23% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.06%, 0.06%, 0.08% and 0.08%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $12.38 | $10.93 | $10.68 | $9.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.36 | 0.12 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.29) | 1.69 | 0.48 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.93) | 1.81 | 0.63 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.04 <sup>(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.14) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.47) | (0.22) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.74) | (0.36) | (0.38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $9.75 | $12.38 | $&nbsp;&nbsp;&nbsp;&nbsp;10.93 | $&nbsp;&nbsp;&nbsp;&nbsp;10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.20)%<sup>(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16.75% | 6.08% | 6.91 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $11 | $13 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 1.01% | 1.01% | 1.01 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(G)</sup> | 0.63% | 0.89% | 0.89% | 0.87 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.31% | 1.04% | 1.43% | 1.54 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 101% | 7% | 12% | 42% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.33%.* 

(D) *Not annualized.* 

(E) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(F) *Annualized.* 

(G) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.06%, 0.06% and 0.08% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 70** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** | **Transamerica ClearTrack<sup>®</sup> 2015** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,**<br> **2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $12.51 | $11.04 | $10.77 | $10.34 | $10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.40 | 0.18 | 0.19 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.30) | 1.69 | 0.50 | 0.82 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.90) | 1.87 | 0.69 | 1.05 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.18) | (0.24) | (0.25) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.47) | (0.22) | (0.18) | (0.37) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.79) | (0.40) | (0.42) | (0.62) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.82 | $&nbsp;&nbsp;&nbsp;&nbsp;12.51 | $&nbsp;&nbsp;&nbsp;&nbsp;11.04 | $&nbsp;&nbsp;&nbsp;&nbsp;10.77 | $&nbsp;&nbsp;&nbsp;&nbsp;10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.28)% | 17.19% | 6.55% | 11.00% | (1.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $533 | $619 | $599 | $380 | $421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.43% | 0.61% | 0.61% | 0.61% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.23% | 0.49% | 0.49% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.71% | 1.46% | 1.75% | 2.21% | 2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 101% | 7% | 12% | 42% | 23% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.06%, 0.06%, 0.08% and 0.08%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,**<br> **2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.65 | $9.05 | $10.65 | $10.38 | $10.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.29 | 0.08 | 0.04 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.00) | 1.53 | (1.16) | 0.79 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.71) | 1.61 | (1.12) | 0.94 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.01) | (0.17) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) |  | (0.31) | (0.51) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.58) | (0.01) | (0.48) | (0.67) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.36 | $10.65 | $9.05 | $10.65 | $10.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (17.00)% | 17.75% | (11.16)% | 9.99% | (1.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;25630 | $&nbsp;&nbsp;&nbsp;&nbsp;37150 | $&nbsp;&nbsp;&nbsp;&nbsp;37467 | $&nbsp;&nbsp;&nbsp;&nbsp;51652 | $&nbsp;&nbsp;&nbsp;&nbsp;59914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.07% | 1.25% | 1.25% | 1.20% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.88% | 1.15% | 1.14% | 1.12% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.10% | 0.76% | 0.44% | 1.46% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 102% | 11% | 137% | 50% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.05%, 0.06%, 0.08% and 0.08%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 71** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $10.63 | $9.04 | $10.65 | $9.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.31 | 0.10 | 0.06 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.99) | 1.53 | (1.15) | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.68) | 1.63 | (1.09) | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.04 <sup>(C)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.04) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) |  | (0.31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.61) | (0.04) | (0.52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.38 | $10.63 | $9.04 | $&nbsp;&nbsp;&nbsp;&nbsp;10.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.29)%<sup>(C)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18.02% | &nbsp;&nbsp;&nbsp;&nbsp;(10.91)% | 6.82 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $9 | $11 | $10 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(E)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.82% | 1.00% | 0.99% | 0.95 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(G)</sup> | 0.60% | 0.90% | 0.89% | 0.87 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.34% | 1.00% | 0.64% | 1.52 %<sup>(F)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 102% | 11% | 137% | 50% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.41%.* 

(D) *Not annualized.* 

(E) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(F) *Annualized.* 

(G) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.05%, 0.06% and 0.08% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** | **Transamerica ClearTrack<sup>®</sup> 2020** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $10.76 | $9.14 | $10.76 | $10.49 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.35 | 0.14 | 0.09 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.02) | 1.55 | (1.16) | 0.80 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.67) | 1.69 | (1.07) | 1.02 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.07) | (0.24) | (0.24) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) |  | (0.31) | (0.51) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.65) | (0.07) | (0.55) | (0.75) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.44 | $10.76 | $9.14 | $10.76 | $&nbsp;&nbsp;&nbsp;&nbsp;10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.54)% | &nbsp;&nbsp;&nbsp;&nbsp;18.60% | &nbsp;&nbsp;&nbsp;&nbsp;(10.60)% | &nbsp;&nbsp;&nbsp;&nbsp;10.77% | (1.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $461 | $593 | $495 | $447 | $669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.42% | 0.60% | 0.60% | 0.55% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.23% | 0.50% | 0.49% | 0.47% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.71% | 1.41% | 0.95% | 2.17% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 102% | 11% | 137% | 50% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.05%, 0.06%, 0.08% and 0.08%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 72** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.13 | $9.55 | $11.11 | $10.70 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.30 | 0.07 | 0.04 | 0.15 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.17) | 1.72 | (1.30) | 0.94 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.87) | 1.79 | (1.26) | 1.09 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.22) | (0.03) | (0.16) | (0.16) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.35) | (0.18) | (0.14) | (0.52) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.57) | (0.21) | (0.30) | (0.68) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.69 | $11.13 | $9.55 | $11.11 | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (17.73)% | 18.93% | (11.77)% | 11.23% | (1.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;42706 | $&nbsp;&nbsp;&nbsp;&nbsp;58821 | $&nbsp;&nbsp;&nbsp;&nbsp;55999 | $&nbsp;&nbsp;&nbsp;&nbsp;74011 | $&nbsp;&nbsp;&nbsp;&nbsp;73294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.98% | 1.18% | 1.17% | 1.17% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.87% | 1.15% | 1.14% | 1.14% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.10% | 0.69% | 0.39% | 1.43% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 106% | 19% | 161% | 20% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.33%, 0.05%, 0.06%, 0.06% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.12 | $9.54 | $11.11 | $10.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.19 | 0.10 | 0.06 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.03) | 1.72 | (1.29) | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.84) | 1.82 | (1.23) | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.06) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.35) | (0.18) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.60) | (0.24) | (0.34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $8.68 | $11.12 | $9.54 | $&nbsp;&nbsp;&nbsp;&nbsp;11.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.52)%<sup>(D)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.33% | &nbsp;&nbsp;&nbsp;&nbsp;(11.58)% | 6.83 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $327 | $11 | $9 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.73% | 0.93% | 0.92% | 0.91 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.61% | 0.90% | 0.89% | 0.89 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.12% | 0.93% | 0.60% | 1.52 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 106% | 19% | 161% | 20% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.33%, 0.05%, 0.06% and 0.06% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 73** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** | **Transamerica ClearTrack<sup>®</sup> 2025** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.25 | $9.65 | $11.23 | $10.83 | $11.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.38 | 0.15 | 0.08 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.20) | 1.73 | (1.29) | 0.94 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.82) | 1.88 | (1.21) | 1.16 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.10) | (0.23) | (0.24) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.35) | (0.18) | (0.14) | (0.52) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.64) | (0.28) | (0.37) | (0.76) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $8.79 | $11.25 | $9.65 | $11.23 | $10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.17)% | &nbsp;&nbsp;&nbsp;&nbsp;19.78% | &nbsp;&nbsp;&nbsp;&nbsp;(11.26)% | &nbsp;&nbsp;&nbsp;&nbsp;11.89% | (1.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $655 | $1483 | $1588 | $1292 | $&nbsp;&nbsp;&nbsp;&nbsp;1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.33% | 0.53% | 0.52% | 0.52% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.22% | 0.50% | 0.49% | 0.49% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.84% | 1.37% | 0.81% | 2.10% | 1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 106% | 19% | 161% | 20% | 25% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.33%, 0.05%, 0.06%, 0.06% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $13.85 | $11.65 | $11.36 | $10.91 | $11.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.39 | 0.08 | 0.13 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.82) | 2.47 | 0.49 | 0.98 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.43) | 2.55 | 0.62 | 1.13 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.11) | (0.16) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.39) | (0.24) | (0.17) | (0.52) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.69) | (0.35) | (0.33) | (0.68) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.73 | $13.85 | $11.65 | $11.36 | $10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (18.51)% | 22.17% | 5.48% | 11.38% | (1.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;45872 | $&nbsp;&nbsp;&nbsp;&nbsp;63252 | $&nbsp;&nbsp;&nbsp;&nbsp;54145 | $&nbsp;&nbsp;&nbsp;&nbsp;57414 | $&nbsp;&nbsp;&nbsp;&nbsp;57571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.96% | 1.17% | 1.19% | 1.20% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.86% | 1.16% | 1.15% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.21% | 0.65% | 1.12% | 1.38% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 109% | 9% | 15% | 16% | 26% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 74** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $13.83 | $11.64 | $11.36 | $10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.27 | 0.12 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.64) | 2.45 | 0.50 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.37) | 2.57 | 0.65 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.14) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.39) | (0.24) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.73) | (0.38) | (0.37) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $10.73 | $13.83 | $&nbsp;&nbsp;&nbsp;&nbsp;11.64 | $&nbsp;&nbsp;&nbsp;&nbsp;11.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(18.17)%<sup>(D)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22.42% | 5.74% | 6.87 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $563 | $14 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.71% | 0.92% | 0.94% | 0.94 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.59% | 0.91% | 0.90% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.53% | 0.89% | 1.36% | 1.50 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 109% | 9% | 15% | 16% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05% and 0.05% (annualized), the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** | **Transamerica ClearTrack<sup>®</sup> 2030** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.02 | $11.78 | $11.49 | $11.04 | $11.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.17 | 0.19 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.74) | 2.49 | 0.50 | 0.99 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.37) | 2.66 | 0.69 | 1.21 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.18) | (0.23) | (0.24) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.39) | (0.24) | (0.17) | (0.52) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.78) | (0.42) | (0.40) | (0.76) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $10.87 | $14.02 | $&nbsp;&nbsp;&nbsp;&nbsp;11.78 | $&nbsp;&nbsp;&nbsp;&nbsp;11.49 | $&nbsp;&nbsp;&nbsp;&nbsp;11.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.96)% | &nbsp;&nbsp;&nbsp;&nbsp;23.02% | 6.09% | 12.13% | (0.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $2763 | $1078 | $754 | $380 | $383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.31% | 0.52% | 0.54% | 0.55% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.21% | 0.51% | 0.50% | 0.50% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.13% | 1.29% | 1.62% | 2.02% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 109% | 9% | 15% | 16% | 26% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 75** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.65 | $11.88 | $11.51 | $11.09 | $11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.42 | 0.08 | 0.13 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.10) | 3.01 | 0.48 | 1.03 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.68) | 3.09 | 0.61 | 1.17 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.11) | (0.15) | (0.17) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.45) | (0.21) | (0.09) | (0.58) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.80) | (0.32) | (0.24) | (0.75) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.17 | $14.65 | $11.88 | $11.51 | $11.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (19.41)% | 26.33% | 5.31% | 11.65% | (1.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;49803 | $&nbsp;&nbsp;&nbsp;&nbsp;66023 | $&nbsp;&nbsp;&nbsp;&nbsp;55525 | $&nbsp;&nbsp;&nbsp;&nbsp;57683 | $&nbsp;&nbsp;&nbsp;&nbsp;57851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.96% | 1.17% | 1.19% | 1.20% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.86% | 1.16% | 1.15% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.30% | 0.57% | 1.09% | 1.32% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108% | 7% | 13% | 12% | 24% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $14.63 | $11.86 | $11.50 | $10.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.18 | 0.11 | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.81) | 3.01 | 0.49 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.63) | 3.12 | 0.64 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.14) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.45) | (0.21) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.84) | (0.35) | (0.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $11.16 | $14.63 | $&nbsp;&nbsp;&nbsp;&nbsp;11.86 | $&nbsp;&nbsp;&nbsp;&nbsp;11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(19.15)%<sup>(D)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26.69% | 5.57% | 6.78 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $295 | $14 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.71% | 0.92% | 0.94% | 0.94 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.59% | 0.91% | 0.90% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.60% | 0.82% | 1.33% | 1.47 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108% | 7% | 13% | 12% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05% and 0.05% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 76** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** | **Transamerica ClearTrack<sup>®</sup> 2035** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $14.83 | $12.02 | $11.63 | $11.23 | $11.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.47 | 0.17 | 0.19 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.09) | 3.04 | 0.52 | 1.01 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.62) | 3.21 | 0.71 | 1.23 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.45) | (0.19) | (0.23) | (0.25) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.45) | (0.21) | (0.09) | (0.58) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.90) | (0.40) | (0.32) | (0.83) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.31 | $14.83 | $&nbsp;&nbsp;&nbsp;&nbsp;12.02 | $&nbsp;&nbsp;&nbsp;&nbsp;11.63 | $&nbsp;&nbsp;&nbsp;&nbsp;11.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(18.91)% | &nbsp;&nbsp;&nbsp;&nbsp;27.12% | 6.10% | 12.22% | (0.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $1218 | $1085 | $869 | $516 | $459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.31% | 0.52% | 0.54% | 0.55% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.21% | 0.51% | 0.50% | 0.50% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.74% | 1.25% | 1.67% | 1.97% | 1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 108% | 7% | 13% | 12% | 24% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.03 | $12.00 | $11.66 | $11.26 | $11.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.44 | 0.08 | 0.13 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.26) | 3.33 | 0.48 | 1.02 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.82) | 3.41 | 0.61 | 1.16 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.11) | (0.15) | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.48) | (0.27) | (0.12) | (0.60) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.88) | (0.38) | (0.27) | (0.76) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.33 | $15.03 | $12.00 | $11.66 | $11.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (19.99)% | 28.88% | 5.27% | 11.54% | (1.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;45150 | $&nbsp;&nbsp;&nbsp;&nbsp;58588 | $&nbsp;&nbsp;&nbsp;&nbsp;49510 | $&nbsp;&nbsp;&nbsp;&nbsp;51798 | $&nbsp;&nbsp;&nbsp;&nbsp;51048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.97% | 1.18% | 1.20% | 1.22% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.86% | 1.16% | 1.15% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.43% | 0.57% | 1.10% | 1.29% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 111% | 6% | 12% | 15% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 77** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $15.00 | $11.98 | $11.65 | $10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.15 | 0.11 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.92) | 3.32 | 0.48 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.77) | 3.43 | 0.64 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.14) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.48) | (0.27) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.92) | (0.41) | (0.31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $11.31 | $&nbsp;&nbsp;&nbsp;&nbsp;15.00 | $&nbsp;&nbsp;&nbsp;&nbsp;11.98 | $&nbsp;&nbsp;&nbsp;&nbsp;11.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(19.76)%<sup>(D)</sup> | 29.17% | 5.52% | 6.68 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $461 | $15 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.72% | 0.93% | 0.95% | 0.96 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.59% | 0.91% | 0.90% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.31% | 0.81% | 1.34% | 1.47 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 111% | 6% | 12% | 15% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05% and 0.05% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** | **Transamerica ClearTrack<sup>®</sup> 2040** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.28 | $12.19 | $11.84 | $11.43 | $11.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.52 | 0.19 | 0.20 | 0.22 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.30) | 3.36 | 0.50 | 1.03 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (2.78) | 3.55 | 0.70 | 1.25 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.50) | (0.19) | (0.23) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.48) | (0.27) | (0.12) | (0.60) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.98) | (0.46) | (0.35) | (0.84) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.52 | $15.28 | $&nbsp;&nbsp;&nbsp;&nbsp;12.19 | $&nbsp;&nbsp;&nbsp;&nbsp;11.84 | $&nbsp;&nbsp;&nbsp;&nbsp;11.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(19.54)% | &nbsp;&nbsp;&nbsp;&nbsp;29.69% | 5.93% | 12.36% | (0.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $718 | $834 | $1065 | $780 | $815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.32% | 0.53% | 0.55% | 0.57% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.21% | 0.51% | 0.50% | 0.50% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.00% | 1.34% | 1.69% | 1.94% | 1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 111% | 6% | 12% | 15% | 20% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.34%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 78** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.76 | $12.27 | $11.94 | $11.45 | $11.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.48 | 0.08 | 0.13 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.55) | 3.84 | 0.49 | 1.09 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.07) | 3.92 | 0.62 | 1.23 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.45) | (0.11) | (0.15) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.41) | (0.32) | (0.14) | (0.58) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.86) | (0.43) | (0.29) | (0.74) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.83 | $15.76 | $12.27 | $11.94 | $11.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (20.63)% | 32.47% | 5.15% | 11.97% | (0.97)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;29168 | $&nbsp;&nbsp;&nbsp;&nbsp;39667 | $&nbsp;&nbsp;&nbsp;&nbsp;31883 | $&nbsp;&nbsp;&nbsp;&nbsp;34278 | $&nbsp;&nbsp;&nbsp;&nbsp;34139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.05% | 1.25% | 1.28% | 1.29% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.85% | 1.16% | 1.15% | 1.15% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.55% | 0.57% | 1.09% | 1.26% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 116% | 5% | 9% | 15% | 15% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.35%, 0.04%, 0.05%, 0.05% and 0.06%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $15.72 | $12.24 | $11.93 | $11.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.17 | 0.12 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.19) | 3.83 | 0.48 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.02) | 3.95 | 0.64 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.49) | (0.15) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.41) | (0.32) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.90) | (0.47) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $11.80 | $15.72 | $&nbsp;&nbsp;&nbsp;&nbsp;12.24 | $&nbsp;&nbsp;&nbsp;&nbsp;11.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.41)%<sup>(D)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32.82% | 5.34% | 6.71 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $269 | $15 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.80% | 0.99% | 1.03% | 1.03 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.59% | 0.91% | 0.90% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.38% | 0.81% | 1.33% | 1.48 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 116% | 5% | 9% | 15% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.35%, 0.04%, 0.05% and 0.05% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 79** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** | **Transamerica ClearTrack<sup>®</sup> 2045** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.96 | $12.41 | $12.08 | $11.59 | $11.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.18 | 0.21 | 0.22 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.55) | 3.89 | 0.49 | 1.09 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.01) | 4.07 | 0.70 | 1.31 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.55) | (0.20) | (0.23) | (0.24) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.41) | (0.32) | (0.14) | (0.58) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.96) | (0.52) | (0.37) | (0.82) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.99 | $15.96 | $&nbsp;&nbsp;&nbsp;&nbsp;12.41 | $&nbsp;&nbsp;&nbsp;&nbsp;12.08 | $&nbsp;&nbsp;&nbsp;&nbsp;11.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.10)% | &nbsp;&nbsp;&nbsp;&nbsp;33.39% | 5.76% | 12.70% | (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $681 | $734 | $537 | $417 | $505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.40% | 0.60% | 0.63% | 0.64% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.20% | 0.51% | 0.50% | 0.50% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.99% | 1.23% | 1.71% | 1.90% | 1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 116% | 5% | 9% | 15% | 15% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.35%, 0.04%, 0.05%, 0.05% and 0.06%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.54 | $12.45 | $12.10 | $11.52 | $11.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.51 | 0.09 | 0.13 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.77) | 4.24 | 0.46 | 1.09 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.26) | 4.33 | 0.59 | 1.24 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.49) | (0.11) | (0.15) | (0.16) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.39) | (0.13) | (0.09) | (0.50) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.88) | (0.24) | (0.24) | (0.66) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.40 | $16.54 | $12.45 | $12.10 | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (20.88)% | 35.17% | 4.87% | 11.87% | (1.04)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;25318 | $&nbsp;&nbsp;&nbsp;&nbsp;33724 | $&nbsp;&nbsp;&nbsp;&nbsp;26659 | $&nbsp;&nbsp;&nbsp;&nbsp;26865 | $&nbsp;&nbsp;&nbsp;&nbsp;26279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.08% | 1.28% | 1.32% | 1.36% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.84% | 1.16% | 1.16% | 1.15% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.60% | 0.56% | 1.09% | 1.29% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 120% | 4% | 6% | 13% | 13% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.36%, 0.04%, 0.04%, 0.05% and 0.06%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 80** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $16.50 | $12.42 | $12.08 | $11.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.17 | 0.12 | 0.16 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.38) | 4.24 | 0.46 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.21) | 4.36 | 0.62 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.53) | (0.15) | (0.19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.39) | (0.13) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.92) | (0.28) | (0.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $12.37 | $16.50 | $&nbsp;&nbsp;&nbsp;&nbsp;12.42 | $&nbsp;&nbsp;&nbsp;&nbsp;12.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.67)%<sup>(D)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35.51% | 5.14% | 6.62 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $361 | $15 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.83% | 1.03% | 1.07% | 1.10 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.57% | 0.91% | 0.91% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.32% | 0.80% | 1.34% | 1.50 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 120% | 4% | 6% | 13% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.36%, 0.04%, 0.04% and 0.05% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** | **Transamerica ClearTrack<sup>®</sup> 2050** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $16.76 | $12.61 | $12.24 | $11.66 | $11.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.62 | 0.18 | 0.21 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.82) | 4.30 | 0.48 | 1.10 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.20) | 4.48 | 0.69 | 1.33 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.59) | (0.20) | (0.23) | (0.25) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.39) | (0.13) | (0.09) | (0.50) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.98) | (0.33) | (0.32) | (0.75) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $12.58 | $16.76 | $&nbsp;&nbsp;&nbsp;&nbsp;12.61 | $&nbsp;&nbsp;&nbsp;&nbsp;12.24 | $&nbsp;&nbsp;&nbsp;&nbsp;11.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.34)% | &nbsp;&nbsp;&nbsp;&nbsp;35.97% | 5.63% | 12.62% | (0.34)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $605 | $853 | $674 | $424 | $699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.43% | 0.63% | 0.67% | 0.71% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.19% | 0.51% | 0.51% | 0.50% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.29% | 1.20% | 1.69% | 1.98% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 120% | 4% | 6% | 13% | 13% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.36%, 0.04%, 0.04%, 0.05% and 0.06%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 81** 

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##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.31 | $11.52 | $11.24 | $10.44 | $10.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.54 | 0.08 | 0.13 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.57) | 3.99 | 0.43 | 1.07 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.03) | 4.07 | 0.56 | 1.20 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.09 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.11) | (0.14) | (0.14) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.21) | (0.17) | (0.14) | (0.26) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.67) | (0.28) | (0.28) | (0.40) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.70 | $&nbsp;&nbsp;&nbsp;&nbsp;15.31 | $&nbsp;&nbsp;&nbsp;&nbsp;11.52 | $&nbsp;&nbsp;&nbsp;&nbsp;11.24 | $&nbsp;&nbsp;&nbsp;&nbsp;10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.16)%<sup>(B)</sup> | 35.71% | 4.89% | 12.22% | (0.96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $335 | $420 | $309 | $295 | $262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 8.81% | 9.17% | 11.19% | 14.43% | 11.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(D)</sup> | 0.26% | 1.17% | 1.15% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.15% | 0.58% | 1.14% | 1.25% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 147% | 6% | 12% | 25% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.63%.* 

(C) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(D) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $15.28 | $11.49 | $11.22 | $10.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.18 | 0.12 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.26) | 3.98 | 0.42 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.08) | 4.10 | 0.58 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.50) | (0.14) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.21) | (0.17) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.71) | (0.31) | (0.31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $11.49 | $&nbsp;&nbsp;&nbsp;&nbsp;15.28 | $&nbsp;&nbsp;&nbsp;&nbsp;11.49 | $&nbsp;&nbsp;&nbsp;&nbsp;11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(21.24)%<sup>(D)</sup> | 36.09% | 5.12% | 6.76 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $219 | $15 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 8.56% | 8.92% | 10.94% | 14.18 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.55% | 0.92% | 0.90% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 1.52% | 0.84% | 1.39% | 1.49 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 147% | 6% | 12% | 25% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37%, 0.04%, 0.05% and 0.05% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 82** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** | **Transamerica ClearTrack<sup>®</sup> 2055** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.41 | $11.58 | $11.29 | $10.50 | $10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.57 | 0.18 | 0.20 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.61) | 4.00 | 0.44 | 1.06 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.04) | 4.18 | 0.64 | 1.26 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.55) | (0.18) | (0.21) | (0.21) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.21) | (0.17) | (0.14) | (0.26) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.76) | (0.35) | (0.35) | (0.47) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.61 | $&nbsp;&nbsp;&nbsp;&nbsp;15.41 | $&nbsp;&nbsp;&nbsp;&nbsp;11.58 | $&nbsp;&nbsp;&nbsp;&nbsp;11.29 | $&nbsp;&nbsp;&nbsp;&nbsp;10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.82)% | 36.63% | 5.60% | 12.89% | (0.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $406 | $570 | $382 | $323 | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 8.16% | 8.52% | 10.54% | 13.78% | 11.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.18% | 0.52% | 0.50% | 0.50% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.31% | 1.23% | 1.78% | 1.89% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 147% | 6% | 12% | 25% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.30 | $11.51 | $11.24 | $10.44 | $10.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.53 | 0.08 | 0.13 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.55) | 3.99 | 0.42 | 1.07 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.02) | 4.07 | 0.55 | 1.20 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.09 <sup>(B)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.11) | (0.14) | (0.14) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) | (0.17) | (0.14) | (0.26) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.66) | (0.28) | (0.28) | (0.40) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.71 | $&nbsp;&nbsp;&nbsp;&nbsp;15.30 | $&nbsp;&nbsp;&nbsp;&nbsp;11.51 | $&nbsp;&nbsp;&nbsp;&nbsp;11.24 | $&nbsp;&nbsp;&nbsp;&nbsp;10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.04)%<sup>(B)</sup> | 35.75% | 4.87% | 12.25% | (0.96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $336 | $420 | $309 | $295 | $263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 8.75% | 9.68% | 11.56% | 14.59% | 11.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(D)</sup> | 0.26% | 1.16% | 1.15% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 4.04% | 0.60% | 1.15% | 1.24% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 122% | 8% | 10% | 25% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate, Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.60%.* 

(C) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(D) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

---

**Page 83** 

------

##### [**Table of Contents**](#toc)

------

**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $15.28 | $11.49 | $11.22 | $10.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.27 | 0.12 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.32) | 3.98 | 0.42 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.05) | 4.10 | 0.58 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.47) | (0.14) | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) | (0.17) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.70) | (0.31) | (0.31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $11.53 | $&nbsp;&nbsp;&nbsp;&nbsp;15.28 | $&nbsp;&nbsp;&nbsp;&nbsp;11.49 | $&nbsp;&nbsp;&nbsp;&nbsp;11.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.97)%<sup>(D)</sup> | 36.10% | 5.19% | 6.76 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $140 | $15 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 8.50% | 9.43% | 11.31% | 14.33 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.54% | 0.91% | 0.90% | 0.90 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.25% | 0.85% | 1.40% | 1.49 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 122% | 8% | 10% | 25% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37%, 0.04%, 0.05% and 0.05% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** | **Transamerica ClearTrack<sup>®</sup> 2060** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $15.40 | $11.57 | $11.29 | $10.50 | $10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.52 | 0.18 | 0.20 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.53) | 4.00 | 0.43 | 1.06 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (3.01) | 4.18 | 0.63 | 1.26 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.53) | (0.18) | (0.21) | (0.21) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.23) | (0.17) | (0.14) | (0.26) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.76) | (0.35) | (0.35) | (0.47) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $11.63 | $&nbsp;&nbsp;&nbsp;&nbsp;15.40 | $&nbsp;&nbsp;&nbsp;&nbsp;11.57 | $&nbsp;&nbsp;&nbsp;&nbsp;11.29 | $&nbsp;&nbsp;&nbsp;&nbsp;10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(20.63)% | 36.67% | 5.57% | 12.92% | (0.37)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $466 | $508 | $347 | $310 | $265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 8.10% | 9.03% | 10.91% | 13.94% | 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.18% | 0.51% | 0.50% | 0.50% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.97% | 1.25% | 1.80% | 1.89% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 122% | 8% | 10% | 25% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37%, 0.04%, 0.05%, 0.05% and 0.07%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 84** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** |
| | **Class R1** | **Class R1** | **Class R1** | **Class R1** | **Class R1** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.86 | $10.86 | $10.50 | $10.23 | $10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.33 | 0.09 | 0.14 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.19) | 1.18 | 0.46 | 0.85 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.86) | 1.27 | 0.60 | 1.01 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.10) | (0.18) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) | (0.17) | (0.06) | (0.56) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.61) | (0.27) | (0.24) | (0.74) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.39 | $11.86 | $10.86 | $10.50 | $10.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | (16.54)% | 11.91% | 5.81% | 10.76% | (1.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;41568 | $&nbsp;&nbsp;&nbsp;&nbsp;60380 | $&nbsp;&nbsp;&nbsp;&nbsp;58473 | $&nbsp;&nbsp;&nbsp;&nbsp;64925 | $&nbsp;&nbsp;&nbsp;&nbsp;72493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 1.19% | 1.18% | 1.18% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.88% | 1.14% | 1.13% | 1.12% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.16% | 0.80% | 1.31% | 1.61% | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 101% | 5% | 11% | 19% | 24% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.06%, 0.07%, 0.08% and 0.09%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** |
| | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the period and years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019 <sup>(A)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of period/year** | $11.86 | $10.87 | $10.52 | $9.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(B)</sup> | 0.24 | 0.12 | 0.16 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.08) | 1.17 | 0.47 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.84) | 1.29 | 0.63 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** | 0.00 <sup>(C)(D)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.13) | (0.22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) | (0.17) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.64) | (0.30) | (0.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of period/year** | $9.38 | $&nbsp;&nbsp;&nbsp;&nbsp;11.86 | $&nbsp;&nbsp;&nbsp;&nbsp;10.87 | $&nbsp;&nbsp;&nbsp;&nbsp;10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.40)%<sup>(D)</sup> | 12.10% | 6.09% | 7.02 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period/year (000's) | $578 | $13 | $11 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(F)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.94% | 0.93% | 0.93 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(H)</sup> | 0.62% | 0.89% | 0.88% | 0.87 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 2.56% | 1.05% | 1.53% | 1.50 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 101% | 5% | 11% | 19% |

---

(A) *Commenced operations on March 1, 2019.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Rounds to less than $0.01 or $(0.01).* 

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

(E) *Not annualized.* 

(F) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(G) *Annualized.* 

(H) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.06%, 0.07% and 0.08% (annualized), for the years ended October 31, 2022, October 31, 2021, October 31, 2020 and the period ended October 31, 2019, respectively.* 

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

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 85** 

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##### [**Table of Contents**](#toc)

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**FINANCIAL HIGHLIGHTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** | **Transamerica ClearTrack<sup>®</sup> Retirement Income** |
| | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| &nbsp;&nbsp;&nbsp;**For a share outstanding during the years indicated:**<br>&nbsp;&nbsp;&nbsp; | **October 31,<br>2022** | **October 31,<br>2021** | **October 31,<br>2020** | **October 31,<br>2019** | **October 31,<br>2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, beginning of year** | $11.99 | $10.98 | $10.62 | $10.35 | $10.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>(A)</sup> | 0.40 | 0.17 | 0.20 | 0.23 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.20) | 1.19 | 0.47 | 0.86 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment operations | (1.80) | 1.36 | 0.67 | 1.09 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contributions from affiliate** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.31) | (0.18) | (0.25) | (0.26) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains | (0.38) | (0.17) | (0.06) | (0.56) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and/or distributions to shareholders | (0.69) | (0.35) | (0.31) | (0.82) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net asset value, end of year** | $9.50 | $&nbsp;&nbsp;&nbsp;&nbsp;11.99 | $&nbsp;&nbsp;&nbsp;&nbsp;10.98 | $&nbsp;&nbsp;&nbsp;&nbsp;10.62 | $&nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(15.96)% | 12.58% | 6.47% | 11.53% | (1.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ratio and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) | $372 | $541 | $698 | $510 | $425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses to average net assets <sup>(B)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.35% | 0.54% | 0.53% | 0.53% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.23% | 0.49% | 0.48% | 0.47% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) to average net assets | 3.77% | 1.49% | 1.89% | 2.22% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate | 101% | 5% | 11% | 19% | 24% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.* 

(C) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.32%, 0.06%, 0.07%, 0.08% and 0.09%, for the years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, respectively.* 

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

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 86** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At October 31, 2022** 

**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. The funds covered by this report (each, a "Fund" and collectively, the "Funds") are each a series of the Trust and are as follows:

---

| | |
|:---|:---|
| **Fund** | **Class** |
|  Transamerica ClearTrack<sup>®</sup> 2015 ("ClearTrack<sup>®</sup> 2015") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2020 ("ClearTrack<sup>®</sup> 2020") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2025 ("ClearTrack<sup>®</sup> 2025") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2030 ("ClearTrack<sup>®</sup> 2030") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2035 ("ClearTrack<sup>®</sup> 2035") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2040 ("ClearTrack<sup>®</sup> 2040") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2045 ("ClearTrack<sup>®</sup> 2045") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2050 ("ClearTrack<sup>®</sup> 2050") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2055 ("ClearTrack<sup>®</sup> 2055") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> 2060 ("ClearTrack<sup>®</sup> 2060") | R1,R3,R6 |
|  Transamerica ClearTrack<sup>®</sup> Retirement Income ("ClearTrack<sup>®</sup> Retirement Income") | R1,R3,R6 |

---

Each Fund, a "fund of funds", normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying ETFs and Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying ETFs and Funds' shareholder reports are not covered by this report.

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

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

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 a 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 Funds and their 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 Funds 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 Funds' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Funds; 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 a 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 Funds' 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 Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; 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 Funds, 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 Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds 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 Funds 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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**1. ORGANIZATION (continued)** 

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 Funds' custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds' 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 Funds. The Funds pay 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, 2022, (i) the expenses paid to State Street for sub-administration services by the Funds are shown as a part of Other expenses within the Statements of Operations and (ii) the expenses payable to State Street for sub-administration services from the Funds are shown as part of Other accrued expenses within the Statements of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**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 Statements 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 Statements of Operations.

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

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

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Funds' valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Funds' Board of Trustees. The net asset value of each 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 their 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 Funds' investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**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 Funds' investments at October 31, 2022, is disclosed within the Investment Valuation section of each Fund's 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 Funds' significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Investment companies are valued at the actively traded NAV of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Funds 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 their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds 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 Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds' assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds' 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 Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Funds, 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 Funds 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, 2022, the Funds have not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Funds purchase a security and simultaneously commit 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 Funds' 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 Funds 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 Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statements 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, 2022.

Repurchase agreements at October 31, 2022, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

**Securities lending:** The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds 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 Funds to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds 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 and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds 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 Funds in the case of default of any securities borrower.

Each applicable Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements 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, 2022, 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, 2022. Funds not listed in the subsequent table did not have secured borrowing transactions.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $247395 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;247395 |
|  **Total Borrowings** | $**247395** | $**—** | $**—** | $**—** | $**247395** |
|  **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $1684868 | $— | $— | $— | $1684868 |
|  **Total Borrowings** | $**1684868** | $**—** | $**—** | $**—** | $**1684868** |
|  **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $1501057 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;1501057 |
|  **Total Borrowings** | $**1501057** | $**—** | $**—** | $**—** | $**1501057** |
|  **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $59508 | $— | $— | $— | $59508 |
|  **Total Borrowings** | $**59508** | $**—** | $**—** | $**—** | $**59508** |
|  **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $59123 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;59123 |
|  **Total Borrowings** | $**59123** | $**—** | $**—** | $**—** | $**59123** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. RISK FACTORS** 

Investing in the Funds involves certain key risks related to the Funds' trading activity. Please reference the Funds' prospectuses for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

**Market:** The market prices of a Fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of a Fund's securities and assets fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a Fund's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of a Fund's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**5. RISK FACTORS (continued)** 

These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a Fund's investments.

**Underlying exchange-traded funds risk:** To the extent a Fund invests its assets in Underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the Underlying ETFs in which it invests. Investing in Underlying ETFs subjects a Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the Underlying ETFs in which a Fund may invest has its own investment risks, and those risks can affect the value of the Underlying ETFs' shares and therefore the value of a Fund's investments. There can be no assurance that the investment objective of any Underlying ETF will be achieved. In addition, a Fund will bear a pro rata portion of the operating expenses of the Underlying ETFs in which it invests.

**Underlying funds risk:** Because a Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects a Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which a Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of a Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. In addition, a Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of a Fund's prospectus identifies certain risks of each underlying fund.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TAM, the Funds' 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 NV. 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 NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Funds' transfer agent. Transamerica Capital, Inc. ("TCI") is the Funds' distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, TFS and TCI. 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 Funds. The Funds do pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statements of Operations.

The Underlying ETFs and Funds have varied expense and fee levels and the Funds may own different proportions of Underlying ETFs and Funds at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the Underlying ETFs and Funds in which the Funds invest. The Funds have material ownership interests in the Underlying ETFs and Funds.

**Investment management fees:** TAM serves as the Funds' investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective December 6, 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $2.5 billion | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2.5 billion up to $4 billion | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $4 billion | 0.08 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Prior to December 6, 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $2.5 billion | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2.5 billion up to $4 billion | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $4 billion | 0.36 |

---

On three occasions during the year ended October 31, 2022, TCI, the Funds' distributor/principal underwriter, returned to Class R1 and/or Class R3 of applicable Funds certain 12b-1 fees retained by TCI during the period of April 1, 2020, to October 31, 2021. These amounts are reflected as a "Contributions from affiliate, Transamerica Capital, Inc." within each applicable Fund's Statements of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through each Fund's investment in the Underlying ETFs and Funds, but excluding, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Funds' business, exceed the following stated annual operating expense limits to the Funds' daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

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| | | |
|:---|:---|:---|
| **Class** | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Class R1 | 1.20% | March 1, 2025 |
|  Class R3 | 0.95 | March 1, 2025 |
|  Class R6 | 0.55 | March 1, 2025 |

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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, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements 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 Funds, 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, 2022, the balances available for recapture by TAM for each Fund are as follows.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** | **ClearTrack<sup>®</sup> 2015** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $&nbsp;&nbsp;&nbsp;&nbsp;53280 | $&nbsp;&nbsp;&nbsp;&nbsp;55313 | $&nbsp;&nbsp;&nbsp;&nbsp;78801 | $&nbsp;&nbsp;&nbsp;&nbsp;187394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 762 | 946 | 1512 | 3220 |
|  **ClearTrack<sup>®</sup> 2020** | **ClearTrack<sup>®</sup> 2020** | **ClearTrack<sup>®</sup> 2020** | **ClearTrack<sup>®</sup> 2020** | **ClearTrack<sup>®</sup> 2020** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 64993 | 58224 | 79622 | 202839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 666 | 879 | 1393 | 2938 |
|  **ClearTrack<sup>®</sup> 2025** | **ClearTrack<sup>®</sup> 2025** | **ClearTrack<sup>®</sup> 2025** | **ClearTrack<sup>®</sup> 2025** | **ClearTrack<sup>®</sup> 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 42651 | 48705 | 86864 | 178220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 179 | 1224 | 2313 | 3716 |
|  **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** | **ClearTrack<sup>®</sup> 2030** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;35153 | &nbsp;&nbsp;&nbsp;&nbsp;34878 | &nbsp;&nbsp;&nbsp;&nbsp;92704 | &nbsp;&nbsp;&nbsp;&nbsp;162735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 3044 | 3044 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Fund** | **2020** | **2021** | **2022** |<br>**Total** |
|  **ClearTrack<sup>®</sup> 2035** | **ClearTrack<sup>®</sup> 2035** | **ClearTrack<sup>®</sup> 2035** | **ClearTrack<sup>®</sup> 2035** | **ClearTrack<sup>®</sup> 2035** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | $&nbsp;&nbsp;&nbsp;&nbsp;32417 | $&nbsp;&nbsp;&nbsp;&nbsp;34833 | $&nbsp;&nbsp;&nbsp;&nbsp;94639 | $&nbsp;&nbsp;&nbsp;&nbsp;161889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 396 | 1868 | 2264 |
|  **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** | **ClearTrack<sup>®</sup> 2040** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 35836 | 39606 | 91982 | 167424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 78 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 795 | 618 | 1374 | 2787 |
|  **ClearTrack<sup>®</sup> 2045** | **ClearTrack<sup>®</sup> 2045** | **ClearTrack<sup>®</sup> 2045** | **ClearTrack<sup>®</sup> 2045** | **ClearTrack<sup>®</sup> 2045** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 47210 | 48744 | 89230 | 185184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 321 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 619 | 845 | 1873 | 3337 |
|  **ClearTrack<sup>®</sup> 2050** | **ClearTrack<sup>®</sup> 2050** | **ClearTrack<sup>®</sup> 2050** | **ClearTrack<sup>®</sup> 2050** | **ClearTrack<sup>®</sup> 2050** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 49440 | 51904 | 89942 | 191286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 261 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1008 | 1336 | 2354 | 4698 |
|  **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** | **ClearTrack<sup>®</sup> 2055** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 34614 | 36199 | 33396 | 104209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 9058 | 9058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 39980 | 47386 | 45893 | 133259 |
|  **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** | **ClearTrack<sup>®</sup> 2060** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 35976 | 38584 | 33310 | 107870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  | 1358 | 7281 | 8639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 38160 | 44822 | 46654 | 129636 |
|  **ClearTrack<sup>®</sup> Retirement Income** | **ClearTrack<sup>®</sup> Retirement Income** | **ClearTrack<sup>®</sup> Retirement Income** | **ClearTrack<sup>®</sup> Retirement Income** | **ClearTrack<sup>®</sup> Retirement Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 37741 | 48684 | 91287 | 177712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R3 |  |  | 111 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 457 | 454 | 868 | 1779 |

---

**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 TCI as the Funds' distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution and service fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class <sup>(A)</sup>** | **Rate** |
|  Class R1 | 0.50% |
|  Class R3 | 0.25 |

---

(A) *12b-1 fees are not applicable for Class R6.* 

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on assets, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Funds' Prospectuses and Statement of Additional Information for a more complete discussion on transfer agent fees.

---

| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 94** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

For the year ended October 31, 2022, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Fees Paid to TFS** | **Fees Due to TFS** |
|  ClearTrack<sup>®</sup> 2015 | $2333 | $164 |
|  ClearTrack<sup>®</sup> 2020 | 2431 | 168 |
|  ClearTrack<sup>®</sup> 2025 | 3897 | 274 |
|  ClearTrack<sup>®</sup> 2030 | 4241 | 308 |
|  ClearTrack<sup>®</sup> 2035 | 4423 | 319 |
|  ClearTrack<sup>®</sup> 2040 | 3954 | 288 |
|  ClearTrack<sup>®</sup> 2045 | 2644 | 187 |
|  ClearTrack<sup>®</sup> 2050 | 2273 | 163 |
|  ClearTrack<sup>®</sup> 2055 | 72 | 6 |
|  ClearTrack<sup>®</sup> 2060 | 72 | 6 |
|  ClearTrack<sup>®</sup> Retirement Income | 3898 | 270 |

---

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Funds incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended October 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Sales of Securities** |
|  ClearTrack<sup>®</sup> 2015 | $31314031 | $35268176 |
|  ClearTrack<sup>®</sup> 2020 | 32658956 | 37615453 |
|  ClearTrack<sup>®</sup> 2025 | 54680285 | 60754586 |
|  ClearTrack<sup>®</sup> 2030 | 61334704 | 64543632 |
|  ClearTrack<sup>®</sup> 2035 | 63338630 | 66066352 |
|  ClearTrack<sup>®</sup> 2040 | 57981281 | 58444226 |
|  ClearTrack<sup>®</sup> 2045 | 40391139 | 42123472 |
|  ClearTrack<sup>®</sup> 2050 | 35936615 | 36954923 |
|  ClearTrack<sup>®</sup> 2055 | 1590555 | 1404695 |
|  ClearTrack<sup>®</sup> 2060 | 1391010 | 1156057 |
|  ClearTrack<sup>®</sup> Retirement Income | 52181244 | 60406195 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize 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 Funds' 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 Funds' tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax

---

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 95** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are 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, 2022, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
|  ClearTrack<sup>®</sup> 2015 | $&nbsp;&nbsp;&nbsp;&nbsp;32854316 | $– $| (6475593) | $(6475593) |
|  ClearTrack<sup>®</sup> 2020 | 33626589 | – | (7134510) | (7134510) |
|  ClearTrack<sup>®</sup> 2025 | 55743581 | – | (11999955) | (11999955) |
|  ClearTrack<sup>®</sup> 2030 | 64744933 | – | &nbsp;&nbsp;&nbsp;&nbsp;(13807019) | &nbsp;&nbsp;&nbsp;&nbsp;(13807019) |
|  ClearTrack<sup>®</sup> 2035 | 67262230 | – | (15888101) | (15888101) |
|  ClearTrack<sup>®</sup> 2040 | 63023670 | – | (15123066) | (15123066) |
|  ClearTrack<sup>®</sup> 2045 | 40523142 | – | (10327596) | (10327596) |
|  ClearTrack<sup>®</sup> 2050 | 35477515 | – | (9152206) | (9152206) |
|  ClearTrack<sup>®</sup> 2055 | 1312684 | – | (287994) | (287994) |
|  ClearTrack<sup>®</sup> 2060 | 1261458 | – | (254463) | (254463) |
|  ClearTrack<sup>®</sup> Retirement Income | 53439699 | – | (10955299) | (10955299) |

---

As of October 31, 2022, the Funds had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2022, the Funds did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statements 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 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| <br>**Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of<br>Capital** |
|  ClearTrack<sup>®</sup> 2015 | $687413 | $1331159 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;318181 | $668508 | $— |
|  ClearTrack<sup>®</sup> 2020 | 1251406 | 791963 |  | 27234 |  |  |
|  ClearTrack<sup>®</sup> 2025 | 1637206 | 1444602 |  | 188092 | 1032194 |  |
|  ClearTrack<sup>®</sup> 2030 | &nbsp;&nbsp;&nbsp;&nbsp;1410294 | &nbsp;&nbsp;&nbsp;&nbsp;1763066 |  | &nbsp;&nbsp;&nbsp;&nbsp;501238 | 1137663 |  |
|  ClearTrack<sup>®</sup> 2035 | 1591253 | 2006377 |  | 507567 | 1013181 |  |
|  ClearTrack<sup>®</sup> 2040 | 1595411 | 1898234 |  | 457039 | 1133212 |  |
|  ClearTrack<sup>®</sup> 2045 | 1161125 | 1057323 |  | 300749 | 821632 |  |
|  ClearTrack<sup>®</sup> 2050 | 1023013 | 825069 |  | 254725 | 293900 |  |
|  ClearTrack<sup>®</sup> 2055 | 33887 | 13610 |  | 9114 | 10362 |  |
|  ClearTrack<sup>®</sup> 2060 | 31776 | 14908 |  | 8619 | 9695 |  |
|  ClearTrack<sup>®</sup> Retirement Income | 1171879 | 1936742 |  | 571723 | 951034 |  |

---

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 96** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At October 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of October 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Tax Exempt<br>Income** | **Undistributed<br>Long-Term<br>Capital<br>Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  ClearTrack<sup>®</sup> 2015 | $&nbsp;&nbsp;&nbsp;&nbsp;469029 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $8376992 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(6475593) |
|  ClearTrack<sup>®</sup> 2020 | 486597 |  | 4573035 |  |  |  | (7134510) |
|  ClearTrack<sup>®</sup> 2025 | 669708 |  | 8155773 |  |  |  | (11999955) |
|  ClearTrack<sup>®</sup> 2030 | 630899 |  | &nbsp;&nbsp;&nbsp;&nbsp;19991451 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(13807019) |
|  ClearTrack<sup>®</sup> 2035 | 528718 |  | 24665195 |  |  |  | (15888101) |
|  ClearTrack<sup>®</sup> 2040 | 355968 |  | 23628453 |  |  |  | (15123066) |
|  ClearTrack<sup>®</sup> 2045 | 180607 |  | 17312805 |  |  |  | (10327596) |
|  ClearTrack<sup>®</sup> 2050 | 145594 |  | 15585604 |  |  |  | (9152206) |
|  ClearTrack<sup>®</sup> 2055 | 34958 |  | 312281 |  |  |  | (287994) |
|  ClearTrack<sup>®</sup> 2060 | 10199 |  | 286591 |  |  |  | (254463) |
|  ClearTrack<sup>®</sup> Retirement Income | 780845 |  | 10411227 |  |  |  | (10955299) |

---

**9. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, FASB issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements.

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**Page 97** 

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**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Transamerica ClearTrack<sup>®</sup> 2015, Transamerica ClearTrack<sup>®</sup> 2020, Transamerica ClearTrack<sup>®</sup> 2025, Transamerica ClearTrack<sup>®</sup> 2030, Transamerica ClearTrack<sup>®</sup> 2035, Transamerica ClearTrack<sup>®</sup> 2040, Transamerica ClearTrack<sup>®</sup> 2045, Transamerica ClearTrack<sup>®</sup> 2050, Transamerica ClearTrack<sup>®</sup> 2055, Transamerica ClearTrack<sup>®</sup> 2060 and Transamerica ClearTrack<sup>®</sup> Retirement Income and the Board of Trustees of Transamerica Funds

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Transamerica ClearTrack<sup>®</sup> 2015, Transamerica ClearTrack<sup>®</sup> 2020, Transamerica ClearTrack<sup>®</sup> 2025, Transamerica ClearTrack<sup>®</sup> 2030, Transamerica ClearTrack<sup>®</sup> 2035, Transamerica ClearTrack<sup>®</sup> 2040, Transamerica ClearTrack<sup>®</sup> 2045, Transamerica ClearTrack<sup>®</sup> 2050, Transamerica ClearTrack<sup>®</sup> 2055, Transamerica ClearTrack<sup>®</sup> 2060 and Transamerica ClearTrack<sup>®</sup> Retirement Income (collectively referred to as the "Funds") (eleven of the funds constituting Transamerica Funds (the "Trust")), including the schedules of investments, as of October 31, 2022, the related statements of operations for the year then ended, the statement 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 each the Funds (eleven of the funds constituting Transamerica Funds) at October 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their 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 each of the Funds' 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, 2022, 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.

![LOGO](g105146ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2022

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**SUPPLEMENTAL INFORMATION** 

**(unaudited)** 

**TAX INFORMATION** 

For dividends paid during the year ended October 31, 2022, the Funds designated the following maximum amounts of qualified dividend income:

---

| | |
|:---|:---|
| **Fund** | **Qualified Dividend<br>Income** |
|  ClearTrack<sup>®</sup> 2015 | $&nbsp;&nbsp;&nbsp;&nbsp;220253 |
|  ClearTrack<sup>®</sup> 2020 | 236470 |
|  ClearTrack<sup>®</sup> 2025 | 447617 |
|  ClearTrack<sup>®</sup> 2030 | 604316 |
|  ClearTrack<sup>®</sup> 2035 | 404146 |
|  ClearTrack<sup>®</sup> 2040 | 782710 |
|  ClearTrack<sup>®</sup> 2045 | 562788 |
|  ClearTrack<sup>®</sup> 2050 | 507133 |
|  ClearTrack<sup>®</sup> 2055 | 15493 |
|  ClearTrack<sup>®</sup> 2060 | 15105 |
|  ClearTrack<sup>®</sup> Retirement Income | 366370 |

---

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

---

| | |
|:---|:---|
| **Fund** | **Dividend Received<br>Deduction Percentage** |
|  ClearTrack<sup>®</sup> 2015 | 18% |
|  ClearTrack<sup>®</sup> 2020 | 10 |
|  ClearTrack<sup>®</sup> 2025 | 15 |
|  ClearTrack<sup>®</sup> 2030 | 22 |
|  ClearTrack<sup>®</sup> 2035 | 11 |
|  ClearTrack<sup>®</sup> 2040 | 24 |
|  ClearTrack<sup>®</sup> 2045 | 24 |
|  ClearTrack<sup>®</sup> 2050 | 24 |
|  ClearTrack<sup>®</sup> 2055 | 23 |
|  ClearTrack<sup>®</sup> 2060 | 24 |
|  ClearTrack<sup>®</sup> Retirement Income | 17 |

---

For tax purposes, the long-term capital gain designations for the year ended October 31, 2022 are as follows:

---

| | |
|:---|:---|
| **Fund** | **Long-Term Capital Gain<br>Designation** |
|  ClearTrack<sup>®</sup> 2015 | $&nbsp;&nbsp;&nbsp;&nbsp;1331159 |
|  ClearTrack<sup>®</sup> 2020 | 791963 |
|  ClearTrack<sup>®</sup> 2025 | 1444602 |
|  ClearTrack<sup>®</sup> 2030 | 1763066 |
|  ClearTrack<sup>®</sup> 2035 | 2006377 |
|  ClearTrack<sup>®</sup> 2040 | 1898234 |
|  ClearTrack<sup>®</sup> 2045 | 1057323 |
|  ClearTrack<sup>®</sup> 2050 | 825069 |
|  ClearTrack<sup>®</sup> 2055 | 13610 |
|  ClearTrack<sup>®</sup> 2060 | 14908 |
|  ClearTrack<sup>®</sup> Retirement Income | 1936742 |

---

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**Page 99** 

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**SUPPLEMENTAL INFORMATION** 

**(unaudited)** 

**TAX INFORMATION (continued)** 

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are

as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign Source Income** | **Foreign Taxes** |
|  ClearTrack<sup>®</sup> 2015 | $&nbsp;&nbsp;&nbsp;&nbsp;114697 | $6036 |
|  ClearTrack<sup>®</sup> 2020 | 119809 | &nbsp;&nbsp;&nbsp;&nbsp;6299 |
|  ClearTrack<sup>®</sup> 2025 | 244891 | 13469 |
|  ClearTrack<sup>®</sup> 2030 | 334483 | 17845 |
|  ClearTrack<sup>®</sup> 2035 | 424792 | 22812 |
|  ClearTrack<sup>®</sup> 2040 | 448015 | 24132 |
|  ClearTrack<sup>®</sup> 2045 | 333468 | 18474 |
|  ClearTrack<sup>®</sup> 2050 | 297933 | 16449 |
|  ClearTrack<sup>®</sup> 2055 | 9430 | 511 |
|  ClearTrack<sup>®</sup> 2060 | 9366 | 498 |
|  ClearTrack<sup>®</sup> Retirement Income | 196252 | 10249 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

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**Page 100** 

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**MANAGEMENT AGREEMENT — CONTRACT RENEWAL** 

**(unaudited)** 

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 15-16, 2022, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of each of the following funds (each a "Fund" and collectively the "Funds"):

---

| | |
|:---|:---|
|  Transamerica ClearTrack<sup>®</sup> 2015 | Transamerica ClearTrack<sup>®</sup> 2045 |
|  Transamerica ClearTrack<sup>®</sup> 2020 | Transamerica ClearTrack<sup>®</sup> 2050 |
|  Transamerica ClearTrack<sup>®</sup> 2025 | Transamerica ClearTrack<sup>®</sup> 2055 |
|  Transamerica ClearTrack<sup>®</sup> 2030 | Transamerica ClearTrack<sup>®</sup> 2060 |
|  Transamerica ClearTrack<sup>®</sup> 2035 | Transamerica ClearTrack<sup>®</sup> Retirement Income |
|  Transamerica ClearTrack<sup>®</sup> 2040 |  |

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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 applicable Fund and its shareholders. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2023.

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 each 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 their review, the Trustees also sought to identify Funds for which the performance, fees, total expenses and/or profitability appeared to be outliers within their respective peer groups 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 applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each 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 each 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 each 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 Funds; 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 Funds; 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 Funds' prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services for the Funds. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, 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.

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**MANAGEMENT AGREEMENT — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

***Investment Performance***

In addition, the Board considered the short- and longer-term performance, as applicable, of each 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(s), in each case for various trailing periods ended December 31, 2021. 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 applicable 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 performance are summarized below. For purposes of its review, the Board generally used the performance of Class R6 Shares. In describing a 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 a 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 each 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.

*Transamerica ClearTrack*<sup>®</sup> *2015.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that Wilshire Advisors LLC (the "Sub-Adviser") had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2020.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for its peer universe for the past 3- and 5-year periods. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2025.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for its peer universe for the past 3- and 5-year periods. The Board also noted that the performance of Class R6 Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2030.* The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2035.* The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for its peer universe for the past 5-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2040.* The Board noted that the performance of Class R6 Shares of the Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

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**MANAGEMENT AGREEMENT — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

*Transamerica ClearTrack*<sup>®</sup> *2045.* The Board noted that the performance of Class R6 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 its peer universe for the past 5-year period. The Board also noted that the performance of Class R6 Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2050.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and its benchmark, each for the past 1-, 3- and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2055.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and its benchmark, each for the past 1- and 3-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *2060.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and its benchmark, each for the past 1- and 3-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment objective, investment strategies, glide path and benchmark.

*Transamerica ClearTrack*<sup>®</sup> *Retirement Income.* The Board noted that the performance of Class R6 Shares of the Fund was above the median for its peer universe and its benchmark, each for the past 1-, 3-and 5-year periods. The Board noted that the Sub-Adviser had commenced sub-advising the Fund on December 6, 2021 pursuant to its current investment strategies and benchmark.

**Management Fees and Total Expense Ratios** 

The Board considered the management fee and total expense ratio of each Fund, including information provided by Broadridge comparing the management fee and total expense ratio of each 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 management fees and total expense ratios 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 R6 Shares. In describing a 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 a 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 a 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.

*Transamerica ClearTrack*<sup>®</sup> *2015.* The Board noted that the Fund's contractual management fee was above the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2020.* The Board noted that the Fund's contractual management fee was above the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

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**MANAGEMENT AGREEMENT — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

*Transamerica ClearTrack*<sup>®</sup> *2025.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2030.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2035.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2040.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2045.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2050.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2055.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *2060.* 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 R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

*Transamerica ClearTrack*<sup>®</sup> *Retirement Income.* The Board noted that the Fund's contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (*i.e.*, expenses reflecting any

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**MANAGEMENT AGREEMENT — CONTRACT RENEWAL (continued)** 

**(unaudited)** 

waivers and/or reimbursements) of Class R6 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on December 6, 2021.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fees to be received by TAM under the Management 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 each 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 each 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 Funds 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 each Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

**Economies of Scale** 

The Board considered economies of scale with respect to the management of each 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 Funds benefited from any economies of scale. The Board recognized that, as a Fund's assets increase, any economies of scale realized by TAM may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered each 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 Funds through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees concluded that each 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 fees payable to TAM in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Funds** 

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Funds. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions ("soft dollars") as a result of its relationships with the Funds.

**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 each Fund in a professional manner that is consistent with the best interests of the Fund and its 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 Funds.

**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 applicable Fund and its shareholders and voted to approve the renewal of the Management Agreement.

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**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

**(unaudited)** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund's assets by the investment manager and its respective sub-adviser.

The Funds are among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of 111 funds as of the date of this shareholder report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their age, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit<br>(49) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present);<br>Chairman of the Board, President and Chief Executive Officer, TET (2017 – present);<br>Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio ("TPP"), Transamerica Partners Funds Group ("TPFG") and Transamerica Partners Funds Group II ("TPFG II") (2014 – 2018);<br>Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. ("TAM") and Transamerica Fund Services, Inc. ("TFS") (2014 – present);<br>Senior Vice President, Transamerica Retirement Solutions LLC (2012 – 2020);<br>| 111 | Director,<br>Massachusetts<br>Fidelity Trust<br>Company<br>(2014 – 2021);<br>Director, Aegon<br>Global Funds<br>(2016 – present) |

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| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit<br>(continued) |  |  | <br> Trust Officer, Massachusetts Fidelity Trust Company (2014 – 2021);<br>President, Investment Solutions,<br> Transamerica Investments & Retirement (2014 – 2016);<br>Vice President, Transamerica Life Insurance Company (2010 – 2016);<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);<br>Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016);<br>Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016) and<br>President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016). |  |  |
| &nbsp;&nbsp;&nbsp;Alan F. Warrick<br>(74) | Board Member | Since 2012 | Board Member, TF, TST and TAAVF (2012 – present);<br>Board Member, TPP, TPFG and TPFG II (2012 – 2018);<br>Senior Advisor, Lovell Minnick Equity Partners (2010 – present); and<br>Retired (2010). | 111 | N/A |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp;Sandra N. Bane<br>(70) | Board Member | Since 2008 | Retired (1999 – present);<br>Board Member, TF, TST and TAAVF (2008 – present);<br>Board Member, TPP, TPFG and TPFG II (2008 – 2018); and<br>Partner, KPMG (1975 – 1999). | 111 | Big 5 Sporting<br>Goods<br>(2002 – 2021);<br>Southern<br>Company Gas<br>(energy services<br>holding<br>company)<br>(2008 – present) |
| &nbsp;&nbsp;&nbsp;Leo J. Hill<br>(66) | Lead Independent Board Member | Since 2002 | Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);<br>Board Member, TST (2001 – present);<br>Board Member, TF (2002 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>| 111 | Ameris Bancorp<br>(2013 – present);<br>Ameris Bank<br>(2013 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp;Leo J. Hill<br>(continued) |  |  | <br> Market President, Nations Bank of Sun Coast Florida (1998 – 1999);<br>Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);<br>Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and<br>Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991). |  |  |
| &nbsp;&nbsp;&nbsp; Kathleen T. Ives<br> (57) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Retired (2019 – present);<br>Senior Vice President & Director of Internal Audit (2011 – 2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc. | 111 | Junior<br>Achievement<br>Rocky Mountain<br>(non-profit<br>organization)<br>(2013 – present);<br>Institute of<br>Internal Auditors,<br>Denver Chapter<br>(audit<br>organization)<br>(2017 – 2021). |
| &nbsp;&nbsp;&nbsp; Lauriann C. Kloppenburg<br> (62) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Director, Adams Funds (investment companies) (2017 – present);<br>Investment Committee Member, 1911 Office, LLC (family office) (2017 – Present);<br>Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present);<br>Executive in Residence, Bentley University (2015 – 2017);<br>Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P. | 111 | Trustees of<br>Donations to the<br>Protestant<br>Episcopal<br>Church<br>(non-profit<br>organization)<br>(2010 – present);<br>Forte Foundation<br>(non-profit<br>organization)<br>(2016 – present) |
| &nbsp;&nbsp;&nbsp; Fredric A. Nelson III<br> (65) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Chief Investment Officer ("CIO"), Commonfund (2011 – 2015);<br>| 111 | N/A |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Fredric A. Nelson III<br> (continued) |  |  | <br> Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009);<br>Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); and<br>Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994). |  |  |
| &nbsp;&nbsp;&nbsp; John E. Pelletier<br> (58) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Director, Center for Financial Literacy, Champlain College (2010 – present);<br>Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);<br>Chairman, Vermont Universal Children's Higher Education Savings Account Program Advisory Committee (2015 – 2021);<br>Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);<br>Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017);<br>Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and<br>Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates. | 111 | N/A |
| &nbsp;&nbsp;&nbsp; Patricia L. Sawyer<br> (72) | Board Member | Since 2007 | Retired (2007 – present);<br>President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007);<br>Board Member, TF and TST (2007 – present);<br>Board Member, TAAVF (1993 – present);<br>| 111 | Honorary<br> Trustee,Bryant<br>University<br>(1996 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time <br>Served\*** | **Principal Occupation(s)<br>During Past Five Years** | **Number of<br>Funds in<br>Complex<br>Overseen<br>by Board<br>Member** | **Other <br>Directorships<br>Held By<br>Board Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Patricia L. Sawyer<br> (continued) |  |  | <br> Board Member, TPP, TPFG and TPFG II (1993 – 2018); and<br>Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University. |  |  |
| &nbsp;&nbsp;&nbsp; John W. Waechter<br> (70) | Board Member | Since 2005 | Partner, Englander Fischer (2016 – present) (law firm);<br>Attorney, Englander Fischer (2008 – 2015);<br>Retired (2004 – 2008);<br>Board Member, TST (2004 – present);<br>Board Member, TF (2005 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Employee, RBC Dain Rauscher (securities dealer) (2004);<br>Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and<br>Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting). | 111 | Board Member,<br>Operation PAR,<br>Inc. (non-profit<br>organization)<br>(2008 – present);<br>Board Member,<br>Boley PAR, Inc.<br>(non-profit<br>organization)<br>(2016 – present)<br>Board Member,<br>Remember<br>Honor Support,<br>Inc. (non-profit<br>organization)<br>(2013 – 2020);<br>Board Member,<br>WRH Income<br>Properties, Inc.<br>and WRH<br>Properties, Inc.<br>(real estate)<br>(2014 – present) |

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\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their age, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office<br>and Length of<br>Time Served\*** | **Principal Occupation(s) or Employment<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit<br>(49) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp;&nbsp;Christopher A. Staples, CFA <br>(52) | Vice President and Chief Investment Officer, Advisory Services | Since 2005 | Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present);<br>Vice President and Chief Investment Officer, TET (2017 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018);<br>Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM;<br>Director, TFS (2005 – 2019);<br>Trust Officer, Massachusetts Fidelity Trust Company (2010 – present);<br>Registered Representative (2007 – 2016), Transamerica Capital, Inc. ("TCI"); and<br>Registered Representative, TFA (2005 – present). |
| &nbsp;&nbsp;&nbsp;Thomas R. Wald, CFA<br>(62) | Vice President and Chief<br> Investment Officer | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present);<br>Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018);<br>Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión;<br>Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020);<br>Senior Vice President and Chief Investment Officer, TAM (2014 – present);<br>Director, TFS (2019 – present); and<br>Trust Officer, Massachusetts Fidelity Trust Company (2015 – present). |
| &nbsp;&nbsp;&nbsp;Joshua Durham<br>(49) | Vice President and Chief Operating Officer | Since 2022 | Vice President and Chief Operating Officer, TF, TST and TAAVF (2022 – present);<br>Director, Senior Vice President, and Chief Operating Officer TAM and TFS (2022 – present);<br>|

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office<br>and Length of<br>Time Served\*** | **Principal Occupation(s) or Employment<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Joshua Durham<br> (continued) |  |  | <br> Vice President, TAG Resources, LLC (2022 – present);<br>Vice President, Transamerica Retirement Solutions, LLC (2017 – present);<br>Vice President, Transamerica Casualty Insurance Company (2016 – 2022);<br>Vice President (2004 – 2007 and 2012 – 2022), Responsible Officer (2017 – 2022), Transamerica Financial Life Insurance Company;<br>Vice President (2004 – 2007 and 2010 – 2022), Responsible Officer (2016 – 2022) Transamerica Life Insurance Company;<br>Chief Administrative Officer (2014 – 2016) and Senior Vice President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2020); and<br>Vice President, Transamerica Advisors Life Insurance Company (2016 – 2019). |
| &nbsp;&nbsp;&nbsp; Vincent J. Toner<br> (52) | Vice President and Treasurer | Since 2014 | Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET;<br>Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018);<br>Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM;<br>Vice President, Administration and Treasurer<br> (2014 – 2019), Senior Vice President (2019 – present), TFS;<br>Vice President (2016 – present), TCI; and<br>Trust Officer (2015 – present), Massachusetts Fidelity Trust Company. |
| &nbsp;&nbsp;&nbsp; Francine J. Rosenberger<br> (55) | Chief Compliance Officer | Since 2019 | Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present);<br>Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br>Chief Compliance Officer (2019 – present), TAM; and<br>General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019). |
| &nbsp;&nbsp;&nbsp; Molly Possehl<br> (44) | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present);<br>Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); and<br>Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present). |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Age** | **Position** | **Term of Office<br>and Length of<br>Time Served\*** | **Principal Occupation(s) or Employment<br>During Past Five Years** |
| &nbsp;&nbsp;&nbsp;Dennis P. Gallagher<br>(51) | Chief Legal Officer and Secretary | Since 2021; 2006 – 2014 | Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – present and 2006 – 2014);<br>Assistant Secretary, TF, TST, TET and TAAVF (2019);<br>Associate General Counsel, TAM, Mutual Funds and Latin American Operations (2017 – 2021);<br>Associate General Counsel, Chief Legal Officer, Latin American Operations and International Funds (2014 – 2017);<br>Chairman of the Board, Aegon Global Funds (2013 – present);<br>Director, Mongeral Aegon Seguros e Previdencia SA (2017 – present);<br>Vice President, General Counsel and Secretary, TPP, TPFG and TPFG II (2007 – 2014);<br>Assistant Vice President, TCI (2007 – 2014);<br>Chief Legal Officer and Assistant Secretary, TAM (2022 – present);<br>Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – 2014); and<br>Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – 2014). |
| &nbsp;&nbsp;&nbsp;Timothy Bresnahan<br>(53) | Assistant Secretary | Since 2020 | Assistant Secretary, TF, TST and TAAVF (2020 – present);<br>Chief Legal Officer, Secretary (2021 – present), Assistant Secretary (2019 – 2021), Secretary (2019), TET; and<br>Senior Counsel, TAM (2008 – present). |

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\* Elected and serves at the pleasure of the Board of the Trust.

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**PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS** 

**(unaudited)** 

A description of the Transamerica Funds' proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at <u>https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf</u> and (2) on the SEC's website at <u>http://www.sec.gov</u>.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

You may also visit the Trust's website at <u>www.transamerica.com</u> for this and other information about the Funds and the Trust.

**Important Notice Regarding Delivery of Shareholder Documents** 

Every year we provide shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. ***We will continue to do this unless you tell us not to.*** To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

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**NOTICE OF PRIVACY POLICY** 

**(unaudited)** 

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use "nonpublic personal information" in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

**What Information We Collect and From Whom We Collect It** 

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you, such as on applications or other forms, which may include your name, address, and account
number;

• Information about your transactions with us, our affiliates, or non-affiliated third
parties, such as your account balance and purchase/redemption history; and

• Information we receive from consumer reporting agencies.

**What Information We Disclose and To Whom We Disclose It** 

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to non-affiliated companies that perform services on our behalf and to financial institutions with which we have joint marketing agreements.

We require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

**Our Security Procedures** 

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies to assist in providing products or services to you and as otherwise permitted by law. We maintain physical, technical, and procedural safeguards designed to protect your nonpublic personal information and to safeguard the disposal of such information.

**Contact Us** 

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

*Note:* This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

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Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g105146g76j19.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, Inc., Member of FINRA

2557985 10/22© 2022 Transamerica Capital, Inc.

![LOGO](g105146g95y56.jpg)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's code of ethics is reasonably designed as described in this Form N-CSR.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

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

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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) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities 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.

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

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|:---|:---|:---|:---|
|  |  | Fiscal Year Ended 10/31<br>(in thousands) | Fiscal Year Ended 10/31<br>(in thousands) |
|  |  | 2022 | 2021 |
| (a) | <u>Audit Fees</u> | $1250 | $1345 |
| (b) | <u>Audit Related Fees</u><sup>(1)</sup> | $154 | $6 |
| (c) | <u>Tax Fees</u><sup>(2)</sup> | $145 | $219 |
| (d) | <u>All Other Fees</u><sup>(3)</sup> | $65 | $59 |

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<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-IA 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.

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| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>. Generally, the Registrant's Audit Committee must preapprove (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  |

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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 preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval 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 preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval 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.

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| (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 2022 and 2021 was zero.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, Kathleen T. Ives,
Lauriann C. Kloppenburg, Frederic A. Nelson III, John E. Pelletier, Patricia L. Sawyer and John W. Waechter.

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

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| **Item 6:** | **Schedule of Investments.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The schedules of investments and consolidated schedules of investments are included in the Annual Report to
shareholders filed under Item 1 of this Form N-CSR.

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

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| **Item 7:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

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| **Item 8:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

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Not Applicable.

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| **Item 9:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

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Not Applicable

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| **Item 10:** | **Submission of Matters to a Vote of Security Holders.**  |

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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.

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| **Item 11:** | **Controls and Procedures.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer evaluated the
Registrant's disclosure controls and procedures within 90 days of this filing 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 (the "1940 Act")) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required
disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Registrant's most recent fiscal half- year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **Item 13:** | **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.](d283542dex99codeth.htm)*[The Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d283542dex99codeth.htm)  |

---

---

| | |
|:---|:---|
| (a)(2) | *[A separate certification for each principal executive and principal officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below.](d283542dex99cert.htm)*[Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.](d283542dex99cert.htm)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. 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.](d283542dex99906cert.htm)

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Transamerica Funds | &nbsp;&nbsp;&nbsp;&nbsp;Transamerica Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;Date:  | January 3, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:  | January 3, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Vincent J. Toner |
|  | Vincent J. Toner |
|  | Vice President and Treasurer |
|  | (Principal Financial Officer and Principal Accounting Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | January 3, 2023 |

---

------

##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Exhibit No. | &nbsp;&nbsp;&nbsp;&nbsp;Description of Exhibit |
| &nbsp;&nbsp;&nbsp; 13(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d283542dex99codeth.htm) |
| &nbsp;&nbsp;&nbsp; 13(a)(2)(i) | [Section 302 N-CSR Certification of Principal Executive Officer](d283542dex99cert.htm) |
| &nbsp;&nbsp;&nbsp; 13(a)(2)(ii) | [Section 302 N-CSR Certification of Principal Financial Officer](d283542dex99cert.htm) |
| &nbsp;&nbsp;&nbsp; 13(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d283542dex99906cert.htm) |

---

## Ex-99.Cod

**Exhibit 13(a)(1)** 

**Code of Ethics for Principal Executive and Principal Financial Officers** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS** 

**TRANSAMERICA FUNDS** 

<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u> 

Approved by the Board of Trustees/Directors

Last Revised November 13, 2009

In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), Transamerica Funds, Transamerica Series Trust, Transamerica Asset Allocation Variable Funds, (each a "Fund" and collectively 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 "Sarbanes-Oxley Code"). The Funds' Board of Trustees/Directors ("Board"), including a majority of the Trustees/Directors that are not interested persons of the Funds, as defined in Section 2(a)(19) of the Investment Company Act of 1940 ("Investment Company Act"), has approved the Funds' Sarbanes-Oxley Code.

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics ("Code") of the Funds applies to the Funds' Principal Executive Officer, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions ("Covered Officers," each of whom is set forth in Exhibit A), for the purpose of promoting:

&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;• 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;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

***General policy:*** 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 Investment Company Act and the Investment Advisers Act of 1940 ("Investment 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 Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this 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, Transamerica Asset Management, Inc. ("TAM"), of which the Covered Officers may be officers or employees. As a result, this 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 Investment Company Act and the Investment 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 Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the 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.***

Each Covered Officer must:

&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;• 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;• 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;• report at least annually the information elicited in the Funds' Trustee/Director and Officer
Questionnaire relating to potential conflicts of interest.

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;• 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;• 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;• 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;

------

&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;• 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.

**III.** **Disclosure and Compliance** 

Each Covered Officer:

&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;• 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/Directors and auditors, governmental regulators or self-regulatory organizations;

&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;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

**IV.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
(in the form attached hereto as Exhibit B) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as Exhibit B) to the Board that he or she has complied
with the requirements of the Code;

&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;• notify the Funds' Audit Committee promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

**V.** **Enforcement** 

The Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this 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 Code:

&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;• 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;• any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.
The Directors shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate;

&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 Code or
in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amendments to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.** **Other Policies and Procedures** 

This 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 Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and TAM's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII.** **Amendment; Interpretation of Provisions** 

The Directors may from time to time amend this Code of Ethics or adopt such interpretations of this Code of Ethics as they deem appropriate. In connection with any amendment to the 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.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this 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.

**IX.** **Internal Use** 

The 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.

**X.** **Sanctions** 

Compliance by Covered Officers with the provisions of the 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.

------

**EXHIBIT A** 

**PERSONS COVERED BY THE** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS** 

**TRANSAMERICA FUNDS** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;***Name*** | ***Title*** |
| &nbsp;&nbsp;&nbsp; Marijn Smit | President and Chief Executive Officer<br> (Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp; Vincent Toner  | Vice President and Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |

---

## Ex-99.Cert

**Exhibit 13(a)(2)(i)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED OCTOBER 31, 2022

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 3, 2023 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Marijn P. Smit |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Marijn P. Smit |
|  | Title: | &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |

---

------

**Exhibit 13(a)(2)(ii)** 

**Section 302 N-CSR Certification of Principal Financial Officer** 

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED OCTOBER 31, 2022

FORM N-CSR CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Vincent J. Toner, 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 3, 2023 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Vincent J. Toner |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;Vincent J. Toner |
|  | Title: | &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer and<br> &nbsp;&nbsp;&nbsp;&nbsp;Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 13(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED OCTOBER 31, 2022

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 "Fund") on Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies that, to his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Marijn P. Smit | Date: | January 3, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marijn P. Smit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Vincent J. Toner | Date: | January 3, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vincent J. Toner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer and<br> &nbsp;&nbsp;&nbsp;&nbsp;Principal Accounting Officer) |  |  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.