# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-26-004633
**Filing Date:** 2026-1
**Character Count:** 3737433
**Document Hash:** 8df0e37d605ab626046372dcfb4307cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-004633.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-004633

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 205

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 26512359

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

### Transamerica 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 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           | IAADX           |
| C000156761 | R6           | TAEDX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF

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

<u>TRANSAMERICA FUNDS</u> 

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

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

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

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

------

---

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

---

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Balanced II

# Class I3

## TBLTX
October 31, 2025

## Fund Overview
Transamerica Balanced II (the "Fund") seeks to provide a high total investment return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $67 | 0.63% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 14.17%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

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

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

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

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

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

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

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

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

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

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

Transamerica Balanced II

Class I3

## Fund Overview

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

![Growth of 10K Chart](g67628g12p44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **9/15/2017** | $10000 | $10000 | $10000 |
| **9/30/2017** | $10030 | $10101 | $9975 |
| **10/31/2017** | $10170 | $10336 | $9981 |
| **11/30/2017** | $10350 | $10653 | $9968 |
| **12/31/2017** | $10447 | $10772 | $10014 |
| **1/31/2018** | $10740 | $11388 | $9899 |
| **2/28/2018** | $10427 | $10969 | $9805 |
| **3/31/2018** | $10284 | $10690 | $9868 |
| **4/30/2018** | $10274 | $10731 | $9794 |
| **5/31/2018** | $10436 | $10989 | $9864 |
| **6/30/2018** | $10480 | $11057 | $9852 |
| **7/31/2018** | $10734 | $11469 | $9855 |
| **8/31/2018** | $10958 | $11842 | $9918 |
| **9/30/2018** | $10975 | $11910 | $9854 |
| **10/31/2018** | $10424 | $11096 | $9776 |
| **11/30/2018** | $10597 | $11322 | $9835 |
| **12/31/2018** | $10081 | $10299 | $10015 |
| **1/31/2019** | $10611 | $11125 | $10122 |
| **2/28/2019** | $10801 | $11482 | $10116 |
| **3/31/2019** | $10999 | $11705 | $10310 |
| **4/30/2019** | $11286 | $12179 | $10313 |
| **5/31/2019** | $10914 | $11405 | $10496 |
| **6/30/2019** | $11423 | $12209 | $10628 |
| **7/31/2019** | $11519 | $12384 | $10651 |
| **8/31/2019** | $11508 | $12188 | $10927 |
| **9/30/2019** | $11610 | $12416 | $10869 |
| **10/31/2019** | $11793 | $12685 | $10901 |
| **11/30/2019** | $12061 | $13146 | $10896 |
| **12/31/2019** | $12292 | $13542 | $10888 |
| **1/31/2020** | $12403 | $13537 | $11098 |
| **2/29/2020** | $11917 | $12423 | $11298 |
| **3/31/2020** | $10865 | $10888 | $11231 |
| **4/30/2020** | $11829 | $12284 | $11431 |
| **5/31/2020** | $12229 | $12869 | $11484 |
| **6/30/2020** | $12462 | $13125 | $11556 |
| **7/31/2020** | $12997 | $13865 | $11729 |
| **8/31/2020** | $13553 | $14862 | $11634 |
| **9/30/2020** | $13207 | $14297 | $11628 |
| **10/31/2020** | $12973 | $13917 | $11576 |
| **11/30/2020** | $13877 | $15440 | $11690 |
| **12/31/2020** | $14224 | $16034 | $11706 |
| **1/31/2021** | $14119 | $15872 | $11622 |
| **2/28/2021** | $14259 | $16310 | $11454 |
| **3/31/2021** | $14614 | $17024 | $11311 |
| **4/30/2021** | $15174 | $17933 | $11400 |
| **5/31/2021** | $15255 | $18058 | $11437 |
| **6/30/2021** | $15525 | $18480 | $11518 |
| **7/31/2021** | $15817 | $18919 | $11647 |
| **8/31/2021** | $16063 | $19494 | $11624 |
| **9/30/2021** | $15528 | $18587 | $11524 |
| **10/31/2021** | $16243 | $19889 | $11521 |
| **11/30/2021** | $16208 | $19752 | $11555 |
| **12/31/2021** | $16649 | $20637 | $11525 |
| **1/31/2022** | $16036 | $19569 | $11277 |
| **2/28/2022** | $15678 | $18983 | $11151 |
| **3/31/2022** | $15843 | $19688 | $10841 |
| **4/30/2022** | $14780 | $17971 | $10430 |
| **5/31/2022** | $14818 | $18004 | $10497 |
| **6/30/2022** | $13971 | $16518 | $10332 |
| **7/31/2022** | $14884 | $18041 | $10585 |
| **8/31/2022** | $14357 | $17305 | $10286 |
| **9/30/2022** | $13320 | $15711 | $9841 |
| **10/31/2022** | $13823 | $16983 | $9714 |
| **11/30/2022** | $14507 | $17932 | $10071 |
| **12/31/2022** | $13960 | $16899 | $10026 |
| **1/31/2023** | $14665 | $17961 | $10334 |
| **2/28/2023** | $14340 | $17523 | $10067 |
| **3/31/2023** | $14786 | $18166 | $10323 |
| **4/30/2023** | $14963 | $18450 | $10385 |
| **5/31/2023** | $14963 | $18530 | $10272 |
| **6/30/2023** | $15549 | $19754 | $10235 |
| **7/31/2023** | $15863 | $20389 | $10228 |
| **8/31/2023** | $15699 | $20064 | $10163 |
| **9/30/2023** | $15120 | $19108 | $9905 |
| **10/31/2023** | $14845 | $18706 | $9748 |
| **11/30/2023** | $15904 | $20414 | $10190 |
| **12/31/2023** | $16580 | $21342 | $10580 |
| **1/31/2024** | $16749 | $21700 | $10551 |
| **2/29/2024** | $17214 | $22859 | $10402 |
| **3/31/2024** | $17622 | $23594 | $10498 |
| **4/30/2024** | $17041 | $22631 | $10233 |
| **5/31/2024** | $17664 | $23753 | $10406 |
| **6/30/2024** | $18149 | $24605 | $10505 |
| **7/31/2024** | $18376 | $24905 | $10750 |
| **8/31/2024** | $18775 | $25509 | $10905 |
| **9/30/2024** | $19095 | $26054 | $11051 |
| **10/31/2024** | $18810 | $25817 | $10777 |
| **11/30/2024** | $19496 | $27333 | $10890 |
| **12/31/2024** | $19056 | $26681 | $10712 |
| **1/31/2025** | $19333 | $27424 | $10769 |
| **2/28/2025** | $19382 | $27066 | $11006 |
| **3/31/2025** | $18723 | $25541 | $11010 |
| **4/30/2025** | $18658 | $25368 | $11053 |
| **5/31/2025** | $19329 | $26965 | $10974 |
| **6/30/2025** | $20095 | $28336 | $11143 |
| **7/31/2025** | $20342 | $28972 | $11114 |
| **8/31/2025** | $20687 | $29559 | $11247 |
| **9/30/2025** | $21178 | $30638 | $11369 |
| **10/31/2025** | $21475 | $31356 | $11440 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DKD | **1 Year** | **5 Years** | **Since Inception 9/15/17** |
| Class I3 | 14.17% | 10.61% | 9.86% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 15.10% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | 1.67% |

---

---

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

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71680741 |
| Number of Portfolio Holdings | 564 |
| Portfolio Turnover Rate | 52% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $278424 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 61.6% |
| Corporate Debt Securities | 13.4 |
| U.S. Government Obligations | 10 |
| U.S. Government Agency Obligations | 9.7 |
| Commercial Paper | 6.4 |
| Mortgage-Backed Securities | 2.5 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1 |
| Repurchase Agreements | 0.8 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.3) |

---

---

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

---

Transamerica Balanced II

Class I3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.5 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.8 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Alphabet, Inc., Class C | 1.2 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Balanced II

Class I3

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Balanced II

# Class R

## TBLRX
October 31, 2025

## Fund Overview
Transamerica Balanced II (the "Fund") seeks to provide a high total investment return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $117 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 13.51%. For the same period, the Fund's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 21.45%. The performance benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16% over the same period.

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

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

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

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

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

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

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

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

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

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

Transamerica Balanced II

Class R

## Fund Overview

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

![Growth of 10K Chart](g67628g06l28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10005 | $10030 | $9974 |
| **12/31/2015** | $9891 | $9872 | $9941 |
| **1/31/2016** | $9616 | $9382 | $10078 |
| **2/29/2016** | $9585 | $9369 | $10150 |
| **3/31/2016** | $10010 | $10005 | $10243 |
| **4/30/2016** | $10061 | $10043 | $10282 |
| **5/31/2016** | $10184 | $10224 | $10285 |
| **6/30/2016** | $10211 | $10250 | $10469 |
| **7/31/2016** | $10499 | $10628 | $10536 |
| **8/31/2016** | $10504 | $10643 | $10524 |
| **9/30/2016** | $10500 | $10645 | $10517 |
| **10/31/2016** | $10377 | $10451 | $10437 |
| **11/30/2016** | $10536 | $10838 | $10190 |
| **12/31/2016** | $10651 | $11052 | $10205 |
| **1/31/2017** | $10804 | $11262 | $10225 |
| **2/28/2017** | $11078 | $11709 | $10293 |
| **3/31/2017** | $11087 | $11723 | $10288 |
| **4/30/2017** | $11198 | $11843 | $10367 |
| **5/31/2017** | $11298 | $12010 | $10447 |
| **6/30/2017** | $11317 | $12085 | $10437 |
| **7/31/2017** | $11476 | $12333 | $10481 |
| **8/31/2017** | $11544 | $12371 | $10575 |
| **9/30/2017** | $11638 | $12626 | $10525 |
| **10/31/2017** | $11789 | $12921 | $10531 |
| **11/30/2017** | $11998 | $13317 | $10518 |
| **12/31/2017** | $12105 | $13465 | $10566 |
| **1/31/2018** | $12432 | $14236 | $10444 |
| **2/28/2018** | $12070 | $13711 | $10345 |
| **3/31/2018** | $11900 | $13363 | $10412 |
| **4/30/2018** | $11877 | $13414 | $10334 |
| **5/31/2018** | $12052 | $13737 | $10408 |
| **6/30/2018** | $12101 | $13822 | $10395 |
| **7/31/2018** | $12383 | $14336 | $10398 |
| **8/31/2018** | $12641 | $14803 | $10464 |
| **9/30/2018** | $12655 | $14887 | $10397 |
| **10/31/2018** | $12007 | $13870 | $10315 |
| **11/30/2018** | $12219 | $14153 | $10377 |
| **12/31/2018** | $11620 | $12875 | $10567 |
| **1/31/2019** | $12230 | $13906 | $10679 |
| **2/28/2019** | $12450 | $14353 | $10673 |
| **3/31/2019** | $12675 | $14632 | $10878 |
| **4/30/2019** | $12993 | $15224 | $10881 |
| **5/31/2019** | $12552 | $14257 | $11074 |
| **6/30/2019** | $13134 | $15262 | $11213 |
| **7/31/2019** | $13245 | $15481 | $11238 |
| **8/31/2019** | $13220 | $15236 | $11529 |
| **9/30/2019** | $13333 | $15521 | $11468 |
| **10/31/2019** | $13543 | $15857 | $11502 |
| **11/30/2019** | $13839 | $16433 | $11496 |
| **12/31/2019** | $14100 | $16928 | $11488 |
| **1/31/2020** | $14226 | $16922 | $11709 |
| **2/29/2020** | $13657 | $15529 | $11920 |
| **3/31/2020** | $12443 | $13611 | $11850 |
| **4/30/2020** | $13548 | $15356 | $12061 |
| **5/31/2020** | $14005 | $16087 | $12117 |
| **6/30/2020** | $14268 | $16407 | $12193 |
| **7/31/2020** | $14866 | $17332 | $12375 |
| **8/31/2020** | $15503 | $18578 | $12275 |
| **9/30/2020** | $15088 | $17872 | $12269 |
| **10/31/2020** | $14821 | $17397 | $12214 |
| **11/30/2020** | $15854 | $19301 | $12334 |
| **12/31/2020** | $16230 | $20043 | $12351 |
| **1/31/2021** | $16111 | $19841 | $12262 |
| **2/28/2021** | $16270 | $20388 | $12085 |
| **3/31/2021** | $16655 | $21281 | $11934 |
| **4/30/2021** | $17293 | $22416 | $12028 |
| **5/31/2021** | $17386 | $22573 | $12068 |
| **6/30/2021** | $17672 | $23100 | $12152 |
| **7/31/2021** | $18004 | $23649 | $12288 |
| **8/31/2021** | $18283 | $24368 | $12265 |
| **9/30/2021** | $17666 | $23234 | $12159 |
| **10/31/2021** | $18465 | $24862 | $12155 |
| **11/30/2021** | $18412 | $24690 | $12191 |
| **12/31/2021** | $18902 | $25797 | $12160 |
| **1/31/2022** | $18206 | $24462 | $11898 |
| **2/28/2022** | $17800 | $23729 | $11765 |
| **3/31/2022** | $17979 | $24610 | $11439 |
| **4/30/2022** | $16759 | $22464 | $11005 |
| **5/31/2022** | $16788 | $22505 | $11075 |
| **6/30/2022** | $15836 | $20648 | $10902 |
| **7/31/2022** | $16855 | $22552 | $11168 |
| **8/31/2022** | $16258 | $21632 | $10853 |
| **9/30/2022** | $15077 | $19640 | $10384 |
| **10/31/2022** | $15632 | $21230 | $10249 |
| **11/30/2022** | $16391 | $22416 | $10626 |
| **12/31/2022** | $15782 | $21125 | $10578 |
| **1/31/2023** | $16578 | $22452 | $10904 |
| **2/28/2023** | $16195 | $21904 | $10622 |
| **3/31/2023** | $16678 | $22708 | $10891 |
| **4/30/2023** | $16893 | $23063 | $10957 |
| **5/31/2023** | $16878 | $23163 | $10838 |
| **6/30/2023** | $17533 | $24693 | $10799 |
| **7/31/2023** | $17871 | $25487 | $10792 |
| **8/31/2023** | $17687 | $25081 | $10723 |
| **9/30/2023** | $17013 | $23885 | $10451 |
| **10/31/2023** | $16703 | $23383 | $10286 |
| **11/30/2023** | $17894 | $25518 | $10751 |
| **12/31/2023** | $18648 | $26678 | $11163 |
| **1/31/2024** | $18838 | $27126 | $11132 |
| **2/29/2024** | $19345 | $28574 | $10975 |
| **3/31/2024** | $19795 | $29494 | $11076 |
| **4/30/2024** | $19127 | $28289 | $10797 |
| **5/31/2024** | $19826 | $29692 | $10980 |
| **6/30/2024** | $20362 | $30757 | $11084 |
| **7/31/2024** | $20617 | $31132 | $11342 |
| **8/31/2024** | $21048 | $31887 | $11505 |
| **9/30/2024** | $21397 | $32568 | $11660 |
| **10/31/2024** | $21077 | $32272 | $11370 |
| **11/30/2024** | $21830 | $34167 | $11491 |
| **12/31/2024** | $21335 | $33352 | $11303 |
| **1/31/2025** | $21626 | $34281 | $11362 |
| **2/28/2025** | $21680 | $33834 | $11612 |
| **3/31/2025** | $20925 | $31928 | $11617 |
| **4/30/2025** | $20852 | $31711 | $11663 |
| **5/31/2025** | $21600 | $33707 | $11579 |
| **6/30/2025** | $22431 | $35421 | $11757 |
| **7/31/2025** | $22706 | $36216 | $11726 |
| **8/31/2025** | $23072 | $36950 | $11866 |
| **9/30/2025** | $23612 | $38299 | $11996 |
| **10/31/2025** | $23925 | $39196 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I0DK5 | **1 Year** | **5 Years** | **10 Years** |
| Class R | 13.51% | 10.05% | 9.12% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 21.45% | 17.64% | 14.64% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(b)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

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

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $71680741 |
| Number of Portfolio Holdings | 564 |
| Portfolio Turnover Rate | 52% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $278424 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 61.6% |
| Corporate Debt Securities | 13.4 |
| U.S. Government Obligations | 10 |
| U.S. Government Agency Obligations | 9.7 |
| Commercial Paper | 6.4 |
| Mortgage-Backed Securities | 2.5 |
| Asset-Backed Securities | 1.7 |
| Short-Term U.S. Government Obligations | 1 |
| Repurchase Agreements | 0.8 |
| Foreign Government Obligations | 0.2 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.3) |

---

---

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

---

Transamerica Balanced II

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.6% |
| Microsoft Corp. | 4.5 |
| Apple, Inc. | 4.4 |
| Amazon.com, Inc. | 2.8 |
| Broadcom, Inc. | 1.8 |
| Alphabet, Inc., Class A | 1.8 |
| Meta Platforms, Inc., Class A | 1.7 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.6 |
| Tesla, Inc. | 1.3 |
| Alphabet, Inc., Class C | 1.2 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Balanced II

Class R

![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Bond

# Class A

## IDITX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $85 | 0.83% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 5.87%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark. 

* While overall duration was managed relatively in line with the benchmark, an overweight positioning around the 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in consumer non-cyclicals, technology and banking contributed the most to relative returns while allocations to communications and selection in finance companies and basic industry detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, and the team modestly increased allocations to the sector over the period when attractive entry points emerged due to market volatility. Notable sub-sector changes during the fiscal year included increases to REITs, insurance and banking and decreases to technology and energy.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Bond

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g15a67.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $9525 | $10000 |
| **11/30/2015** | $9478 | $9974 |
| **12/31/2015** | $9377 | $9941 |
| **1/31/2016** | $9377 | $10078 |
| **2/29/2016** | $9335 | $10150 |
| **3/31/2016** | $9499 | $10243 |
| **4/30/2016** | $9622 | $10282 |
| **5/31/2016** | $9671 | $10285 |
| **6/30/2016** | $9773 | $10469 |
| **7/31/2016** | $9875 | $10536 |
| **8/31/2016** | $9948 | $10524 |
| **9/30/2016** | $9991 | $10517 |
| **10/31/2016** | $9980 | $10437 |
| **11/30/2016** | $9848 | $10190 |
| **12/31/2016** | $9913 | $10205 |
| **1/31/2017** | $9965 | $10225 |
| **2/28/2017** | $10071 | $10293 |
| **3/31/2017** | $10072 | $10288 |
| **4/30/2017** | $10146 | $10367 |
| **5/31/2017** | $10233 | $10447 |
| **6/30/2017** | $10243 | $10437 |
| **7/31/2017** | $10307 | $10481 |
| **8/31/2017** | $10372 | $10575 |
| **9/30/2017** | $10372 | $10525 |
| **10/31/2017** | $10391 | $10531 |
| **11/30/2017** | $10368 | $10518 |
| **12/31/2017** | $10400 | $10566 |
| **1/31/2018** | $10385 | $10444 |
| **2/28/2018** | $10313 | $10345 |
| **3/31/2018** | $10322 | $10412 |
| **4/30/2018** | $10296 | $10334 |
| **5/31/2018** | $10315 | $10408 |
| **6/30/2018** | $10302 | $10395 |
| **7/31/2018** | $10345 | $10398 |
| **8/31/2018** | $10387 | $10464 |
| **9/30/2018** | $10384 | $10397 |
| **10/31/2018** | $10310 | $10315 |
| **11/30/2018** | $10297 | $10377 |
| **12/31/2018** | $10318 | $10567 |
| **1/31/2019** | $10500 | $10679 |
| **2/28/2019** | $10554 | $10673 |
| **3/31/2019** | $10701 | $10878 |
| **4/30/2019** | $10742 | $10881 |
| **5/31/2019** | $10854 | $11074 |
| **6/30/2019** | $11001 | $11213 |
| **7/31/2019** | $11041 | $11238 |
| **8/31/2019** | $11234 | $11529 |
| **9/30/2019** | $11201 | $11468 |
| **10/31/2019** | $11238 | $11502 |
| **11/30/2019** | $11240 | $11496 |
| **12/31/2019** | $11254 | $11488 |
| **1/31/2020** | $11447 | $11709 |
| **2/29/2020** | $11556 | $11920 |
| **3/31/2020** | $10775 | $11850 |
| **4/30/2020** | $11139 | $12061 |
| **5/31/2020** | $11334 | $12117 |
| **6/30/2020** | $11527 | $12193 |
| **7/31/2020** | $11792 | $12375 |
| **8/31/2020** | $11751 | $12275 |
| **9/30/2020** | $11746 | $12269 |
| **10/31/2020** | $11691 | $12214 |
| **11/30/2020** | $11919 | $12334 |
| **12/31/2020** | $11994 | $12351 |
| **1/31/2021** | $11929 | $12262 |
| **2/28/2021** | $11764 | $12085 |
| **3/31/2021** | $11661 | $11934 |
| **4/30/2021** | $11770 | $12028 |
| **5/31/2021** | $11830 | $12068 |
| **6/30/2021** | $11939 | $12152 |
| **7/31/2021** | $12048 | $12288 |
| **8/31/2021** | $12058 | $12265 |
| **9/30/2021** | $11967 | $12159 |
| **10/31/2021** | $11964 | $12155 |
| **11/30/2021** | $11972 | $12191 |
| **12/31/2021** | $11979 | $12160 |
| **1/31/2022** | $11734 | $11898 |
| **2/28/2022** | $11566 | $11765 |
| **3/31/2022** | $11322 | $11439 |
| **4/30/2022** | $10913 | $11005 |
| **5/31/2022** | $10887 | $11075 |
| **6/30/2022** | $10592 | $10902 |
| **7/31/2022** | $10862 | $11168 |
| **8/31/2022** | $10619 | $10853 |
| **9/30/2022** | $10168 | $10384 |
| **10/31/2022** | $10079 | $10249 |
| **11/30/2022** | $10393 | $10626 |
| **12/31/2022** | $10370 | $10578 |
| **1/31/2023** | $10712 | $10904 |
| **2/28/2023** | $10480 | $10622 |
| **3/31/2023** | $10668 | $10891 |
| **4/30/2023** | $10738 | $10957 |
| **5/31/2023** | $10623 | $10838 |
| **6/30/2023** | $10630 | $10799 |
| **7/31/2023** | $10623 | $10792 |
| **8/31/2023** | $10563 | $10723 |
| **9/30/2023** | $10290 | $10451 |
| **10/31/2023** | $10138 | $10286 |
| **11/30/2023** | $10576 | $10751 |
| **12/31/2023** | $10989 | $11163 |
| **1/31/2024** | $10956 | $11132 |
| **2/29/2024** | $10842 | $10975 |
| **3/31/2024** | $10948 | $11076 |
| **4/30/2024** | $10686 | $10797 |
| **5/31/2024** | $10848 | $10980 |
| **6/30/2024** | $10982 | $11084 |
| **7/31/2024** | $11172 | $11342 |
| **8/31/2024** | $11349 | $11505 |
| **9/30/2024** | $11498 | $11660 |
| **10/31/2024** | $11243 | $11370 |
| **11/30/2024** | $11351 | $11491 |
| **12/31/2024** | $11180 | $11303 |
| **1/31/2025** | $11233 | $11362 |
| **2/28/2025** | $11456 | $11612 |
| **3/31/2025** | $11439 | $11617 |
| **4/30/2025** | $11449 | $11663 |
| **5/31/2025** | $11401 | $11579 |
| **6/30/2025** | $11598 | $11757 |
| **7/31/2025** | $11580 | $11726 |
| **8/31/2025** | $11707 | $11866 |
| **9/30/2025** | $11848 | $11996 |
| **10/31/2025** | $11904 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BF1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 0.86% | (0.62%) | 1.76% |
| Class A | 5.87% | 0.36% | 2.25% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2410431631 |
| Number of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8573014 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.94 years |
| Duration<sup>Footnote Reference†</sup> | 5.86 years |

---

---

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

---

# Transamerica Bond

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.9% |
| AAA | 15.0 |
| AA | 1.5 |
| A | 13.3 |
| BBB | 24.2 |
| BB | 8.5 |
| B | 2.4 |
| CCC | 0.3 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.7 |

---

---

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

---

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 42.9% |
| U.S. Government Obligations | 24 |
| Asset-Backed Securities | 11.6 |
| Mortgage-Backed Securities | 10.4 |
| U.S. Government Agency Obligations | 8.9 |
| Commercial Paper | 5.4 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 1 |
| Short-Term U.S. Government Obligation | 0.5 |
| Other Investment Company | 0.2 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.9) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.6% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 11/01/2055 | 2.1 |
| U.S. Treasury Notes, 2.88%, 05/15/2032 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.1 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1 |
| U.S. Treasury Bonds, 4.50%, 02/15/2044 | 0.9 |

---

# Transamerica Bond
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Bond

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Bond

# Class C

## IFLLX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $156 | 1.52% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 5.15%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark. 

* While overall duration was managed relatively in line with the benchmark, an overweight positioning around the 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in consumer non-cyclicals, technology and banking contributed the most to relative returns while allocations to communications and selection in finance companies and basic industry detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, and the team modestly increased allocations to the sector over the period when attractive entry points emerged due to market volatility. Notable sub-sector changes during the fiscal year included increases to REITs, insurance and banking and decreases to technology and energy.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Bond

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g88r77.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9955 | $9974 |
| **12/31/2015** | $9843 | $9941 |
| **1/31/2016** | $9837 | $10078 |
| **2/29/2016** | $9786 | $10150 |
| **3/31/2016** | $9954 | $10243 |
| **4/30/2016** | $10077 | $10282 |
| **5/31/2016** | $10123 | $10285 |
| **6/30/2016** | $10213 | $10469 |
| **7/31/2016** | $10326 | $10536 |
| **8/31/2016** | $10396 | $10524 |
| **9/30/2016** | $10435 | $10517 |
| **10/31/2016** | $10418 | $10437 |
| **11/30/2016** | $10273 | $10190 |
| **12/31/2016** | $10334 | $10205 |
| **1/31/2017** | $10382 | $10225 |
| **2/28/2017** | $10488 | $10293 |
| **3/31/2017** | $10482 | $10288 |
| **4/30/2017** | $10565 | $10367 |
| **5/31/2017** | $10638 | $10447 |
| **6/30/2017** | $10643 | $10437 |
| **7/31/2017** | $10704 | $10481 |
| **8/31/2017** | $10765 | $10575 |
| **10/31/2017** | $10773 | $10531 |
| **11/30/2017** | $10742 | $10518 |
| **12/31/2017** | $10770 | $10566 |
| **1/31/2018** | $10748 | $10444 |
| **2/28/2018** | $10668 | $10345 |
| **3/31/2018** | $10671 | $10412 |
| **4/30/2018** | $10638 | $10334 |
| **5/31/2018** | $10652 | $10408 |
| **6/30/2018** | $10632 | $10395 |
| **7/31/2018** | $10671 | $10398 |
| **8/31/2018** | $10708 | $10464 |
| **9/30/2018** | $10700 | $10397 |
| **10/31/2018** | $10630 | $10315 |
| **11/30/2018** | $10611 | $10377 |
| **12/31/2018** | $10614 | $10567 |
| **1/31/2019** | $10796 | $10679 |
| **2/28/2019** | $10848 | $10673 |
| **3/31/2019** | $10993 | $10878 |
| **4/30/2019** | $11030 | $10881 |
| **5/31/2019** | $11140 | $11074 |
| **6/30/2019** | $11286 | $11213 |
| **7/31/2019** | $11321 | $11238 |
| **8/31/2019** | $11514 | $11529 |
| **9/30/2019** | $11474 | $11468 |
| **10/31/2019** | $11506 | $11502 |
| **11/30/2019** | $11502 | $11496 |
| **12/31/2019** | $11510 | $11488 |
| **1/31/2020** | $11702 | $11709 |
| **2/29/2020** | $11808 | $11920 |
| **3/31/2020** | $11011 | $11850 |
| **4/30/2020** | $11367 | $12061 |
| **5/31/2020** | $11561 | $12117 |
| **6/30/2020** | $11740 | $12193 |
| **7/31/2020** | $12006 | $12375 |
| **8/31/2020** | $11972 | $12275 |
| **9/30/2020** | $11962 | $12269 |
| **10/31/2020** | $11887 | $12214 |
| **11/30/2020** | $12114 | $12334 |
| **12/31/2020** | $12185 | $12351 |
| **1/31/2021** | $12111 | $12262 |
| **2/28/2021** | $11950 | $12085 |
| **3/31/2021** | $11838 | $11934 |
| **4/30/2021** | $11943 | $12028 |
| **5/31/2021** | $11986 | $12068 |
| **6/30/2021** | $12103 | $12152 |
| **7/31/2021** | $12207 | $12288 |
| **8/31/2021** | $12197 | $12265 |
| **9/30/2021** | $12111 | $12159 |
| **10/31/2021** | $12101 | $12155 |
| **11/30/2021** | $12091 | $12191 |
| **12/31/2021** | $12104 | $12160 |
| **1/31/2022** | $11835 | $11898 |
| **2/28/2022** | $11671 | $11765 |
| **3/31/2022** | $11417 | $11439 |
| **4/30/2022** | $10995 | $11005 |
| **5/31/2022** | $10963 | $11075 |
| **6/30/2022** | $10659 | $10902 |
| **7/31/2022** | $10939 | $11168 |
| **8/31/2022** | $10687 | $10853 |
| **9/30/2022** | $10212 | $10384 |
| **10/31/2022** | $10117 | $10249 |
| **11/30/2022** | $10428 | $10626 |
| **12/31/2022** | $10413 | $10578 |
| **1/31/2023** | $10753 | $10904 |
| **2/28/2023** | $10499 | $10622 |
| **3/31/2023** | $10697 | $10891 |
| **4/30/2023** | $10762 | $10957 |
| **5/31/2023** | $10627 | $10838 |
| **6/30/2023** | $10628 | $10799 |
| **7/31/2023** | $10614 | $10792 |
| **8/31/2023** | $10547 | $10723 |
| **9/30/2023** | $10279 | $10451 |
| **10/31/2023** | $10107 | $10286 |
| **11/30/2023** | $10541 | $10751 |
| **12/31/2023** | $10949 | $11163 |
| **1/31/2024** | $10923 | $11132 |
| **2/29/2024** | $10789 | $10975 |
| **3/31/2024** | $10888 | $11076 |
| **4/30/2024** | $10619 | $10797 |
| **5/31/2024** | $10788 | $10980 |
| **6/30/2024** | $10903 | $11084 |
| **7/31/2024** | $11086 | $11342 |
| **8/31/2024** | $11256 | $11505 |
| **9/30/2024** | $11398 | $11660 |
| **10/31/2024** | $11137 | $11370 |
| **11/30/2024** | $11238 | $11491 |
| **12/31/2024** | $11060 | $11303 |
| **1/31/2025** | $11106 | $11362 |
| **2/28/2025** | $11336 | $11612 |
| **3/31/2025** | $11298 | $11617 |
| **4/30/2025** | $11315 | $11663 |
| **5/31/2025** | $11248 | $11579 |
| **6/30/2025** | $11437 | $11757 |
| **7/31/2025** | $11426 | $11726 |
| **8/31/2025** | $11530 | $11866 |
| **9/30/2025** | $11663 | $11996 |
| **10/31/2025** | $11710 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BF3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 4.15% | (0.30%) | 1.59% |
| Class C | 5.15% | (0.30%) | 1.59% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2410431631 |
| Number of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8573014 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.94 years |
| Duration<sup>Footnote Reference†</sup> | 5.86 years |

---

---

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

---

# Transamerica Bond

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.9% |
| AAA | 15.0 |
| AA | 1.5 |
| A | 13.3 |
| BBB | 24.2 |
| BB | 8.5 |
| B | 2.4 |
| CCC | 0.3 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.7 |

---

---

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

---

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 42.9% |
| U.S. Government Obligations | 24 |
| Asset-Backed Securities | 11.6 |
| Mortgage-Backed Securities | 10.4 |
| U.S. Government Agency Obligations | 8.9 |
| Commercial Paper | 5.4 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 1 |
| Short-Term U.S. Government Obligation | 0.5 |
| Other Investment Company | 0.2 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.9) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.6% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 11/01/2055 | 2.1 |
| U.S. Treasury Notes, 2.88%, 05/15/2032 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.1 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1 |
| U.S. Treasury Bonds, 4.50%, 02/15/2044 | 0.9 |

---

# Transamerica Bond
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Bond

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Bond

# Class I

## TFXIX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $52 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 6.35%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark. 

* While overall duration was managed relatively in line with the benchmark, an overweight positioning around the 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in consumer non-cyclicals, technology and banking contributed the most to relative returns while allocations to communications and selection in finance companies and basic industry detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, and the team modestly increased allocations to the sector over the period when attractive entry points emerged due to market volatility. Notable sub-sector changes during the fiscal year included increases to REITs, insurance and banking and decreases to technology and energy.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Bond

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g73d62.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9953 | $9974 |
| **12/31/2015** | $9849 | $9941 |
| **1/31/2016** | $9852 | $10078 |
| **2/29/2016** | $9809 | $10150 |
| **3/31/2016** | $9984 | $10243 |
| **4/30/2016** | $10115 | $10282 |
| **5/31/2016** | $10169 | $10285 |
| **6/30/2016** | $10278 | $10469 |
| **7/31/2016** | $10388 | $10536 |
| **8/31/2016** | $10466 | $10524 |
| **9/30/2016** | $10513 | $10517 |
| **10/31/2016** | $10505 | $10437 |
| **11/30/2016** | $10368 | $10190 |
| **12/31/2016** | $10439 | $10205 |
| **1/31/2017** | $10507 | $10225 |
| **2/28/2017** | $10610 | $10293 |
| **3/31/2017** | $10624 | $10288 |
| **4/30/2017** | $10705 | $10367 |
| **5/31/2017** | $10788 | $10447 |
| **6/30/2017** | $10801 | $10437 |
| **7/31/2017** | $10883 | $10481 |
| **8/31/2017** | $10943 | $10575 |
| **10/31/2017** | $10981 | $10531 |
| **11/30/2017** | $10959 | $10518 |
| **12/31/2017** | $10985 | $10566 |
| **1/31/2018** | $10972 | $10444 |
| **2/28/2018** | $10911 | $10345 |
| **3/31/2018** | $10912 | $10412 |
| **4/30/2018** | $10887 | $10334 |
| **5/31/2018** | $10923 | $10408 |
| **6/30/2018** | $10900 | $10395 |
| **7/31/2018** | $10961 | $10398 |
| **8/31/2018** | $10998 | $10464 |
| **9/30/2018** | $11011 | $10397 |
| **10/31/2018** | $10938 | $10315 |
| **11/30/2018** | $10928 | $10377 |
| **12/31/2018** | $10942 | $10567 |
| **1/31/2019** | $11150 | $10679 |
| **2/28/2019** | $11211 | $10673 |
| **3/31/2019** | $11371 | $10878 |
| **4/30/2019** | $11406 | $10881 |
| **5/31/2019** | $11529 | $11074 |
| **6/30/2019** | $11702 | $11213 |
| **7/31/2019** | $11736 | $11238 |
| **8/31/2019** | $11958 | $11529 |
| **9/30/2019** | $11927 | $11468 |
| **10/31/2019** | $11971 | $11502 |
| **11/30/2019** | $11964 | $11496 |
| **12/31/2019** | $11996 | $11488 |
| **1/31/2020** | $12205 | $11709 |
| **2/29/2020** | $12311 | $11920 |
| **3/31/2020** | $11497 | $11850 |
| **4/30/2020** | $11889 | $12061 |
| **5/31/2020** | $12100 | $12117 |
| **6/30/2020** | $12297 | $12193 |
| **7/31/2020** | $12584 | $12375 |
| **8/31/2020** | $12559 | $12275 |
| **9/30/2020** | $12560 | $12269 |
| **10/31/2020** | $12505 | $12214 |
| **11/30/2020** | $12740 | $12334 |
| **12/31/2020** | $12838 | $12351 |
| **1/31/2021** | $12772 | $12262 |
| **2/28/2021** | $12600 | $12085 |
| **3/31/2021** | $12494 | $11934 |
| **4/30/2021** | $12615 | $12028 |
| **5/31/2021** | $12671 | $12068 |
| **6/30/2021** | $12804 | $12152 |
| **7/31/2021** | $12925 | $12288 |
| **8/31/2021** | $12939 | $12265 |
| **9/30/2021** | $12846 | $12159 |
| **10/31/2021** | $12846 | $12155 |
| **11/30/2021** | $12845 | $12191 |
| **12/31/2021** | $12870 | $12160 |
| **1/31/2022** | $12598 | $11898 |
| **2/28/2022** | $12435 | $11765 |
| **3/31/2022** | $12177 | $11439 |
| **4/30/2022** | $11742 | $11005 |
| **5/31/2022** | $11705 | $11075 |
| **6/30/2022** | $11393 | $10902 |
| **7/31/2022** | $11700 | $11168 |
| **8/31/2022** | $11443 | $10853 |
| **9/30/2022** | $10949 | $10384 |
| **10/31/2022** | $10858 | $10249 |
| **11/30/2022** | $11199 | $10626 |
| **12/31/2022** | $11193 | $10578 |
| **1/31/2023** | $11565 | $10904 |
| **2/28/2023** | $11318 | $10622 |
| **3/31/2023** | $11526 | $10891 |
| **4/30/2023** | $11606 | $10957 |
| **5/31/2023** | $11486 | $10838 |
| **6/30/2023** | $11497 | $10799 |
| **7/31/2023** | $11492 | $10792 |
| **8/31/2023** | $11431 | $10723 |
| **9/30/2023** | $11139 | $10451 |
| **10/31/2023** | $10978 | $10286 |
| **11/30/2023** | $11455 | $10751 |
| **12/31/2023** | $11904 | $11163 |
| **1/31/2024** | $11872 | $11132 |
| **2/29/2024** | $11752 | $10975 |
| **3/31/2024** | $11870 | $11076 |
| **4/30/2024** | $11589 | $10797 |
| **5/31/2024** | $11768 | $10980 |
| **6/30/2024** | $11917 | $11084 |
| **7/31/2024** | $12126 | $11342 |
| **8/31/2024** | $12321 | $11505 |
| **9/30/2024** | $12471 | $11660 |
| **10/31/2024** | $12198 | $11370 |
| **11/30/2024** | $12334 | $11491 |
| **12/31/2024** | $12136 | $11303 |
| **1/31/2025** | $12213 | $11362 |
| **2/28/2025** | $12457 | $11612 |
| **3/31/2025** | $12442 | $11617 |
| **4/30/2025** | $12456 | $11663 |
| **5/31/2025** | $12410 | $11579 |
| **6/30/2025** | $12627 | $11757 |
| **7/31/2025** | $12611 | $11726 |
| **8/31/2025** | $12752 | $11866 |
| **9/30/2025** | $12909 | $11996 |
| **10/31/2025** | $12973 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BF8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.35% | 0.74% | 2.64% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2410431631 |
| Number of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8573014 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.94 years |
| Duration<sup>Footnote Reference†</sup> | 5.86 years |

---

---

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

---

# Transamerica Bond

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.9% |
| AAA | 15.0 |
| AA | 1.5 |
| A | 13.3 |
| BBB | 24.2 |
| BB | 8.5 |
| B | 2.4 |
| CCC | 0.3 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.7 |

---

---

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

---

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 42.9% |
| U.S. Government Obligations | 24 |
| Asset-Backed Securities | 11.6 |
| Mortgage-Backed Securities | 10.4 |
| U.S. Government Agency Obligations | 8.9 |
| Commercial Paper | 5.4 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 1 |
| Short-Term U.S. Government Obligation | 0.5 |
| Other Investment Company | 0.2 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.9) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.6% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 11/01/2055 | 2.1 |
| U.S. Treasury Notes, 2.88%, 05/15/2032 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.1 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1 |
| U.S. Treasury Bonds, 4.50%, 02/15/2044 | 0.9 |

---

# Transamerica Bond
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Bond

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Bond

# Class I2

## Ticker: N/A
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 6.28%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark. 

* While overall duration was managed relatively in line with the benchmark, an overweight positioning around the 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in consumer non-cyclicals, technology and banking contributed the most to relative returns while allocations to communications and selection in finance companies and basic industry detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, and the team modestly increased allocations to the sector over the period when attractive entry points emerged due to market volatility. Notable sub-sector changes during the fiscal year included increases to REITs, insurance and banking and decreases to technology and energy.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Bond

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g43j91.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I2** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9954 | $9974 |
| **12/31/2015** | $9851 | $9941 |
| **1/31/2016** | $9854 | $10078 |
| **2/29/2016** | $9813 | $10150 |
| **3/31/2016** | $9988 | $10243 |
| **4/30/2016** | $10131 | $10282 |
| **5/31/2016** | $10175 | $10285 |
| **6/30/2016** | $10286 | $10469 |
| **7/31/2016** | $10408 | $10536 |
| **8/31/2016** | $10487 | $10524 |
| **9/30/2016** | $10524 | $10517 |
| **10/31/2016** | $10517 | $10437 |
| **11/30/2016** | $10382 | $10190 |
| **12/31/2016** | $10464 | $10205 |
| **1/31/2017** | $10522 | $10225 |
| **2/28/2017** | $10637 | $10293 |
| **3/31/2017** | $10641 | $10288 |
| **4/30/2017** | $10724 | $10367 |
| **5/31/2017** | $10819 | $10447 |
| **6/30/2017** | $10833 | $10437 |
| **7/31/2017** | $10905 | $10481 |
| **8/31/2017** | $10966 | $10575 |
| **10/31/2017** | $11006 | $10531 |
| **11/30/2017** | $10985 | $10518 |
| **12/31/2017** | $11024 | $10566 |
| **1/31/2018** | $11012 | $10444 |
| **2/28/2018** | $10940 | $10345 |
| **3/31/2018** | $10941 | $10412 |
| **4/30/2018** | $10930 | $10334 |
| **5/31/2018** | $10954 | $10408 |
| **6/30/2018** | $10932 | $10395 |
| **7/31/2018** | $10994 | $10398 |
| **8/31/2018** | $11043 | $10464 |
| **9/30/2018** | $11045 | $10397 |
| **10/31/2018** | $10972 | $10315 |
| **11/30/2018** | $10962 | $10377 |
| **12/31/2018** | $10976 | $10567 |
| **1/31/2019** | $11186 | $10679 |
| **2/28/2019** | $11247 | $10673 |
| **3/31/2019** | $11408 | $10878 |
| **4/30/2019** | $11456 | $10881 |
| **5/31/2019** | $11568 | $11074 |
| **6/30/2019** | $11742 | $11213 |
| **7/31/2019** | $11776 | $11238 |
| **8/31/2019** | $11999 | $11529 |
| **9/30/2019** | $11968 | $11468 |
| **10/31/2019** | $12013 | $11502 |
| **11/30/2019** | $12019 | $11496 |
| **12/31/2019** | $12039 | $11488 |
| **1/31/2020** | $12249 | $11709 |
| **2/29/2020** | $12370 | $11920 |
| **3/31/2020** | $11553 | $11850 |
| **4/30/2020** | $11934 | $12061 |
| **5/31/2020** | $12159 | $12117 |
| **6/30/2020** | $12357 | $12193 |
| **7/31/2020** | $12646 | $12375 |
| **8/31/2020** | $12622 | $12275 |
| **9/30/2020** | $12623 | $12269 |
| **10/31/2020** | $12556 | $12214 |
| **11/30/2020** | $12806 | $12334 |
| **12/31/2020** | $12905 | $12351 |
| **1/31/2021** | $12826 | $12262 |
| **2/28/2021** | $12655 | $12085 |
| **3/31/2021** | $12549 | $11934 |
| **4/30/2021** | $12671 | $12028 |
| **5/31/2021** | $12741 | $12068 |
| **6/30/2021** | $12876 | $12152 |
| **7/31/2021** | $12998 | $12288 |
| **8/31/2021** | $12999 | $12265 |
| **9/30/2021** | $12920 | $12159 |
| **10/31/2021** | $12921 | $12155 |
| **11/30/2021** | $12921 | $12191 |
| **12/31/2021** | $12947 | $12160 |
| **1/31/2022** | $12674 | $11898 |
| **2/28/2022** | $12511 | $11765 |
| **3/31/2022** | $12253 | $11439 |
| **4/30/2022** | $11802 | $11005 |
| **5/31/2022** | $11779 | $11075 |
| **6/30/2022** | $11465 | $10902 |
| **7/31/2022** | $11775 | $11168 |
| **8/31/2022** | $11517 | $10853 |
| **9/30/2022** | $11020 | $10384 |
| **10/31/2022** | $10929 | $10249 |
| **11/30/2022** | $11272 | $10626 |
| **12/31/2022** | $11253 | $10578 |
| **1/31/2023** | $11642 | $10904 |
| **2/28/2023** | $11380 | $10622 |
| **3/31/2023** | $11603 | $10891 |
| **4/30/2023** | $11669 | $10957 |
| **5/31/2023** | $11550 | $10838 |
| **6/30/2023** | $11561 | $10799 |
| **7/31/2023** | $11557 | $10792 |
| **8/31/2023** | $11496 | $10723 |
| **9/30/2023** | $11203 | $10451 |
| **10/31/2023** | $11042 | $10286 |
| **11/30/2023** | $11522 | $10751 |
| **12/31/2023** | $11975 | $11163 |
| **1/31/2024** | $11943 | $11132 |
| **2/29/2024** | $11823 | $10975 |
| **3/31/2024** | $11942 | $11076 |
| **4/30/2024** | $11660 | $10797 |
| **5/31/2024** | $11841 | $10980 |
| **6/30/2024** | $11976 | $11084 |
| **7/31/2024** | $12202 | $11342 |
| **8/31/2024** | $12399 | $11505 |
| **9/30/2024** | $12565 | $11660 |
| **10/31/2024** | $12277 | $11370 |
| **11/30/2024** | $12414 | $11491 |
| **12/31/2024** | $12216 | $11303 |
| **1/31/2025** | $12293 | $11362 |
| **2/28/2025** | $12540 | $11612 |
| **3/31/2025** | $12525 | $11617 |
| **4/30/2025** | $12541 | $11663 |
| **5/31/2025** | $12494 | $11579 |
| **6/30/2025** | $12714 | $11757 |
| **7/31/2025** | $12698 | $11726 |
| **8/31/2025** | $12841 | $11866 |
| **9/30/2025** | $13000 | $11996 |
| **10/31/2025** | $13065 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BF4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 6.28% | 0.80% | 2.71% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2410431631 |
| Number of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8573014 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.94 years |
| Duration<sup>Footnote Reference†</sup> | 5.86 years |

---

---

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

---

# Transamerica Bond

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.9% |
| AAA | 15.0 |
| AA | 1.5 |
| A | 13.3 |
| BBB | 24.2 |
| BB | 8.5 |
| B | 2.4 |
| CCC | 0.3 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.7 |

---

---

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

---

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 42.9% |
| U.S. Government Obligations | 24 |
| Asset-Backed Securities | 11.6 |
| Mortgage-Backed Securities | 10.4 |
| U.S. Government Agency Obligations | 8.9 |
| Commercial Paper | 5.4 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 1 |
| Short-Term U.S. Government Obligation | 0.5 |
| Other Investment Company | 0.2 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.9) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.6% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 11/01/2055 | 2.1 |
| U.S. Treasury Notes, 2.88%, 05/15/2032 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.1 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1 |
| U.S. Treasury Bonds, 4.50%, 02/15/2044 | 0.9 |

---

# Transamerica Bond
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Bond

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Bond

# Class R

## TAADX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $104 | 1.01% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 5.81%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark. 

* While overall duration was managed relatively in line with the benchmark, an overweight positioning around the 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in consumer non-cyclicals, technology and banking contributed the most to relative returns while allocations to communications and selection in finance companies and basic industry detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, and the team modestly increased allocations to the sector over the period when attractive entry points emerged due to market volatility. Notable sub-sector changes during the fiscal year included increases to REITs, insurance and banking and decreases to technology and energy.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Bond

# Class R

## Fund Overview

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

![Growth of 10K Chart](g67628g22e28.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg US Aggregate Bond Index** |
| **3/1/2022** | $10000 | $10000 |
| **3/31/2022** | $9746 | $9722 |
| **4/30/2022** | $9382 | $9353 |
| **5/31/2022** | $9357 | $9414 |
| **6/30/2022** | $9101 | $9266 |
| **7/31/2022** | $9343 | $9492 |
| **8/31/2022** | $9132 | $9224 |
| **9/30/2022** | $8743 | $8826 |
| **10/31/2022** | $8676 | $8711 |
| **11/30/2022** | $8949 | $9032 |
| **12/31/2022** | $8935 | $8991 |
| **1/31/2023** | $9231 | $9267 |
| **2/28/2023** | $9020 | $9028 |
| **3/31/2023** | $9194 | $9257 |
| **4/30/2023** | $9243 | $9313 |
| **5/31/2023** | $9143 | $9212 |
| **6/30/2023** | $9148 | $9179 |
| **7/31/2023** | $9141 | $9173 |
| **8/31/2023** | $9089 | $9114 |
| **9/30/2023** | $8853 | $8882 |
| **10/31/2023** | $8721 | $8742 |
| **11/30/2023** | $9098 | $9138 |
| **12/31/2023** | $9452 | $9488 |
| **1/31/2024** | $9423 | $9462 |
| **2/29/2024** | $9324 | $9328 |
| **3/31/2024** | $9414 | $9414 |
| **4/30/2024** | $9187 | $9177 |
| **5/31/2024** | $9325 | $9332 |
| **6/30/2024** | $9427 | $9420 |
| **7/31/2024** | $9601 | $9640 |
| **8/31/2024** | $9752 | $9779 |
| **9/30/2024** | $9866 | $9910 |
| **10/31/2024** | $9646 | $9664 |
| **11/30/2024** | $9749 | $9766 |
| **12/31/2024** | $9588 | $9607 |
| **1/31/2025** | $9644 | $9657 |
| **2/28/2025** | $9834 | $9870 |
| **3/31/2025** | $9818 | $9874 |
| **4/30/2025** | $9825 | $9912 |
| **5/31/2025** | $9784 | $9842 |
| **6/30/2025** | $9951 | $9993 |
| **7/31/2025** | $9935 | $9966 |
| **8/31/2025** | $10042 | $10086 |
| **9/30/2025** | $10161 | $10196 |
| **10/31/2025** | $10207 | $10259 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3BF5 | **1 Year** | **Since Inception 3/1/22** |
| Class R | 5.81% | 0.56% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2410431631 |
| Number of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8573014 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.94 years |
| Duration<sup>Footnote Reference†</sup> | 5.86 years |

---

---

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

---

# Transamerica Bond

# Class R

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.9% |
| AAA | 15.0 |
| AA | 1.5 |
| A | 13.3 |
| BBB | 24.2 |
| BB | 8.5 |
| B | 2.4 |
| CCC | 0.3 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.7 |

---

---

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

---

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 42.9% |
| U.S. Government Obligations | 24 |
| Asset-Backed Securities | 11.6 |
| Mortgage-Backed Securities | 10.4 |
| U.S. Government Agency Obligations | 8.9 |
| Commercial Paper | 5.4 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 1 |
| Short-Term U.S. Government Obligation | 0.5 |
| Other Investment Company | 0.2 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.9) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.6% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 11/01/2055 | 2.1 |
| U.S. Treasury Notes, 2.88%, 05/15/2032 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.1 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1 |
| U.S. Treasury Bonds, 4.50%, 02/15/2044 | 0.9 |

---

# Transamerica Bond
Class R

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Bond

# Class R
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Bond

# Class R6

## TAFLX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 6.42%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark. 

* While overall duration was managed relatively in line with the benchmark, an overweight positioning around the 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in consumer non-cyclicals, technology and banking contributed the most to relative returns while allocations to communications and selection in finance companies and basic industry detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, and the team modestly increased allocations to the sector over the period when attractive entry points emerged due to market volatility. Notable sub-sector changes during the fiscal year included increases to REITs, insurance and banking and decreases to technology and energy.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Bond

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g94l23.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9954 | $9974 |
| **12/31/2015** | $9851 | $9941 |
| **1/31/2016** | $9854 | $10078 |
| **2/29/2016** | $9802 | $10150 |
| **3/31/2016** | $9989 | $10243 |
| **4/30/2016** | $10120 | $10282 |
| **5/31/2016** | $10175 | $10285 |
| **6/30/2016** | $10286 | $10469 |
| **7/31/2016** | $10397 | $10536 |
| **8/31/2016** | $10476 | $10524 |
| **9/30/2016** | $10524 | $10517 |
| **10/31/2016** | $10516 | $10437 |
| **11/30/2016** | $10380 | $10190 |
| **12/31/2016** | $10452 | $10205 |
| **1/31/2017** | $10521 | $10225 |
| **2/28/2017** | $10625 | $10293 |
| **3/31/2017** | $10640 | $10288 |
| **4/30/2017** | $10722 | $10367 |
| **5/31/2017** | $10818 | $10447 |
| **6/30/2017** | $10832 | $10437 |
| **7/31/2017** | $10904 | $10481 |
| **8/31/2017** | $10965 | $10575 |
| **10/31/2017** | $11005 | $10531 |
| **11/30/2017** | $10984 | $10518 |
| **12/31/2017** | $11011 | $10566 |
| **1/31/2018** | $11010 | $10444 |
| **2/28/2018** | $10927 | $10345 |
| **3/31/2018** | $10940 | $10412 |
| **4/30/2018** | $10917 | $10334 |
| **5/31/2018** | $10953 | $10408 |
| **6/30/2018** | $10931 | $10395 |
| **7/31/2018** | $10993 | $10398 |
| **8/31/2018** | $11031 | $10464 |
| **9/30/2018** | $11045 | $10397 |
| **10/31/2018** | $10972 | $10315 |
| **11/30/2018** | $10962 | $10377 |
| **12/31/2018** | $10976 | $10567 |
| **1/31/2019** | $11186 | $10679 |
| **2/28/2019** | $11248 | $10673 |
| **3/31/2019** | $11408 | $10878 |
| **4/30/2019** | $11444 | $10881 |
| **5/31/2019** | $11568 | $11074 |
| **6/30/2019** | $11742 | $11213 |
| **7/31/2019** | $11776 | $11238 |
| **8/31/2019** | $11999 | $11529 |
| **9/30/2019** | $11969 | $11468 |
| **10/31/2019** | $12014 | $11502 |
| **11/30/2019** | $12007 | $11496 |
| **12/31/2019** | $12039 | $11488 |
| **1/31/2020** | $12250 | $11709 |
| **2/29/2020** | $12370 | $11920 |
| **3/31/2020** | $11541 | $11850 |
| **4/30/2020** | $11921 | $12061 |
| **5/31/2020** | $12147 | $12117 |
| **6/30/2020** | $12345 | $12193 |
| **7/31/2020** | $12634 | $12375 |
| **8/31/2020** | $12609 | $12275 |
| **9/30/2020** | $12610 | $12269 |
| **10/31/2020** | $12544 | $12214 |
| **11/30/2020** | $12793 | $12334 |
| **12/31/2020** | $12892 | $12351 |
| **1/31/2021** | $12813 | $12262 |
| **2/28/2021** | $12655 | $12085 |
| **3/31/2021** | $12536 | $11934 |
| **4/30/2021** | $12671 | $12028 |
| **5/31/2021** | $12728 | $12068 |
| **6/30/2021** | $12863 | $12152 |
| **7/31/2021** | $12984 | $12288 |
| **8/31/2021** | $12986 | $12265 |
| **9/30/2021** | $12906 | $12159 |
| **10/31/2021** | $12908 | $12155 |
| **11/30/2021** | $12908 | $12191 |
| **12/31/2021** | $12934 | $12160 |
| **1/31/2022** | $12662 | $11898 |
| **2/28/2022** | $12498 | $11765 |
| **3/31/2022** | $12240 | $11439 |
| **4/30/2022** | $11789 | $11005 |
| **5/31/2022** | $11766 | $11075 |
| **6/30/2022** | $11453 | $10902 |
| **7/31/2022** | $11763 | $11168 |
| **8/31/2022** | $11505 | $10853 |
| **9/30/2022** | $11008 | $10384 |
| **10/31/2022** | $10916 | $10249 |
| **11/30/2022** | $11260 | $10626 |
| **12/31/2022** | $11240 | $10578 |
| **1/31/2023** | $11615 | $10904 |
| **2/28/2023** | $11367 | $10622 |
| **3/31/2023** | $11591 | $10891 |
| **4/30/2023** | $11657 | $10957 |
| **5/31/2023** | $11537 | $10838 |
| **6/30/2023** | $11548 | $10799 |
| **7/31/2023** | $11544 | $10792 |
| **8/31/2023** | $11483 | $10723 |
| **9/30/2023** | $11190 | $10451 |
| **10/31/2023** | $11029 | $10286 |
| **11/30/2023** | $11508 | $10751 |
| **12/31/2023** | $11961 | $11163 |
| **1/31/2024** | $11930 | $11132 |
| **2/29/2024** | $11810 | $10975 |
| **3/31/2024** | $11929 | $11076 |
| **4/30/2024** | $11647 | $10797 |
| **5/31/2024** | $11827 | $10980 |
| **6/30/2024** | $11963 | $11084 |
| **7/31/2024** | $12189 | $11342 |
| **8/31/2024** | $12386 | $11505 |
| **9/30/2024** | $12537 | $11660 |
| **10/31/2024** | $12263 | $11370 |
| **11/30/2024** | $12400 | $11491 |
| **12/31/2024** | $12202 | $11303 |
| **1/31/2025** | $12280 | $11362 |
| **2/28/2025** | $12526 | $11612 |
| **3/31/2025** | $12512 | $11617 |
| **4/30/2025** | $12527 | $11663 |
| **5/31/2025** | $12481 | $11579 |
| **6/30/2025** | $12700 | $11757 |
| **7/31/2025** | $12684 | $11726 |
| **8/31/2025** | $12827 | $11866 |
| **9/30/2025** | $12970 | $11996 |
| **10/31/2025** | $13050 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BFB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 6.42% | 0.79% | 2.70% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2410431631 |
| Number of Portfolio Holdings | 578 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8573014 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.94 years |
| Duration<sup>Footnote Reference†</sup> | 5.86 years |

---

---

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

---

# Transamerica Bond

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 32.9% |
| AAA | 15.0 |
| AA | 1.5 |
| A | 13.3 |
| BBB | 24.2 |
| BB | 8.5 |
| B | 2.4 |
| CCC | 0.3 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.7 |

---

---

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

---

## Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 42.9% |
| U.S. Government Obligations | 24 |
| Asset-Backed Securities | 11.6 |
| Mortgage-Backed Securities | 10.4 |
| U.S. Government Agency Obligations | 8.9 |
| Commercial Paper | 5.4 |
| Repurchase Agreements | 1 |
| Foreign Government Obligations | 1 |
| Short-Term U.S. Government Obligation | 0.5 |
| Other Investment Company | 0.2 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.9) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.6% |
| Uniform Mortgage-Backed Security, TBA, 2.00%, 11/01/2055 | 2.1 |
| U.S. Treasury Notes, 2.88%, 05/15/2032 | 1.2 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 1.2 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 1.1 |
| U.S. Treasury Bonds, 4.75%, 11/15/2043 | 1.1 |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 3.50%, 02/15/2039 | 1 |
| U.S. Treasury Bonds, 4.50%, 02/15/2044 | 0.9 |

---

# Transamerica Bond
Class R6

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Bond

# Class R6
![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Capital Growth

# Class A

## IALAX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $143 | 1.11% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 57.31%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

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

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

* For the fiscal year ended October 31, 2025, the Fund's outperformance was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

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

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

* The largest detracting holdings included a digital advertising software platform (sold during the fiscal year), a leading seller of used cars in the U.S. (sold during the fiscal year), a developer of internet connected sensor systems, a health care and industrial equipment manufacturer (sold during the fiscal year), and a cross-border e-commerce platform (sold during the fiscal year).

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

Transamerica Capital Growth

Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g10s73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $9452 | $10000 | $10000 |
| **11/30/2015** | $9776 | $10055 | $10028 |
| **12/31/2015** | $9741 | $9849 | $9881 |
| **1/31/2016** | $8754 | $9293 | $9329 |
| **2/29/2016** | $8530 | $9290 | $9325 |
| **3/31/2016** | $9182 | $9944 | $9954 |
| **4/30/2016** | $9163 | $10006 | $9863 |
| **5/31/2016** | $9390 | $10185 | $10055 |
| **6/30/2016** | $9313 | $10206 | $10015 |
| **7/31/2016** | $9910 | $10611 | $10488 |
| **8/31/2016** | $9976 | $10638 | $10436 |
| **9/30/2016** | $10273 | $10655 | $10474 |
| **10/31/2016** | $9903 | $10424 | $10228 |
| **11/30/2016** | $9644 | $10891 | $10451 |
| **12/31/2016** | $9441 | $11103 | $10580 |
| **1/31/2017** | $10430 | $11312 | $10937 |
| **2/28/2017** | $10637 | $11733 | $11391 |
| **3/31/2017** | $10990 | $11741 | $11523 |
| **4/30/2017** | $11470 | $11865 | $11786 |
| **5/31/2017** | $12210 | $11987 | $12093 |
| **6/30/2017** | $12092 | $12095 | $12061 |
| **7/31/2017** | $12478 | $12323 | $12381 |
| **8/31/2017** | $12812 | $12347 | $12608 |
| **9/30/2017** | $12652 | $12648 | $12772 |
| **10/31/2017** | $13335 | $12924 | $13267 |
| **11/30/2017** | $13599 | $13316 | $13670 |
| **12/31/2017** | $13585 | $13450 | $13777 |
| **1/31/2018** | $14918 | $14158 | $14752 |
| **2/28/2018** | $15097 | $13637 | $14366 |
| **3/31/2018** | $14906 | $13363 | $13972 |
| **4/30/2018** | $14894 | $13414 | $14020 |
| **5/31/2018** | $15862 | $13792 | $14635 |
| **6/30/2018** | $16117 | $13883 | $14776 |
| **7/31/2018** | $16077 | $14343 | $15210 |
| **8/31/2018** | $17468 | $14847 | $16041 |
| **9/30/2018** | $17311 | $14871 | $16131 |
| **10/31/2018** | $15538 | $13776 | $14688 |
| **11/30/2018** | $15694 | $14052 | $14844 |
| **12/31/2018** | $14492 | $12745 | $13568 |
| **1/31/2019** | $16225 | $13838 | $14788 |
| **2/28/2019** | $16955 | $14325 | $15317 |
| **3/31/2019** | $17174 | $14534 | $15753 |
| **4/30/2019** | $17867 | $15115 | $16464 |
| **5/31/2019** | $17247 | $14137 | $15424 |
| **6/30/2019** | $18433 | $15129 | $16484 |
| **7/31/2019** | $18536 | $15354 | $16856 |
| **8/31/2019** | $17648 | $15041 | $16727 |
| **9/30/2019** | $16371 | $15305 | $16729 |
| **10/31/2019** | $16377 | $15635 | $17200 |
| **11/30/2019** | $17788 | $16229 | $17964 |
| **12/31/2019** | $17620 | $16698 | $18506 |
| **1/31/2020** | $18729 | $16680 | $18919 |
| **2/29/2020** | $18642 | $15314 | $17631 |
| **3/31/2020** | $16908 | $13208 | $15896 |
| **4/30/2020** | $20424 | $14957 | $18249 |
| **5/31/2020** | $24141 | $15757 | $19474 |
| **6/30/2020** | $26682 | $16117 | $20322 |
| **7/31/2020** | $29419 | $17033 | $21885 |
| **8/31/2020** | $31845 | $18266 | $24144 |
| **9/30/2020** | $32269 | $17601 | $23008 |
| **10/31/2020** | $30998 | $17221 | $22226 |
| **11/30/2020** | $36861 | $19317 | $24502 |
| **12/31/2020** | $37287 | $20186 | $25629 |
| **1/31/2021** | $37816 | $20096 | $25439 |
| **2/28/2021** | $39709 | $20724 | $25433 |
| **3/31/2021** | $36383 | $21467 | $25870 |
| **4/30/2021** | $38057 | $22573 | $27630 |
| **5/31/2021** | $37054 | $22676 | $27248 |
| **6/30/2021** | $41518 | $23236 | $28958 |
| **7/31/2021** | $41532 | $23628 | $29912 |
| **8/31/2021** | $42450 | $24302 | $31030 |
| **9/30/2021** | $39801 | $23212 | $29293 |
| **10/31/2021** | $42867 | $24782 | $31830 |
| **11/30/2021** | $41433 | $24404 | $32024 |
| **12/31/2021** | $36943 | $25365 | $32701 |
| **1/31/2022** | $28740 | $23873 | $29895 |
| **2/28/2022** | $28418 | $23272 | $28625 |
| **3/31/2022** | $26975 | $24026 | $29745 |
| **4/30/2022** | $20868 | $21870 | $26153 |
| **5/31/2022** | $17297 | $21841 | $25545 |
| **6/30/2022** | $15837 | $20014 | $23521 |
| **7/31/2022** | $17984 | $21891 | $26344 |
| **8/31/2022** | $18306 | $21074 | $25117 |
| **9/30/2022** | $16389 | $19120 | $22675 |
| **10/31/2022** | $16805 | $20688 | $24001 |
| **11/30/2022** | $16372 | $21768 | $25094 |
| **12/31/2022** | $14633 | $20493 | $23173 |
| **1/31/2023** | $17220 | $21905 | $25105 |
| **2/28/2023** | $16491 | $21393 | $24807 |
| **3/31/2023** | $17084 | $21965 | $26502 |
| **4/30/2023** | $16024 | $22199 | $26764 |
| **5/31/2023** | $17704 | $22285 | $27984 |
| **6/30/2023** | $19239 | $23807 | $29897 |
| **7/31/2023** | $20944 | $24661 | $30904 |
| **8/31/2023** | $19019 | $24185 | $30627 |
| **9/30/2023** | $17950 | $23032 | $28961 |
| **10/31/2023** | $16219 | $22422 | $28549 |
| **11/30/2023** | $19214 | $24513 | $31661 |
| **12/31/2023** | $21555 | $25813 | $33063 |
| **1/31/2024** | $20240 | $26099 | $33888 |
| **2/29/2024** | $22624 | $27512 | $36200 |
| **3/31/2024** | $23099 | $28399 | $36837 |
| **4/30/2024** | $20902 | $27150 | $35275 |
| **5/31/2024** | $20478 | $28432 | $37386 |
| **6/30/2024** | $21597 | $29313 | $39907 |
| **7/31/2024** | $21860 | $29857 | $39229 |
| **8/31/2024** | $23370 | $30507 | $40046 |
| **9/30/2024** | $24778 | $31138 | $41180 |
| **10/31/2024** | $26450 | $30910 | $41044 |
| **11/30/2024** | $32498 | $32966 | $43706 |
| **12/31/2024** | $31022 | $31958 | $44092 |
| **1/31/2025** | $34016 | $32967 | $44964 |
| **2/28/2025** | $31726 | $32336 | $43349 |
| **3/31/2025** | $27824 | $30449 | $39697 |
| **4/30/2025** | $30224 | $30245 | $40400 |
| **5/31/2025** | $34474 | $32162 | $43975 |
| **6/30/2025** | $36807 | $33796 | $46778 |
| **7/31/2025** | $37520 | $34540 | $48544 |
| **8/31/2025** | $38572 | $35340 | $49087 |
| **9/30/2025** | $41218 | $36559 | $51695 |
| **10/31/2025** | $41608 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD91 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 48.68% | 4.87% | 15.32% |
| Class A | 57.31% | 6.06% | 15.98% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1737235840 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10473900 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 47.2% |
| Consumer Discretionary | 17.3 |
| Financials | 9.4 |
| Health Care | 7.4 |
| Communication Services | 5.8 |
| Industrials | 5.0 |
| Repurchase Agreements | 8.0 |
| Other Investment Company | 0.6 |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.7) |

---

---

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

---

Transamerica Capital Growth

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 14.8% |
| Tesla, Inc. | 8.8 |
| AppLovin Corp., Class A | 6.6 |
| Affirm Holdings, Inc. | 6.0 |
| ROBLOX Corp., Class A | 5.8 |
| Snowflake, Inc., Class A | 5.0 |
| Royalty Pharma PLC, Class A | 4.7 |
| Shopify, Inc., Class A | 4.7 |
| DoorDash, Inc., Class A | 4.4 |
| Strategy, Inc., Class A | 4.3 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Capital Growth

Class A

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Capital Growth

# Class C

## ILLLX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $241 | 1.88% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 56.13%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

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

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

* For the fiscal year ended October 31, 2025, the Fund's outperformance was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

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

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

* The largest detracting holdings included a digital advertising software platform (sold during the fiscal year), a leading seller of used cars in the U.S. (sold during the fiscal year), a developer of internet connected sensor systems, a health care and industrial equipment manufacturer (sold during the fiscal year), and a cross-border e-commerce platform (sold during the fiscal year).

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

Transamerica Capital Growth

Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g47i53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10339 | $10055 | $10028 |
| **12/31/2015** | $10296 | $9849 | $9881 |
| **1/31/2016** | $9246 | $9293 | $9329 |
| **2/29/2016** | $9006 | $9290 | $9325 |
| **3/31/2016** | $9690 | $9944 | $9954 |
| **4/30/2016** | $9658 | $10006 | $9863 |
| **5/31/2016** | $9894 | $10185 | $10055 |
| **6/30/2016** | $9806 | $10206 | $10015 |
| **7/31/2016** | $10430 | $10611 | $10488 |
| **8/31/2016** | $10491 | $10638 | $10436 |
| **9/30/2016** | $10796 | $10655 | $10474 |
| **10/31/2016** | $10403 | $10424 | $10228 |
| **11/30/2016** | $10125 | $10891 | $10451 |
| **12/31/2016** | $9903 | $11103 | $10580 |
| **1/31/2017** | $10936 | $11312 | $10937 |
| **2/28/2017** | $11146 | $11733 | $11391 |
| **3/31/2017** | $11508 | $11741 | $11523 |
| **4/30/2017** | $12010 | $11865 | $11786 |
| **5/31/2017** | $12769 | $11987 | $12093 |
| **6/30/2017** | $12640 | $12095 | $12061 |
| **7/31/2017** | $13031 | $12323 | $12381 |
| **8/31/2017** | $13376 | $12347 | $12608 |
| **10/31/2017** | $13907 | $12924 | $13267 |
| **11/30/2017** | $14175 | $13316 | $13670 |
| **12/31/2017** | $14152 | $13450 | $13777 |
| **1/31/2018** | $15527 | $14158 | $14752 |
| **2/28/2018** | $15707 | $13637 | $14366 |
| **3/31/2018** | $15497 | $13363 | $13972 |
| **4/30/2018** | $15474 | $13414 | $14020 |
| **5/31/2018** | $16466 | $13792 | $14635 |
| **6/30/2018** | $16721 | $13883 | $14776 |
| **7/31/2018** | $16669 | $14343 | $15210 |
| **8/31/2018** | $18104 | $14847 | $16041 |
| **9/30/2018** | $17931 | $14871 | $16131 |
| **10/31/2018** | $16083 | $13776 | $14688 |
| **11/30/2018** | $16233 | $14052 | $14844 |
| **12/31/2018** | $14982 | $12745 | $13568 |
| **1/31/2019** | $16762 | $13838 | $14788 |
| **2/28/2019** | $17505 | $14325 | $15317 |
| **3/31/2019** | $17720 | $14534 | $15753 |
| **4/30/2019** | $18423 | $15115 | $16464 |
| **5/31/2019** | $17776 | $14137 | $15424 |
| **6/30/2019** | $18982 | $15129 | $16484 |
| **7/31/2019** | $19077 | $15354 | $16856 |
| **8/31/2019** | $18151 | $15041 | $16727 |
| **9/30/2019** | $16826 | $15305 | $16729 |
| **10/31/2019** | $16818 | $15635 | $17200 |
| **11/30/2019** | $18263 | $16229 | $17964 |
| **12/31/2019** | $18083 | $16698 | $18506 |
| **1/31/2020** | $19201 | $16680 | $18919 |
| **2/29/2020** | $19101 | $15314 | $17631 |
| **3/31/2020** | $17310 | $13208 | $15896 |
| **4/30/2020** | $20901 | $14957 | $18249 |
| **5/31/2020** | $24692 | $15757 | $19474 |
| **6/30/2020** | $27274 | $16117 | $20322 |
| **7/31/2020** | $30056 | $17033 | $21885 |
| **8/31/2020** | $32511 | $18266 | $24144 |
| **9/30/2020** | $32920 | $17601 | $23008 |
| **10/31/2020** | $31611 | $17221 | $22226 |
| **11/30/2020** | $37557 | $19317 | $24502 |
| **12/31/2020** | $37969 | $20186 | $25629 |
| **1/31/2021** | $38484 | $20096 | $25439 |
| **2/28/2021** | $40387 | $20724 | $25433 |
| **3/31/2021** | $36978 | $21467 | $25870 |
| **4/30/2021** | $38658 | $22573 | $27630 |
| **5/31/2021** | $37619 | $22676 | $27248 |
| **6/30/2021** | $42126 | $23236 | $28958 |
| **7/31/2021** | $42107 | $23628 | $29912 |
| **8/31/2021** | $43010 | $24302 | $31030 |
| **9/30/2021** | $40300 | $23212 | $29293 |
| **10/31/2021** | $43379 | $24782 | $31830 |
| **11/30/2021** | $41903 | $24404 | $32024 |
| **12/31/2021** | $37337 | $25365 | $32701 |
| **1/31/2022** | $29025 | $23873 | $29895 |
| **2/28/2022** | $28685 | $23272 | $28625 |
| **3/31/2022** | $27214 | $24026 | $29745 |
| **4/30/2022** | $21039 | $21870 | $26153 |
| **5/31/2022** | $17417 | $21841 | $25545 |
| **6/30/2022** | $15933 | $20014 | $23521 |
| **7/31/2022** | $18084 | $21891 | $26344 |
| **8/31/2022** | $18398 | $21074 | $25117 |
| **9/30/2022** | $16462 | $19120 | $22675 |
| **10/31/2022** | $16864 | $20688 | $24001 |
| **11/30/2022** | $16424 | $21768 | $25094 |
| **12/31/2022** | $14663 | $20493 | $23173 |
| **1/31/2023** | $17254 | $21905 | $25105 |
| **2/28/2023** | $16512 | $21393 | $24807 |
| **3/31/2023** | $17103 | $21965 | $26502 |
| **4/30/2023** | $16022 | $22199 | $26764 |
| **5/31/2023** | $17694 | $22285 | $27984 |
| **6/30/2023** | $19216 | $23807 | $29897 |
| **7/31/2023** | $20901 | $24661 | $30904 |
| **8/31/2023** | $18977 | $24185 | $30627 |
| **9/30/2023** | $17895 | $23032 | $28961 |
| **10/31/2023** | $16160 | $22422 | $28549 |
| **11/30/2023** | $19128 | $24513 | $31661 |
| **12/31/2023** | $21442 | $25813 | $33063 |
| **1/31/2024** | $20121 | $26099 | $33888 |
| **2/29/2024** | $22485 | $27512 | $36200 |
| **3/31/2024** | $22938 | $28399 | $36837 |
| **4/30/2024** | $20750 | $27150 | $35275 |
| **5/31/2024** | $20310 | $28432 | $37386 |
| **6/30/2024** | $21404 | $29313 | $39907 |
| **7/31/2024** | $21655 | $29857 | $39229 |
| **8/31/2024** | $23127 | $30507 | $40046 |
| **9/30/2024** | $24510 | $31138 | $41180 |
| **10/31/2024** | $26145 | $30910 | $41044 |
| **11/30/2024** | $32106 | $32966 | $43706 |
| **12/31/2024** | $30622 | $31958 | $44092 |
| **1/31/2025** | $33565 | $32967 | $44964 |
| **2/28/2025** | $31288 | $32336 | $43349 |
| **3/31/2025** | $27415 | $30449 | $39697 |
| **4/30/2025** | $29767 | $30245 | $40400 |
| **5/31/2025** | $33929 | $32162 | $43975 |
| **6/30/2025** | $36206 | $33796 | $46778 |
| **7/31/2025** | $36872 | $34540 | $48544 |
| **8/31/2025** | $37878 | $35340 | $49087 |
| **9/30/2025** | $40469 | $36559 | $51695 |
| **10/31/2025** | $40821 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD93 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 55.13% | 5.25% | 15.10% |
| Class C | 56.13% | 5.25% | 15.10% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1737235840 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10473900 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 47.2% |
| Consumer Discretionary | 17.3 |
| Financials | 9.4 |
| Health Care | 7.4 |
| Communication Services | 5.8 |
| Industrials | 5.0 |
| Repurchase Agreements | 8.0 |
| Other Investment Company | 0.6 |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.7) |

---

---

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

---

Transamerica Capital Growth

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 14.8% |
| Tesla, Inc. | 8.8 |
| AppLovin Corp., Class A | 6.6 |
| Affirm Holdings, Inc. | 6.0 |
| ROBLOX Corp., Class A | 5.8 |
| Snowflake, Inc., Class A | 5.0 |
| Royalty Pharma PLC, Class A | 4.7 |
| Shopify, Inc., Class A | 4.7 |
| DoorDash, Inc., Class A | 4.4 |
| Strategy, Inc., Class A | 4.3 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Capital Growth

Class C

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Capital Growth

# Class I

## TFOIX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $106 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 57.73%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

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

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

* For the fiscal year ended October 31, 2025, the Fund's outperformance was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

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

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

* The largest detracting holdings included a digital advertising software platform (sold during the fiscal year), a leading seller of used cars in the U.S. (sold during the fiscal year), a developer of internet connected sensor systems, a health care and industrial equipment manufacturer (sold during the fiscal year), and a cross-border e-commerce platform (sold during the fiscal year).

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

Transamerica Capital Growth

Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g65p47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10347 | $10055 | $10028 |
| **12/31/2015** | $10314 | $9849 | $9881 |
| **1/31/2016** | $9268 | $9293 | $9329 |
| **2/29/2016** | $9034 | $9290 | $9325 |
| **3/31/2016** | $9730 | $9944 | $9954 |
| **4/30/2016** | $9706 | $10006 | $9863 |
| **5/31/2016** | $9952 | $10185 | $10055 |
| **6/30/2016** | $9873 | $10206 | $10015 |
| **7/31/2016** | $10509 | $10611 | $10488 |
| **8/31/2016** | $10580 | $10638 | $10436 |
| **9/30/2016** | $10899 | $10655 | $10474 |
| **10/31/2016** | $10509 | $10424 | $10228 |
| **11/30/2016** | $10235 | $10891 | $10451 |
| **12/31/2016** | $10020 | $11103 | $10580 |
| **1/31/2017** | $11072 | $11312 | $10937 |
| **2/28/2017** | $11299 | $11733 | $11391 |
| **3/31/2017** | $11671 | $11741 | $11523 |
| **4/30/2017** | $12187 | $11865 | $11786 |
| **5/31/2017** | $12974 | $11987 | $12093 |
| **6/30/2017** | $12853 | $12095 | $12061 |
| **7/31/2017** | $13264 | $12323 | $12381 |
| **8/31/2017** | $13626 | $12347 | $12608 |
| **10/31/2017** | $14190 | $12924 | $13267 |
| **11/30/2017** | $14475 | $13316 | $13670 |
| **12/31/2017** | $14462 | $13450 | $13777 |
| **1/31/2018** | $15881 | $14158 | $14752 |
| **2/28/2018** | $16076 | $13637 | $14366 |
| **3/31/2018** | $15875 | $13363 | $13972 |
| **4/30/2018** | $15863 | $13414 | $14020 |
| **5/31/2018** | $16900 | $13792 | $14635 |
| **6/30/2018** | $17177 | $13883 | $14776 |
| **7/31/2018** | $17136 | $14343 | $15210 |
| **8/31/2018** | $18620 | $14847 | $16041 |
| **9/30/2018** | $18461 | $14871 | $16131 |
| **10/31/2018** | $16570 | $13776 | $14688 |
| **11/30/2018** | $16741 | $14052 | $14844 |
| **12/31/2018** | $15466 | $12745 | $13568 |
| **1/31/2019** | $17316 | $13838 | $14788 |
| **2/28/2019** | $18100 | $14325 | $15317 |
| **3/31/2019** | $18340 | $14534 | $15753 |
| **4/30/2019** | $19086 | $15115 | $16464 |
| **5/31/2019** | $18426 | $14137 | $15424 |
| **6/30/2019** | $19697 | $15129 | $16484 |
| **7/31/2019** | $19814 | $15354 | $16856 |
| **8/31/2019** | $18864 | $15041 | $16727 |
| **9/30/2019** | $17508 | $15305 | $16729 |
| **10/31/2019** | $17514 | $15635 | $17200 |
| **11/30/2019** | $19025 | $16229 | $17964 |
| **12/31/2019** | $18854 | $16698 | $18506 |
| **1/31/2020** | $20041 | $16680 | $18919 |
| **2/29/2020** | $19953 | $15314 | $17631 |
| **3/31/2020** | $18102 | $13208 | $15896 |
| **4/30/2020** | $21871 | $14957 | $18249 |
| **5/31/2020** | $25858 | $15757 | $19474 |
| **6/30/2020** | $28590 | $16117 | $20322 |
| **7/31/2020** | $31526 | $17033 | $21885 |
| **8/31/2020** | $34129 | $18266 | $24144 |
| **9/30/2020** | $34590 | $17601 | $23008 |
| **10/31/2020** | $33234 | $17221 | $22226 |
| **11/30/2020** | $39526 | $19317 | $24502 |
| **12/31/2020** | $39990 | $20186 | $25629 |
| **1/31/2021** | $40565 | $20096 | $25439 |
| **2/28/2021** | $42603 | $20724 | $25433 |
| **3/31/2021** | $39045 | $21467 | $25870 |
| **4/30/2021** | $40849 | $22573 | $27630 |
| **5/31/2021** | $39777 | $22676 | $27248 |
| **6/30/2021** | $44577 | $23236 | $28958 |
| **7/31/2021** | $44599 | $23628 | $29912 |
| **8/31/2021** | $45593 | $24302 | $31030 |
| **9/30/2021** | $42759 | $23212 | $29293 |
| **10/31/2021** | $46054 | $24782 | $31830 |
| **11/30/2021** | $44528 | $24404 | $32024 |
| **12/31/2021** | $39708 | $25365 | $32701 |
| **1/31/2022** | $30892 | $23873 | $29895 |
| **2/28/2022** | $30555 | $23272 | $28625 |
| **3/31/2022** | $29015 | $24026 | $29745 |
| **4/30/2022** | $22472 | $21870 | $26153 |
| **5/31/2022** | $18633 | $21841 | $25545 |
| **6/30/2022** | $17067 | $20014 | $23521 |
| **7/31/2022** | $19391 | $21891 | $26344 |
| **8/31/2022** | $19736 | $21074 | $25117 |
| **9/30/2022** | $17673 | $19120 | $22675 |
| **10/31/2022** | $18132 | $20688 | $24001 |
| **11/30/2022** | $17676 | $21768 | $25094 |
| **12/31/2022** | $15803 | $20493 | $23173 |
| **1/31/2023** | $18596 | $21905 | $25105 |
| **2/28/2023** | $17811 | $21393 | $24807 |
| **3/31/2023** | $18461 | $21965 | $26502 |
| **4/30/2023** | $17322 | $22199 | $26764 |
| **5/31/2023** | $19144 | $22285 | $27984 |
| **6/30/2023** | $20798 | $23807 | $29897 |
| **7/31/2023** | $22654 | $24661 | $30904 |
| **8/31/2023** | $20578 | $24185 | $30627 |
| **9/30/2023** | $19422 | $23032 | $28961 |
| **10/31/2023** | $17558 | $22422 | $28549 |
| **11/30/2023** | $20806 | $24513 | $31661 |
| **12/31/2023** | $23346 | $25813 | $33063 |
| **1/31/2024** | $21928 | $26099 | $33888 |
| **2/29/2024** | $24519 | $27512 | $36200 |
| **3/31/2024** | $25042 | $28399 | $36837 |
| **4/30/2024** | $22662 | $27150 | $35275 |
| **5/31/2024** | $22207 | $28432 | $37386 |
| **6/30/2024** | $23422 | $29313 | $39907 |
| **7/31/2024** | $23717 | $29857 | $39229 |
| **8/31/2024** | $25362 | $30507 | $40046 |
| **9/30/2024** | $26898 | $31138 | $41180 |
| **10/31/2024** | $28720 | $30910 | $41044 |
| **11/30/2024** | $35293 | $32966 | $43706 |
| **12/31/2024** | $33698 | $31958 | $44092 |
| **1/31/2025** | $36955 | $32967 | $44964 |
| **2/28/2025** | $34474 | $32336 | $43349 |
| **3/31/2025** | $30247 | $30449 | $39697 |
| **4/30/2025** | $32863 | $30245 | $40400 |
| **5/31/2025** | $37487 | $32162 | $43975 |
| **6/30/2025** | $40035 | $33796 | $46778 |
| **7/31/2025** | $40819 | $34540 | $48544 |
| **8/31/2025** | $41975 | $35340 | $49087 |
| **9/30/2025** | $44869 | $36559 | $51695 |
| **10/31/2025** | $45299 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD98 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 57.73% | 6.39% | 16.31% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1737235840 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10473900 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 47.2% |
| Consumer Discretionary | 17.3 |
| Financials | 9.4 |
| Health Care | 7.4 |
| Communication Services | 5.8 |
| Industrials | 5.0 |
| Repurchase Agreements | 8.0 |
| Other Investment Company | 0.6 |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.7) |

---

---

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

---

Transamerica Capital Growth

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 14.8% |
| Tesla, Inc. | 8.8 |
| AppLovin Corp., Class A | 6.6 |
| Affirm Holdings, Inc. | 6.0 |
| ROBLOX Corp., Class A | 5.8 |
| Snowflake, Inc., Class A | 5.0 |
| Royalty Pharma PLC, Class A | 4.7 |
| Shopify, Inc., Class A | 4.7 |
| DoorDash, Inc., Class A | 4.4 |
| Strategy, Inc., Class A | 4.3 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Capital Growth

Class I

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Capital Growth

# Class I2

## Ticker: N/A
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $94 | 0.73% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 57.99%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

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

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

* For the fiscal year ended October 31, 2025, the Fund's outperformance was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

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

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

* The largest detracting holdings included a digital advertising software platform (sold during the fiscal year), a leading seller of used cars in the U.S. (sold during the fiscal year), a developer of internet connected sensor systems, a health care and industrial equipment manufacturer (sold during the fiscal year), and a cross-border e-commerce platform (sold during the fiscal year).

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

Transamerica Capital Growth

Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g11z67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10351 | $10055 | $10028 |
| **12/31/2015** | $10320 | $9849 | $9881 |
| **1/31/2016** | $9275 | $9293 | $9329 |
| **2/29/2016** | $9040 | $9290 | $9325 |
| **3/31/2016** | $9734 | $9944 | $9954 |
| **4/30/2016** | $9716 | $10006 | $9863 |
| **5/31/2016** | $9963 | $10185 | $10055 |
| **6/30/2016** | $9885 | $10206 | $10015 |
| **7/31/2016** | $10519 | $10611 | $10488 |
| **8/31/2016** | $10591 | $10638 | $10436 |
| **9/30/2016** | $10911 | $10655 | $10474 |
| **10/31/2016** | $10525 | $10424 | $10228 |
| **11/30/2016** | $10247 | $10891 | $10451 |
| **12/31/2016** | $10037 | $11103 | $10580 |
| **1/31/2017** | $11092 | $11312 | $10937 |
| **2/28/2017** | $11323 | $11733 | $11391 |
| **3/31/2017** | $11694 | $11741 | $11523 |
| **4/30/2017** | $12213 | $11865 | $11786 |
| **5/31/2017** | $13004 | $11987 | $12093 |
| **6/30/2017** | $12880 | $12095 | $12061 |
| **7/31/2017** | $13292 | $12323 | $12381 |
| **8/31/2017** | $13655 | $12347 | $12608 |
| **10/31/2017** | $14224 | $12924 | $13267 |
| **11/30/2017** | $14512 | $13316 | $13670 |
| **12/31/2017** | $14497 | $13450 | $13777 |
| **1/31/2018** | $15925 | $14158 | $14752 |
| **2/28/2018** | $16127 | $13637 | $14366 |
| **3/31/2018** | $15925 | $13363 | $13972 |
| **4/30/2018** | $15913 | $13414 | $14020 |
| **5/31/2018** | $16949 | $13792 | $14635 |
| **6/30/2018** | $17234 | $13883 | $14776 |
| **7/31/2018** | $17199 | $14343 | $15210 |
| **8/31/2018** | $18686 | $14847 | $16041 |
| **9/30/2018** | $18532 | $14871 | $16131 |
| **10/31/2018** | $16627 | $13776 | $14688 |
| **11/30/2018** | $16806 | $14052 | $14844 |
| **12/31/2018** | $15527 | $12745 | $13568 |
| **1/31/2019** | $17385 | $13838 | $14788 |
| **2/28/2019** | $18170 | $14325 | $15317 |
| **3/31/2019** | $18418 | $14534 | $15753 |
| **4/30/2019** | $19164 | $15115 | $16464 |
| **5/31/2019** | $18510 | $14137 | $15424 |
| **6/30/2019** | $19779 | $15129 | $16484 |
| **7/31/2019** | $19897 | $15354 | $16856 |
| **8/31/2019** | $18955 | $15041 | $16727 |
| **9/30/2019** | $17581 | $15305 | $16729 |
| **10/31/2019** | $17594 | $15635 | $17200 |
| **11/30/2019** | $19125 | $16229 | $17964 |
| **12/31/2019** | $18947 | $16698 | $18506 |
| **1/31/2020** | $20144 | $16680 | $18919 |
| **2/29/2020** | $20063 | $15314 | $17631 |
| **3/31/2020** | $18204 | $13208 | $15896 |
| **4/30/2020** | $21987 | $14957 | $18249 |
| **5/31/2020** | $25996 | $15757 | $19474 |
| **6/30/2020** | $28744 | $16117 | $20322 |
| **7/31/2020** | $31703 | $17033 | $21885 |
| **8/31/2020** | $34322 | $18266 | $24144 |
| **9/30/2020** | $34791 | $17601 | $23008 |
| **10/31/2020** | $33433 | $17221 | $22226 |
| **11/30/2020** | $39754 | $19317 | $24502 |
| **12/31/2020** | $40229 | $20186 | $25629 |
| **1/31/2021** | $40808 | $20096 | $25439 |
| **2/28/2021** | $42873 | $20724 | $25433 |
| **3/31/2021** | $39287 | $21467 | $25870 |
| **4/30/2021** | $41098 | $22573 | $27630 |
| **5/31/2021** | $40029 | $22676 | $27248 |
| **6/30/2021** | $44866 | $23236 | $28958 |
| **7/31/2021** | $44902 | $23628 | $29912 |
| **8/31/2021** | $45898 | $24302 | $31030 |
| **9/30/2021** | $43054 | $23212 | $29293 |
| **10/31/2021** | $46369 | $24782 | $31830 |
| **11/30/2021** | $44829 | $24404 | $32024 |
| **12/31/2021** | $39981 | $25365 | $32701 |
| **1/31/2022** | $31126 | $23873 | $29895 |
| **2/28/2022** | $30796 | $23272 | $28625 |
| **3/31/2022** | $29235 | $24026 | $29745 |
| **4/30/2022** | $22602 | $21870 | $26153 |
| **5/31/2022** | $18760 | $21841 | $25545 |
| **6/30/2022** | $17169 | $20014 | $23521 |
| **7/31/2022** | $19510 | $21891 | $26344 |
| **8/31/2022** | $19870 | $21074 | $25117 |
| **9/30/2022** | $17799 | $19120 | $22675 |
| **10/31/2022** | $18249 | $20688 | $24001 |
| **11/30/2022** | $17769 | $21768 | $25094 |
| **12/31/2022** | $15908 | $20493 | $23173 |
| **1/31/2023** | $18730 | $21905 | $25105 |
| **2/28/2023** | $17919 | $21393 | $24807 |
| **3/31/2023** | $18580 | $21965 | $26502 |
| **4/30/2023** | $17439 | $22199 | $26764 |
| **5/31/2023** | $19270 | $22285 | $27984 |
| **6/30/2023** | $20951 | $23807 | $29897 |
| **7/31/2023** | $22812 | $24661 | $30904 |
| **8/31/2023** | $20711 | $24185 | $30627 |
| **9/30/2023** | $19570 | $23032 | $28961 |
| **10/31/2023** | $17679 | $22422 | $28549 |
| **11/30/2023** | $20951 | $24513 | $31661 |
| **12/31/2023** | $23502 | $25813 | $33063 |
| **1/31/2024** | $22091 | $26099 | $33888 |
| **2/29/2024** | $24703 | $27512 | $36200 |
| **3/31/2024** | $25213 | $28399 | $36837 |
| **4/30/2024** | $22842 | $27150 | $35275 |
| **5/31/2024** | $22362 | $28432 | $37386 |
| **6/30/2024** | $23592 | $29313 | $39907 |
| **7/31/2024** | $23892 | $29857 | $39229 |
| **8/31/2024** | $25543 | $30507 | $40046 |
| **9/30/2024** | $27104 | $31138 | $41180 |
| **10/31/2024** | $28935 | $30910 | $41044 |
| **11/30/2024** | $35568 | $32966 | $43706 |
| **12/31/2024** | $33978 | $31958 | $44092 |
| **1/31/2025** | $37249 | $32967 | $44964 |
| **2/28/2025** | $34758 | $32336 | $43349 |
| **3/31/2025** | $30496 | $30449 | $39697 |
| **4/30/2025** | $33137 | $30245 | $40400 |
| **5/31/2025** | $37789 | $32162 | $43975 |
| **6/30/2025** | $40371 | $33796 | $46778 |
| **7/31/2025** | $41181 | $34540 | $48544 |
| **8/31/2025** | $42322 | $35340 | $49087 |
| **9/30/2025** | $45263 | $36559 | $51695 |
| **10/31/2025** | $45714 | $37343 | $53572 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD94 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 57.99% | 6.46% | 16.41% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 18.28% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1737235840 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10473900 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 47.2% |
| Consumer Discretionary | 17.3 |
| Financials | 9.4 |
| Health Care | 7.4 |
| Communication Services | 5.8 |
| Industrials | 5.0 |
| Repurchase Agreements | 8.0 |
| Other Investment Company | 0.6 |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.7) |

---

---

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

---

Transamerica Capital Growth

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 14.8% |
| Tesla, Inc. | 8.8 |
| AppLovin Corp., Class A | 6.6 |
| Affirm Holdings, Inc. | 6.0 |
| ROBLOX Corp., Class A | 5.8 |
| Snowflake, Inc., Class A | 5.0 |
| Royalty Pharma PLC, Class A | 4.7 |
| Shopify, Inc., Class A | 4.7 |
| DoorDash, Inc., Class A | 4.4 |
| Strategy, Inc., Class A | 4.3 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Capital Growth

Class I2

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Capital Growth

# Class R

## TAAEX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $181 | 1.41% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 56.82%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

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

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

* For the fiscal year ended October 31, 2025, the Fund's outperformance was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

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

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

* The largest detracting holdings included a digital advertising software platform (sold during the fiscal year), a leading seller of used cars in the U.S. (sold during the fiscal year), a developer of internet connected sensor systems, a health care and industrial equipment manufacturer (sold during the fiscal year), and a cross-border e-commerce platform (sold during the fiscal year).

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

Transamerica Capital Growth

Class R

## Fund Overview

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

![Growth of 10K Chart](g67628g99c81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **3/1/2022** | $10000 | $10000 | $10000 |
| **3/31/2022** | $9731 | $10324 | $10391 |
| **4/30/2022** | $7524 | $9398 | $9136 |
| **5/31/2022** | $6236 | $9385 | $8924 |
| **6/30/2022** | $5710 | $8600 | $8217 |
| **7/31/2022** | $6484 | $9407 | $9203 |
| **8/31/2022** | $6594 | $9056 | $8775 |
| **9/30/2022** | $5909 | $8216 | $7922 |
| **10/31/2022** | $6068 | $8890 | $8385 |
| **11/30/2022** | $5909 | $9354 | $8767 |
| **12/31/2022** | $5282 | $8806 | $8095 |
| **1/31/2023** | $6218 | $9413 | $8770 |
| **2/28/2023** | $5952 | $9193 | $8666 |
| **3/31/2023** | $6163 | $9439 | $9258 |
| **4/30/2023** | $5777 | $9539 | $9350 |
| **5/31/2023** | $6383 | $9576 | $9776 |
| **6/30/2023** | $6931 | $10230 | $10444 |
| **7/31/2023** | $7546 | $10597 | $10796 |
| **8/31/2023** | $6851 | $10392 | $10699 |
| **9/30/2023** | $6463 | $9897 | $10117 |
| **10/31/2023** | $5838 | $9635 | $9973 |
| **11/30/2023** | $6916 | $10533 | $11061 |
| **12/31/2023** | $7757 | $11092 | $11550 |
| **1/31/2024** | $7283 | $11215 | $11839 |
| **2/29/2024** | $8136 | $11822 | $12646 |
| **3/31/2024** | $8308 | $12203 | $12869 |
| **4/30/2024** | $7515 | $11666 | $12323 |
| **5/31/2024** | $7359 | $12218 | $13061 |
| **6/30/2024** | $7760 | $12596 | $13941 |
| **7/31/2024** | $7852 | $12830 | $13704 |
| **8/31/2024** | $8394 | $13109 | $13990 |
| **9/30/2024** | $8895 | $13380 | $14386 |
| **10/31/2024** | $9495 | $13282 | $14338 |
| **11/30/2024** | $11665 | $14166 | $15268 |
| **12/31/2024** | $11129 | $13733 | $15403 |
| **1/31/2025** | $12200 | $14166 | $15708 |
| **2/28/2025** | $11377 | $13895 | $15144 |
| **3/31/2025** | $9976 | $13084 | $13868 |
| **4/30/2025** | $10832 | $12997 | $14113 |
| **5/31/2025** | $12353 | $13820 | $15362 |
| **6/30/2025** | $13185 | $14522 | $16342 |
| **7/31/2025** | $13436 | $14842 | $16959 |
| **8/31/2025** | $13810 | $15186 | $17148 |
| **9/30/2025** | $14755 | $15710 | $18059 |
| **10/31/2025** | $14890 | $16047 | $18715 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| IBD95 | **1 Year** | **Since Inception 3/1/22** |
| Class R | 56.82% | 11.45% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 13.75% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 18.62% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1737235840 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10473900 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 47.2% |
| Consumer Discretionary | 17.3 |
| Financials | 9.4 |
| Health Care | 7.4 |
| Communication Services | 5.8 |
| Industrials | 5.0 |
| Repurchase Agreements | 8.0 |
| Other Investment Company | 0.6 |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.7) |

---

---

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

---

Transamerica Capital Growth

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 14.8% |
| Tesla, Inc. | 8.8 |
| AppLovin Corp., Class A | 6.6 |
| Affirm Holdings, Inc. | 6.0 |
| ROBLOX Corp., Class A | 5.8 |
| Snowflake, Inc., Class A | 5.0 |
| Royalty Pharma PLC, Class A | 4.7 |
| Shopify, Inc., Class A | 4.7 |
| DoorDash, Inc., Class A | 4.4 |
| Strategy, Inc., Class A | 4.3 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Capital Growth

Class R

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Capital Growth

# Class R6

## TCPWX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $95 | 0.74% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 57.82%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Russell 1000<sup>®</sup> Growth Index, returned 30.52% over the same period.

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

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

* For the fiscal year ended October 31, 2025, the Fund's outperformance was primarily driven by favorable stock selection in the information technology, financials and health care sectors.

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

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

* The largest detracting holdings included a digital advertising software platform (sold during the fiscal year), a leading seller of used cars in the U.S. (sold during the fiscal year), a developer of internet connected sensor systems, a health care and industrial equipment manufacturer (sold during the fiscal year), and a cross-border e-commerce platform (sold during the fiscal year).

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

Transamerica Capital Growth

Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g44w42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **10/18/2019** | $10000 | $10000 | $10000 |
| **10/31/2019** | $10060 | $10134 | $10114 |
| **11/30/2019** | $10935 | $10520 | $10563 |
| **12/31/2019** | $10834 | $10823 | $10882 |
| **1/31/2020** | $11518 | $10812 | $11125 |
| **2/29/2020** | $11471 | $9926 | $10367 |
| **3/31/2020** | $10408 | $8561 | $9348 |
| **4/30/2020** | $12571 | $9695 | $10731 |
| **5/31/2020** | $14864 | $10214 | $11451 |
| **6/30/2020** | $16435 | $10447 | $11950 |
| **7/31/2020** | $18127 | $11040 | $12869 |
| **8/31/2020** | $19624 | $11840 | $14197 |
| **9/30/2020** | $19892 | $11409 | $13529 |
| **10/31/2020** | $19116 | $11163 | $13070 |
| **11/30/2020** | $22730 | $12521 | $14408 |
| **12/31/2020** | $23001 | $13084 | $15071 |
| **1/31/2021** | $23333 | $13026 | $14959 |
| **2/28/2021** | $24503 | $13433 | $14956 |
| **3/31/2021** | $22463 | $13915 | $15212 |
| **4/30/2021** | $23499 | $14632 | $16248 |
| **5/31/2021** | $22888 | $14699 | $16023 |
| **6/30/2021** | $25653 | $15061 | $17028 |
| **7/31/2021** | $25663 | $15316 | $17589 |
| **8/31/2021** | $26243 | $15753 | $18247 |
| **9/30/2021** | $24607 | $15046 | $17225 |
| **10/31/2021** | $26512 | $16063 | $18717 |
| **11/30/2021** | $25632 | $15819 | $18831 |
| **12/31/2021** | $22860 | $16442 | $19229 |
| **1/31/2022** | $17797 | $15474 | $17579 |
| **2/28/2022** | $17591 | $15085 | $16832 |
| **3/31/2022** | $16716 | $15574 | $17491 |
| **4/30/2022** | $12923 | $14176 | $15379 |
| **5/31/2022** | $10726 | $14157 | $15021 |
| **6/30/2022** | $9817 | $12973 | $13831 |
| **7/31/2022** | $11155 | $14190 | $15491 |
| **8/31/2022** | $11361 | $13660 | $14770 |
| **9/30/2022** | $10177 | $12394 | $13334 |
| **10/31/2022** | $10434 | $13410 | $14113 |
| **11/30/2022** | $10177 | $14110 | $14756 |
| **12/31/2022** | $9096 | $13284 | $13627 |
| **1/31/2023** | $10709 | $14199 | $14762 |
| **2/28/2023** | $10263 | $13867 | $14587 |
| **3/31/2023** | $10623 | $14238 | $15584 |
| **4/30/2023** | $9971 | $14389 | $15738 |
| **5/31/2023** | $11018 | $14445 | $16455 |
| **6/30/2023** | $11979 | $15432 | $17580 |
| **7/31/2023** | $13043 | $15985 | $18173 |
| **8/31/2023** | $11859 | $15676 | $18010 |
| **9/30/2023** | $11190 | $14930 | $17030 |
| **10/31/2023** | $10108 | $14534 | $16788 |
| **11/30/2023** | $11979 | $15889 | $18618 |
| **12/31/2023** | $13455 | $16732 | $19442 |
| **1/31/2024** | $12631 | $16917 | $19927 |
| **2/29/2024** | $14124 | $17833 | $21287 |
| **3/31/2024** | $14433 | $18408 | $21661 |
| **4/30/2024** | $13060 | $17598 | $20743 |
| **5/31/2024** | $12803 | $18430 | $21984 |
| **6/30/2024** | $13506 | $19000 | $23467 |
| **7/31/2024** | $13661 | $19353 | $23068 |
| **8/31/2024** | $14622 | $19775 | $23548 |
| **9/30/2024** | $15497 | $20184 | $24215 |
| **10/31/2024** | $16561 | $20036 | $24135 |
| **11/30/2024** | $20354 | $21368 | $25700 |
| **12/31/2024** | $19427 | $20715 | $25927 |
| **1/31/2025** | $21315 | $21369 | $26440 |
| **2/28/2025** | $19873 | $20960 | $25490 |
| **3/31/2025** | $17437 | $19737 | $23343 |
| **4/30/2025** | $18947 | $19605 | $23756 |
| **5/31/2025** | $21624 | $20847 | $25858 |
| **6/30/2025** | $23100 | $21906 | $27507 |
| **7/31/2025** | $23546 | $22389 | $28545 |
| **8/31/2025** | $24215 | $22907 | $28865 |
| **9/30/2025** | $25880 | $23698 | $30398 |
| **10/31/2025** | $26138 | $24205 | $31502 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD9B | **1 Year** | **5 Years** | **Since Inception 10/18/19** |
| Class R6 | 57.82% | 6.46% | 17.25% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 20.81% | 16.74% | 15.77% |
| Russell 1000<sup>®</sup> Growth Index<sup>Footnote Reference(b)</sup> | 30.52% | 19.24% | 20.93% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1737235840 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10473900 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 47.2% |
| Consumer Discretionary | 17.3 |
| Financials | 9.4 |
| Health Care | 7.4 |
| Communication Services | 5.8 |
| Industrials | 5.0 |
| Repurchase Agreements | 8.0 |
| Other Investment Company | 0.6 |
| Purchased Options | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.7) |

---

---

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

---

Transamerica Capital Growth

Class R6

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cloudflare, Inc., Class A | 14.8% |
| Tesla, Inc. | 8.8 |
| AppLovin Corp., Class A | 6.6 |
| Affirm Holdings, Inc. | 6.0 |
| ROBLOX Corp., Class A | 5.8 |
| Snowflake, Inc., Class A | 5.0 |
| Royalty Pharma PLC, Class A | 4.7 |
| Shopify, Inc., Class A | 4.7 |
| DoorDash, Inc., Class A | 4.4 |
| Strategy, Inc., Class A | 4.3 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Capital Growth

Class R6

![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class A

## TABDX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $78 | 0.76% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 5.64%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g03z84.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Aggregate Bond Index** |
| **11/1/2022** | $9524 | $10000 |
| **11/30/2022** | $9810 | $10368 |
| **12/31/2022** | $9789 | $10321 |
| **1/31/2023** | $10090 | $10639 |
| **2/28/2023** | $9841 | $10363 |
| **3/31/2023** | $10068 | $10627 |
| **4/30/2023** | $10120 | $10691 |
| **5/31/2023** | $10012 | $10575 |
| **6/30/2023** | $9996 | $10537 |
| **7/31/2023** | $9993 | $10530 |
| **8/31/2023** | $9933 | $10462 |
| **9/30/2023** | $9685 | $10197 |
| **10/31/2023** | $9533 | $10036 |
| **11/30/2023** | $9954 | $10490 |
| **12/31/2023** | $10330 | $10892 |
| **1/31/2024** | $10317 | $10862 |
| **2/29/2024** | $10171 | $10708 |
| **3/31/2024** | $10268 | $10807 |
| **4/30/2024** | $10004 | $10534 |
| **5/31/2024** | $10173 | $10713 |
| **6/30/2024** | $10292 | $10814 |
| **7/31/2024** | $10473 | $11067 |
| **8/31/2024** | $10642 | $11226 |
| **9/30/2024** | $10774 | $11376 |
| **10/31/2024** | $10517 | $11094 |
| **11/30/2024** | $10626 | $11211 |
| **12/31/2024** | $10441 | $11028 |
| **1/31/2025** | $10501 | $11086 |
| **2/28/2025** | $10705 | $11330 |
| **3/31/2025** | $10694 | $11335 |
| **4/30/2025** | $10717 | $11379 |
| **5/31/2025** | $10653 | $11298 |
| **6/30/2025** | $10826 | $11471 |
| **7/31/2025** | $10813 | $11441 |
| **8/31/2025** | $10939 | $11578 |
| **9/30/2025** | $11049 | $11704 |
| **10/31/2025** | $11110 | $11777 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CW1 | **1 Year** | **Since Inception 11/1/22** |
| Class A with Load | 0.61% | 3.57% |
| Class A | 5.64% | 5.27% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | 5.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class C

## TABEX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $156 | 1.52% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 4.84%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g51h22.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Aggregate Bond Index** |
| **11/1/2022** | $10000 | $10000 |
| **11/30/2022** | $10294 | $10368 |
| **12/31/2022** | $10274 | $10321 |
| **1/31/2023** | $10558 | $10639 |
| **2/28/2023** | $10303 | $10363 |
| **3/31/2023** | $10535 | $10627 |
| **4/30/2023** | $10547 | $10691 |
| **5/31/2023** | $10429 | $10575 |
| **6/30/2023** | $10408 | $10537 |
| **7/31/2023** | $10400 | $10530 |
| **8/31/2023** | $10331 | $10462 |
| **9/30/2023** | $10067 | $10197 |
| **10/31/2023** | $9901 | $10036 |
| **11/30/2023** | $10334 | $10490 |
| **12/31/2023** | $10719 | $10892 |
| **1/31/2024** | $10698 | $10862 |
| **2/29/2024** | $10540 | $10708 |
| **3/31/2024** | $10645 | $10807 |
| **4/30/2024** | $10364 | $10534 |
| **5/31/2024** | $10520 | $10713 |
| **6/30/2024** | $10637 | $10814 |
| **7/31/2024** | $10817 | $11067 |
| **8/31/2024** | $10985 | $11226 |
| **9/30/2024** | $11127 | $11376 |
| **10/31/2024** | $10841 | $11094 |
| **11/30/2024** | $10946 | $11211 |
| **12/31/2024** | $10761 | $11028 |
| **1/31/2025** | $10802 | $11086 |
| **2/28/2025** | $11020 | $11330 |
| **3/31/2025** | $11001 | $11335 |
| **4/30/2025** | $11018 | $11379 |
| **5/31/2025** | $10945 | $11298 |
| **6/30/2025** | $11116 | $11471 |
| **7/31/2025** | $11082 | $11441 |
| **8/31/2025** | $11204 | $11578 |
| **9/30/2025** | $11324 | $11704 |
| **10/31/2025** | $11366 | $11777 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CW3 | **1 Year** | **Since Inception 11/1/22** |
| Class C with Load | 3.84% | 4.36% |
| Class C | 4.84% | 4.36% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | 5.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class I

## TABGX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.44% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 6.11%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g14t70.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg US Aggregate Bond Index** |
| **11/1/2022** | $10000 | $10000 |
| **11/30/2022** | $10328 | $10368 |
| **12/31/2022** | $10310 | $10321 |
| **1/31/2023** | $10620 | $10639 |
| **2/28/2023** | $10372 | $10363 |
| **3/31/2023** | $10602 | $10627 |
| **4/30/2023** | $10673 | $10691 |
| **5/31/2023** | $10540 | $10575 |
| **6/30/2023** | $10527 | $10537 |
| **7/31/2023** | $10528 | $10530 |
| **8/31/2023** | $10467 | $10462 |
| **9/30/2023** | $10207 | $10197 |
| **10/31/2023** | $10047 | $10036 |
| **11/30/2023** | $10469 | $10490 |
| **12/31/2023** | $10869 | $10892 |
| **1/31/2024** | $10857 | $10862 |
| **2/29/2024** | $10704 | $10708 |
| **3/31/2024** | $10820 | $10807 |
| **4/30/2024** | $10531 | $10534 |
| **5/31/2024** | $10712 | $10713 |
| **6/30/2024** | $10841 | $10814 |
| **7/31/2024** | $11035 | $11067 |
| **8/31/2024** | $11217 | $11226 |
| **9/30/2024** | $11360 | $11376 |
| **10/31/2024** | $11090 | $11094 |
| **11/30/2024** | $11208 | $11211 |
| **12/31/2024** | $11027 | $11028 |
| **1/31/2025** | $11080 | $11086 |
| **2/28/2025** | $11313 | $11330 |
| **3/31/2025** | $11304 | $11335 |
| **4/30/2025** | $11331 | $11379 |
| **5/31/2025** | $11267 | $11298 |
| **6/30/2025** | $11453 | $11471 |
| **7/31/2025** | $11429 | $11441 |
| **8/31/2025** | $11566 | $11578 |
| **9/30/2025** | $11700 | $11704 |
| **10/31/2025** | $11768 | $11777 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CW8 | **1 Year** | **Since Inception 11/1/22** |
| Class I | 6.11% | 5.58% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | 5.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $44 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 5.99%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g87f33.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I2** | **Bloomberg US Aggregate Bond Index** |
| **3/24/2017** | $10000 | $10000 |
| **4/30/2017** | $10018 | $10017 |
| **5/31/2017** | $10099 | $10095 |
| **6/30/2017** | $10179 | $10172 |
| **7/31/2017** | $10189 | $10162 |
| **8/31/2017** | $10229 | $10206 |
| **9/30/2017** | $10319 | $10297 |
| **10/31/2017** | $10293 | $10254 |
| **11/30/2017** | $10284 | $10241 |
| **12/31/2017** | $10325 | $10288 |
| **1/31/2018** | $10215 | $10169 |
| **2/28/2018** | $10105 | $10073 |
| **3/31/2018** | $10159 | $10138 |
| **4/30/2018** | $10092 | $10062 |
| **5/31/2018** | $10157 | $10134 |
| **6/30/2018** | $10141 | $10122 |
| **7/31/2018** | $10145 | $10124 |
| **8/31/2018** | $10211 | $10189 |
| **9/30/2018** | $10153 | $10124 |
| **10/31/2018** | $10064 | $10044 |
| **11/30/2018** | $10099 | $10104 |
| **12/31/2018** | $10258 | $10289 |
| **1/31/2019** | $10379 | $10398 |
| **2/28/2019** | $10392 | $10392 |
| **3/31/2019** | $10595 | $10592 |
| **4/30/2019** | $10600 | $10595 |
| **5/31/2019** | $10784 | $10783 |
| **6/30/2019** | $10916 | $10918 |
| **7/31/2019** | $10952 | $10942 |
| **8/31/2019** | $11242 | $11226 |
| **9/30/2019** | $11174 | $11166 |
| **10/31/2019** | $11209 | $11200 |
| **11/30/2019** | $11200 | $11194 |
| **12/31/2019** | $11181 | $11186 |
| **1/31/2020** | $11420 | $11401 |
| **2/29/2020** | $11615 | $11607 |
| **3/31/2020** | $11295 | $11538 |
| **4/30/2020** | $11557 | $11743 |
| **5/31/2020** | $11653 | $11798 |
| **6/30/2020** | $11780 | $11872 |
| **7/31/2020** | $11984 | $12050 |
| **8/31/2020** | $11897 | $11952 |
| **9/30/2020** | $11897 | $11946 |
| **10/31/2020** | $11851 | $11892 |
| **11/30/2020** | $12001 | $12009 |
| **12/31/2020** | $12036 | $12026 |
| **1/31/2021** | $11951 | $11939 |
| **2/28/2021** | $11754 | $11767 |
| **3/31/2021** | $11636 | $11620 |
| **4/30/2021** | $11746 | $11712 |
| **5/31/2021** | $11799 | $11750 |
| **6/30/2021** | $11899 | $11833 |
| **7/31/2021** | $12021 | $11965 |
| **8/31/2021** | $12006 | $11942 |
| **9/30/2021** | $11898 | $11839 |
| **10/31/2021** | $11904 | $11836 |
| **11/30/2021** | $11933 | $11871 |
| **12/31/2021** | $11923 | $11840 |
| **1/31/2022** | $11672 | $11585 |
| **2/28/2022** | $11540 | $11456 |
| **3/31/2022** | $11259 | $11138 |
| **4/30/2022** | $10844 | $10715 |
| **5/31/2022** | $10867 | $10784 |
| **6/30/2022** | $10677 | $10615 |
| **7/31/2022** | $10927 | $10874 |
| **8/31/2022** | $10644 | $10567 |
| **9/30/2022** | $10187 | $10110 |
| **10/31/2022** | $10038 | $9979 |
| **11/30/2022** | $10369 | $10346 |
| **12/31/2022** | $10352 | $10300 |
| **1/31/2023** | $10663 | $10617 |
| **2/28/2023** | $10414 | $10342 |
| **3/31/2023** | $10645 | $10605 |
| **4/30/2023** | $10716 | $10669 |
| **5/31/2023** | $10605 | $10553 |
| **6/30/2023** | $10592 | $10515 |
| **7/31/2023** | $10593 | $10508 |
| **8/31/2023** | $10532 | $10441 |
| **9/30/2023** | $10272 | $10176 |
| **10/31/2023** | $10112 | $10015 |
| **11/30/2023** | $10550 | $10469 |
| **12/31/2023** | $10965 | $10869 |
| **1/31/2024** | $10954 | $10839 |
| **2/29/2024** | $10801 | $10686 |
| **3/31/2024** | $10906 | $10785 |
| **4/30/2024** | $10628 | $10513 |
| **5/31/2024** | $10797 | $10691 |
| **6/30/2024** | $10940 | $10792 |
| **7/31/2024** | $11135 | $11044 |
| **8/31/2024** | $11318 | $11203 |
| **9/30/2024** | $11461 | $11353 |
| **10/31/2024** | $11191 | $11071 |
| **11/30/2024** | $11309 | $11188 |
| **12/31/2024** | $11128 | $11005 |
| **1/31/2025** | $11182 | $11064 |
| **2/28/2025** | $11416 | $11307 |
| **3/31/2025** | $11394 | $11311 |
| **4/30/2025** | $11421 | $11356 |
| **5/31/2025** | $11356 | $11274 |
| **6/30/2025** | $11544 | $11448 |
| **7/31/2025** | $11533 | $11418 |
| **8/31/2025** | $11671 | $11554 |
| **9/30/2025** | $11793 | $11680 |
| **10/31/2025** | $11862 | $11753 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CW4 | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class I2 | 5.99% | 0.02% | 2.00% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class I3

## TMBTX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $44 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 6.11%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class I3

## Fund Overview

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

![Growth of 10K Chart](g67628g74o99.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I3** | **Bloomberg US Aggregate Bond Index** |
| **3/24/2017** | $10000 | $10000 |
| **4/30/2017** | $10003 | $10017 |
| **5/31/2017** | $10094 | $10095 |
| **6/30/2017** | $10174 | $10172 |
| **7/31/2017** | $10173 | $10162 |
| **8/31/2017** | $10224 | $10206 |
| **9/30/2017** | $10313 | $10297 |
| **10/31/2017** | $10287 | $10254 |
| **11/30/2017** | $10278 | $10241 |
| **12/31/2017** | $10320 | $10288 |
| **1/31/2018** | $10210 | $10169 |
| **2/28/2018** | $10100 | $10073 |
| **3/31/2018** | $10154 | $10138 |
| **4/30/2018** | $10087 | $10062 |
| **5/31/2018** | $10152 | $10134 |
| **6/30/2018** | $10136 | $10122 |
| **7/31/2018** | $10140 | $10124 |
| **8/31/2018** | $10206 | $10189 |
| **9/30/2018** | $10148 | $10124 |
| **10/31/2018** | $10059 | $10044 |
| **11/30/2018** | $10094 | $10104 |
| **12/31/2018** | $10254 | $10289 |
| **1/31/2019** | $10374 | $10398 |
| **2/28/2019** | $10377 | $10392 |
| **3/31/2019** | $10579 | $10592 |
| **4/30/2019** | $10584 | $10595 |
| **5/31/2019** | $10778 | $10783 |
| **6/30/2019** | $10910 | $10918 |
| **7/31/2019** | $10945 | $10942 |
| **8/31/2019** | $11234 | $11226 |
| **9/30/2019** | $11156 | $11166 |
| **10/31/2019** | $11191 | $11200 |
| **11/30/2019** | $11193 | $11194 |
| **12/31/2019** | $11173 | $11186 |
| **1/31/2020** | $11412 | $11401 |
| **2/29/2020** | $11606 | $11607 |
| **3/31/2020** | $11287 | $11538 |
| **4/30/2020** | $11549 | $11743 |
| **5/31/2020** | $11645 | $11798 |
| **6/30/2020** | $11771 | $11872 |
| **7/31/2020** | $11974 | $12050 |
| **8/31/2020** | $11888 | $11952 |
| **9/30/2020** | $11888 | $11946 |
| **10/31/2020** | $11843 | $11892 |
| **11/30/2020** | $11992 | $12009 |
| **12/31/2020** | $12026 | $12026 |
| **1/31/2021** | $11942 | $11939 |
| **2/28/2021** | $11734 | $11767 |
| **3/31/2021** | $11628 | $11620 |
| **4/30/2021** | $11738 | $11712 |
| **5/31/2021** | $11791 | $11750 |
| **6/30/2021** | $11890 | $11833 |
| **7/31/2021** | $12012 | $11965 |
| **8/31/2021** | $11997 | $11942 |
| **9/30/2021** | $11890 | $11839 |
| **10/31/2021** | $11896 | $11836 |
| **11/30/2021** | $11925 | $11871 |
| **12/31/2021** | $11914 | $11840 |
| **1/31/2022** | $11664 | $11585 |
| **2/28/2022** | $11532 | $11456 |
| **3/31/2022** | $11252 | $11138 |
| **4/30/2022** | $10826 | $10715 |
| **5/31/2022** | $10861 | $10784 |
| **6/30/2022** | $10671 | $10615 |
| **7/31/2022** | $10921 | $10874 |
| **8/31/2022** | $10627 | $10567 |
| **9/30/2022** | $10171 | $10110 |
| **10/31/2022** | $10022 | $9979 |
| **11/30/2022** | $10364 | $10346 |
| **12/31/2022** | $10347 | $10300 |
| **1/31/2023** | $10645 | $10617 |
| **2/28/2023** | $10398 | $10342 |
| **3/31/2023** | $10640 | $10605 |
| **4/30/2023** | $10699 | $10669 |
| **5/31/2023** | $10600 | $10553 |
| **6/30/2023** | $10575 | $10515 |
| **7/31/2023** | $10588 | $10508 |
| **8/31/2023** | $10516 | $10441 |
| **9/30/2023** | $10256 | $10176 |
| **10/31/2023** | $10097 | $10015 |
| **11/30/2023** | $10546 | $10469 |
| **12/31/2023** | $10960 | $10869 |
| **1/31/2024** | $10936 | $10839 |
| **2/29/2024** | $10784 | $10686 |
| **3/31/2024** | $10901 | $10785 |
| **4/30/2024** | $10611 | $10513 |
| **5/31/2024** | $10793 | $10691 |
| **6/30/2024** | $10922 | $10792 |
| **7/31/2024** | $11117 | $11044 |
| **8/31/2024** | $11313 | $11203 |
| **9/30/2024** | $11456 | $11353 |
| **10/31/2024** | $11173 | $11071 |
| **11/30/2024** | $11291 | $11188 |
| **12/31/2024** | $11111 | $11005 |
| **1/31/2025** | $11164 | $11064 |
| **2/28/2025** | $11398 | $11307 |
| **3/31/2025** | $11389 | $11311 |
| **4/30/2025** | $11417 | $11356 |
| **5/31/2025** | $11352 | $11274 |
| **6/30/2025** | $11539 | $11448 |
| **7/31/2025** | $11515 | $11418 |
| **8/31/2025** | $11652 | $11554 |
| **9/30/2025** | $11787 | $11680 |
| **10/31/2025** | $11856 | $11753 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CWD | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class I3 | 6.11% | 0.02% | 2.00% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class I3

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class I3

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class I3
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class R

## TMBRX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $95 | 0.92% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 5.46%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class R

## Fund Overview

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

![Growth of 10K Chart](g67628g88v24.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg US Aggregate Bond Index** |
| **3/24/2017** | $10000 | $10000 |
| **4/30/2017** | $10002 | $10017 |
| **5/31/2017** | $10088 | $10095 |
| **6/30/2017** | $10163 | $10172 |
| **7/31/2017** | $10163 | $10162 |
| **8/31/2017** | $10200 | $10206 |
| **9/30/2017** | $10295 | $10297 |
| **10/31/2017** | $10250 | $10254 |
| **11/30/2017** | $10237 | $10241 |
| **12/31/2017** | $10284 | $10288 |
| **1/31/2018** | $10170 | $10169 |
| **2/28/2018** | $10056 | $10073 |
| **3/31/2018** | $10106 | $10138 |
| **4/30/2018** | $10025 | $10062 |
| **5/31/2018** | $10085 | $10134 |
| **6/30/2018** | $10065 | $10122 |
| **7/31/2018** | $10076 | $10124 |
| **8/31/2018** | $10136 | $10189 |
| **9/30/2018** | $10065 | $10124 |
| **10/31/2018** | $9982 | $10044 |
| **11/30/2018** | $10013 | $10104 |
| **12/31/2018** | $10155 | $10289 |
| **1/31/2019** | $10280 | $10398 |
| **2/28/2019** | $10279 | $10392 |
| **3/31/2019** | $10475 | $10592 |
| **4/30/2019** | $10475 | $10595 |
| **5/31/2019** | $10652 | $10783 |
| **6/30/2019** | $10789 | $10918 |
| **7/31/2019** | $10819 | $10942 |
| **8/31/2019** | $11089 | $11226 |
| **9/30/2019** | $11018 | $11166 |
| **10/31/2019** | $11047 | $11200 |
| **11/30/2019** | $11045 | $11194 |
| **12/31/2019** | $11014 | $11186 |
| **1/31/2020** | $11245 | $11401 |
| **2/29/2020** | $11432 | $11607 |
| **3/31/2020** | $11123 | $11538 |
| **4/30/2020** | $11377 | $11743 |
| **5/31/2020** | $11466 | $11798 |
| **6/30/2020** | $11585 | $11872 |
| **7/31/2020** | $11779 | $12050 |
| **8/31/2020** | $11687 | $11952 |
| **9/30/2020** | $11682 | $11946 |
| **10/31/2020** | $11631 | $11892 |
| **11/30/2020** | $11773 | $12009 |
| **12/31/2020** | $11802 | $12026 |
| **1/31/2021** | $11714 | $11939 |
| **2/28/2021** | $11517 | $11767 |
| **3/31/2021** | $11397 | $11620 |
| **4/30/2021** | $11500 | $11712 |
| **5/31/2021** | $11547 | $11750 |
| **6/30/2021** | $11639 | $11833 |
| **7/31/2021** | $11764 | $11965 |
| **8/31/2021** | $11733 | $11942 |
| **9/30/2021** | $11635 | $11839 |
| **10/31/2021** | $11625 | $11836 |
| **11/30/2021** | $11648 | $11871 |
| **12/31/2021** | $11633 | $11840 |
| **1/31/2022** | $11384 | $11585 |
| **2/28/2022** | $11251 | $11456 |
| **3/31/2022** | $10973 | $11138 |
| **4/30/2022** | $10566 | $10715 |
| **5/31/2022** | $10583 | $10784 |
| **6/30/2022** | $10395 | $10615 |
| **7/31/2022** | $10633 | $10874 |
| **8/31/2022** | $10354 | $10567 |
| **9/30/2022** | $9896 | $10110 |
| **10/31/2022** | $9747 | $9979 |
| **11/30/2022** | $10075 | $10346 |
| **12/31/2022** | $10050 | $10300 |
| **1/31/2023** | $10346 | $10617 |
| **2/28/2023** | $10102 | $10342 |
| **3/31/2023** | $10333 | $10605 |
| **4/30/2023** | $10386 | $10669 |
| **5/31/2023** | $10274 | $10553 |
| **6/30/2023** | $10258 | $10515 |
| **7/31/2023** | $10254 | $10508 |
| **8/31/2023** | $10192 | $10441 |
| **9/30/2023** | $9936 | $10176 |
| **10/31/2023** | $9779 | $10015 |
| **11/30/2023** | $10208 | $10469 |
| **12/31/2023** | $10592 | $10869 |
| **1/31/2024** | $10577 | $10839 |
| **2/29/2024** | $10426 | $10686 |
| **3/31/2024** | $10522 | $10785 |
| **4/30/2024** | $10251 | $10513 |
| **5/31/2024** | $10410 | $10691 |
| **6/30/2024** | $10543 | $10792 |
| **7/31/2024** | $10726 | $11044 |
| **8/31/2024** | $10897 | $11203 |
| **9/30/2024** | $11030 | $11353 |
| **10/31/2024** | $10767 | $11071 |
| **11/30/2024** | $10876 | $11188 |
| **12/31/2024** | $10698 | $11005 |
| **1/31/2025** | $10745 | $11064 |
| **2/28/2025** | $10965 | $11307 |
| **3/31/2025** | $10952 | $11311 |
| **4/30/2025** | $10974 | $11356 |
| **5/31/2025** | $10895 | $11274 |
| **6/30/2025** | $11083 | $11448 |
| **7/31/2025** | $11055 | $11418 |
| **8/31/2025** | $11182 | $11554 |
| **9/30/2025** | $11293 | $11680 |
| **10/31/2025** | $11355 | $11753 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CW5 | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class R | 5.46% | (0.48%) | 1.49% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class R

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class R

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class R
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class R4

## TMBFX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 5.75%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class R4

## Fund Overview

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

![Growth of 10K Chart](g67628g12f55.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R4** | **Bloomberg US Aggregate Bond Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9981 | $9974 |
| **12/31/2015** | $9940 | $9941 |
| **1/31/2016** | $10053 | $10078 |
| **2/29/2016** | $10091 | $10150 |
| **3/31/2016** | $10193 | $10243 |
| **4/30/2016** | $10250 | $10282 |
| **5/31/2016** | $10269 | $10285 |
| **6/30/2016** | $10451 | $10469 |
| **7/31/2016** | $10536 | $10536 |
| **8/31/2016** | $10536 | $10524 |
| **9/30/2016** | $10536 | $10517 |
| **10/31/2016** | $10469 | $10437 |
| **11/30/2016** | $10240 | $10190 |
| **12/31/2016** | $10260 | $10205 |
| **1/31/2017** | $10298 | $10225 |
| **2/28/2017** | $10376 | $10293 |
| **3/31/2017** | $10366 | $10288 |
| **4/30/2017** | $10458 | $10367 |
| **5/31/2017** | $10538 | $10447 |
| **6/30/2017** | $10536 | $10437 |
| **7/31/2017** | $10586 | $10481 |
| **8/31/2017** | $10676 | $10575 |
| **10/31/2017** | $10644 | $10531 |
| **11/30/2017** | $10633 | $10518 |
| **12/31/2017** | $10674 | $10566 |
| **1/31/2018** | $10558 | $10444 |
| **2/28/2018** | $10442 | $10345 |
| **3/31/2018** | $10496 | $10412 |
| **4/30/2018** | $10424 | $10334 |
| **5/31/2018** | $10479 | $10408 |
| **6/30/2018** | $10460 | $10395 |
| **7/31/2018** | $10473 | $10398 |
| **8/31/2018** | $10539 | $10464 |
| **9/30/2018** | $10477 | $10397 |
| **10/31/2018** | $10383 | $10315 |
| **11/30/2018** | $10417 | $10377 |
| **12/31/2018** | $10579 | $10567 |
| **1/31/2019** | $10701 | $10679 |
| **2/28/2019** | $10713 | $10673 |
| **3/31/2019** | $10919 | $10878 |
| **4/30/2019** | $10922 | $10881 |
| **5/31/2019** | $11109 | $11074 |
| **6/30/2019** | $11243 | $11213 |
| **7/31/2019** | $11277 | $11238 |
| **8/31/2019** | $11573 | $11529 |
| **9/30/2019** | $11501 | $11468 |
| **10/31/2019** | $11535 | $11502 |
| **11/30/2019** | $11524 | $11496 |
| **12/31/2019** | $11501 | $11488 |
| **1/31/2020** | $11745 | $11709 |
| **2/29/2020** | $11943 | $11920 |
| **3/31/2020** | $11612 | $11850 |
| **4/30/2020** | $11879 | $12061 |
| **5/31/2020** | $11976 | $12117 |
| **6/30/2020** | $12103 | $12193 |
| **7/31/2020** | $12310 | $12375 |
| **8/31/2020** | $12218 | $12275 |
| **9/30/2020** | $12215 | $12269 |
| **10/31/2020** | $12167 | $12214 |
| **11/30/2020** | $12318 | $12334 |
| **12/31/2020** | $12362 | $12351 |
| **1/31/2021** | $12273 | $12262 |
| **2/28/2021** | $12058 | $12085 |
| **3/31/2021** | $11935 | $11934 |
| **4/30/2021** | $12045 | $12028 |
| **5/31/2021** | $12097 | $12068 |
| **6/30/2021** | $12196 | $12152 |
| **7/31/2021** | $12330 | $12288 |
| **8/31/2021** | $12301 | $12265 |
| **9/30/2021** | $12200 | $12159 |
| **10/31/2021** | $12192 | $12155 |
| **11/30/2021** | $12219 | $12191 |
| **12/31/2021** | $12206 | $12160 |
| **1/31/2022** | $11947 | $11898 |
| **2/28/2022** | $11810 | $11765 |
| **3/31/2022** | $11521 | $11439 |
| **4/30/2022** | $11095 | $11005 |
| **5/31/2022** | $11116 | $11075 |
| **6/30/2022** | $10920 | $10902 |
| **7/31/2022** | $11173 | $11168 |
| **8/31/2022** | $10882 | $10853 |
| **9/30/2022** | $10402 | $10384 |
| **10/31/2022** | $10260 | $10249 |
| **11/30/2022** | $10595 | $10626 |
| **12/31/2022** | $10573 | $10578 |
| **1/31/2023** | $10888 | $10904 |
| **2/28/2023** | $10633 | $10622 |
| **3/31/2023** | $10878 | $10891 |
| **4/30/2023** | $10937 | $10957 |
| **5/31/2023** | $10822 | $10838 |
| **6/30/2023** | $10807 | $10799 |
| **7/31/2023** | $10805 | $10792 |
| **8/31/2023** | $10742 | $10723 |
| **9/30/2023** | $10475 | $10451 |
| **10/31/2023** | $10311 | $10286 |
| **11/30/2023** | $10767 | $10751 |
| **12/31/2023** | $11174 | $11163 |
| **1/31/2024** | $11161 | $11132 |
| **2/29/2024** | $11003 | $10975 |
| **3/31/2024** | $11108 | $11076 |
| **4/30/2024** | $10824 | $10797 |
| **5/31/2024** | $10994 | $10980 |
| **6/30/2024** | $11137 | $11084 |
| **7/31/2024** | $11333 | $11342 |
| **8/31/2024** | $11517 | $11505 |
| **9/30/2024** | $11660 | $11660 |
| **10/31/2024** | $11384 | $11370 |
| **11/30/2024** | $11502 | $11491 |
| **12/31/2024** | $11316 | $11303 |
| **1/31/2025** | $11368 | $11362 |
| **2/28/2025** | $11604 | $11612 |
| **3/31/2025** | $11579 | $11617 |
| **4/30/2025** | $11605 | $11663 |
| **5/31/2025** | $11537 | $11579 |
| **6/30/2025** | $11726 | $11757 |
| **7/31/2025** | $11712 | $11726 |
| **8/31/2025** | $11850 | $11866 |
| **9/30/2025** | $11971 | $11996 |
| **10/31/2025** | $12038 | $12071 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CWE | **1 Year** | **5 Years** | **10 Years** |
| Class R4 | 5.75% | (0.21%) | 1.87% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | (0.24%) | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class R4

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class R4

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class R4
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Core Bond

# Class R6

## TAGMX
October 31, 2025

## Fund Overview
Transamerica Core Bond (the "Fund") seeks to achieve maximum total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $44 | 0.43% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 5.99%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 6.16%.

* The Fund was overweight to credit relative to its benchmark, the Bloomberg US Aggregate Bond Index, during the fiscal year ended October 31, 2025. This positioning contributed to relative returns as the Fund generated additional yield compared to the benchmark.

* While overall duration was managed relatively in line with the benchmark, overweight portfolio positioning around the 5- to 10-year portion of the yield curve benefited relative performance.

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

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

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

* Within corporate credit, selection in banking, consumer non-cyclicals and technology contributed the most to relative returns while allocations to banking and electric utilities, as well as security selection in finance companies, detracted.

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

* Investment grade corporate credit remained a core holding in the Fund at fiscal year-end, but exposures were adjusted over the period to take advantage of attractive exit/entry points and to achieve desired sub-sector positioning. Notable sub-sector changes included increases to banking and insurance and decreases to technology and energy.

* Allocations to commercial mortgage-backed securities decreased as the sub-adviser chose not to replace exposure that paid off during the period given views at that time on sector fundamentals, technical and valuations.

* While still at relatively low levels compared to historical allocations, the sub-adviser opportunistically increased exposure to high yield corporate credits it viewed favorably from a risk-reward perspective during the fiscal year.

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

# Transamerica Core Bond

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g24w86.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Bloomberg US Aggregate Bond Index** |
| **5/28/2021** | $10000 | $10000 |
| **6/30/2021** | $10084 | $10070 |
| **7/31/2021** | $10187 | $10183 |
| **8/31/2021** | $10175 | $10163 |
| **9/30/2021** | $10084 | $10075 |
| **10/31/2021** | $10089 | $10073 |
| **11/30/2021** | $10114 | $10103 |
| **12/31/2021** | $10105 | $10077 |
| **1/31/2022** | $9893 | $9860 |
| **2/28/2022** | $9781 | $9750 |
| **3/31/2022** | $9543 | $9479 |
| **4/30/2022** | $9192 | $9119 |
| **5/31/2022** | $9212 | $9178 |
| **6/30/2022** | $9051 | $9034 |
| **7/31/2022** | $9262 | $9255 |
| **8/31/2022** | $9023 | $8993 |
| **9/30/2022** | $8627 | $8604 |
| **10/31/2022** | $8501 | $8493 |
| **11/30/2022** | $8790 | $8805 |
| **12/31/2022** | $8776 | $8766 |
| **1/31/2023** | $9039 | $9035 |
| **2/28/2023** | $8819 | $8802 |
| **3/31/2023** | $9026 | $9025 |
| **4/30/2023** | $9075 | $9080 |
| **5/31/2023** | $8992 | $8981 |
| **6/30/2023** | $8971 | $8949 |
| **7/31/2023** | $8982 | $8943 |
| **8/31/2023** | $8931 | $8886 |
| **9/30/2023** | $8700 | $8660 |
| **10/31/2023** | $8565 | $8523 |
| **11/30/2023** | $8946 | $8909 |
| **12/31/2023** | $9298 | $9250 |
| **1/31/2024** | $9278 | $9225 |
| **2/29/2024** | $9149 | $9095 |
| **3/31/2024** | $9248 | $9179 |
| **4/30/2024** | $9014 | $8947 |
| **5/31/2024** | $9157 | $9098 |
| **6/30/2024** | $9267 | $9185 |
| **7/31/2024** | $9433 | $9399 |
| **8/31/2024** | $9599 | $9534 |
| **9/30/2024** | $9720 | $9662 |
| **10/31/2024** | $9491 | $9422 |
| **11/30/2024** | $9591 | $9522 |
| **12/31/2024** | $9427 | $9366 |
| **1/31/2025** | $9473 | $9416 |
| **2/28/2025** | $9671 | $9623 |
| **3/31/2025** | $9664 | $9626 |
| **4/30/2025** | $9687 | $9664 |
| **5/31/2025** | $9632 | $9595 |
| **6/30/2025** | $9791 | $9743 |
| **7/31/2025** | $9770 | $9717 |
| **8/31/2025** | $9887 | $9833 |
| **9/30/2025** | $10002 | $9940 |
| **10/31/2025** | $10060 | $10002 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CWB | **1 Year** | **Since Inception 5/28/21** |
| Class R6 | 5.99% | 0.14% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 6.16% | 0.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1789670163 |
| Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 75% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6594814 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.15 years |
| Duration<sup>Footnote Reference†</sup> | 5.85 years |

---

---

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

---

# Transamerica Core Bond

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 52.4% |
| AAA | 9.4 |
| AA | 1 |
| A | 10.1 |
| BBB | 21.7 |
| BB | 3.4 |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.3 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 34.6% |
| U.S. Government Obligations | 28.2 |
| U.S. Government Agency Obligations | 24.2 |
| Commercial Paper | 15.6 |
| Mortgage-Backed Securities | 6.3 |
| Asset-Backed Securities | 4.5 |
| Short-Term U.S. Government Obligations | 3.2 |
| Repurchase Agreements | 1.7 |
| Foreign Government Obligations | 0.7 |
| Municipal Government Obligations | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (19.0) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 11/01/2055 | 4.1% |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 11/01/2055 | 3.0 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 11/01/2054 | 2.0 |
| U.S. Treasury Bills, 4.27%, 01/15/2026 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 11/01/2055 | 1.9 |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 11/01/2055 | 1.4 |
| U.S. Treasury Notes, 4.00%, 05/31/2030 | 1.4 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 2.50%, 01/15/2029 | 1.3 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.2 |

---

# Transamerica Core Bond
Class R6

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Core Bond

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class A

## EMTAX
October 31, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $133 | 1.26% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 10.93%. For the same period, the Fund's broad-based benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 12.16%. The performance benchmark, the Transamerica Emerging Markets Debt Blended Benchmark, returned 10.99% over the same period.

* The Fund at NAV performed in line with its blended benchmark during the fiscal year.

* The sub-adviser's high-yield bias proved favorable as a combination of risk appetite and specific factors related to individual credits or companies (i.e., idiosyncratic) exposures led to strong returns.

* Africa was the top-performing hard currency (i.e., U.S. dollar and euro) sovereign region during the fiscal year, as investor confidence coupled with positive headlines continued to support higher yielding countries including Zambia, Ghana, and Ivory Coast.

* Argentina bonds were a top performer during the fiscal year, following a strong supportive agreement with the International Monetary Fund ("IMF") and positive relations with the new U.S. administration, including a foreign exchange swap line, despite recent weakness heading into the mid-term elections.

* Pemex was a notable contributor to relative returns, as the quasi-sovereign company continued to receive government support, most recently through direct cash injections.

* Emerging market local currency assets continued to benefit from a weakening dollar environment due to a more isolationist U.S. policy combined with significant funding needs. Therefore, local overweights to Brazil, Zambia, Egypt, and South Africa aided relative returns. 

* Not owning India local credits proved beneficial, as geopolitical tension in the country pressured bond prices.

* In corporate bonds, an underweight to less volatile financial credits that did not benefit as much from the risk rally, coupled with exposures to higher-yielding issuers including Banorte, Sammaan Capital, and Ecobank, contributed to relative returns.

* Braskem bonds detracted due to several factors: a potential takeover by an unfriendly bidder, persistent weakness in the chemical sector, and the recent engagement of financial and legal advisors. 

* In Chile, Telefonica Moviles Chile underperformed amid a possible divestment by parent company Telefonica España, and WOM Chile struggled to significantly grow market share without compromising profitability following its final restructuring announcement at the end of 2024.

* The Fund maintained a modestly higher-quality bias into the second quarter of 2025, providing the Fund with the flexibility to increase risk exposure as opportunities emerged in disrupted markets following the April 2, 2025 U.S. tariff announcements. Later in the fiscal year, the Fund added some risk as the sub-adviser favored spread compression in high-yield assets and the macroeconomic backdrop remained supportive.

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

# Transamerica Emerging Markets Debt

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g91c83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **J.P. Morgan Emerging Markets Bond Index Global** | **Transamerica Emerging Markets Debt Blended Benchmark** |
| **10/31/2015** | $9528 | $10000 | $10000 |
| **11/30/2015** | $9489 | $9994 | $9915 |
| **12/31/2015** | $9268 | $9844 | $9754 |
| **1/31/2016** | $9159 | $9824 | $9745 |
| **2/29/2016** | $9268 | $10023 | $9891 |
| **3/31/2016** | $9783 | $10357 | $10386 |
| **4/30/2016** | $10065 | $10556 | $10599 |
| **5/31/2016** | $9864 | $10524 | $10423 |
| **6/30/2016** | $10296 | $10917 | $10808 |
| **7/31/2016** | $10446 | $11087 | $10946 |
| **8/31/2016** | $10607 | $11286 | $11067 |
| **9/30/2016** | $10710 | $11324 | $11153 |
| **10/31/2016** | $10659 | $11158 | $11067 |
| **11/30/2016** | $10243 | $10694 | $10592 |
| **12/31/2016** | $10449 | $10847 | $10734 |
| **1/31/2017** | $10665 | $11003 | $10907 |
| **2/28/2017** | $10891 | $11232 | $11098 |
| **3/31/2017** | $10987 | $11271 | $11201 |
| **4/30/2017** | $11132 | $11454 | $11348 |
| **5/31/2017** | $11236 | $11549 | $11473 |
| **6/30/2017** | $11255 | $11520 | $11487 |
| **7/31/2017** | $11444 | $11596 | $11617 |
| **8/31/2017** | $11633 | $11796 | $11788 |
| **9/30/2017** | $11667 | $11794 | $11790 |
| **10/31/2017** | $11614 | $11816 | $11712 |
| **11/30/2017** | $11635 | $11784 | $11761 |
| **12/31/2017** | $11745 | $11858 | $11871 |
| **1/31/2018** | $11939 | $11835 | $12026 |
| **2/28/2018** | $11766 | $11603 | $11863 |
| **3/31/2018** | $11791 | $11647 | $11907 |
| **4/30/2018** | $11596 | $11477 | $11713 |
| **5/31/2018** | $11248 | $11352 | $11465 |
| **6/30/2018** | $11017 | $11238 | $11310 |
| **7/31/2018** | $11314 | $11470 | $11513 |
| **8/31/2018** | $10797 | $11249 | $11182 |
| **9/30/2018** | $11094 | $11448 | $11375 |
| **10/31/2018** | $10841 | $11193 | $11196 |
| **11/30/2018** | $10808 | $11149 | $11268 |
| **12/31/2018** | $10923 | $11312 | $11398 |
| **1/31/2019** | $11466 | $11811 | $11870 |
| **2/28/2019** | $11500 | $11885 | $11902 |
| **3/31/2019** | $11484 | $12057 | $11968 |
| **4/30/2019** | $11507 | $12072 | $11999 |
| **5/31/2019** | $11507 | $12141 | $12054 |
| **6/30/2019** | $11992 | $12511 | $12475 |
| **7/31/2019** | $12082 | $12655 | $12599 |
| **8/31/2019** | $11642 | $12724 | $12529 |
| **9/30/2019** | $11777 | $12678 | $12577 |
| **10/31/2019** | $11971 | $12725 | $12740 |
| **11/30/2019** | $11891 | $12704 | $12680 |
| **12/31/2019** | $12331 | $12943 | $12964 |
| **1/31/2020** | $12458 | $13168 | $13062 |
| **2/29/2020** | $12261 | $13061 | $12891 |
| **3/31/2020** | $10333 | $11421 | $11376 |
| **4/30/2020** | $10720 | $11672 | $11761 |
| **5/31/2020** | $11552 | $12342 | $12341 |
| **6/30/2020** | $11869 | $12701 | $12603 |
| **7/31/2020** | $12315 | $13170 | $12982 |
| **8/31/2020** | $12432 | $13210 | $13024 |
| **9/30/2020** | $12115 | $12991 | $12848 |
| **10/31/2020** | $12115 | $12975 | $12870 |
| **11/30/2020** | $12760 | $13462 | $13371 |
| **12/31/2020** | $13157 | $13704 | $13663 |
| **1/31/2021** | $13015 | $13537 | $13558 |
| **2/28/2021** | $12755 | $13190 | $13323 |
| **3/31/2021** | $12459 | $13053 | $13122 |
| **4/30/2021** | $12732 | $13303 | $13326 |
| **5/31/2021** | $12922 | $13447 | $13507 |
| **6/30/2021** | $12963 | $13567 | $13539 |
| **7/31/2021** | $12975 | $13640 | $13558 |
| **8/31/2021** | $13142 | $13764 | $13666 |
| **9/30/2021** | $12818 | $13494 | $13399 |
| **10/31/2021** | $12746 | $13503 | $13327 |
| **11/30/2021** | $12396 | $13307 | $13124 |
| **12/31/2021** | $12580 | $13496 | $13270 |
| **1/31/2022** | $12347 | $13107 | $13058 |
| **2/28/2022** | $11821 | $12385 | $12389 |
| **3/31/2022** | $11832 | $12247 | $12173 |
| **4/30/2022** | $11167 | $11576 | $11632 |
| **5/31/2022** | $11204 | $11598 | $11677 |
| **6/30/2022** | $10415 | $10955 | $11170 |
| **7/31/2022** | $10737 | $11306 | $11345 |
| **8/31/2022** | $10724 | $11174 | $11301 |
| **9/30/2022** | $10008 | $10495 | $10745 |
| **10/31/2022** | $9945 | $10503 | $10642 |
| **11/30/2022** | $10734 | $11233 | $11325 |
| **12/31/2022** | $10823 | $11276 | $11474 |
| **1/31/2023** | $11316 | $11626 | $11869 |
| **2/28/2023** | $10987 | $11370 | $11598 |
| **3/31/2023** | $11154 | $11529 | $11832 |
| **4/30/2023** | $11218 | $11587 | $11920 |
| **5/31/2023** | $11180 | $11484 | $11803 |
| **6/30/2023** | $11515 | $11706 | $12042 |
| **7/31/2023** | $11787 | $11894 | $12255 |
| **8/31/2023** | $11541 | $11728 | $12077 |
| **9/30/2023** | $11252 | $11398 | $11804 |
| **10/31/2023** | $11133 | $11233 | $11675 |
| **11/30/2023** | $11739 | $11883 | $12245 |
| **12/31/2023** | $12184 | $12454 | $12700 |
| **1/31/2024** | $12144 | $12308 | $12616 |
| **2/29/2024** | $12224 | $12392 | $12656 |
| **3/31/2024** | $12391 | $12628 | $12783 |
| **4/30/2024** | $12162 | $12375 | $12572 |
| **5/31/2024** | $12351 | $12600 | $12777 |
| **6/30/2024** | $12335 | $12683 | $12807 |
| **7/31/2024** | $12567 | $12915 | $13043 |
| **8/31/2024** | $12799 | $13216 | $13347 |
| **9/30/2024** | $13090 | $13453 | $13624 |
| **10/31/2024** | $12826 | $13211 | $13309 |
| **11/30/2024** | $12896 | $13368 | $13369 |
| **12/31/2024** | $12705 | $13168 | $13197 |
| **1/31/2025** | $12904 | $13330 | $13371 |
| **2/28/2025** | $13046 | $13549 | $13547 |
| **3/31/2025** | $12939 | $13477 | $13588 |
| **4/30/2025** | $12968 | $13466 | $13696 |
| **5/31/2025** | $13155 | $13580 | $13824 |
| **6/30/2025** | $13453 | $13890 | $14117 |
| **7/31/2025** | $13569 | $14053 | $14188 |
| **8/31/2025** | $13802 | $14268 | $14420 |
| **9/30/2025** | $13978 | $14499 | $14610 |
| **10/31/2025** | $14213 | $14818 | $14772 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CN1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 5.56% | 2.24% | 3.58% |
| Class A | 10.93% | 3.25% | 4.08% |
| J.P. Morgan Emerging Markets Bond Index Global<sup>Footnote Reference(a)</sup> | 12.16% | 2.69% | 4.01% |
| Transamerica Emerging Markets Debt Blended Benchmark<sup>Footnote Reference(b)</sup> | 10.99% | 2.79% | 3.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Emerging Markets Debt Blended Benchmark, consists of 35% J.P. Morgan Emerging Markets Bond Index Global Index, 35% J.P. Morgan CEMBI Broad Diversified Index, 30% J.P. Morgan GBI-EM Diversified Global Index. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $238837540 |
| Number of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 199% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1574588 |
| Average Maturity<sup>Footnote Reference§</sup> | 9.56 years |
| Duration<sup>Footnote Reference†</sup> | 4.82 years |

---

---

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

---

# Transamerica Emerging Markets Debt

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 4.5% |
| AA | 4.2 |
| A | 5.7 |
| BBB | 26.5 |
| BB | 23.0 |
| B | 13.8 |
| CCC | 7.6 |
| Below CCC | 2.0 |
| NR (Not Rated) | 7.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 60.8% |
| Corporate Debt Securities | 34.0 |
| Repurchase Agreements | 3.8 |
| Other Investment Company | 1.8 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Argentina Republic Government International Bonds, 4.13%, 07/09/2035 | 1.9% |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2031 | 1.8 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.4 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 1.4 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.4 |
| Saudi Arabian Oil Co., 6.38%, 06/02/2055 | 1.4 |
| Mexico Bonos, 8.50%, 03/02/2028 | 1.3 |
| Egypt Government Bonds, 23.38%, 08/26/2028 | 1.2 |
| Romania Government International Bonds, 6.63%, 05/16/2036 | 1.2 |
| Inter-American Development Bank, 7.35%, 10/06/2030 | 1.1 |

---

# Transamerica Emerging Markets Debt
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Debt

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class C

## EMTCX
October 31, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $204 | 1.94% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 10.06%. For the same period, the Fund's broad-based benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 12.16%. The performance benchmark, the Transamerica Emerging Markets Debt Blended Benchmark, returned 10.99% over the same period.

* The Fund at NAV performed in line with its blended benchmark during the fiscal year.

* The sub-adviser's high-yield bias proved favorable as a combination of risk appetite and specific factors related to individual credits or companies (i.e., idiosyncratic) exposures led to strong returns.

* Africa was the top-performing hard currency (i.e., U.S. dollar and euro) sovereign region during the fiscal year, as investor confidence coupled with positive headlines continued to support higher yielding countries including Zambia, Ghana, and Ivory Coast.

* Argentina bonds were a top performer during the fiscal year, following a strong supportive agreement with the International Monetary Fund ("IMF") and positive relations with the new U.S. administration, including a foreign exchange swap line, despite recent weakness heading into the mid-term elections.

* Pemex was a notable contributor to relative returns, as the quasi-sovereign company continued to receive government support, most recently through direct cash injections.

* Emerging market local currency assets continued to benefit from a weakening dollar environment due to a more isolationist U.S. policy combined with significant funding needs. Therefore, local overweights to Brazil, Zambia, Egypt, and South Africa aided relative returns. 

* Not owning India local credits proved beneficial, as geopolitical tension in the country pressured bond prices.

* In corporate bonds, an underweight to less volatile financial credits that did not benefit as much from the risk rally, coupled with exposures to higher-yielding issuers including Banorte, Sammaan Capital, and Ecobank, contributed to relative returns.

* Braskem bonds detracted due to several factors: a potential takeover by an unfriendly bidder, persistent weakness in the chemical sector, and the recent engagement of financial and legal advisors. 

* In Chile, Telefonica Moviles Chile underperformed amid a possible divestment by parent company Telefonica España, and WOM Chile struggled to significantly grow market share without compromising profitability following its final restructuring announcement at the end of 2024.

* The Fund maintained a modestly higher-quality bias into the second quarter of 2025, providing the Fund with the flexibility to increase risk exposure as opportunities emerged in disrupted markets following the April 2, 2025 U.S. tariff announcements. Later in the fiscal year, the Fund added some risk as the sub-adviser favored spread compression in high-yield assets and the macroeconomic backdrop remained supportive.

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

# Transamerica Emerging Markets Debt

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g79i02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **J.P. Morgan Emerging Markets Bond Index Global** | **Transamerica Emerging Markets Debt Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9948 | $9994 | $9915 |
| **12/31/2015** | $9720 | $9844 | $9754 |
| **1/31/2016** | $9594 | $9824 | $9745 |
| **2/29/2016** | $9709 | $10023 | $9891 |
| **3/31/2016** | $10234 | $10357 | $10386 |
| **4/30/2016** | $10529 | $10556 | $10599 |
| **5/31/2016** | $10318 | $10524 | $10423 |
| **6/30/2016** | $10751 | $10917 | $10808 |
| **7/31/2016** | $10909 | $11087 | $10946 |
| **8/31/2016** | $11067 | $11286 | $11067 |
| **9/30/2016** | $11165 | $11324 | $11153 |
| **10/31/2016** | $11101 | $11158 | $11067 |
| **11/30/2016** | $10664 | $10694 | $10592 |
| **12/31/2016** | $10877 | $10847 | $10734 |
| **1/31/2017** | $11092 | $11003 | $10907 |
| **2/28/2017** | $11317 | $11232 | $11098 |
| **3/31/2017** | $11408 | $11271 | $11201 |
| **4/30/2017** | $11560 | $11454 | $11348 |
| **5/31/2017** | $11657 | $11549 | $11473 |
| **6/30/2017** | $11666 | $11520 | $11487 |
| **7/31/2017** | $11852 | $11596 | $11617 |
| **8/31/2017** | $12039 | $11796 | $11788 |
| **10/31/2017** | $12018 | $11816 | $11712 |
| **11/30/2017** | $12029 | $11784 | $11761 |
| **12/31/2017** | $12130 | $11858 | $11871 |
| **1/31/2018** | $12320 | $11835 | $12026 |
| **2/28/2018** | $12141 | $11603 | $11863 |
| **3/31/2018** | $12155 | $11647 | $11907 |
| **4/30/2018** | $11953 | $11477 | $11713 |
| **5/31/2018** | $11581 | $11352 | $11465 |
| **6/30/2018** | $11326 | $11238 | $11310 |
| **7/31/2018** | $11622 | $11470 | $11513 |
| **8/31/2018** | $11087 | $11249 | $11182 |
| **9/30/2018** | $11383 | $11448 | $11375 |
| **10/31/2018** | $11133 | $11193 | $11196 |
| **11/30/2018** | $11087 | $11149 | $11268 |
| **12/31/2018** | $11182 | $11312 | $11398 |
| **1/31/2019** | $11744 | $11811 | $11870 |
| **2/28/2019** | $11767 | $11885 | $11902 |
| **3/31/2019** | $11754 | $12057 | $11968 |
| **4/30/2019** | $11777 | $12072 | $11999 |
| **5/31/2019** | $11766 | $12141 | $12054 |
| **6/30/2019** | $12259 | $12511 | $12475 |
| **7/31/2019** | $12340 | $12655 | $12599 |
| **8/31/2019** | $11887 | $12724 | $12529 |
| **9/30/2019** | $12014 | $12678 | $12577 |
| **10/31/2019** | $12213 | $12725 | $12740 |
| **11/30/2019** | $12119 | $12704 | $12680 |
| **12/31/2019** | $12571 | $12943 | $12964 |
| **1/31/2020** | $12690 | $13168 | $13062 |
| **2/29/2020** | $12476 | $13061 | $12891 |
| **3/31/2020** | $10510 | $11421 | $11376 |
| **4/30/2020** | $10894 | $11672 | $11761 |
| **5/31/2020** | $11735 | $12342 | $12341 |
| **6/30/2020** | $12047 | $12701 | $12603 |
| **7/31/2020** | $12504 | $13170 | $12982 |
| **8/31/2020** | $12600 | $13210 | $13024 |
| **9/30/2020** | $12275 | $12991 | $12848 |
| **10/31/2020** | $12275 | $12975 | $12870 |
| **11/30/2020** | $12924 | $13462 | $13371 |
| **12/31/2020** | $13318 | $13704 | $13663 |
| **1/31/2021** | $13173 | $13537 | $13558 |
| **2/28/2021** | $12896 | $13190 | $13323 |
| **3/31/2021** | $12590 | $13053 | $13122 |
| **4/30/2021** | $12855 | $13303 | $13326 |
| **5/31/2021** | $13049 | $13447 | $13507 |
| **6/30/2021** | $13076 | $13567 | $13539 |
| **7/31/2021** | $13088 | $13640 | $13558 |
| **8/31/2021** | $13246 | $13764 | $13666 |
| **9/30/2021** | $12908 | $13494 | $13399 |
| **10/31/2021** | $12835 | $13503 | $13327 |
| **11/30/2021** | $12481 | $13307 | $13124 |
| **12/31/2021** | $12648 | $13496 | $13270 |
| **1/31/2022** | $12401 | $13107 | $13058 |
| **2/28/2022** | $11868 | $12385 | $12389 |
| **3/31/2022** | $11882 | $12247 | $12173 |
| **4/30/2022** | $11199 | $11576 | $11632 |
| **5/31/2022** | $11236 | $11598 | $11677 |
| **6/30/2022** | $10431 | $10955 | $11170 |
| **7/31/2022** | $10755 | $11306 | $11345 |
| **8/31/2022** | $10730 | $11174 | $11301 |
| **9/30/2022** | $10014 | $10495 | $10745 |
| **10/31/2022** | $9939 | $10503 | $10642 |
| **11/30/2022** | $10719 | $11233 | $11325 |
| **12/31/2022** | $10801 | $11276 | $11474 |
| **1/31/2023** | $11284 | $11626 | $11869 |
| **2/28/2023** | $10954 | $11370 | $11598 |
| **3/31/2023** | $11113 | $11529 | $11832 |
| **4/30/2023** | $11177 | $11587 | $11920 |
| **5/31/2023** | $11126 | $11484 | $11803 |
| **6/30/2023** | $11451 | $11706 | $12042 |
| **7/31/2023** | $11723 | $11894 | $12255 |
| **8/31/2023** | $11477 | $11728 | $12077 |
| **9/30/2023** | $11182 | $11398 | $11804 |
| **10/31/2023** | $11063 | $11233 | $11675 |
| **11/30/2023** | $11655 | $11883 | $12245 |
| **12/31/2023** | $12094 | $12454 | $12700 |
| **1/31/2024** | $12054 | $12308 | $12616 |
| **2/29/2024** | $12107 | $12392 | $12656 |
| **3/31/2024** | $12268 | $12628 | $12783 |
| **4/30/2024** | $12040 | $12375 | $12572 |
| **5/31/2024** | $12228 | $12600 | $12777 |
| **6/30/2024** | $12190 | $12683 | $12807 |
| **7/31/2024** | $12421 | $12915 | $13043 |
| **8/31/2024** | $12651 | $13216 | $13347 |
| **9/30/2024** | $12915 | $13453 | $13624 |
| **10/31/2024** | $12654 | $13211 | $13309 |
| **11/30/2024** | $12709 | $13368 | $13369 |
| **12/31/2024** | $12528 | $13168 | $13197 |
| **1/31/2025** | $12710 | $13330 | $13371 |
| **2/28/2025** | $12851 | $13549 | $13547 |
| **3/31/2025** | $12735 | $13477 | $13588 |
| **4/30/2025** | $12749 | $13466 | $13696 |
| **5/31/2025** | $12934 | $13580 | $13824 |
| **6/30/2025** | $13221 | $13890 | $14117 |
| **7/31/2025** | $13322 | $14053 | $14188 |
| **8/31/2025** | $13551 | $14268 | $14420 |
| **9/30/2025** | $13710 | $14499 | $14610 |
| **10/31/2025** | $13927 | $14818 | $14772 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CN3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 9.06% | 2.56% | 3.37% |
| Class C | 10.06% | 2.56% | 3.37% |
| J.P. Morgan Emerging Markets Bond Index Global<sup>Footnote Reference(a)</sup> | 12.16% | 2.69% | 4.01% |
| Transamerica Emerging Markets Debt Blended Benchmark<sup>Footnote Reference(b)</sup> | 10.99% | 2.79% | 3.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Emerging Markets Debt Blended Benchmark, consists of 35% J.P. Morgan Emerging Markets Bond Index Global Index, 35% J.P. Morgan CEMBI Broad Diversified Index, 30% J.P. Morgan GBI-EM Diversified Global Index. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $238837540 |
| Number of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 199% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1574588 |
| Average Maturity<sup>Footnote Reference§</sup> | 9.56 years |
| Duration<sup>Footnote Reference†</sup> | 4.82 years |

---

---

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

---

# Transamerica Emerging Markets Debt

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 4.5% |
| AA | 4.2 |
| A | 5.7 |
| BBB | 26.5 |
| BB | 23.0 |
| B | 13.8 |
| CCC | 7.6 |
| Below CCC | 2.0 |
| NR (Not Rated) | 7.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 60.8% |
| Corporate Debt Securities | 34.0 |
| Repurchase Agreements | 3.8 |
| Other Investment Company | 1.8 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Argentina Republic Government International Bonds, 4.13%, 07/09/2035 | 1.9% |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2031 | 1.8 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.4 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 1.4 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.4 |
| Saudi Arabian Oil Co., 6.38%, 06/02/2055 | 1.4 |
| Mexico Bonos, 8.50%, 03/02/2028 | 1.3 |
| Egypt Government Bonds, 23.38%, 08/26/2028 | 1.2 |
| Romania Government International Bonds, 6.63%, 05/16/2036 | 1.2 |
| Inter-American Development Bank, 7.35%, 10/06/2030 | 1.1 |

---

# Transamerica Emerging Markets Debt
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Debt

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class I

## EMTIX
October 31, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $91 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 11.33%. For the same period, the Fund's broad-based benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 12.16%. The performance benchmark, the Transamerica Emerging Markets Debt Blended Benchmark, returned 10.99% over the same period.

* The Fund performed in line with its blended benchmark during the fiscal year.

* The sub-adviser's high-yield bias proved favorable as a combination of risk appetite and specific factors related to individual credits or companies (i.e., idiosyncratic) exposures led to strong returns.

* Africa was the top-performing hard currency (i.e., U.S. dollar and euro) sovereign region during the fiscal year, as investor confidence coupled with positive headlines continued to support higher yielding countries including Zambia, Ghana, and Ivory Coast.

* Argentina bonds were a top performer during the fiscal year, following a strong supportive agreement with the International Monetary Fund ("IMF") and positive relations with the new U.S. administration, including a foreign exchange swap line, despite recent weakness heading into the mid-term elections.

* Pemex was a notable contributor to relative returns, as the quasi-sovereign company continued to receive government support, most recently through direct cash injections.

* Emerging market local currency assets continued to benefit from a weakening dollar environment due to a more isolationist U.S. policy combined with significant funding needs. Therefore, local overweights to Brazil, Zambia, Egypt, and South Africa aided relative returns. 

* Not owning India local credits proved beneficial, as geopolitical tension in the country pressured bond prices.

* In corporate bonds, an underweight to less volatile financial credits that did not benefit as much from the risk rally, coupled with exposures to higher-yielding issuers including Banorte, Sammaan Capital, and Ecobank, contributed to relative returns.

* Braskem bonds detracted due to several factors: a potential takeover by an unfriendly bidder, persistent weakness in the chemical sector, and the recent engagement of financial and legal advisors. 

* In Chile, Telefonica Moviles Chile underperformed amid a possible divestment by parent company Telefonica España, and WOM Chile struggled to significantly grow market share without compromising profitability following its final restructuring announcement at the end of 2024.

* The Fund maintained a modestly higher-quality bias into the second quarter of 2025, providing the Fund with the flexibility to increase risk exposure as opportunities emerged in disrupted markets following the April 2, 2025 U.S. tariff announcements. Later in the fiscal year, the Fund added some risk as the sub-adviser favored spread compression in high-yield assets and the macroeconomic backdrop remained supportive.

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

# Transamerica Emerging Markets Debt

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g22f38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **J.P. Morgan Emerging Markets Bond Index Global** | **Transamerica Emerging Markets Debt Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9959 | $9994 | $9915 |
| **12/31/2015** | $9728 | $9844 | $9754 |
| **1/31/2016** | $9624 | $9824 | $9745 |
| **2/29/2016** | $9749 | $10023 | $9891 |
| **3/31/2016** | $10279 | $10357 | $10386 |
| **4/30/2016** | $10585 | $10556 | $10599 |
| **5/31/2016** | $10385 | $10524 | $10423 |
| **6/30/2016** | $10827 | $10917 | $10808 |
| **7/31/2016** | $10996 | $11087 | $10946 |
| **8/31/2016** | $11165 | $11286 | $11067 |
| **9/30/2016** | $11280 | $11324 | $11153 |
| **10/31/2016** | $11227 | $11158 | $11067 |
| **11/30/2016** | $10790 | $10694 | $10592 |
| **12/31/2016** | $11012 | $10847 | $10734 |
| **1/31/2017** | $11239 | $11003 | $10907 |
| **2/28/2017** | $11476 | $11232 | $11098 |
| **3/31/2017** | $11585 | $11271 | $11201 |
| **4/30/2017** | $11749 | $11454 | $11348 |
| **5/31/2017** | $11858 | $11549 | $11473 |
| **6/30/2017** | $11875 | $11520 | $11487 |
| **7/31/2017** | $12074 | $11596 | $11617 |
| **8/31/2017** | $12284 | $11796 | $11788 |
| **10/31/2017** | $12274 | $11816 | $11712 |
| **11/30/2017** | $12297 | $11784 | $11761 |
| **12/31/2017** | $12408 | $11858 | $11871 |
| **1/31/2018** | $12613 | $11835 | $12026 |
| **2/28/2018** | $12443 | $11603 | $11863 |
| **3/31/2018** | $12467 | $11647 | $11907 |
| **4/30/2018** | $12272 | $11477 | $11713 |
| **5/31/2018** | $11894 | $11352 | $11465 |
| **6/30/2018** | $11656 | $11238 | $11310 |
| **7/31/2018** | $11970 | $11470 | $11513 |
| **8/31/2018** | $11424 | $11249 | $11182 |
| **9/30/2018** | $11749 | $11448 | $11375 |
| **10/31/2018** | $11494 | $11193 | $11196 |
| **11/30/2018** | $11447 | $11149 | $11268 |
| **12/31/2018** | $11576 | $11312 | $11398 |
| **1/31/2019** | $12162 | $11811 | $11870 |
| **2/28/2019** | $12185 | $11885 | $11902 |
| **3/31/2019** | $12182 | $12057 | $11968 |
| **4/30/2019** | $12229 | $12072 | $11999 |
| **5/31/2019** | $12229 | $12141 | $12054 |
| **6/30/2019** | $12746 | $12511 | $12475 |
| **7/31/2019** | $12853 | $12655 | $12599 |
| **8/31/2019** | $12387 | $12724 | $12529 |
| **9/30/2019** | $12528 | $12678 | $12577 |
| **10/31/2019** | $12745 | $12725 | $12740 |
| **11/30/2019** | $12661 | $12704 | $12680 |
| **12/31/2019** | $13137 | $12943 | $12964 |
| **1/31/2020** | $13272 | $13168 | $13062 |
| **2/29/2020** | $13063 | $13061 | $12891 |
| **3/31/2020** | $11020 | $11421 | $11376 |
| **4/30/2020** | $11431 | $11672 | $11761 |
| **5/31/2020** | $12327 | $12342 | $12341 |
| **6/30/2020** | $12664 | $12701 | $12603 |
| **7/31/2020** | $13149 | $13170 | $12982 |
| **8/31/2020** | $13274 | $13210 | $13024 |
| **9/30/2020** | $12938 | $12991 | $12848 |
| **10/31/2020** | $12950 | $12975 | $12870 |
| **11/30/2020** | $13647 | $13462 | $13371 |
| **12/31/2020** | $14071 | $13704 | $13663 |
| **1/31/2021** | $13933 | $13537 | $13558 |
| **2/28/2021** | $13656 | $13190 | $13323 |
| **3/31/2021** | $13338 | $13053 | $13122 |
| **4/30/2021** | $13629 | $13303 | $13326 |
| **5/31/2021** | $13845 | $13447 | $13507 |
| **6/30/2021** | $13887 | $13567 | $13539 |
| **7/31/2021** | $13913 | $13640 | $13558 |
| **8/31/2021** | $14091 | $13764 | $13666 |
| **9/30/2021** | $13747 | $13494 | $13399 |
| **10/31/2021** | $13682 | $13503 | $13327 |
| **11/30/2021** | $13310 | $13307 | $13124 |
| **12/31/2021** | $13509 | $13496 | $13270 |
| **1/31/2022** | $13260 | $13107 | $13058 |
| **2/28/2022** | $12697 | $12385 | $12389 |
| **3/31/2022** | $12723 | $12247 | $12173 |
| **4/30/2022** | $12051 | $11576 | $11632 |
| **5/31/2022** | $12091 | $11598 | $11677 |
| **6/30/2022** | $11243 | $10955 | $11170 |
| **7/31/2022** | $11589 | $11306 | $11345 |
| **8/31/2022** | $11589 | $11174 | $11301 |
| **9/30/2022** | $10820 | $10495 | $10745 |
| **10/31/2022** | $10752 | $10503 | $10642 |
| **11/30/2022** | $11600 | $11233 | $11325 |
| **12/31/2022** | $11708 | $11276 | $11474 |
| **1/31/2023** | $12240 | $11626 | $11869 |
| **2/28/2023** | $11899 | $11370 | $11598 |
| **3/31/2023** | $12077 | $11529 | $11832 |
| **4/30/2023** | $12160 | $11587 | $11920 |
| **5/31/2023** | $12105 | $11484 | $11803 |
| **6/30/2023** | $12475 | $11706 | $12042 |
| **7/31/2023** | $12782 | $11894 | $12255 |
| **8/31/2023** | $12516 | $11728 | $12077 |
| **9/30/2023** | $12216 | $11398 | $11804 |
| **10/31/2023** | $12087 | $11233 | $11675 |
| **11/30/2023** | $12757 | $11883 | $12245 |
| **12/31/2023** | $13236 | $12454 | $12700 |
| **1/31/2024** | $13193 | $12308 | $12616 |
| **2/29/2024** | $13279 | $12392 | $12656 |
| **3/31/2024** | $13459 | $12628 | $12783 |
| **4/30/2024** | $13226 | $12375 | $12572 |
| **5/31/2024** | $13445 | $12600 | $12777 |
| **6/30/2024** | $13413 | $12683 | $12807 |
| **7/31/2024** | $13679 | $12915 | $13043 |
| **8/31/2024** | $13945 | $13216 | $13347 |
| **9/30/2024** | $14243 | $13453 | $13624 |
| **10/31/2024** | $13973 | $13211 | $13309 |
| **11/30/2024** | $14048 | $13368 | $13369 |
| **12/31/2024** | $13856 | $13168 | $13197 |
| **1/31/2025** | $14072 | $13330 | $13371 |
| **2/28/2025** | $14226 | $13549 | $13547 |
| **3/31/2025** | $14123 | $13477 | $13588 |
| **4/30/2025** | $14154 | $13466 | $13696 |
| **5/31/2025** | $14358 | $13580 | $13824 |
| **6/30/2025** | $14696 | $13890 | $14117 |
| **7/31/2025** | $14823 | $14053 | $14188 |
| **8/31/2025** | $15092 | $14268 | $14420 |
| **9/30/2025** | $15282 | $14499 | $14610 |
| **10/31/2025** | $15539 | $14818 | $14772 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CN8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.33% | 3.71% | 4.51% |
| J.P. Morgan Emerging Markets Bond Index Global<sup>Footnote Reference(a)</sup> | 12.16% | 2.69% | 4.01% |
| Transamerica Emerging Markets Debt Blended Benchmark<sup>Footnote Reference(b)</sup> | 10.99% | 2.79% | 3.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Emerging Markets Debt Blended Benchmark, consists of 35% J.P. Morgan Emerging Markets Bond Index Global Index, 35% J.P. Morgan CEMBI Broad Diversified Index, 30% J.P. Morgan GBI-EM Diversified Global Index. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $238837540 |
| Number of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 199% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1574588 |
| Average Maturity<sup>Footnote Reference§</sup> | 9.56 years |
| Duration<sup>Footnote Reference†</sup> | 4.82 years |

---

---

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

---

# Transamerica Emerging Markets Debt

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 4.5% |
| AA | 4.2 |
| A | 5.7 |
| BBB | 26.5 |
| BB | 23.0 |
| B | 13.8 |
| CCC | 7.6 |
| Below CCC | 2.0 |
| NR (Not Rated) | 7.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 60.8% |
| Corporate Debt Securities | 34.0 |
| Repurchase Agreements | 3.8 |
| Other Investment Company | 1.8 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Argentina Republic Government International Bonds, 4.13%, 07/09/2035 | 1.9% |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2031 | 1.8 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.4 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 1.4 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.4 |
| Saudi Arabian Oil Co., 6.38%, 06/02/2055 | 1.4 |
| Mexico Bonos, 8.50%, 03/02/2028 | 1.3 |
| Egypt Government Bonds, 23.38%, 08/26/2028 | 1.2 |
| Romania Government International Bonds, 6.63%, 05/16/2036 | 1.2 |
| Inter-American Development Bank, 7.35%, 10/06/2030 | 1.1 |

---

# Transamerica Emerging Markets Debt
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Debt

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class I2

## IAADX
October 31, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $81 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 11.33%. For the same period, the Fund's broad-based benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 12.16%. The performance benchmark, the Transamerica Emerging Markets Debt Blended Benchmark, returned 10.99% over the same period.

* The Fund performed in line with its blended benchmark during the fiscal year.

* The sub-adviser's high-yield bias proved favorable as a combination of risk appetite and specific factors related to individual credits or companies (i.e., idiosyncratic) exposures led to strong returns.

* Africa was the top-performing hard currency (i.e., U.S. dollar and euro) sovereign region during the fiscal year, as investor confidence coupled with positive headlines continued to support higher yielding countries including Zambia, Ghana, and Ivory Coast.

* Argentina bonds were a top performer during the fiscal year, following a strong supportive agreement with the International Monetary Fund ("IMF") and positive relations with the new U.S. administration, including a foreign exchange swap line, despite recent weakness heading into the mid-term elections.

* Pemex was a notable contributor to relative returns, as the quasi-sovereign company continued to receive government support, most recently through direct cash injections.

* Emerging market local currency assets continued to benefit from a weakening dollar environment due to a more isolationist U.S. policy combined with significant funding needs. Therefore, local overweights to Brazil, Zambia, Egypt, and South Africa aided relative returns. 

* Not owning India local credits proved beneficial, as geopolitical tension in the country pressured bond prices.

* In corporate bonds, an underweight to less volatile financial credits that did not benefit as much from the risk rally, coupled with exposures to higher-yielding issuers including Banorte, Sammaan Capital, and Ecobank, contributed to relative returns.

* Braskem bonds detracted due to several factors: a potential takeover by an unfriendly bidder, persistent weakness in the chemical sector, and the recent engagement of financial and legal advisors. 

* In Chile, Telefonica Moviles Chile underperformed amid a possible divestment by parent company Telefonica España, and WOM Chile struggled to significantly grow market share without compromising profitability following its final restructuring announcement at the end of 2024.

* The Fund maintained a modestly higher-quality bias into the second quarter of 2025, providing the Fund with the flexibility to increase risk exposure as opportunities emerged in disrupted markets following the April 2, 2025 U.S. tariff announcements. Later in the fiscal year, the Fund added some risk as the sub-adviser favored spread compression in high-yield assets and the macroeconomic backdrop remained supportive.

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

# Transamerica Emerging Markets Debt

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g13g09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **J.P. Morgan Emerging Markets Bond Index Global** | **Transamerica Emerging Markets Debt Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9959 | $9994 | $9915 |
| **12/31/2015** | $9731 | $9844 | $9754 |
| **1/31/2016** | $9616 | $9824 | $9745 |
| **2/29/2016** | $9752 | $10023 | $9891 |
| **3/31/2016** | $10284 | $10357 | $10386 |
| **4/30/2016** | $10590 | $10556 | $10599 |
| **5/31/2016** | $10379 | $10524 | $10423 |
| **6/30/2016** | $10833 | $10917 | $10808 |
| **7/31/2016** | $11002 | $11087 | $10946 |
| **8/31/2016** | $11171 | $11286 | $11067 |
| **9/30/2016** | $11289 | $11324 | $11153 |
| **10/31/2016** | $11225 | $11158 | $11067 |
| **11/30/2016** | $10798 | $10694 | $10592 |
| **12/31/2016** | $11013 | $10847 | $10734 |
| **1/31/2017** | $11250 | $11003 | $10907 |
| **2/28/2017** | $11488 | $11232 | $11098 |
| **3/31/2017** | $11589 | $11271 | $11201 |
| **4/30/2017** | $11753 | $11454 | $11348 |
| **5/31/2017** | $11873 | $11549 | $11473 |
| **6/30/2017** | $11882 | $11520 | $11487 |
| **7/31/2017** | $12092 | $11596 | $11617 |
| **8/31/2017** | $12292 | $11796 | $11788 |
| **10/31/2017** | $12284 | $11816 | $11712 |
| **11/30/2017** | $12307 | $11784 | $11761 |
| **12/31/2017** | $12433 | $11858 | $11871 |
| **1/31/2018** | $12637 | $11835 | $12026 |
| **2/28/2018** | $12467 | $11603 | $11863 |
| **3/31/2018** | $12494 | $11647 | $11907 |
| **4/30/2018** | $12299 | $11477 | $11713 |
| **5/31/2018** | $11920 | $11352 | $11465 |
| **6/30/2018** | $11673 | $11238 | $11310 |
| **7/31/2018** | $11999 | $11470 | $11513 |
| **8/31/2018** | $11452 | $11249 | $11182 |
| **9/30/2018** | $11778 | $11448 | $11375 |
| **10/31/2018** | $11522 | $11193 | $11196 |
| **11/30/2018** | $11487 | $11149 | $11268 |
| **12/31/2018** | $11607 | $11312 | $11398 |
| **1/31/2019** | $12194 | $11811 | $11870 |
| **2/28/2019** | $12230 | $11885 | $11902 |
| **3/31/2019** | $12229 | $12057 | $11968 |
| **4/30/2019** | $12265 | $12072 | $11999 |
| **5/31/2019** | $12265 | $12141 | $12054 |
| **6/30/2019** | $12798 | $12511 | $12475 |
| **7/31/2019** | $12894 | $12655 | $12599 |
| **8/31/2019** | $12427 | $12724 | $12529 |
| **9/30/2019** | $12570 | $12678 | $12577 |
| **10/31/2019** | $12789 | $12725 | $12740 |
| **11/30/2019** | $12704 | $12704 | $12680 |
| **12/31/2019** | $13185 | $12943 | $12964 |
| **1/31/2020** | $13333 | $13168 | $13062 |
| **2/29/2020** | $13123 | $13061 | $12891 |
| **3/31/2020** | $11064 | $11421 | $11376 |
| **4/30/2020** | $11477 | $11672 | $11761 |
| **5/31/2020** | $12377 | $12342 | $12341 |
| **6/30/2020** | $12715 | $12701 | $12603 |
| **7/31/2020** | $13215 | $13170 | $12982 |
| **8/31/2020** | $13327 | $13210 | $13024 |
| **9/30/2020** | $13002 | $12991 | $12848 |
| **10/31/2020** | $13015 | $12975 | $12870 |
| **11/30/2020** | $13702 | $13462 | $13371 |
| **12/31/2020** | $14137 | $13704 | $13663 |
| **1/31/2021** | $13998 | $13537 | $13558 |
| **2/28/2021** | $13720 | $13190 | $13323 |
| **3/31/2021** | $13404 | $13053 | $13122 |
| **4/30/2021** | $13697 | $13303 | $13326 |
| **5/31/2021** | $13913 | $13447 | $13507 |
| **6/30/2021** | $13959 | $13567 | $13539 |
| **7/31/2021** | $13985 | $13640 | $13558 |
| **8/31/2021** | $14165 | $13764 | $13666 |
| **9/30/2021** | $13822 | $13494 | $13399 |
| **10/31/2021** | $13757 | $13503 | $13327 |
| **11/30/2021** | $13382 | $13307 | $13124 |
| **12/31/2021** | $13586 | $13496 | $13270 |
| **1/31/2022** | $13336 | $13107 | $13058 |
| **2/28/2022** | $12770 | $12385 | $12389 |
| **3/31/2022** | $12799 | $12247 | $12173 |
| **4/30/2022** | $12070 | $11576 | $11632 |
| **5/31/2022** | $12123 | $11598 | $11677 |
| **6/30/2022** | $11273 | $10955 | $11170 |
| **7/31/2022** | $11593 | $11306 | $11345 |
| **8/31/2022** | $11593 | $11174 | $11301 |
| **9/30/2022** | $10822 | $10495 | $10745 |
| **10/31/2022** | $10754 | $10503 | $10642 |
| **11/30/2022** | $11604 | $11233 | $11325 |
| **12/31/2022** | $11701 | $11276 | $11474 |
| **1/31/2023** | $12247 | $11626 | $11869 |
| **2/28/2023** | $11892 | $11370 | $11598 |
| **3/31/2023** | $12074 | $11529 | $11832 |
| **4/30/2023** | $12157 | $11587 | $11920 |
| **5/31/2023** | $12115 | $11484 | $11803 |
| **6/30/2023** | $12475 | $11706 | $12042 |
| **7/31/2023** | $12784 | $11894 | $12255 |
| **8/31/2023** | $12531 | $11728 | $12077 |
| **9/30/2023** | $12220 | $11398 | $11804 |
| **10/31/2023** | $12091 | $11233 | $11675 |
| **11/30/2023** | $12762 | $11883 | $12245 |
| **12/31/2023** | $13246 | $12454 | $12700 |
| **1/31/2024** | $13217 | $12308 | $12616 |
| **2/29/2024** | $13289 | $12392 | $12656 |
| **3/31/2024** | $13474 | $12628 | $12783 |
| **4/30/2024** | $13240 | $12375 | $12572 |
| **5/31/2024** | $13459 | $12600 | $12777 |
| **6/30/2024** | $13431 | $12683 | $12807 |
| **7/31/2024** | $13698 | $12915 | $13043 |
| **8/31/2024** | $13965 | $13216 | $13347 |
| **9/30/2024** | $14268 | $13453 | $13624 |
| **10/31/2024** | $13996 | $13211 | $13309 |
| **11/30/2024** | $14072 | $13368 | $13369 |
| **12/31/2024** | $13883 | $13168 | $13197 |
| **1/31/2025** | $14099 | $13330 | $13371 |
| **2/28/2025** | $14269 | $13549 | $13547 |
| **3/31/2025** | $14154 | $13477 | $13588 |
| **4/30/2025** | $14186 | $13466 | $13696 |
| **5/31/2025** | $14390 | $13580 | $13824 |
| **6/30/2025** | $14733 | $13890 | $14117 |
| **7/31/2025** | $14861 | $14053 | $14188 |
| **8/31/2025** | $15131 | $14268 | $14420 |
| **9/30/2025** | $15325 | $14499 | $14610 |
| **10/31/2025** | $15582 | $14818 | $14772 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CN4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 11.33% | 3.67% | 4.54% |
| J.P. Morgan Emerging Markets Bond Index Global<sup>Footnote Reference(a)</sup> | 12.16% | 2.69% | 4.01% |
| Transamerica Emerging Markets Debt Blended Benchmark<sup>Footnote Reference(b)</sup> | 10.99% | 2.79% | 3.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Emerging Markets Debt Blended Benchmark, consists of 35% J.P. Morgan Emerging Markets Bond Index Global Index, 35% J.P. Morgan CEMBI Broad Diversified Index, 30% J.P. Morgan GBI-EM Diversified Global Index. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $238837540 |
| Number of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 199% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1574588 |
| Average Maturity<sup>Footnote Reference§</sup> | 9.56 years |
| Duration<sup>Footnote Reference†</sup> | 4.82 years |

---

---

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

---

# Transamerica Emerging Markets Debt

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 4.5% |
| AA | 4.2 |
| A | 5.7 |
| BBB | 26.5 |
| BB | 23.0 |
| B | 13.8 |
| CCC | 7.6 |
| Below CCC | 2.0 |
| NR (Not Rated) | 7.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 60.8% |
| Corporate Debt Securities | 34.0 |
| Repurchase Agreements | 3.8 |
| Other Investment Company | 1.8 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Argentina Republic Government International Bonds, 4.13%, 07/09/2035 | 1.9% |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2031 | 1.8 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.4 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 1.4 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.4 |
| Saudi Arabian Oil Co., 6.38%, 06/02/2055 | 1.4 |
| Mexico Bonos, 8.50%, 03/02/2028 | 1.3 |
| Egypt Government Bonds, 23.38%, 08/26/2028 | 1.2 |
| Romania Government International Bonds, 6.63%, 05/16/2036 | 1.2 |
| Inter-American Development Bank, 7.35%, 10/06/2030 | 1.1 |

---

# Transamerica Emerging Markets Debt
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Debt

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Debt

# Class R6

## TAEDX
October 31, 2025

## Fund Overview
Transamerica Emerging Markets Debt (the "Fund") seeks to generate a high total return through a combination of capital appreciation and income. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $81 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 11.41%. For the same period, the Fund's broad-based benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 12.16%. The performance benchmark, the Transamerica Emerging Markets Debt Blended Benchmark, returned 10.99% over the same period.

* The Fund performed in line with its blended benchmark during the fiscal year.

* The sub-adviser's high-yield bias proved favorable as a combination of risk appetite and specific factors related to individual credits or companies (i.e., idiosyncratic) exposures led to strong returns.

* Africa was the top-performing hard currency (i.e., U.S. dollar and euro) sovereign region during the fiscal year, as investor confidence coupled with positive headlines continued to support higher yielding countries including Zambia, Ghana, and Ivory Coast.

* Argentina bonds were a top performer during the fiscal year, following a strong supportive agreement with the International Monetary Fund ("IMF") and positive relations with the new U.S. administration, including a foreign exchange swap line, despite recent weakness heading into the mid-term elections.

* Pemex was a notable contributor to relative returns, as the quasi-sovereign company continued to receive government support, most recently through direct cash injections.

* Emerging market local currency assets continued to benefit from a weakening dollar environment due to a more isolationist U.S. policy combined with significant funding needs. Therefore, local overweights to Brazil, Zambia, Egypt, and South Africa aided relative returns. 

* Not owning India local credits proved beneficial, as geopolitical tension in the country pressured bond prices.

* In corporate bonds, an underweight to less volatile financial credits that did not benefit as much from the risk rally, coupled with exposures to higher-yielding issuers including Banorte, Sammaan Capital, and Ecobank, contributed to relative returns.

* Braskem bonds detracted due to several factors: a potential takeover by an unfriendly bidder, persistent weakness in the chemical sector, and the recent engagement of financial and legal advisors. 

* In Chile, Telefonica Moviles Chile underperformed amid a possible divestment by parent company Telefonica España, and WOM Chile struggled to significantly grow market share without compromising profitability following its final restructuring announcement at the end of 2024.

* The Fund maintained a modestly higher-quality bias into the second quarter of 2025, providing the Fund with the flexibility to increase risk exposure as opportunities emerged in disrupted markets following the April 2, 2025 U.S. tariff announcements. Later in the fiscal year, the Fund added some risk as the sub-adviser favored spread compression in high-yield assets and the macroeconomic backdrop remained supportive.

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

# Transamerica Emerging Markets Debt

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g94p84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **J.P. Morgan Emerging Markets Bond Index Global** | **Transamerica Emerging Markets Debt Blended Benchmark** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9959 | $9994 | $9915 |
| **12/31/2015** | $9741 | $9844 | $9754 |
| **1/31/2016** | $9626 | $9824 | $9745 |
| **2/29/2016** | $9751 | $10023 | $9891 |
| **3/31/2016** | $10285 | $10357 | $10386 |
| **4/30/2016** | $10591 | $10556 | $10599 |
| **5/31/2016** | $10390 | $10524 | $10423 |
| **6/30/2016** | $10844 | $10917 | $10808 |
| **7/31/2016** | $11013 | $11087 | $10946 |
| **8/31/2016** | $11172 | $11286 | $11067 |
| **9/30/2016** | $11290 | $11324 | $11153 |
| **10/31/2016** | $11236 | $11158 | $11067 |
| **11/30/2016** | $10798 | $10694 | $10592 |
| **12/31/2016** | $11024 | $10847 | $10734 |
| **1/31/2017** | $11251 | $11003 | $10907 |
| **2/28/2017** | $11489 | $11232 | $11098 |
| **3/31/2017** | $11601 | $11271 | $11201 |
| **4/30/2017** | $11765 | $11454 | $11348 |
| **5/31/2017** | $11875 | $11549 | $11473 |
| **6/30/2017** | $11895 | $11520 | $11487 |
| **7/31/2017** | $12105 | $11596 | $11617 |
| **8/31/2017** | $12305 | $11796 | $11788 |
| **10/31/2017** | $12298 | $11816 | $11712 |
| **11/30/2017** | $12320 | $11784 | $11761 |
| **12/31/2017** | $12446 | $11858 | $11871 |
| **1/31/2018** | $12640 | $11835 | $12026 |
| **2/28/2018** | $12469 | $11603 | $11863 |
| **3/31/2018** | $12496 | $11647 | $11907 |
| **4/30/2018** | $12301 | $11477 | $11713 |
| **5/31/2018** | $11933 | $11352 | $11465 |
| **6/30/2018** | $11686 | $11238 | $11310 |
| **7/31/2018** | $12012 | $11470 | $11513 |
| **8/31/2018** | $11465 | $11249 | $11182 |
| **9/30/2018** | $11779 | $11448 | $11375 |
| **10/31/2018** | $11523 | $11193 | $11196 |
| **11/30/2018** | $11488 | $11149 | $11268 |
| **12/31/2018** | $11608 | $11312 | $11398 |
| **1/31/2019** | $12196 | $11811 | $11870 |
| **2/28/2019** | $12232 | $11885 | $11902 |
| **3/31/2019** | $12231 | $12057 | $11968 |
| **4/30/2019** | $12267 | $12072 | $11999 |
| **5/31/2019** | $12279 | $12141 | $12054 |
| **6/30/2019** | $12800 | $12511 | $12475 |
| **7/31/2019** | $12896 | $12655 | $12599 |
| **8/31/2019** | $12441 | $12724 | $12529 |
| **9/30/2019** | $12585 | $12678 | $12577 |
| **10/31/2019** | $12791 | $12725 | $12740 |
| **11/30/2019** | $12718 | $12704 | $12680 |
| **12/31/2019** | $13200 | $12943 | $12964 |
| **1/31/2020** | $13336 | $13168 | $13062 |
| **2/29/2020** | $13126 | $13061 | $12891 |
| **3/31/2020** | $11064 | $11421 | $11376 |
| **4/30/2020** | $11490 | $11672 | $11761 |
| **5/31/2020** | $12391 | $12342 | $12341 |
| **6/30/2020** | $12729 | $12701 | $12603 |
| **7/31/2020** | $13217 | $13170 | $12982 |
| **8/31/2020** | $13342 | $13210 | $13024 |
| **9/30/2020** | $13004 | $12991 | $12848 |
| **10/31/2020** | $13017 | $12975 | $12870 |
| **11/30/2020** | $13718 | $13462 | $13371 |
| **12/31/2020** | $14154 | $13704 | $13663 |
| **1/31/2021** | $14002 | $13537 | $13558 |
| **2/28/2021** | $13723 | $13190 | $13323 |
| **3/31/2021** | $13420 | $13053 | $13122 |
| **4/30/2021** | $13713 | $13303 | $13326 |
| **5/31/2021** | $13930 | $13447 | $13507 |
| **6/30/2021** | $13976 | $13567 | $13539 |
| **7/31/2021** | $13988 | $13640 | $13558 |
| **8/31/2021** | $14181 | $13764 | $13666 |
| **9/30/2021** | $13825 | $13494 | $13399 |
| **10/31/2021** | $13760 | $13503 | $13327 |
| **11/30/2021** | $13398 | $13307 | $13124 |
| **12/31/2021** | $13589 | $13496 | $13270 |
| **1/31/2022** | $13338 | $13107 | $13058 |
| **2/28/2022** | $12785 | $12385 | $12389 |
| **3/31/2022** | $12800 | $12247 | $12173 |
| **4/30/2022** | $12084 | $11576 | $11632 |
| **5/31/2022** | $12124 | $11598 | $11677 |
| **6/30/2022** | $11273 | $10955 | $11170 |
| **7/31/2022** | $11634 | $11306 | $11345 |
| **8/31/2022** | $11620 | $11174 | $11301 |
| **9/30/2022** | $10862 | $10495 | $10745 |
| **10/31/2022** | $10794 | $10503 | $10642 |
| **11/30/2022** | $11645 | $11233 | $11325 |
| **12/31/2022** | $11741 | $11276 | $11474 |
| **1/31/2023** | $12289 | $11626 | $11869 |
| **2/28/2023** | $11933 | $11370 | $11598 |
| **3/31/2023** | $12115 | $11529 | $11832 |
| **4/30/2023** | $12198 | $11587 | $11920 |
| **5/31/2023** | $12156 | $11484 | $11803 |
| **6/30/2023** | $12531 | $11706 | $12042 |
| **7/31/2023** | $12826 | $11894 | $12255 |
| **8/31/2023** | $12573 | $11728 | $12077 |
| **9/30/2023** | $12261 | $11398 | $11804 |
| **10/31/2023** | $12133 | $11233 | $11675 |
| **11/30/2023** | $12804 | $11883 | $12245 |
| **12/31/2023** | $13288 | $12454 | $12700 |
| **1/31/2024** | $13259 | $12308 | $12616 |
| **2/29/2024** | $13346 | $12392 | $12656 |
| **3/31/2024** | $13531 | $12628 | $12783 |
| **4/30/2024** | $13282 | $12375 | $12572 |
| **5/31/2024** | $13502 | $12600 | $12777 |
| **6/30/2024** | $13474 | $12683 | $12807 |
| **7/31/2024** | $13741 | $12915 | $13043 |
| **8/31/2024** | $14008 | $13216 | $13347 |
| **9/30/2024** | $14327 | $13453 | $13624 |
| **10/31/2024** | $14040 | $13211 | $13309 |
| **11/30/2024** | $14130 | $13368 | $13369 |
| **12/31/2024** | $13941 | $13168 | $13197 |
| **1/31/2025** | $14158 | $13330 | $13371 |
| **2/28/2025** | $14313 | $13549 | $13547 |
| **3/31/2025** | $14197 | $13477 | $13588 |
| **4/30/2025** | $14229 | $13466 | $13696 |
| **5/31/2025** | $14449 | $13580 | $13824 |
| **6/30/2025** | $14792 | $13890 | $14117 |
| **7/31/2025** | $14920 | $14053 | $14188 |
| **8/31/2025** | $15175 | $14268 | $14420 |
| **9/30/2025** | $15384 | $14499 | $14610 |
| **10/31/2025** | $15642 | $14818 | $14772 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CNB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 11.41% | 3.74% | 4.58% |
| J.P. Morgan Emerging Markets Bond Index Global<sup>Footnote Reference(a)</sup> | 12.16% | 2.69% | 4.01% |
| Transamerica Emerging Markets Debt Blended Benchmark<sup>Footnote Reference(b)</sup> | 10.99% | 2.79% | 3.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Transamerica Emerging Markets Debt Blended Benchmark, consists of 35% J.P. Morgan Emerging Markets Bond Index Global Index, 35% J.P. Morgan CEMBI Broad Diversified Index, 30% J.P. Morgan GBI-EM Diversified Global Index. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $238837540 |
| Number of Portfolio Holdings | 218 |
| Portfolio Turnover Rate | 199% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1574588 |
| Average Maturity<sup>Footnote Reference§</sup> | 9.56 years |
| Duration<sup>Footnote Reference†</sup> | 4.82 years |

---

---

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

---

# Transamerica Emerging Markets Debt

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 4.5% |
| AA | 4.2 |
| A | 5.7 |
| BBB | 26.5 |
| BB | 23.0 |
| B | 13.8 |
| CCC | 7.6 |
| Below CCC | 2.0 |
| NR (Not Rated) | 7.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Foreign Government Obligations | 60.8% |
| Corporate Debt Securities | 34.0 |
| Repurchase Agreements | 3.8 |
| Other Investment Company | 1.8 |
| Convertible Bonds | 0.3 |
| Common Stocks | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Argentina Republic Government International Bonds, 4.13%, 07/09/2035 | 1.9% |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2031 | 1.8 |
| Republic of Poland Government International Bonds, 5.50%, 03/18/2054 | 1.4 |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2035 | 1.4 |
| Mexico Bonos, 10.00%, 11/20/2036 | 1.4 |
| Saudi Arabian Oil Co., 6.38%, 06/02/2055 | 1.4 |
| Mexico Bonos, 8.50%, 03/02/2028 | 1.3 |
| Egypt Government Bonds, 23.38%, 08/26/2028 | 1.2 |
| Romania Government International Bonds, 6.63%, 05/16/2036 | 1.2 |
| Inter-American Development Bank, 7.35%, 10/06/2030 | 1.1 |

---

# Transamerica Emerging Markets Debt
Class R6

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Debt

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Equity

# Class I

## TEOIX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $114 | 0.98% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 33.33%. For the same period, the Fund's broad-based benchmark, the MSCI Emerging Markets Index, returned 28.69%.

* Thompson, Siegel & Walmsley LLC sub-advised the Fund with a focus on bottom-up fundamentals as a driver of performance during the fiscal year ended October 31, 2025. 

* Portfolio turnover was moderate as the changing macroeconomic environment altered risk-reward across the investment opportunity set. Notably, the Fund added multiple new positions in the industrial and communication services sectors.

* China was the top contributor to relative return on a country basis due to stock selection. On an individual security basis, NetEase was the primary contributor due to strong performance from its gaming division.

* India also added to relative performance, with the Fund's position in Bajaj Finance a leading contributor. The non-banking financial company saw loan growth exceed the market's expectations. The Fund subsequently sold its position in Bajaj Finance to capitalize on the security's appreciation and premium valuation. 

* South Korea was the largest detractor from relative return. Krafton, a video game developer, saw shares sell off as new title launches were pushed out into next year and beyond. TSW believed PUBG, their core intellectual property, to be cash generative and should sustain earnings far better than the market anticipates. The Fund continued to hold Krafton as of period end.

* Portfolio holdings in Turkey also lagged, as Coca-Cola Icecek detracted from performance. The Turkish cola bottler saw weaker volumes and pricing in key markets. As of period end, TSW believed these headwinds would be temporary and saw valuation as attractive given the relative discount to other global bottlers.

* Communication services was the largest source of outperformance at the sector level due to NetEase, as discussed above. 

* Information technology holdings detracted, with E-Ink weighing the most. The Taiwanese electronic ink manufacturer saw e-reader purchases slow throughout the last year. As of period end, the Fund continued to hold this position because TSW believed this technology continued to have potential to expand into multiple end markets beyond e-readers over the Fund's investment time horizon.

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

# Transamerica Emerging Markets Equity

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g29k96.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets Index** |
| **12/19/2019** | $10000 | $10000 |
| **12/31/2019** | $10040 | $10079 |
| **1/31/2020** | $9370 | $9609 |
| **2/29/2020** | $8970 | $9103 |
| **3/31/2020** | $7420 | $7703 |
| **4/30/2020** | $8030 | $8410 |
| **5/31/2020** | $8200 | $8477 |
| **6/30/2020** | $8850 | $9104 |
| **7/31/2020** | $9730 | $9926 |
| **8/31/2020** | $9850 | $10148 |
| **9/30/2020** | $9700 | $9987 |
| **10/31/2020** | $9900 | $10194 |
| **11/30/2020** | $10910 | $11138 |
| **12/31/2020** | $11735 | $11962 |
| **1/31/2021** | $12167 | $12332 |
| **2/28/2021** | $12268 | $12427 |
| **3/31/2021** | $12097 | $12242 |
| **4/30/2021** | $12469 | $12549 |
| **5/31/2021** | $12640 | $12843 |
| **6/30/2021** | $12751 | $12869 |
| **7/31/2021** | $11896 | $12011 |
| **8/31/2021** | $11966 | $12329 |
| **9/30/2021** | $11574 | $11843 |
| **10/31/2021** | $11876 | $11962 |
| **11/30/2021** | $11303 | $11475 |
| **12/31/2021** | $11421 | $11696 |
| **1/31/2022** | $11409 | $11475 |
| **2/28/2022** | $10701 | $11134 |
| **3/31/2022** | $10049 | $10886 |
| **4/30/2022** | $9285 | $10282 |
| **5/31/2022** | $9442 | $10330 |
| **6/30/2022** | $9060 | $9652 |
| **7/31/2022** | $8813 | $9637 |
| **8/31/2022** | $8745 | $9680 |
| **9/30/2022** | $7756 | $8550 |
| **10/31/2022** | $7416 | $8286 |
| **11/30/2022** | $8732 | $9516 |
| **12/31/2022** | $8625 | $9388 |
| **1/31/2023** | $9411 | $10130 |
| **2/28/2023** | $8660 | $9474 |
| **3/31/2023** | $8902 | $9765 |
| **4/30/2023** | $8741 | $9656 |
| **5/31/2023** | $8486 | $9497 |
| **6/30/2023** | $8822 | $9866 |
| **7/31/2023** | $9203 | $10487 |
| **8/31/2023** | $8579 | $9844 |
| **9/30/2023** | $8394 | $9591 |
| **10/31/2023** | $8093 | $9219 |
| **11/30/2023** | $8579 | $9958 |
| **12/31/2023** | $8806 | $10351 |
| **1/31/2024** | $8402 | $9872 |
| **2/29/2024** | $8723 | $10343 |
| **3/31/2024** | $8960 | $10604 |
| **4/30/2024** | $9067 | $10653 |
| **5/31/2024** | $9222 | $10717 |
| **6/30/2024** | $9459 | $11146 |
| **7/31/2024** | $9448 | $11187 |
| **8/31/2024** | $9555 | $11372 |
| **9/30/2024** | $10137 | $12136 |
| **10/31/2024** | $9626 | $11611 |
| **11/30/2024** | $9507 | $11195 |
| **12/31/2024** | $9436 | $11185 |
| **1/31/2025** | $9531 | $11387 |
| **2/28/2025** | $9816 | $11444 |
| **3/31/2025** | $10042 | $11521 |
| **4/30/2025** | $10172 | $11676 |
| **5/31/2025** | $10683 | $12179 |
| **6/30/2025** | $11337 | $12926 |
| **7/31/2025** | $11480 | $13187 |
| **8/31/2025** | $11848 | $13380 |
| **9/30/2025** | $12537 | $14341 |
| **10/31/2025** | $12834 | $14942 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3GA8 | **1 Year** | **5 Years** | **Since Inception 12/19/19** |
| Class I | 33.33% | 5.33% | 4.34% |
| MSCI Emerging Markets Index<sup>Footnote Reference(a)</sup> | 28.69% | 7.95% | 7.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI Emerging Markets Index captures large and mid cap representation across 24 emerging market countries, covering approximately 85% of the free float-adjusted market capitalization in each country. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $200100160 |
| Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1110500 |

---

# Transamerica Emerging Markets Equity

# Class I

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan | 17.8% |
| China | 15.2 |
| Republic of Korea | 13.5 |
| India | 8.5 |
| Hong Kong | 8.1 |
| Republic of South Africa | 5.0 |
| Mexico | 4.3 |
| United Kingdom | 3.9 |
| United States | 2.8 |
| Brazil | 2.7 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 25.9% |
| Financials | 17.6 |
| Consumer Discretionary | 15.6 |
| Communication Services | 14.1 |
| Industrials | 7.9 |
| Materials | 5.3 |
| Consumer Staples | 4.9 |
| Energy | 3.6 |
| Real Estate | 2.1 |
| Health Care | 1.7 |
| Repurchase Agreements | 1.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.4) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.0% |
| Tencent Holdings Ltd. | 5.6 |
| Samsung Electronics Co. Ltd. | 4.9 |
| Alibaba Group Holding Ltd. | 4.5 |
| Naspers Ltd., Class N | 3.6 |
| Zijin Mining Group Co. Ltd., Class H | 2.5 |
| NetEase, Inc. | 2.4 |
| ACM Research, Inc., Class A | 2.2 |
| AIA Group Ltd. | 2.2 |
| Shinhan Financial Group Co. Ltd. | 2.1 |

---

# Transamerica Emerging Markets Equity
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Equity

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Equity

# Class I2

## TEOJX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $111 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 33.24%. For the same period, the Fund's broad-based benchmark, the MSCI Emerging Markets Index, returned 28.69%.

* Thompson, Siegel & Walmsley LLC sub-advised the Fund with a focus on bottom-up fundamentals as a driver of performance during the fiscal year ended October 31, 2025. 

* Portfolio turnover was moderate as the changing macroeconomic environment altered risk-reward across the investment opportunity set. Notably, the Fund added multiple new positions in the industrial and communication services sectors.

* China was the top contributor to relative return on a country basis due to stock selection. On an individual security basis, NetEase was the primary contributor due to strong performance from its gaming division.

* India also added to relative performance, with the Fund's position in Bajaj Finance a leading contributor. The non-banking financial company saw loan growth exceed the market's expectations. The Fund subsequently sold its position in Bajaj Finance to capitalize on the security's appreciation and premium valuation. 

* South Korea was the largest detractor from relative return. Krafton, a video game developer, saw shares sell off as new title launches were pushed out into next year and beyond. TSW believed PUBG, their core intellectual property, to be cash generative and should sustain earnings far better than the market anticipates. The Fund continued to hold Krafton as of period end.

* Portfolio holdings in Turkey also lagged, as Coca-Cola Icecek detracted from performance. The Turkish cola bottler saw weaker volumes and pricing in key markets. As of period end, TSW believed these headwinds would be temporary and saw valuation as attractive given the relative discount to other global bottlers.

* Communication services was the largest source of outperformance at the sector level due to NetEase, as discussed above. 

* Information technology holdings detracted, with E-Ink weighing the most. The Taiwanese electronic ink manufacturer saw e-reader purchases slow throughout the last year. As of period end, the Fund continued to hold this position because TSW believed this technology continued to have potential to expand into multiple end markets beyond e-readers over the Fund's investment time horizon.

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

# Transamerica Emerging Markets Equity

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g67k52.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I2** | **MSCI Emerging Markets Index** |
| **12/19/2019** | $10000 | $10000 |
| **12/31/2019** | $10030 | $10079 |
| **1/31/2020** | $9370 | $9609 |
| **2/29/2020** | $8970 | $9103 |
| **3/31/2020** | $7420 | $7703 |
| **4/30/2020** | $8030 | $8410 |
| **5/31/2020** | $8200 | $8477 |
| **6/30/2020** | $8850 | $9104 |
| **7/31/2020** | $9730 | $9926 |
| **8/31/2020** | $9850 | $10148 |
| **9/30/2020** | $9710 | $9987 |
| **10/31/2020** | $9900 | $10194 |
| **11/30/2020** | $10910 | $11138 |
| **12/31/2020** | $11750 | $11962 |
| **1/31/2021** | $12173 | $12332 |
| **2/28/2021** | $12273 | $12427 |
| **3/31/2021** | $12112 | $12242 |
| **4/30/2021** | $12475 | $12549 |
| **5/31/2021** | $12656 | $12843 |
| **6/30/2021** | $12766 | $12869 |
| **7/31/2021** | $11911 | $12011 |
| **8/31/2021** | $11982 | $12329 |
| **9/30/2021** | $11589 | $11843 |
| **10/31/2021** | $11891 | $11962 |
| **11/30/2021** | $11318 | $11475 |
| **12/31/2021** | $11442 | $11696 |
| **1/31/2022** | $11431 | $11475 |
| **2/28/2022** | $10722 | $11134 |
| **3/31/2022** | $10070 | $10886 |
| **4/30/2022** | $9293 | $10282 |
| **5/31/2022** | $9451 | $10330 |
| **6/30/2022** | $9068 | $9652 |
| **7/31/2022** | $8832 | $9637 |
| **8/31/2022** | $8753 | $9680 |
| **9/30/2022** | $7774 | $8550 |
| **10/31/2022** | $7426 | $8286 |
| **11/30/2022** | $8742 | $9516 |
| **12/31/2022** | $8632 | $9388 |
| **1/31/2023** | $9430 | $10130 |
| **2/28/2023** | $8667 | $9474 |
| **3/31/2023** | $8921 | $9765 |
| **4/30/2023** | $8759 | $9656 |
| **5/31/2023** | $8505 | $9497 |
| **6/30/2023** | $8840 | $9866 |
| **7/31/2023** | $9222 | $10487 |
| **8/31/2023** | $8597 | $9844 |
| **9/30/2023** | $8412 | $9591 |
| **10/31/2023** | $8111 | $9219 |
| **11/30/2023** | $8597 | $9958 |
| **12/31/2023** | $8833 | $10351 |
| **1/31/2024** | $8416 | $9872 |
| **2/29/2024** | $8738 | $10343 |
| **3/31/2024** | $8976 | $10604 |
| **4/30/2024** | $9083 | $10653 |
| **5/31/2024** | $9238 | $10717 |
| **6/30/2024** | $9476 | $11146 |
| **7/31/2024** | $9464 | $11187 |
| **8/31/2024** | $9583 | $11372 |
| **9/30/2024** | $10166 | $12136 |
| **10/31/2024** | $9654 | $11611 |
| **11/30/2024** | $9535 | $11195 |
| **12/31/2024** | $9454 | $11185 |
| **1/31/2025** | $9549 | $11387 |
| **2/28/2025** | $9847 | $11444 |
| **3/31/2025** | $10062 | $11521 |
| **4/30/2025** | $10193 | $11676 |
| **5/31/2025** | $10718 | $12179 |
| **6/30/2025** | $11362 | $12926 |
| **7/31/2025** | $11517 | $13187 |
| **8/31/2025** | $11886 | $13380 |
| **9/30/2025** | $12578 | $14341 |
| **10/31/2025** | $12864 | $14942 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3GA4 | **1 Year** | **5 Years** | **Since Inception 12/19/19** |
| Class I2 | 33.24% | 5.38% | 4.38% |
| MSCI Emerging Markets Index<sup>Footnote Reference(a)</sup> | 28.69% | 7.95% | 7.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI Emerging Markets Index captures large and mid cap representation across 24 emerging market countries, covering approximately 85% of the free float-adjusted market capitalization in each country. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $200100160 |
| Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1110500 |

---

# Transamerica Emerging Markets Equity

# Class I2

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan | 17.8% |
| China | 15.2 |
| Republic of Korea | 13.5 |
| India | 8.5 |
| Hong Kong | 8.1 |
| Republic of South Africa | 5.0 |
| Mexico | 4.3 |
| United Kingdom | 3.9 |
| United States | 2.8 |
| Brazil | 2.7 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 25.9% |
| Financials | 17.6 |
| Consumer Discretionary | 15.6 |
| Communication Services | 14.1 |
| Industrials | 7.9 |
| Materials | 5.3 |
| Consumer Staples | 4.9 |
| Energy | 3.6 |
| Real Estate | 2.1 |
| Health Care | 1.7 |
| Repurchase Agreements | 1.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.4) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.0% |
| Tencent Holdings Ltd. | 5.6 |
| Samsung Electronics Co. Ltd. | 4.9 |
| Alibaba Group Holding Ltd. | 4.5 |
| Naspers Ltd., Class N | 3.6 |
| Zijin Mining Group Co. Ltd., Class H | 2.5 |
| NetEase, Inc. | 2.4 |
| ACM Research, Inc., Class A | 2.2 |
| AIA Group Ltd. | 2.2 |
| Shinhan Financial Group Co. Ltd. | 2.1 |

---

# Transamerica Emerging Markets Equity
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Equity

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Emerging Markets Equity

# Class R6

## TEOOX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $111 | 0.95% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 33.34%. For the same period, the Fund's broad-based benchmark, the MSCI Emerging Markets Index, returned 28.69%.

* Thompson, Siegel & Walmsley LLC sub-advised the Fund with a focus on bottom-up fundamentals as a driver of performance during the fiscal year ended October 31, 2025. 

* Portfolio turnover was moderate as the changing macroeconomic environment altered risk-reward across the investment opportunity set. Notably, the Fund added multiple new positions in the industrial and communication services sectors.

* China was the top contributor to relative return on a country basis due to stock selection. On an individual security basis, NetEase was the primary contributor due to strong performance from its gaming division.

* India also added to relative performance, with the Fund's position in Bajaj Finance a leading contributor. The non-banking financial company saw loan growth exceed the market's expectations. The Fund subsequently sold its position in Bajaj Finance to capitalize on the security's appreciation and premium valuation. 

* South Korea was the largest detractor from relative return. Krafton, a video game developer, saw shares sell off as new title launches were pushed out into next year and beyond. TSW believed PUBG, their core intellectual property, to be cash generative and should sustain earnings far better than the market anticipates. The Fund continued to hold Krafton as of period end.

* Portfolio holdings in Turkey also lagged, as Coca-Cola Icecek detracted from performance. The Turkish cola bottler saw weaker volumes and pricing in key markets. As of period end, TSW believed these headwinds would be temporary and saw valuation as attractive given the relative discount to other global bottlers.

* Communication services was the largest source of outperformance at the sector level due to NetEase, as discussed above. 

* Information technology holdings detracted, with E-Ink weighing the most. The Taiwanese electronic ink manufacturer saw e-reader purchases slow throughout the last year. As of period end, the Fund continued to hold this position because TSW believed this technology continued to have potential to expand into multiple end markets beyond e-readers over the Fund's investment time horizon.

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

# Transamerica Emerging Markets Equity

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g76u18.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index** |
| **5/28/2021** | $10000 | $10000 |
| **6/30/2021** | $10095 | $10021 |
| **7/31/2021** | $9412 | $9352 |
| **8/31/2021** | $9475 | $9600 |
| **9/30/2021** | $9157 | $9222 |
| **10/31/2021** | $9404 | $9314 |
| **11/30/2021** | $8943 | $8935 |
| **12/31/2021** | $9043 | $9107 |
| **1/31/2022** | $9034 | $8935 |
| **2/28/2022** | $8477 | $8669 |
| **3/31/2022** | $7956 | $8477 |
| **4/30/2022** | $7346 | $8006 |
| **5/31/2022** | $7470 | $8044 |
| **6/30/2022** | $7169 | $7516 |
| **7/31/2022** | $6983 | $7504 |
| **8/31/2022** | $6922 | $7538 |
| **9/30/2022** | $6144 | $6658 |
| **10/31/2022** | $5870 | $6452 |
| **11/30/2022** | $6913 | $7410 |
| **12/31/2022** | $6826 | $7310 |
| **1/31/2023** | $7453 | $7888 |
| **2/28/2023** | $6853 | $7377 |
| **3/31/2023** | $7053 | $7603 |
| **4/30/2023** | $6926 | $7519 |
| **5/31/2023** | $6726 | $7395 |
| **6/30/2023** | $6990 | $7682 |
| **7/31/2023** | $7290 | $8166 |
| **8/31/2023** | $6799 | $7665 |
| **9/30/2023** | $6654 | $7468 |
| **10/31/2023** | $6408 | $7178 |
| **11/30/2023** | $6781 | $7754 |
| **12/31/2023** | $6972 | $8060 |
| **1/31/2024** | $6645 | $7687 |
| **2/29/2024** | $6907 | $8054 |
| **3/31/2024** | $7084 | $8257 |
| **4/30/2024** | $7178 | $8295 |
| **5/31/2024** | $7290 | $8345 |
| **6/30/2024** | $7486 | $8679 |
| **7/31/2024** | $7477 | $8711 |
| **8/31/2024** | $7561 | $8855 |
| **9/30/2024** | $8019 | $9450 |
| **10/31/2024** | $7617 | $9041 |
| **11/30/2024** | $7524 | $8717 |
| **12/31/2024** | $7470 | $8709 |
| **1/31/2025** | $7545 | $8866 |
| **2/28/2025** | $7770 | $8911 |
| **3/31/2025** | $7947 | $8971 |
| **4/30/2025** | $8050 | $9091 |
| **5/31/2025** | $8462 | $9483 |
| **6/30/2025** | $8968 | $10065 |
| **7/31/2025** | $9090 | $10268 |
| **8/31/2025** | $9380 | $10419 |
| **9/30/2025** | $9932 | $11167 |
| **10/31/2025** | $10157 | $11635 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I3GAB | **1 Year** | **Since Inception 5/28/21** |
| Class R6 | 33.34% | 0.35% |
| MSCI Emerging Markets Index<sup>Footnote Reference(a)</sup> | 28.69% | 3.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI Emerging Markets Index captures large and mid cap representation across 24 emerging market countries, covering approximately 85% of the free float-adjusted market capitalization in each country. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $200100160 |
| Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1110500 |

---

# Transamerica Emerging Markets Equity

# Class R6

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan | 17.8% |
| China | 15.2 |
| Republic of Korea | 13.5 |
| India | 8.5 |
| Hong Kong | 8.1 |
| Republic of South Africa | 5.0 |
| Mexico | 4.3 |
| United Kingdom | 3.9 |
| United States | 2.8 |
| Brazil | 2.7 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Information Technology | 25.9% |
| Financials | 17.6 |
| Consumer Discretionary | 15.6 |
| Communication Services | 14.1 |
| Industrials | 7.9 |
| Materials | 5.3 |
| Consumer Staples | 4.9 |
| Energy | 3.6 |
| Real Estate | 2.1 |
| Health Care | 1.7 |
| Repurchase Agreements | 1.5 |
| Other Investment Company | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.4) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 12.0% |
| Tencent Holdings Ltd. | 5.6 |
| Samsung Electronics Co. Ltd. | 4.9 |
| Alibaba Group Holding Ltd. | 4.5 |
| Naspers Ltd., Class N | 3.6 |
| Zijin Mining Group Co. Ltd., Class H | 2.5 |
| NetEase, Inc. | 2.4 |
| ACM Research, Inc., Class A | 2.2 |
| AIA Group Ltd. | 2.2 |
| Shinhan Financial Group Co. Ltd. | 2.1 |

---

# Transamerica Emerging Markets Equity
Class R6

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Emerging Markets Equity

# Class R6
![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class A

## TMLAX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $158 | 1.53% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 6.60%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Alerian Midstream Energy Select Index, returned 8.66% over the same period.

* During the fiscal year ended October 31, 2025, the Fund underperformed the Alerian Midstream Energy Select Total Return and the Alerian MLP Total Return Indices. 

* The Fund is focused on North American energy infrastructure businesses that exhibit defensive attributes and thematic tailwinds. The sub-adviser believes these types of companies are well positioned to generate several years of attractive returns for investors. 

* As of October 31, 2025, over 90% of the Fund was allocated towards midstream equity investments, with the remainder allocated to power infrastructure and other energy companies. Natural gas value chains continue to benefit from structural tailwinds in LNG ("liquefied natural gas") demand, along with industrial re-shoring and data center development. Over the past year, the sub-adviser steadily increased the Fund's exposure to natural gas-focused infrastructure and other contracted, volume-driven businesses. The sub-adviser also broadened the Fund's exposure to the natural gas value chain via positions in companies focused on LNG, gas storage, and compression.

* In parallel, the sub-adviser increased the Fund's exposure to power infrastructure companies to benefit from the rising power demand cycle. The sub-adviser simultaneously trimmed the Fund's positions perceived to have more exposure to drilling activity and crude oil production trends.

* These actions reflect the sub-adviser's determination to increase the Fund's exposure to natural gas demand growth (which the sub-adviser considers to be a multi-decade trend), as well as the sub-adviser's defensive mindset.

* Focusing on the Fund's top ten holdings, DT Midstream, a natural gas pipeline company, was the best performing investment during fiscal year 2025, followed by MPLX, a midstream energy and logistics company, and Enbridge, a major oil and gas pipeline company. Positive contributors to performance also included Williams, a major natural gas processing and transportation company, and Enterprise Products, a major North American provider of midstream energy services.

* The primary detractor from performance during the fiscal year was ONEOK, a leading American midstream energy infrastructure company, followed by Kinetik Holdings, a midstream logistics and pipeline transportation company, and Kodiak Gas Services, a natural gas compression services company.

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

Transamerica Energy Infrastructure

Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g41v26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Russell 3000<sup>®</sup> Index** | **Alerian Midstream Energy Select Index** |
| **10/31/2015** | $9452 | $10000 | $10000 |
| **11/30/2015** | $8619 | $10055 | $9174 |
| **12/31/2015** | $7749 | $9849 | $8436 |
| **1/31/2016** | $7123 | $9293 | $8051 |
| **2/29/2016** | $7280 | $9290 | $8130 |
| **3/31/2016** | $7806 | $9944 | $9016 |
| **4/30/2016** | $8472 | $10006 | $9927 |
| **5/31/2016** | $8690 | $10185 | $10161 |
| **6/30/2016** | $9048 | $10206 | $10703 |
| **7/31/2016** | $9121 | $10611 | $10762 |
| **8/31/2016** | $9230 | $10638 | $11088 |
| **9/30/2016** | $9752 | $10655 | $11690 |
| **10/31/2016** | $9370 | $10424 | $11174 |
| **11/30/2016** | $9740 | $10891 | $11619 |
| **12/31/2016** | $10046 | $11103 | $12110 |
| **1/31/2017** | $10171 | $11312 | $12272 |
| **2/28/2017** | $10209 | $11733 | $12380 |
| **3/31/2017** | $10321 | $11741 | $12431 |
| **4/30/2017** | $10220 | $11865 | $12226 |
| **5/31/2017** | $9738 | $11987 | $11807 |
| **6/30/2017** | $9829 | $12095 | $11965 |
| **7/31/2017** | $10163 | $12323 | $12309 |
| **8/31/2017** | $9816 | $12347 | $11911 |
| **9/30/2017** | $10001 | $12648 | $12245 |
| **10/31/2017** | $9585 | $12924 | $11830 |
| **11/30/2017** | $9481 | $13316 | $11748 |
| **12/31/2017** | $10008 | $13450 | $12203 |
| **1/31/2018** | $10127 | $14158 | $12252 |
| **2/28/2018** | $9192 | $13637 | $10964 |
| **3/31/2018** | $8841 | $13363 | $10591 |
| **4/30/2018** | $9321 | $13414 | $11144 |
| **5/31/2018** | $9814 | $13792 | $11705 |
| **6/30/2018** | $9884 | $13883 | $11933 |
| **7/31/2018** | $10195 | $14343 | $12375 |
| **8/31/2018** | $10249 | $14847 | $12210 |
| **9/30/2018** | $10133 | $14871 | $12000 |
| **10/31/2018** | $9408 | $13776 | $11115 |
| **11/30/2018** | $9298 | $14052 | $11105 |
| **12/31/2018** | $8447 | $12745 | $10046 |
| **1/31/2019** | $9638 | $13838 | $11660 |
| **2/28/2019** | $9652 | $14325 | $11819 |
| **3/31/2019** | $10058 | $14534 | $12278 |
| **4/30/2019** | $9890 | $15115 | $12140 |
| **5/31/2019** | $9595 | $14137 | $11916 |
| **6/30/2019** | $9978 | $15129 | $12297 |
| **7/31/2019** | $9793 | $15354 | $12047 |
| **8/31/2019** | $9424 | $15041 | $11691 |
| **9/30/2019** | $9633 | $15305 | $11993 |
| **10/31/2019** | $9389 | $15635 | $11555 |
| **11/30/2019** | $9273 | $16229 | $11320 |
| **12/31/2019** | $9742 | $16698 | $12291 |
| **1/31/2020** | $9538 | $16680 | $11797 |
| **2/29/2020** | $8765 | $15314 | $10586 |
| **3/31/2020** | $5916 | $13208 | $6195 |
| **4/30/2020** | $7153 | $14957 | $8227 |
| **5/31/2020** | $7585 | $15757 | $8812 |
| **6/30/2020** | $7365 | $16117 | $8549 |
| **7/31/2020** | $7486 | $17033 | $8511 |
| **8/31/2020** | $7607 | $18266 | $8747 |
| **9/30/2020** | $7165 | $17601 | $7770 |
| **10/31/2020** | $7289 | $17221 | $7781 |
| **11/30/2020** | $8336 | $19317 | $9298 |
| **12/31/2020** | $8627 | $20186 | $9412 |
| **1/31/2021** | $9080 | $20096 | $9872 |
| **2/28/2021** | $9064 | $20724 | $10610 |
| **3/31/2021** | $9515 | $21467 | $11362 |
| **4/30/2021** | $9830 | $22573 | $12035 |
| **5/31/2021** | $10114 | $22676 | $12830 |
| **6/30/2021** | $10430 | $23236 | $13437 |
| **7/31/2021** | $10238 | $23628 | $12940 |
| **8/31/2021** | $10222 | $24302 | $12752 |
| **9/30/2021** | $10247 | $23212 | $13350 |
| **10/31/2021** | $11021 | $24782 | $14096 |
| **11/30/2021** | $10505 | $24404 | $13029 |
| **12/31/2021** | $10597 | $25365 | $13247 |
| **1/31/2022** | $11004 | $23873 | $14327 |
| **2/28/2022** | $11459 | $23272 | $14986 |
| **3/31/2022** | $12332 | $24026 | $16099 |
| **4/30/2022** | $11773 | $21870 | $15749 |
| **5/31/2022** | $12381 | $21841 | $16781 |
| **6/30/2022** | $11245 | $20014 | $14568 |
| **7/31/2022** | $12259 | $21891 | $16150 |
| **8/31/2022** | $12193 | $21074 | $16167 |
| **9/30/2022** | $10917 | $19120 | $14420 |
| **10/31/2022** | $11825 | $20688 | $16142 |
| **11/30/2022** | $12262 | $21768 | $16829 |
| **12/31/2022** | $11526 | $20493 | $15785 |
| **1/31/2023** | $11900 | $21905 | $16581 |
| **2/28/2023** | $11475 | $21393 | $15919 |
| **3/31/2023** | $11503 | $21965 | $15825 |
| **4/30/2023** | $11520 | $22199 | $16201 |
| **5/31/2023** | $10971 | $22285 | $15623 |
| **6/30/2023** | $11465 | $23807 | $16753 |
| **7/31/2023** | $11864 | $24661 | $17476 |
| **8/31/2023** | $11760 | $24185 | $17388 |
| **9/30/2023** | $11424 | $23032 | $17259 |
| **10/31/2023** | $11266 | $22422 | $17171 |
| **11/30/2023** | $12002 | $24513 | $18382 |
| **12/31/2023** | $12066 | $25813 | $18277 |
| **1/31/2024** | $11956 | $26099 | $18399 |
| **2/29/2024** | $12376 | $27512 | $19150 |
| **3/31/2024** | $13273 | $28399 | $20473 |
| **4/30/2024** | $13144 | $27150 | $20355 |
| **5/31/2024** | $13623 | $28432 | $21100 |
| **6/30/2024** | $14004 | $29313 | $21733 |
| **7/31/2024** | $14414 | $29857 | $22384 |
| **8/31/2024** | $14934 | $30507 | $23294 |
| **9/30/2024** | $14934 | $31138 | $23452 |
| **10/31/2024** | $15592 | $30910 | $24353 |
| **11/30/2024** | $17752 | $32966 | $27797 |
| **12/31/2024** | $16658 | $31958 | $26159 |
| **1/31/2025** | $17360 | $32967 | $27067 |
| **2/28/2025** | $17530 | $32336 | $27543 |
| **3/31/2025** | $17630 | $30449 | $27955 |
| **4/30/2025** | $16405 | $30245 | $26334 |
| **5/31/2025** | $16845 | $32162 | $27020 |
| **6/30/2025** | $17268 | $33796 | $27856 |
| **7/31/2025** | $17152 | $34540 | $27751 |
| **8/31/2025** | $17190 | $35340 | $28003 |
| **9/30/2025** | $17480 | $36559 | $28332 |
| **10/31/2025** | $16621 | $37343 | $26463 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I4CY1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 0.77% | 16.58% | 5.21% |
| Class A | 6.60% | 17.92% | 5.81% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 20.81% | 16.74% | 14.08% |
| Alerian Midstream Energy Select Index<sup>Footnote Reference(c)</sup> | 8.66% | 27.74% | 10.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund pays dividends quarterly. The Fund's dividend practice is to make quarterly distributions to shareholders at a relatively consistent level. For certain periods, the Fund's dividend practice has resulted in the Fund distributing more than its distributable income resulting in a return of capital to shareholders and reduction to Fund assets. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Alerian Midstream Energy Select Index is a composite of North American energy infrastructure companies. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $120922106 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1443441 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.8% |
| Master Limited Partnerships | 26.2 |
| Repurchase Agreements | 3.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

Transamerica Energy Infrastructure

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 10.0% |
| Cheniere Energy, Inc. | 8.4 |
| Enterprise Products Partners LP | 8.1 |
| Energy Transfer LP | 7.2 |
| Kinder Morgan, Inc. | 7.2 |
| TC Energy Corp. | 5.7 |
| DT Midstream, Inc. | 4.8 |
| MPLX LP | 4.7 |
| Enbridge, Inc. | 4.6 |
| ONEOK, Inc. | 4.5 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Energy Infrastructure

Class A

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class C

## TMCLX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $242 | 2.35% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 5.83%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Alerian Midstream Energy Select Index, returned 8.66% over the same period.

* During the fiscal year ended October 31, 2025, the Fund underperformed the Alerian Midstream Energy Select Total Return and the Alerian MLP Total Return Indices. 

* The Fund is focused on North American energy infrastructure businesses that exhibit defensive attributes and thematic tailwinds. The sub-adviser believes these types of companies are well positioned to generate several years of attractive returns for investors. 

* As of October 31, 2025, over 90% of the Fund was allocated towards midstream equity investments, with the remainder allocated to power infrastructure and other energy companies. Natural gas value chains continue to benefit from structural tailwinds in LNG ("liquefied natural gas") demand, along with industrial re-shoring and data center development. Over the past year, the sub-adviser steadily increased the Fund's exposure to natural gas-focused infrastructure and other contracted, volume-driven businesses. The sub-adviser also broadened the Fund's exposure to the natural gas value chain via positions in companies focused on LNG, gas storage, and compression.

* In parallel, the sub-adviser increased the Fund's exposure to power infrastructure companies to benefit from the rising power demand cycle. The sub-adviser simultaneously trimmed the Fund's positions perceived to have more exposure to drilling activity and crude oil production trends.

* These actions reflect the sub-adviser's determination to increase the Fund's exposure to natural gas demand growth (which the sub-adviser considers to be a multi-decade trend), as well as the sub-adviser's defensive mindset.

* Focusing on the Fund's top ten holdings, DT Midstream, a natural gas pipeline company, was the best performing investment during fiscal year 2025, followed by MPLX, a midstream energy and logistics company, and Enbridge, a major oil and gas pipeline company. Positive contributors to performance also included Williams, a major natural gas processing and transportation company, and Enterprise Products, a major North American provider of midstream energy services.

* The primary detractor from performance during the fiscal year was ONEOK, a leading American midstream energy infrastructure company, followed by Kinetik Holdings, a midstream logistics and pipeline transportation company, and Kodiak Gas Services, a natural gas compression services company.

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

Transamerica Energy Infrastructure

Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g24p03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Russell 3000<sup>®</sup> Index** | **Alerian Midstream Energy Select Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9102 | $10055 | $9174 |
| **12/31/2015** | $8173 | $9849 | $8436 |
| **1/31/2016** | $7510 | $9293 | $8051 |
| **2/29/2016** | $7676 | $9290 | $8130 |
| **3/31/2016** | $8219 | $9944 | $9016 |
| **4/30/2016** | $8923 | $10006 | $9927 |
| **5/31/2016** | $9140 | $10185 | $10161 |
| **6/30/2016** | $9514 | $10206 | $10703 |
| **7/31/2016** | $9578 | $10611 | $10762 |
| **8/31/2016** | $9694 | $10638 | $11088 |
| **9/30/2016** | $10238 | $10655 | $11690 |
| **10/31/2016** | $9821 | $10424 | $11174 |
| **11/30/2016** | $10199 | $10891 | $11619 |
| **12/31/2016** | $10526 | $11103 | $12110 |
| **1/31/2017** | $10644 | $11312 | $12272 |
| **2/28/2017** | $10684 | $11733 | $12380 |
| **3/31/2017** | $10794 | $11741 | $12431 |
| **4/30/2017** | $10675 | $11865 | $12226 |
| **5/31/2017** | $10169 | $11987 | $11807 |
| **6/30/2017** | $10257 | $12095 | $11965 |
| **7/31/2017** | $10594 | $12323 | $12309 |
| **8/31/2017** | $10230 | $12347 | $11911 |
| **9/30/2017** | $10418 | $12648 | $12245 |
| **10/31/2017** | $9983 | $12924 | $11830 |
| **11/30/2017** | $9874 | $13316 | $11748 |
| **12/31/2017** | $10402 | $13450 | $12203 |
| **1/31/2018** | $10526 | $14158 | $12252 |
| **2/28/2018** | $9550 | $13637 | $10964 |
| **3/31/2018** | $9163 | $13363 | $10591 |
| **4/30/2018** | $9677 | $13414 | $11144 |
| **5/31/2018** | $10163 | $13792 | $11705 |
| **6/30/2018** | $10232 | $13883 | $11933 |
| **7/31/2018** | $10554 | $14343 | $12375 |
| **8/31/2018** | $10611 | $14847 | $12210 |
| **9/30/2018** | $10468 | $14871 | $12000 |
| **10/31/2018** | $9717 | $13776 | $11115 |
| **11/30/2018** | $9603 | $14052 | $11105 |
| **12/31/2018** | $8716 | $12745 | $10046 |
| **1/31/2019** | $9949 | $13838 | $11660 |
| **2/28/2019** | $9949 | $14325 | $11819 |
| **3/31/2019** | $10364 | $14534 | $12278 |
| **4/30/2019** | $10190 | $15115 | $12140 |
| **5/31/2019** | $9871 | $14137 | $11916 |
| **6/30/2019** | $10262 | $15129 | $12297 |
| **7/31/2019** | $10071 | $15354 | $12047 |
| **8/31/2019** | $9690 | $15041 | $11691 |
| **9/30/2019** | $9887 | $15305 | $11993 |
| **10/31/2019** | $9635 | $15635 | $11555 |
| **11/30/2019** | $9516 | $16229 | $11320 |
| **12/31/2019** | $9981 | $16698 | $12291 |
| **1/31/2020** | $9756 | $16680 | $11797 |
| **2/29/2020** | $8962 | $15314 | $10586 |
| **3/31/2020** | $6046 | $13208 | $6195 |
| **4/30/2020** | $7298 | $14957 | $8227 |
| **5/31/2020** | $7756 | $15757 | $8812 |
| **6/30/2020** | $7515 | $16117 | $8549 |
| **7/31/2020** | $7639 | $17033 | $8511 |
| **8/31/2020** | $7747 | $18266 | $8747 |
| **9/30/2020** | $7295 | $17601 | $7770 |
| **10/31/2020** | $7405 | $17221 | $7781 |
| **11/30/2020** | $8490 | $19317 | $9298 |
| **12/31/2020** | $8771 | $20186 | $9412 |
| **1/31/2021** | $9232 | $20096 | $9872 |
| **2/28/2021** | $9201 | $20724 | $10610 |
| **3/31/2021** | $9655 | $21467 | $11362 |
| **4/30/2021** | $9960 | $22573 | $12035 |
| **5/31/2021** | $10248 | $22676 | $12830 |
| **6/30/2021** | $10565 | $23236 | $13437 |
| **7/31/2021** | $10371 | $23628 | $12940 |
| **8/31/2021** | $10338 | $24302 | $12752 |
| **9/30/2021** | $10360 | $23212 | $13350 |
| **10/31/2021** | $11143 | $24782 | $14096 |
| **11/30/2021** | $10604 | $24404 | $13029 |
| **12/31/2021** | $10691 | $25365 | $13247 |
| **1/31/2022** | $11085 | $23873 | $14327 |
| **2/28/2022** | $11546 | $23272 | $14986 |
| **3/31/2022** | $12424 | $24026 | $16099 |
| **4/30/2022** | $11844 | $21870 | $15749 |
| **5/31/2022** | $12441 | $21841 | $16781 |
| **6/30/2022** | $11302 | $20014 | $14568 |
| **7/31/2022** | $12323 | $21891 | $16150 |
| **8/31/2022** | $12240 | $21074 | $16167 |
| **9/30/2022** | $10946 | $19120 | $14420 |
| **10/31/2022** | $11859 | $20688 | $16142 |
| **11/30/2022** | $12298 | $21768 | $16829 |
| **12/31/2022** | $11552 | $20493 | $15785 |
| **1/31/2023** | $11910 | $21905 | $16581 |
| **2/28/2023** | $11484 | $21393 | $15919 |
| **3/31/2023** | $11504 | $21965 | $15825 |
| **4/30/2023** | $11504 | $22199 | $16201 |
| **5/31/2023** | $10955 | $22285 | $15623 |
| **6/30/2023** | $11426 | $23807 | $16753 |
| **7/31/2023** | $11824 | $24661 | $17476 |
| **8/31/2023** | $11720 | $24185 | $17388 |
| **9/30/2023** | $11379 | $23032 | $17259 |
| **10/31/2023** | $11205 | $22422 | $17171 |
| **11/30/2023** | $11938 | $24513 | $18382 |
| **12/31/2023** | $11974 | $25813 | $18277 |
| **1/31/2024** | $11884 | $26099 | $18399 |
| **2/29/2024** | $12282 | $27512 | $19150 |
| **3/31/2024** | $13168 | $28399 | $20473 |
| **4/30/2024** | $13022 | $27150 | $20355 |
| **5/31/2024** | $13496 | $28432 | $21100 |
| **6/30/2024** | $13864 | $29313 | $21733 |
| **7/31/2024** | $14251 | $29857 | $22384 |
| **8/31/2024** | $14766 | $30507 | $23294 |
| **9/30/2024** | $14756 | $31138 | $23452 |
| **10/31/2024** | $15387 | $30910 | $24353 |
| **11/30/2024** | $17521 | $32966 | $27797 |
| **12/31/2024** | $16406 | $31958 | $26159 |
| **1/31/2025** | $17097 | $32967 | $27067 |
| **2/28/2025** | $17265 | $32336 | $27543 |
| **3/31/2025** | $17329 | $30449 | $27955 |
| **4/30/2025** | $16123 | $30245 | $26334 |
| **5/31/2025** | $16556 | $32162 | $27020 |
| **6/30/2025** | $16955 | $33796 | $27856 |
| **7/31/2025** | $16822 | $34540 | $27751 |
| **8/31/2025** | $16841 | $35340 | $28003 |
| **9/30/2025** | $17126 | $36559 | $28332 |
| **10/31/2025** | $16284 | $37343 | $26463 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I4CY3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 4.83% | 17.07% | 5.00% |
| Class C | 5.83% | 17.07% | 5.00% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 20.81% | 16.74% | 14.08% |
| Alerian Midstream Energy Select Index<sup>Footnote Reference(c)</sup> | 8.66% | 27.74% | 10.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund pays dividends quarterly. The Fund's dividend practice is to make quarterly distributions to shareholders at a relatively consistent level. For certain periods, the Fund's dividend practice has resulted in the Fund distributing more than its distributable income resulting in a return of capital to shareholders and reduction to Fund assets. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Alerian Midstream Energy Select Index is a composite of North American energy infrastructure companies. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $120922106 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1443441 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.8% |
| Master Limited Partnerships | 26.2 |
| Repurchase Agreements | 3.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

Transamerica Energy Infrastructure

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 10.0% |
| Cheniere Energy, Inc. | 8.4 |
| Enterprise Products Partners LP | 8.1 |
| Energy Transfer LP | 7.2 |
| Kinder Morgan, Inc. | 7.2 |
| TC Energy Corp. | 5.7 |
| DT Midstream, Inc. | 4.8 |
| MPLX LP | 4.7 |
| Enbridge, Inc. | 4.6 |
| ONEOK, Inc. | 4.5 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Energy Infrastructure

Class C

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class I

## TMLPX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $134 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 7.00%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Alerian Midstream Energy Select Index, returned 8.66% over the same period.

* During the fiscal year ended October 31, 2025, the Fund underperformed the Alerian Midstream Energy Select Total Return and the Alerian MLP Total Return Indices. 

* The Fund is focused on North American energy infrastructure businesses that exhibit defensive attributes and thematic tailwinds. The sub-adviser believes these types of companies are well positioned to generate several years of attractive returns for investors. 

* As of October 31, 2025, over 90% of the Fund was allocated towards midstream equity investments, with the remainder allocated to power infrastructure and other energy companies. Natural gas value chains continue to benefit from structural tailwinds in LNG ("liquefied natural gas") demand, along with industrial re-shoring and data center development. Over the past year, the sub-adviser steadily increased the Fund's exposure to natural gas-focused infrastructure and other contracted, volume-driven businesses. The sub-adviser also broadened the Fund's exposure to the natural gas value chain via positions in companies focused on LNG, gas storage, and compression.

* In parallel, the sub-adviser increased the Fund's exposure to power infrastructure companies to benefit from the rising power demand cycle. The sub-adviser simultaneously trimmed the Fund's positions perceived to have more exposure to drilling activity and crude oil production trends.

* These actions reflect the sub-adviser's determination to increase the Fund's exposure to natural gas demand growth (which the sub-adviser considers to be a multi-decade trend), as well as the sub-adviser's defensive mindset.

* Focusing on the Fund's top ten holdings, DT Midstream, a natural gas pipeline company, was the best performing investment during fiscal year 2025, followed by MPLX, a midstream energy and logistics company, and Enbridge, a major oil and gas pipeline company. Positive contributors to performance also included Williams, a major natural gas processing and transportation company, and Enterprise Products, a major North American provider of midstream energy services.

* The primary detractor from performance during the fiscal year was ONEOK, a leading American midstream energy infrastructure company, followed by Kinetik Holdings, a midstream logistics and pipeline transportation company, and Kodiak Gas Services, a natural gas compression services company.

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

Transamerica Energy Infrastructure

Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g38t31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Alerian Midstream Energy Select Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9107 | $10055 | $9174 |
| **12/31/2015** | $8196 | $9849 | $8436 |
| **1/31/2016** | $7534 | $9293 | $8051 |
| **2/29/2016** | $7700 | $9290 | $8130 |
| **3/31/2016** | $8263 | $9944 | $9016 |
| **4/30/2016** | $8967 | $10006 | $9927 |
| **5/31/2016** | $9211 | $10185 | $10161 |
| **6/30/2016** | $9584 | $10206 | $10703 |
| **7/31/2016** | $9662 | $10611 | $10762 |
| **8/31/2016** | $9778 | $10638 | $11088 |
| **9/30/2016** | $10338 | $10655 | $11690 |
| **10/31/2016** | $9932 | $10424 | $11174 |
| **11/30/2016** | $10325 | $10891 | $11619 |
| **12/31/2016** | $10670 | $11103 | $12110 |
| **1/31/2017** | $10790 | $11312 | $12272 |
| **2/28/2017** | $10829 | $11733 | $12380 |
| **3/31/2017** | $10970 | $11741 | $12431 |
| **4/30/2017** | $10849 | $11865 | $12226 |
| **5/31/2017** | $10337 | $11987 | $11807 |
| **6/30/2017** | $10442 | $12095 | $11965 |
| **7/31/2017** | $10797 | $12323 | $12309 |
| **8/31/2017** | $10442 | $12347 | $11911 |
| **9/30/2017** | $10634 | $12648 | $12245 |
| **10/31/2017** | $10191 | $12924 | $11830 |
| **11/30/2017** | $10095 | $13316 | $11748 |
| **12/31/2017** | $10648 | $13450 | $12203 |
| **1/31/2018** | $10788 | $14158 | $12252 |
| **2/28/2018** | $9794 | $13637 | $10964 |
| **3/31/2018** | $9414 | $13363 | $10591 |
| **4/30/2018** | $9939 | $13414 | $11144 |
| **5/31/2018** | $10450 | $13792 | $11705 |
| **6/30/2018** | $10531 | $13883 | $11933 |
| **7/31/2018** | $10862 | $14343 | $12375 |
| **8/31/2018** | $10934 | $14847 | $12210 |
| **9/30/2018** | $10805 | $14871 | $12000 |
| **10/31/2018** | $10047 | $13776 | $11115 |
| **11/30/2018** | $9930 | $14052 | $11105 |
| **12/31/2018** | $9017 | $12745 | $10046 |
| **1/31/2019** | $10288 | $13838 | $11660 |
| **2/28/2019** | $10303 | $14325 | $11819 |
| **3/31/2019** | $10744 | $14534 | $12278 |
| **4/30/2019** | $10579 | $15115 | $12140 |
| **5/31/2019** | $10250 | $14137 | $11916 |
| **6/30/2019** | $10666 | $15129 | $12297 |
| **7/31/2019** | $10469 | $15354 | $12047 |
| **8/31/2019** | $10089 | $15041 | $11691 |
| **9/30/2019** | $10306 | $15305 | $11993 |
| **10/31/2019** | $10044 | $15635 | $11555 |
| **11/30/2019** | $9936 | $16229 | $11320 |
| **12/31/2019** | $10431 | $16698 | $12291 |
| **1/31/2020** | $10213 | $16680 | $11797 |
| **2/29/2020** | $9385 | $15314 | $10586 |
| **3/31/2020** | $6325 | $13208 | $6195 |
| **4/30/2020** | $7667 | $14957 | $8227 |
| **5/31/2020** | $8130 | $15757 | $8812 |
| **6/30/2020** | $7882 | $16117 | $8549 |
| **7/31/2020** | $8028 | $17033 | $8511 |
| **8/31/2020** | $8158 | $18266 | $8747 |
| **9/30/2020** | $7674 | $17601 | $7770 |
| **10/31/2020** | $7806 | $17221 | $7781 |
| **11/30/2020** | $8948 | $19317 | $9298 |
| **12/31/2020** | $9249 | $20186 | $9412 |
| **1/31/2021** | $9752 | $20096 | $9872 |
| **2/28/2021** | $9735 | $20724 | $10610 |
| **3/31/2021** | $10209 | $21467 | $11362 |
| **4/30/2021** | $10549 | $22573 | $12035 |
| **5/31/2021** | $10871 | $22676 | $12830 |
| **6/30/2021** | $11201 | $23236 | $13437 |
| **7/31/2021** | $11012 | $23628 | $12940 |
| **8/31/2021** | $10995 | $24302 | $12752 |
| **9/30/2021** | $11032 | $23212 | $13350 |
| **10/31/2021** | $11865 | $24782 | $14096 |
| **11/30/2021** | $11310 | $24404 | $13029 |
| **12/31/2021** | $11420 | $25365 | $13247 |
| **1/31/2022** | $11841 | $23873 | $14327 |
| **2/28/2022** | $12350 | $23272 | $14986 |
| **3/31/2022** | $13284 | $24026 | $16099 |
| **4/30/2022** | $12698 | $21870 | $15749 |
| **5/31/2022** | $13355 | $21841 | $16781 |
| **6/30/2022** | $12138 | $20014 | $14568 |
| **7/31/2022** | $13233 | $21891 | $16150 |
| **8/31/2022** | $13161 | $21074 | $16167 |
| **9/30/2022** | $11795 | $19120 | $14420 |
| **10/31/2022** | $12784 | $20688 | $16142 |
| **11/30/2022** | $13257 | $21768 | $16829 |
| **12/31/2022** | $12454 | $20493 | $15785 |
| **1/31/2023** | $12859 | $21905 | $16581 |
| **2/28/2023** | $12417 | $21393 | $15919 |
| **3/31/2023** | $12459 | $21965 | $15825 |
| **4/30/2023** | $12477 | $22199 | $16201 |
| **5/31/2023** | $11882 | $22285 | $15623 |
| **6/30/2023** | $12408 | $23807 | $16753 |
| **7/31/2023** | $12841 | $24661 | $17476 |
| **8/31/2023** | $12747 | $24185 | $17388 |
| **9/30/2023** | $12391 | $23032 | $17259 |
| **10/31/2023** | $12201 | $22422 | $17171 |
| **11/30/2023** | $13018 | $24513 | $18382 |
| **12/31/2023** | $13077 | $25813 | $18277 |
| **1/31/2024** | $12978 | $26099 | $18399 |
| **2/29/2024** | $13433 | $27512 | $19150 |
| **3/31/2024** | $14397 | $28399 | $20473 |
| **4/30/2024** | $14257 | $27150 | $20355 |
| **5/31/2024** | $14797 | $28432 | $21100 |
| **6/30/2024** | $15201 | $29313 | $21733 |
| **7/31/2024** | $15645 | $29857 | $22384 |
| **8/31/2024** | $16232 | $30507 | $23294 |
| **9/30/2024** | $16221 | $31138 | $23452 |
| **10/31/2024** | $16936 | $30910 | $24353 |
| **11/30/2024** | $19305 | $32966 | $27797 |
| **12/31/2024** | $18108 | $31958 | $26159 |
| **1/31/2025** | $18872 | $32967 | $27067 |
| **2/28/2025** | $19057 | $32336 | $27543 |
| **3/31/2025** | $19178 | $30449 | $27955 |
| **4/30/2025** | $17844 | $30245 | $26334 |
| **5/31/2025** | $18344 | $32162 | $27020 |
| **6/30/2025** | $18794 | $33796 | $27856 |
| **7/31/2025** | $18668 | $34540 | $27751 |
| **8/31/2025** | $18710 | $35340 | $28003 |
| **9/30/2025** | $19037 | $36559 | $28332 |
| **10/31/2025** | $18121 | $37343 | $26463 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I4CY8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.00% | 18.34% | 6.13% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 20.81% | 16.74% | 14.08% |
| Alerian Midstream Energy Select Index<sup>Footnote Reference(c)</sup> | 8.66% | 27.74% | 10.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund pays dividends quarterly. The Fund's dividend practice is to make quarterly distributions to shareholders at a relatively consistent level. For certain periods, the Fund's dividend practice has resulted in the Fund distributing more than its distributable income resulting in a return of capital to shareholders and reduction to Fund assets. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Alerian Midstream Energy Select Index is a composite of North American energy infrastructure companies. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $120922106 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1443441 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.8% |
| Master Limited Partnerships | 26.2 |
| Repurchase Agreements | 3.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

Transamerica Energy Infrastructure

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 10.0% |
| Cheniere Energy, Inc. | 8.4 |
| Enterprise Products Partners LP | 8.1 |
| Energy Transfer LP | 7.2 |
| Kinder Morgan, Inc. | 7.2 |
| TC Energy Corp. | 5.7 |
| DT Midstream, Inc. | 4.8 |
| MPLX LP | 4.7 |
| Enbridge, Inc. | 4.6 |
| ONEOK, Inc. | 4.5 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Energy Infrastructure

Class I

![Image](g67628g16b19.jpg)

Annual Shareholder Report

# Transamerica Energy Infrastructure

# Class I2

## Ticker: N/A
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $123 | 1.19% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 6.97%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 20.81%. The performance benchmark, the Alerian Midstream Energy Select Index, returned 8.66% over the same period.

* During the fiscal year ended October 31, 2025, the Fund underperformed the Alerian Midstream Energy Select Total Return and the Alerian MLP Total Return Indices. 

* The Fund is focused on North American energy infrastructure businesses that exhibit defensive attributes and thematic tailwinds. The sub-adviser believes these types of companies are well positioned to generate several years of attractive returns for investors. 

* As of October 31, 2025, over 90% of the Fund was allocated towards midstream equity investments, with the remainder allocated to power infrastructure and other energy companies. Natural gas value chains continue to benefit from structural tailwinds in LNG ("liquefied natural gas") demand, along with industrial re-shoring and data center development. Over the past year, the sub-adviser steadily increased the Fund's exposure to natural gas-focused infrastructure and other contracted, volume-driven businesses. The sub-adviser also broadened the Fund's exposure to the natural gas value chain via positions in companies focused on LNG, gas storage, and compression.

* In parallel, the sub-adviser increased the Fund's exposure to power infrastructure companies to benefit from the rising power demand cycle. The sub-adviser simultaneously trimmed the Fund's positions perceived to have more exposure to drilling activity and crude oil production trends.

* These actions reflect the sub-adviser's determination to increase the Fund's exposure to natural gas demand growth (which the sub-adviser considers to be a multi-decade trend), as well as the sub-adviser's defensive mindset.

* Focusing on the Fund's top ten holdings, DT Midstream, a natural gas pipeline company, was the best performing investment during fiscal year 2025, followed by MPLX, a midstream energy and logistics company, and Enbridge, a major oil and gas pipeline company. Positive contributors to performance also included Williams, a major natural gas processing and transportation company, and Enterprise Products, a major North American provider of midstream energy services.

* The primary detractor from performance during the fiscal year was ONEOK, a leading American midstream energy infrastructure company, followed by Kinetik Holdings, a midstream logistics and pipeline transportation company, and Kodiak Gas Services, a natural gas compression services company.

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

Transamerica Energy Infrastructure

Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g14v91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Russell 3000<sup>®</sup> Index** | **Alerian Midstream Energy Select Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9107 | $10055 | $9174 |
| **12/31/2015** | $8199 | $9849 | $8436 |
| **1/31/2016** | $7537 | $9293 | $8051 |
| **2/29/2016** | $7715 | $9290 | $8130 |
| **3/31/2016** | $8268 | $9944 | $9016 |
| **4/30/2016** | $8985 | $10006 | $9927 |
| **5/31/2016** | $9216 | $10185 | $10161 |
| **6/30/2016** | $9592 | $10206 | $10703 |
| **7/31/2016** | $9670 | $10611 | $10762 |
| **8/31/2016** | $9799 | $10638 | $11088 |
| **9/30/2016** | $10362 | $10655 | $11690 |
| **10/31/2016** | $9955 | $10424 | $11174 |
| **11/30/2016** | $10335 | $10891 | $11619 |
| **12/31/2016** | $10683 | $11103 | $12110 |
| **1/31/2017** | $10803 | $11312 | $12272 |
| **2/28/2017** | $10856 | $11733 | $12380 |
| **3/31/2017** | $10986 | $11741 | $12431 |
| **4/30/2017** | $10864 | $11865 | $12226 |
| **5/31/2017** | $10366 | $11987 | $11807 |
| **6/30/2017** | $10473 | $12095 | $11965 |
| **7/31/2017** | $10828 | $12323 | $12309 |
| **8/31/2017** | $10459 | $12347 | $11911 |
| **9/30/2017** | $10654 | $12648 | $12245 |
| **10/31/2017** | $10225 | $12924 | $11830 |
| **11/30/2017** | $10114 | $13316 | $11748 |
| **12/31/2017** | $10672 | $13450 | $12203 |
| **1/31/2018** | $10812 | $14158 | $12252 |
| **2/28/2018** | $9815 | $13637 | $10964 |
| **3/31/2018** | $9438 | $13363 | $10591 |
| **4/30/2018** | $9964 | $13414 | $11144 |
| **5/31/2018** | $10477 | $13792 | $11705 |
| **6/30/2018** | $10561 | $13883 | $11933 |
| **7/31/2018** | $10893 | $14343 | $12375 |
| **8/31/2018** | $10965 | $14847 | $12210 |
| **9/30/2018** | $10838 | $14871 | $12000 |
| **10/31/2018** | $10077 | $13776 | $11115 |
| **11/30/2018** | $9960 | $14052 | $11105 |
| **12/31/2018** | $9047 | $12745 | $10046 |
| **1/31/2019** | $10323 | $13838 | $11660 |
| **2/28/2019** | $10338 | $14325 | $11819 |
| **3/31/2019** | $10783 | $14534 | $12278 |
| **4/30/2019** | $10618 | $15115 | $12140 |
| **5/31/2019** | $10287 | $14137 | $11916 |
| **6/30/2019** | $10708 | $15129 | $12297 |
| **7/31/2019** | $10509 | $15354 | $12047 |
| **8/31/2019** | $10128 | $15041 | $11691 |
| **9/30/2019** | $10348 | $15305 | $11993 |
| **10/31/2019** | $10085 | $15635 | $11555 |
| **11/30/2019** | $9977 | $16229 | $11320 |
| **12/31/2019** | $10477 | $16698 | $12291 |
| **1/31/2020** | $10257 | $16680 | $11797 |
| **2/29/2020** | $9426 | $15314 | $10586 |
| **3/31/2020** | $6356 | $13208 | $6195 |
| **4/30/2020** | $7688 | $14957 | $8227 |
| **5/31/2020** | $8169 | $15757 | $8812 |
| **6/30/2020** | $7922 | $16117 | $8549 |
| **7/31/2020** | $8069 | $17033 | $8511 |
| **8/31/2020** | $8200 | $18266 | $8747 |
| **9/30/2020** | $7715 | $17601 | $7770 |
| **10/31/2020** | $7848 | $17221 | $7781 |
| **11/30/2020** | $8995 | $19317 | $9298 |
| **12/31/2020** | $9300 | $20186 | $9412 |
| **1/31/2021** | $9806 | $20096 | $9872 |
| **2/28/2021** | $9789 | $20724 | $10610 |
| **3/31/2021** | $10268 | $21467 | $11362 |
| **4/30/2021** | $10626 | $22573 | $12035 |
| **5/31/2021** | $10933 | $22676 | $12830 |
| **6/30/2021** | $11284 | $23236 | $13437 |
| **7/31/2021** | $11077 | $23628 | $12940 |
| **8/31/2021** | $11060 | $24302 | $12752 |
| **9/30/2021** | $11100 | $23212 | $13350 |
| **10/31/2021** | $11938 | $24782 | $14096 |
| **11/30/2021** | $11379 | $24404 | $13029 |
| **12/31/2021** | $11493 | $25365 | $13247 |
| **1/31/2022** | $11917 | $23873 | $14327 |
| **2/28/2022** | $12429 | $23272 | $14986 |
| **3/31/2022** | $13389 | $24026 | $16099 |
| **4/30/2022** | $12782 | $21870 | $15749 |
| **5/31/2022** | $13443 | $21841 | $16781 |
| **6/30/2022** | $12221 | $20014 | $14568 |
| **7/31/2022** | $13324 | $21891 | $16150 |
| **8/31/2022** | $13251 | $21074 | $16167 |
| **9/30/2022** | $11860 | $19120 | $14420 |
| **10/31/2022** | $12867 | $20688 | $16142 |
| **11/30/2022** | $13361 | $21768 | $16829 |
| **12/31/2022** | $12557 | $20493 | $15785 |
| **1/31/2023** | $12964 | $21905 | $16581 |
| **2/28/2023** | $12501 | $21393 | $15919 |
| **3/31/2023** | $12546 | $21965 | $15825 |
| **4/30/2023** | $12564 | $22199 | $16201 |
| **5/31/2023** | $11965 | $22285 | $15623 |
| **6/30/2023** | $12498 | $23807 | $16753 |
| **7/31/2023** | $12952 | $24661 | $17476 |
| **8/31/2023** | $12858 | $24185 | $17388 |
| **9/30/2023** | $12484 | $23032 | $17259 |
| **10/31/2023** | $12311 | $22422 | $17171 |
| **11/30/2023** | $13115 | $24513 | $18382 |
| **12/31/2023** | $13178 | $25813 | $18277 |
| **1/31/2024** | $13079 | $26099 | $18399 |
| **2/29/2024** | $13537 | $27512 | $19150 |
| **3/31/2024** | $14512 | $28399 | $20473 |
| **4/30/2024** | $14392 | $27150 | $20355 |
| **5/31/2024** | $14916 | $28432 | $21100 |
| **6/30/2024** | $15347 | $29313 | $21733 |
| **7/31/2024** | $15795 | $29857 | $22384 |
| **8/31/2024** | $16386 | $30507 | $23294 |
| **9/30/2024** | $16379 | $31138 | $23452 |
| **10/31/2024** | $17101 | $30910 | $24353 |
| **11/30/2024** | $19470 | $32966 | $27797 |
| **12/31/2024** | $18267 | $31958 | $26159 |
| **1/31/2025** | $19037 | $32967 | $27067 |
| **2/28/2025** | $19245 | $32336 | $27543 |
| **3/31/2025** | $19350 | $30449 | $27955 |
| **4/30/2025** | $18025 | $30245 | $26334 |
| **5/31/2025** | $18509 | $32162 | $27020 |
| **6/30/2025** | $18988 | $33796 | $27856 |
| **7/31/2025** | $18861 | $34540 | $27751 |
| **8/31/2025** | $18903 | $35340 | $28003 |
| **9/30/2025** | $19238 | $36559 | $28332 |
| **10/31/2025** | $18292 | $37343 | $26463 |

---

## Average Annual Total Returns<sup>**Footnote Reference (a)**</sup>

---

| | | | |
|:---|:---|:---|:---|
| I4CY4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 6.97% | 18.44% | 6.22% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(b)</sup> | 20.81% | 16.74% | 14.08% |
| Alerian Midstream Energy Select Index<sup>Footnote Reference(c)</sup> | 8.66% | 27.74% | 10.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;The Fund pays dividends quarterly. The Fund's dividend practice is to make quarterly distributions to shareholders at a relatively consistent level. For certain periods, the Fund's dividend practice has resulted in the Fund distributing more than its distributable income resulting in a return of capital to shareholders and reduction to Fund assets. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(c)</sup> | &nbsp;&nbsp;Alerian Midstream Energy Select Index is a composite of North American energy infrastructure companies. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $120922106 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 53% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1443441 |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 69.8% |
| Master Limited Partnerships | 26.2 |
| Repurchase Agreements | 3.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

Transamerica Energy Infrastructure

Class I2

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 10.0% |
| Cheniere Energy, Inc. | 8.4 |
| Enterprise Products Partners LP | 8.1 |
| Energy Transfer LP | 7.2 |
| Kinder Morgan, Inc. | 7.2 |
| TC Energy Corp. | 5.7 |
| DT Midstream, Inc. | 4.8 |
| MPLX LP | 4.7 |
| Enbridge, Inc. | 4.6 |
| ONEOK, Inc. | 4.5 |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

Transamerica Energy Infrastructure

Class I2

![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Floating Rate

# Class A

## TFLAX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $99 | 0.96%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 5.85%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the S&P UBS Leveraged Loan Index, returned 6.50% over the same period.

* The sub-adviser's allocation to higher coupon loans was the largest positive driver of returns in the fiscal year ended October 31, 2025. Among credit qualities, security selection in single-B rated credits contributed the most to performance.

* The Fund also benefitted from an underweight allocation to CCC-rated loans during the fiscal year, as lower-rated companies continued to struggle with weak interest coverage ratios and other issuer specific issues.

* From a sector perspective, an underweight to loans issued by chemical companies, which the sub-adviser has long seen as a challenged industry, benefited returns. As was the case during the fiscal year, chemical names tend to underperform in low-growth environments as price competition from larger companies can hurt margins.

* The Fund also benefitted from the strong return in the equity price of portfolio holding Avaya, which was the largest individual contributor to relative performance during the fiscal year. The company has continued to hit expectations since emerging from bankruptcy in early 2023, and the company's reorganization equity has been starting to reflect positive momentum.

* Off-setting the positives above were some single-name pressures in the food and beverage sector, autos, and consumer products.

* The sub-adviser's goal in managing the Fund is to provide superior risk-adjusted returns. This fiscal year's result follows on last fiscal year's rotation to higher yielding assets, which was a Fund strategy that continued into this period. Notably, while the Fund's yield has remained competitive since that rotation to higher yielding loans last year, the Fund has continued to remain underweight CCC-rated loans.

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

# Transamerica Floating Rate

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g74p07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Universal Bond Index** | **S&P UBS Leveraged Loan Index** |
| **10/31/2015** | $9525 | $10000 | $10000 |
| **11/30/2015** | $9456 | $9964 | $9911 |
| **12/31/2015** | $9410 | $9914 | $9817 |
| **1/31/2016** | $9401 | $10023 | $9746 |
| **2/29/2016** | $9382 | $10094 | $9691 |
| **3/31/2016** | $9592 | $10218 | $9947 |
| **4/30/2016** | $9704 | $10288 | $10136 |
| **5/31/2016** | $9789 | $10296 | $10228 |
| **6/30/2016** | $9793 | $10477 | $10232 |
| **7/31/2016** | $9897 | $10563 | $10376 |
| **8/31/2016** | $9930 | $10575 | $10458 |
| **9/30/2016** | $9994 | $10577 | $10549 |
| **10/31/2016** | $10049 | $10507 | $10630 |
| **11/30/2016** | $10053 | $10271 | $10665 |
| **12/31/2016** | $10139 | $10301 | $10787 |
| **1/31/2017** | $10184 | $10338 | $10844 |
| **2/28/2017** | $10236 | $10418 | $10908 |
| **3/31/2017** | $10246 | $10414 | $10916 |
| **4/30/2017** | $10288 | $10500 | $10964 |
| **5/31/2017** | $10319 | $10581 | $11005 |
| **6/30/2017** | $10329 | $10572 | $10998 |
| **7/31/2017** | $10383 | $10625 | $11085 |
| **8/31/2017** | $10385 | $10717 | $11069 |
| **9/30/2017** | $10420 | $10679 | $11114 |
| **10/31/2017** | $10465 | $10692 | $11188 |
| **11/30/2017** | $10466 | $10676 | $11201 |
| **12/31/2017** | $10501 | $10723 | $11245 |
| **1/31/2018** | $10578 | $10620 | $11366 |
| **2/28/2018** | $10590 | $10519 | $11386 |
| **3/31/2018** | $10617 | $10572 | $11423 |
| **4/30/2018** | $10654 | $10501 | $11478 |
| **5/31/2018** | $10661 | $10559 | $11500 |
| **6/30/2018** | $10648 | $10543 | $11512 |
| **7/31/2018** | $10720 | $10565 | $11607 |
| **8/31/2018** | $10750 | $10618 | $11655 |
| **9/30/2018** | $10812 | $10572 | $11735 |
| **10/31/2018** | $10812 | $10484 | $11735 |
| **11/30/2018** | $10723 | $10531 | $11640 |
| **12/31/2018** | $10481 | $10695 | $11373 |
| **1/31/2019** | $10737 | $10843 | $11635 |
| **2/28/2019** | $10881 | $10855 | $11817 |
| **3/31/2019** | $10874 | $11051 | $11803 |
| **4/30/2019** | $11032 | $11066 | $11990 |
| **5/31/2019** | $11012 | $11236 | $11963 |
| **6/30/2019** | $11058 | $11395 | $11989 |
| **7/31/2019** | $11128 | $11429 | $12083 |
| **8/31/2019** | $11105 | $11687 | $12049 |
| **9/30/2019** | $11137 | $11637 | $12100 |
| **10/31/2019** | $11076 | $11674 | $12041 |
| **11/30/2019** | $11061 | $11672 | $12107 |
| **12/31/2019** | $11205 | $11689 | $12303 |
| **1/31/2020** | $11291 | $11899 | $12368 |
| **2/29/2020** | $11199 | $12077 | $12201 |
| **3/31/2020** | $9825 | $11841 | $10680 |
| **4/30/2020** | $10191 | $12078 | $11138 |
| **5/31/2020** | $10545 | $12191 | $11562 |
| **6/30/2020** | $10661 | $12293 | $11718 |
| **7/31/2020** | $10839 | $12509 | $11938 |
| **8/31/2020** | $10978 | $12437 | $12118 |
| **9/30/2020** | $11069 | $12414 | $12201 |
| **10/31/2020** | $11116 | $12370 | $12222 |
| **11/30/2020** | $11322 | $12531 | $12482 |
| **12/31/2020** | $11393 | $12575 | $12645 |
| **1/31/2021** | $11487 | $12496 | $12805 |
| **2/28/2021** | $11542 | $12334 | $12891 |
| **3/31/2021** | $11533 | $12191 | $12899 |
| **4/30/2021** | $11597 | $12293 | $12964 |
| **5/31/2021** | $11650 | $12340 | $13031 |
| **6/30/2021** | $11673 | $12430 | $13085 |
| **7/31/2021** | $11670 | $12555 | $13084 |
| **8/31/2021** | $11695 | $12547 | $13148 |
| **9/30/2021** | $11748 | $12440 | $13233 |
| **10/31/2021** | $11766 | $12429 | $13264 |
| **11/30/2021** | $11727 | $12444 | $13244 |
| **12/31/2021** | $11802 | $12436 | $13327 |
| **1/31/2022** | $11792 | $12163 | $13375 |
| **2/28/2022** | $11720 | $11998 | $13309 |
| **3/31/2022** | $11735 | $11676 | $13314 |
| **4/30/2022** | $11715 | $11240 | $13337 |
| **5/31/2022** | $11425 | $11302 | $13002 |
| **6/30/2022** | $11185 | $11076 | $12735 |
| **7/31/2022** | $11420 | $11355 | $12972 |
| **8/31/2022** | $11572 | $11060 | $13171 |
| **9/30/2022** | $11356 | $10583 | $12886 |
| **10/31/2022** | $11460 | $10467 | $12995 |
| **11/30/2022** | $11565 | $10857 | $13140 |
| **12/31/2022** | $11609 | $10820 | $13186 |
| **1/31/2023** | $11863 | $11156 | $13525 |
| **2/28/2023** | $11919 | $10882 | $13610 |
| **3/31/2023** | $11881 | $11137 | $13597 |
| **4/30/2023** | $11975 | $11205 | $13726 |
| **5/31/2023** | $11896 | $11089 | $13714 |
| **6/30/2023** | $12191 | $11072 | $14021 |
| **7/31/2023** | $12287 | $11083 | $14203 |
| **8/31/2023** | $12386 | $11016 | $14367 |
| **9/30/2023** | $12471 | $10753 | $14493 |
| **10/31/2023** | $12435 | $10592 | $14498 |
| **11/30/2023** | $12579 | $11068 | $14671 |
| **12/31/2023** | $12765 | $11488 | $14906 |
| **1/31/2024** | $12823 | $11461 | $15023 |
| **2/29/2024** | $12917 | $11323 | $15157 |
| **3/31/2024** | $13018 | $11435 | $15283 |
| **4/30/2024** | $13089 | $11167 | $15387 |
| **5/31/2024** | $13210 | $11352 | $15526 |
| **6/30/2024** | $13253 | $11456 | $15569 |
| **7/31/2024** | $13343 | $11716 | $15683 |
| **8/31/2024** | $13423 | $11889 | $15776 |
| **9/30/2024** | $13502 | $12052 | $15892 |
| **10/31/2024** | $13623 | $11778 | $16027 |
| **11/30/2024** | $13758 | $11902 | $16161 |
| **12/31/2024** | $13835 | $11722 | $16256 |
| **1/31/2025** | $13948 | $11793 | $16373 |
| **2/28/2025** | $13946 | $12037 | $16398 |
| **3/31/2025** | $13880 | $12034 | $16355 |
| **4/30/2025** | $13854 | $12077 | $16345 |
| **5/31/2025** | $14080 | $12015 | $16604 |
| **6/30/2025** | $14210 | $12203 | $16737 |
| **7/31/2025** | $14310 | $12185 | $16874 |
| **8/31/2025** | $14365 | $12331 | $16937 |
| **9/30/2025** | $14390 | $12462 | $17018 |
| **10/31/2025** | $14404 | $12544 | $17069 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CG1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 0.72% | 4.30% | 3.72% |
| Class A | 5.85% | 5.34% | 4.23% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| S&P UBS Leveraged Loan Index<sup>Footnote Reference(b)</sup> | 6.50% | 6.91% | 5.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;S&P UBS Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $261033946 |
| Number of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1282649 |
| Average Maturity<sup>Footnote Reference§</sup> | 3.68 years |
| Duration<sup>Footnote Reference†</sup> | 0.37 years |

---

---

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

---

# Transamerica Floating Rate

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 1.3% |
| BBB | 0.9 |
| BB | 18.9 |
| B | 67.8 |
| CCC | 2.3 |
| Below CCC | 0.3 |
| NR (Not Rated) | 3.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 85.9% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.1 |
| Asset-Backed Securities | 1.3 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.2% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan B, 1-Month Term SOFR + 4.25%, 8.21%, 01/15/2031 | 0.9 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 10.25%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 8.03%, 08/18/2032 | 0.8 |
| Flynn Restaurant Group LP, Term Loan, 1-Month Term SOFR + 3.75%, 7.71%, 01/28/2032 | 0.8 |
| BIFM U.S. Finance LLC, Repriced Term Loan B, 7.21%, 05/31/2028 | 0.8 |
| Apro LLC, Term Loan B, 1-Month Term SOFR + 3.75%, 7.68%, 07/09/2031 | 0.8 |
| Nomad Foods U.S. LLC, Term Loan B5, 1-Month Term SOFR + 2.50%, 6.58%, 11/12/2029 | 0.7 |
| Filtration Group Corp., 1-Month Term SOFR + 2.75%, 6.71%, 10/21/2028 | 0.7 |

---

# Transamerica Floating Rate
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Floating Rate

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Floating Rate

# Class C

## TFLCX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $174 | 1.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 4.96%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the S&P UBS Leveraged Loan Index, returned 6.50% over the same period.

* The sub-adviser's allocation to higher coupon loans was the largest positive driver of returns in the fiscal year ended October 31, 2025. Among credit qualities, security selection in single-B rated credits contributed the most to performance.

* The Fund also benefitted from an underweight allocation to CCC-rated loans during the fiscal year, as lower-rated companies continued to struggle with weak interest coverage ratios and other issuer specific issues.

* From a sector perspective, an underweight to loans issued by chemical companies, which the sub-adviser has long seen as a challenged industry, benefited returns. As was the case during the fiscal year, chemical names tend to underperform in low-growth environments as price competition from larger companies can hurt margins.

* The Fund also benefitted from the strong return in the equity price of portfolio holding Avaya, which was the largest individual contributor to relative performance during the fiscal year. The company has continued to hit expectations since emerging from bankruptcy in early 2023, and the company's reorganization equity has been starting to reflect positive momentum.

* Off-setting the positives above were some single-name pressures in the food and beverage sector, autos, and consumer products.

* The sub-adviser's goal in managing the Fund is to provide superior risk-adjusted returns. This fiscal year's result follows on last fiscal year's rotation to higher yielding assets, which was a Fund strategy that continued into this period. Notably, while the Fund's yield has remained competitive since that rotation to higher yielding loans last year, the Fund has continued to remain underweight CCC-rated loans.

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

# Transamerica Floating Rate

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g89c14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Universal Bond Index** | **S&P UBS Leveraged Loan Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9921 | $9964 | $9911 |
| **12/31/2015** | $9866 | $9914 | $9817 |
| **1/31/2016** | $9851 | $10023 | $9746 |
| **2/29/2016** | $9826 | $10094 | $9691 |
| **3/31/2016** | $10038 | $10218 | $9947 |
| **4/30/2016** | $10160 | $10288 | $10136 |
| **5/31/2016** | $10243 | $10296 | $10228 |
| **6/30/2016** | $10229 | $10477 | $10232 |
| **7/31/2016** | $10331 | $10563 | $10376 |
| **8/31/2016** | $10360 | $10575 | $10458 |
| **9/30/2016** | $10431 | $10577 | $10549 |
| **10/31/2016** | $10470 | $10507 | $10630 |
| **11/30/2016** | $10468 | $10271 | $10665 |
| **12/31/2016** | $10561 | $10301 | $10787 |
| **1/31/2017** | $10602 | $10338 | $10844 |
| **2/28/2017** | $10639 | $10418 | $10908 |
| **3/31/2017** | $10643 | $10414 | $10916 |
| **4/30/2017** | $10690 | $10500 | $10964 |
| **5/31/2017** | $10716 | $10581 | $11005 |
| **6/30/2017** | $10709 | $10572 | $10998 |
| **7/31/2017** | $10758 | $10625 | $11085 |
| **8/31/2017** | $10753 | $10717 | $11069 |
| **10/31/2017** | $10822 | $10692 | $11188 |
| **11/30/2017** | $10817 | $10676 | $11201 |
| **12/31/2017** | $10846 | $10723 | $11245 |
| **1/31/2018** | $10918 | $10620 | $11366 |
| **2/28/2018** | $10925 | $10519 | $11386 |
| **3/31/2018** | $10945 | $10572 | $11423 |
| **4/30/2018** | $10989 | $10501 | $11478 |
| **5/31/2018** | $10978 | $10559 | $11500 |
| **6/30/2018** | $10968 | $10543 | $11512 |
| **7/31/2018** | $11024 | $10565 | $11607 |
| **8/31/2018** | $11060 | $10618 | $11655 |
| **9/30/2018** | $11117 | $10572 | $11735 |
| **10/31/2018** | $11098 | $10484 | $11735 |
| **11/30/2018** | $11000 | $10531 | $11640 |
| **12/31/2018** | $10756 | $10695 | $11373 |
| **1/31/2019** | $11001 | $10843 | $11635 |
| **2/28/2019** | $11153 | $10855 | $11817 |
| **3/31/2019** | $11138 | $11051 | $11803 |
| **4/30/2019** | $11282 | $11066 | $11990 |
| **5/31/2019** | $11266 | $11236 | $11963 |
| **6/30/2019** | $11295 | $11395 | $11989 |
| **7/31/2019** | $11370 | $11429 | $12083 |
| **8/31/2019** | $11340 | $11687 | $12049 |
| **9/30/2019** | $11354 | $11637 | $12100 |
| **10/31/2019** | $11284 | $11674 | $12041 |
| **11/30/2019** | $11274 | $11672 | $12107 |
| **12/31/2019** | $11413 | $11689 | $12303 |
| **1/31/2020** | $11494 | $11899 | $12368 |
| **2/29/2020** | $11393 | $12077 | $12201 |
| **3/31/2020** | $9979 | $11841 | $10680 |
| **4/30/2020** | $10356 | $12078 | $11138 |
| **5/31/2020** | $10696 | $12191 | $11562 |
| **6/30/2020** | $10807 | $12293 | $11718 |
| **7/31/2020** | $10993 | $12509 | $11938 |
| **8/31/2020** | $11127 | $12437 | $12118 |
| **9/30/2020** | $11212 | $12414 | $12201 |
| **10/31/2020** | $11252 | $12370 | $12222 |
| **11/30/2020** | $11442 | $12531 | $12482 |
| **12/31/2020** | $11506 | $12575 | $12645 |
| **1/31/2021** | $11594 | $12496 | $12805 |
| **2/28/2021** | $11642 | $12334 | $12891 |
| **3/31/2021** | $11638 | $12191 | $12899 |
| **4/30/2021** | $11684 | $12293 | $12964 |
| **5/31/2021** | $11729 | $12340 | $13031 |
| **6/30/2021** | $11757 | $12430 | $13085 |
| **7/31/2021** | $11734 | $12555 | $13084 |
| **8/31/2021** | $11752 | $12547 | $13148 |
| **9/30/2021** | $11799 | $12440 | $13233 |
| **10/31/2021** | $11821 | $12429 | $13264 |
| **11/30/2021** | $11762 | $12444 | $13244 |
| **12/31/2021** | $11830 | $12436 | $13327 |
| **1/31/2022** | $11825 | $12163 | $13375 |
| **2/28/2022** | $11746 | $11998 | $13309 |
| **3/31/2022** | $11741 | $11676 | $13314 |
| **4/30/2022** | $11714 | $11240 | $13337 |
| **5/31/2022** | $11429 | $11302 | $13002 |
| **6/30/2022** | $11182 | $11076 | $12735 |
| **7/31/2022** | $11409 | $11355 | $12972 |
| **8/31/2022** | $11554 | $11060 | $13171 |
| **9/30/2022** | $11332 | $10583 | $12886 |
| **10/31/2022** | $11428 | $10467 | $12995 |
| **11/30/2022** | $11526 | $10857 | $13140 |
| **12/31/2022** | $11549 | $10820 | $13186 |
| **1/31/2023** | $11807 | $11156 | $13525 |
| **2/28/2023** | $11843 | $10882 | $13610 |
| **3/31/2023** | $11798 | $11137 | $13597 |
| **4/30/2023** | $11897 | $11205 | $13726 |
| **5/31/2023** | $11812 | $11089 | $13714 |
| **6/30/2023** | $12084 | $11072 | $14021 |
| **7/31/2023** | $12185 | $11083 | $14203 |
| **8/31/2023** | $12275 | $11016 | $14367 |
| **9/30/2023** | $12352 | $10753 | $14493 |
| **10/31/2023** | $12309 | $10592 | $14498 |
| **11/30/2023** | $12444 | $11068 | $14671 |
| **12/31/2023** | $12620 | $11488 | $14906 |
| **1/31/2024** | $12656 | $11461 | $15023 |
| **2/29/2024** | $12756 | $11323 | $15157 |
| **3/31/2024** | $12848 | $11435 | $15283 |
| **4/30/2024** | $12911 | $11167 | $15387 |
| **5/31/2024** | $13007 | $11352 | $15526 |
| **6/30/2024** | $13057 | $11456 | $15569 |
| **7/31/2024** | $13138 | $11716 | $15683 |
| **8/31/2024** | $13195 | $11889 | $15776 |
| **9/30/2024** | $13280 | $12052 | $15892 |
| **10/31/2024** | $13376 | $11778 | $16027 |
| **11/30/2024** | $13515 | $11902 | $16161 |
| **12/31/2024** | $13568 | $11722 | $16256 |
| **1/31/2025** | $13670 | $11793 | $16373 |
| **2/28/2025** | $13676 | $12037 | $16398 |
| **3/31/2025** | $13603 | $12034 | $16355 |
| **4/30/2025** | $13554 | $12077 | $16345 |
| **5/31/2025** | $13768 | $12015 | $16604 |
| **6/30/2025** | $13902 | $12203 | $16737 |
| **7/31/2025** | $13976 | $12185 | $16874 |
| **8/31/2025** | $14020 | $12331 | $16937 |
| **9/30/2025** | $14050 | $12462 | $17018 |
| **10/31/2025** | $14055 | $12544 | $17069 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CG3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 4.09% | 4.55% | 3.46% |
| Class C | 4.96% | 4.55% | 3.46% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| S&P UBS Leveraged Loan Index<sup>Footnote Reference(b)</sup> | 6.50% | 6.91% | 5.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;S&P UBS Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $261033946 |
| Number of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1282649 |
| Average Maturity<sup>Footnote Reference§</sup> | 3.68 years |
| Duration<sup>Footnote Reference†</sup> | 0.37 years |

---

---

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

---

# Transamerica Floating Rate

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 1.3% |
| BBB | 0.9 |
| BB | 18.9 |
| B | 67.8 |
| CCC | 2.3 |
| Below CCC | 0.3 |
| NR (Not Rated) | 3.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 85.9% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.1 |
| Asset-Backed Securities | 1.3 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.2% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan B, 1-Month Term SOFR + 4.25%, 8.21%, 01/15/2031 | 0.9 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 10.25%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 8.03%, 08/18/2032 | 0.8 |
| Flynn Restaurant Group LP, Term Loan, 1-Month Term SOFR + 3.75%, 7.71%, 01/28/2032 | 0.8 |
| BIFM U.S. Finance LLC, Repriced Term Loan B, 7.21%, 05/31/2028 | 0.8 |
| Apro LLC, Term Loan B, 1-Month Term SOFR + 3.75%, 7.68%, 07/09/2031 | 0.8 |
| Nomad Foods U.S. LLC, Term Loan B5, 1-Month Term SOFR + 2.50%, 6.58%, 11/12/2029 | 0.7 |
| Filtration Group Corp., 1-Month Term SOFR + 2.75%, 6.71%, 10/21/2028 | 0.7 |

---

# Transamerica Floating Rate
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Floating Rate

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Floating Rate

# Class I

## TFLIX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $65 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 6.08%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the S&P UBS Leveraged Loan Index, returned 6.50% over the same period.

* The sub-adviser's allocation to higher coupon loans was the largest positive driver of returns in the fiscal year ended October 31, 2025. Among credit qualities, security selection in single-B rated credits contributed the most to performance.

* The Fund also benefitted from an underweight allocation to CCC-rated loans during the fiscal year, as lower-rated companies continued to struggle with weak interest coverage ratios and other issuer specific issues.

* From a sector perspective, an underweight to loans issued by chemical companies, which the sub-adviser has long seen as a challenged industry, benefited returns. As was the case during the fiscal year, chemical names tend to underperform in low-growth environments as price competition from larger companies can hurt margins.

* The Fund also benefitted from the strong return in the equity price of portfolio holding Avaya, which was the largest individual contributor to relative performance during the fiscal year. The company has continued to hit expectations since emerging from bankruptcy in early 2023, and the company's reorganization equity has been starting to reflect positive momentum.

* Off-setting the positives above were some single-name pressures in the food and beverage sector, autos, and consumer products.

* The sub-adviser's goal in managing the Fund is to provide superior risk-adjusted returns. This fiscal year's result follows on last fiscal year's rotation to higher yielding assets, which was a Fund strategy that continued into this period. Notably, while the Fund's yield has remained competitive since that rotation to higher yielding loans last year, the Fund has continued to remain underweight CCC-rated loans.

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

# Transamerica Floating Rate

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g40y45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Universal Bond Index** | **S&P UBS Leveraged Loan Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9949 | $9964 | $9911 |
| **12/31/2015** | $9902 | $9914 | $9817 |
| **1/31/2016** | $9895 | $10023 | $9746 |
| **2/29/2016** | $9878 | $10094 | $9691 |
| **3/31/2016** | $10079 | $10218 | $9947 |
| **4/30/2016** | $10200 | $10288 | $10136 |
| **5/31/2016** | $10291 | $10296 | $10228 |
| **6/30/2016** | $10286 | $10477 | $10232 |
| **7/31/2016** | $10408 | $10563 | $10376 |
| **8/31/2016** | $10446 | $10575 | $10458 |
| **9/30/2016** | $10516 | $10577 | $10549 |
| **10/31/2016** | $10575 | $10507 | $10630 |
| **11/30/2016** | $10571 | $10271 | $10665 |
| **12/31/2016** | $10674 | $10301 | $10787 |
| **1/31/2017** | $10724 | $10338 | $10844 |
| **2/28/2017** | $10780 | $10418 | $10908 |
| **3/31/2017** | $10794 | $10414 | $10916 |
| **4/30/2017** | $10839 | $10500 | $10964 |
| **5/31/2017** | $10875 | $10581 | $11005 |
| **6/30/2017** | $10887 | $10572 | $10998 |
| **7/31/2017** | $10947 | $10625 | $11085 |
| **8/31/2017** | $10940 | $10717 | $11069 |
| **10/31/2017** | $11040 | $10692 | $11188 |
| **11/30/2017** | $11032 | $10676 | $11201 |
| **12/31/2017** | $11071 | $10723 | $11245 |
| **1/31/2018** | $11155 | $10620 | $11366 |
| **2/28/2018** | $11170 | $10519 | $11386 |
| **3/31/2018** | $11201 | $10572 | $11423 |
| **4/30/2018** | $11254 | $10501 | $11478 |
| **5/31/2018** | $11252 | $10559 | $11500 |
| **6/30/2018** | $11251 | $10543 | $11512 |
| **7/31/2018** | $11330 | $10565 | $11607 |
| **8/31/2018** | $11364 | $10618 | $11655 |
| **9/30/2018** | $11432 | $10572 | $11735 |
| **10/31/2018** | $11434 | $10484 | $11735 |
| **11/30/2018** | $11342 | $10531 | $11640 |
| **12/31/2018** | $11099 | $10695 | $11373 |
| **1/31/2019** | $11362 | $10843 | $11635 |
| **2/28/2019** | $11517 | $10855 | $11817 |
| **3/31/2019** | $11522 | $11051 | $11803 |
| **4/30/2019** | $11681 | $11066 | $11990 |
| **5/31/2019** | $11662 | $11236 | $11963 |
| **6/30/2019** | $11713 | $11395 | $11989 |
| **7/31/2019** | $11789 | $11429 | $12083 |
| **8/31/2019** | $11768 | $11687 | $12049 |
| **9/30/2019** | $11804 | $11637 | $12100 |
| **10/31/2019** | $11741 | $11674 | $12041 |
| **11/30/2019** | $11727 | $11672 | $12107 |
| **12/31/2019** | $11883 | $11689 | $12303 |
| **1/31/2020** | $11977 | $11899 | $12368 |
| **2/29/2020** | $11881 | $12077 | $12201 |
| **3/31/2020** | $10409 | $11841 | $10680 |
| **4/30/2020** | $10813 | $12078 | $11138 |
| **5/31/2020** | $11179 | $12191 | $11562 |
| **6/30/2020** | $11305 | $12293 | $11718 |
| **7/31/2020** | $11497 | $12509 | $11938 |
| **8/31/2020** | $11647 | $12437 | $12118 |
| **9/30/2020** | $11747 | $12414 | $12201 |
| **10/31/2020** | $11798 | $12370 | $12222 |
| **11/30/2020** | $12008 | $12531 | $12482 |
| **12/31/2020** | $12086 | $12575 | $12645 |
| **1/31/2021** | $12189 | $12496 | $12805 |
| **2/28/2021** | $12249 | $12334 | $12891 |
| **3/31/2021** | $12255 | $12191 | $12899 |
| **4/30/2021** | $12313 | $12293 | $12964 |
| **5/31/2021** | $12371 | $12340 | $13031 |
| **6/30/2021** | $12411 | $12430 | $13085 |
| **7/31/2021** | $12398 | $12555 | $13084 |
| **8/31/2021** | $12427 | $12547 | $13148 |
| **9/30/2021** | $12487 | $12440 | $13233 |
| **10/31/2021** | $12509 | $12429 | $13264 |
| **11/30/2021** | $12469 | $12444 | $13244 |
| **12/31/2021** | $12552 | $12436 | $13327 |
| **1/31/2022** | $12556 | $12163 | $13375 |
| **2/28/2022** | $12482 | $11998 | $13309 |
| **3/31/2022** | $12487 | $11676 | $13314 |
| **4/30/2022** | $12468 | $11240 | $13337 |
| **5/31/2022** | $12160 | $11302 | $13002 |
| **6/30/2022** | $11919 | $11076 | $12735 |
| **7/31/2022** | $12172 | $11355 | $12972 |
| **8/31/2022** | $12338 | $11060 | $13171 |
| **9/30/2022** | $12109 | $10583 | $12886 |
| **10/31/2022** | $12222 | $10467 | $12995 |
| **11/30/2022** | $12337 | $10857 | $13140 |
| **12/31/2022** | $12372 | $10820 | $13186 |
| **1/31/2023** | $12660 | $11156 | $13525 |
| **2/28/2023** | $12709 | $10882 | $13610 |
| **3/31/2023** | $12672 | $11137 | $13597 |
| **4/30/2023** | $12789 | $11205 | $13726 |
| **5/31/2023** | $12709 | $11089 | $13714 |
| **6/30/2023** | $13014 | $11072 | $14021 |
| **7/31/2023** | $13135 | $11083 | $14203 |
| **8/31/2023** | $13245 | $11016 | $14367 |
| **9/30/2023** | $13339 | $10753 | $14493 |
| **10/31/2023** | $13304 | $10592 | $14498 |
| **11/30/2023** | $13448 | $11068 | $14671 |
| **12/31/2023** | $13666 | $11488 | $14906 |
| **1/31/2024** | $13717 | $11461 | $15023 |
| **2/29/2024** | $13837 | $11323 | $15157 |
| **3/31/2024** | $13949 | $11435 | $15283 |
| **4/30/2024** | $14014 | $11167 | $15387 |
| **5/31/2024** | $14148 | $11352 | $15526 |
| **6/30/2024** | $14213 | $11456 | $15569 |
| **7/31/2024** | $14315 | $11716 | $15683 |
| **8/31/2024** | $14389 | $11889 | $15776 |
| **9/30/2024** | $14494 | $12052 | $15892 |
| **10/31/2024** | $14612 | $11778 | $16027 |
| **11/30/2024** | $14761 | $11902 | $16161 |
| **12/31/2024** | $14848 | $11722 | $16256 |
| **1/31/2025** | $14973 | $11793 | $16373 |
| **2/28/2025** | $14992 | $12037 | $16398 |
| **3/31/2025** | $14924 | $12034 | $16355 |
| **4/30/2025** | $14883 | $12077 | $16345 |
| **5/31/2025** | $15132 | $12015 | $16604 |
| **6/30/2025** | $15293 | $12203 | $16737 |
| **7/31/2025** | $15388 | $12185 | $16874 |
| **8/31/2025** | $15451 | $12331 | $16937 |
| **9/30/2025** | $15481 | $12462 | $17018 |
| **10/31/2025** | $15517 | $12544 | $17069 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CG8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.08% | 5.63% | 4.49% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| S&P UBS Leveraged Loan Index<sup>Footnote Reference(b)</sup> | 6.50% | 6.91% | 5.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;S&P UBS Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $261033946 |
| Number of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1282649 |
| Average Maturity<sup>Footnote Reference§</sup> | 3.68 years |
| Duration<sup>Footnote Reference†</sup> | 0.37 years |

---

---

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

---

# Transamerica Floating Rate

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 1.3% |
| BBB | 0.9 |
| BB | 18.9 |
| B | 67.8 |
| CCC | 2.3 |
| Below CCC | 0.3 |
| NR (Not Rated) | 3.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 85.9% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.1 |
| Asset-Backed Securities | 1.3 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.2% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan B, 1-Month Term SOFR + 4.25%, 8.21%, 01/15/2031 | 0.9 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 10.25%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 8.03%, 08/18/2032 | 0.8 |
| Flynn Restaurant Group LP, Term Loan, 1-Month Term SOFR + 3.75%, 7.71%, 01/28/2032 | 0.8 |
| BIFM U.S. Finance LLC, Repriced Term Loan B, 7.21%, 05/31/2028 | 0.8 |
| Apro LLC, Term Loan B, 1-Month Term SOFR + 3.75%, 7.68%, 07/09/2031 | 0.8 |
| Nomad Foods U.S. LLC, Term Loan B5, 1-Month Term SOFR + 2.50%, 6.58%, 11/12/2029 | 0.7 |
| Filtration Group Corp., 1-Month Term SOFR + 2.75%, 6.71%, 10/21/2028 | 0.7 |

---

# Transamerica Floating Rate
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Floating Rate

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Floating Rate

# Class I2

## Ticker: N/A
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $65 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 6.21%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the S&P UBS Leveraged Loan Index, returned 6.50% over the same period.

* The sub-adviser's allocation to higher coupon loans was the largest positive driver of returns in the fiscal year ended October 31, 2025. Among credit qualities, security selection in single-B rated credits contributed the most to performance.

* The Fund also benefitted from an underweight allocation to CCC-rated loans during the fiscal year, as lower-rated companies continued to struggle with weak interest coverage ratios and other issuer specific issues.

* From a sector perspective, an underweight to loans issued by chemical companies, which the sub-adviser has long seen as a challenged industry, benefited returns. As was the case during the fiscal year, chemical names tend to underperform in low-growth environments as price competition from larger companies can hurt margins.

* The Fund also benefitted from the strong return in the equity price of portfolio holding Avaya, which was the largest individual contributor to relative performance during the fiscal year. The company has continued to hit expectations since emerging from bankruptcy in early 2023, and the company's reorganization equity has been starting to reflect positive momentum.

* Off-setting the positives above were some single-name pressures in the food and beverage sector, autos, and consumer products.

* The sub-adviser's goal in managing the Fund is to provide superior risk-adjusted returns. This fiscal year's result follows on last fiscal year's rotation to higher yielding assets, which was a Fund strategy that continued into this period. Notably, while the Fund's yield has remained competitive since that rotation to higher yielding loans last year, the Fund has continued to remain underweight CCC-rated loans.

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

# Transamerica Floating Rate

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g33e06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg US Universal Bond Index** | **S&P UBS Leveraged Loan Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9930 | $9964 | $9911 |
| **12/31/2015** | $9884 | $9914 | $9817 |
| **1/31/2016** | $9877 | $10023 | $9746 |
| **2/29/2016** | $9860 | $10094 | $9691 |
| **3/31/2016** | $10082 | $10218 | $9947 |
| **4/30/2016** | $10203 | $10288 | $10136 |
| **5/31/2016** | $10295 | $10296 | $10228 |
| **6/30/2016** | $10301 | $10477 | $10232 |
| **7/31/2016** | $10413 | $10563 | $10376 |
| **8/31/2016** | $10451 | $10575 | $10458 |
| **9/30/2016** | $10521 | $10577 | $10549 |
| **10/31/2016** | $10581 | $10507 | $10630 |
| **11/30/2016** | $10588 | $10271 | $10665 |
| **12/31/2016** | $10692 | $10301 | $10787 |
| **1/31/2017** | $10742 | $10338 | $10844 |
| **2/28/2017** | $10789 | $10418 | $10908 |
| **3/31/2017** | $10803 | $10414 | $10916 |
| **4/30/2017** | $10849 | $10500 | $10964 |
| **5/31/2017** | $10885 | $10581 | $11005 |
| **6/30/2017** | $10898 | $10572 | $10998 |
| **7/31/2017** | $10958 | $10625 | $11085 |
| **8/31/2017** | $10963 | $10717 | $11069 |
| **10/31/2017** | $11052 | $10692 | $11188 |
| **11/30/2017** | $11056 | $10676 | $11201 |
| **12/31/2017** | $11096 | $10723 | $11245 |
| **1/31/2018** | $11180 | $10620 | $11366 |
| **2/28/2018** | $11196 | $10519 | $11386 |
| **3/31/2018** | $11227 | $10572 | $11423 |
| **4/30/2018** | $11270 | $10501 | $11478 |
| **5/31/2018** | $11280 | $10559 | $11500 |
| **6/30/2018** | $11280 | $10543 | $11512 |
| **7/31/2018** | $11349 | $10565 | $11607 |
| **8/31/2018** | $11395 | $10618 | $11655 |
| **9/30/2018** | $11452 | $10572 | $11735 |
| **10/31/2018** | $11453 | $10484 | $11735 |
| **11/30/2018** | $11362 | $10531 | $11640 |
| **12/31/2018** | $11120 | $10695 | $11373 |
| **1/31/2019** | $11383 | $10843 | $11635 |
| **2/28/2019** | $11550 | $10855 | $11817 |
| **3/31/2019** | $11545 | $11051 | $11803 |
| **4/30/2019** | $11704 | $11066 | $11990 |
| **5/31/2019** | $11698 | $11236 | $11963 |
| **6/30/2019** | $11738 | $11395 | $11989 |
| **7/31/2019** | $11827 | $11429 | $12083 |
| **8/31/2019** | $11807 | $11687 | $12049 |
| **9/30/2019** | $11833 | $11637 | $12100 |
| **10/31/2019** | $11771 | $11674 | $12041 |
| **11/30/2019** | $11770 | $11672 | $12107 |
| **12/31/2019** | $11909 | $11689 | $12303 |
| **1/31/2020** | $12003 | $11899 | $12368 |
| **2/29/2020** | $11907 | $12077 | $12201 |
| **3/31/2020** | $10449 | $11841 | $10680 |
| **4/30/2020** | $10841 | $12078 | $11138 |
| **5/31/2020** | $11219 | $12191 | $11562 |
| **6/30/2020** | $11345 | $12293 | $11718 |
| **7/31/2020** | $11537 | $12509 | $11938 |
| **8/31/2020** | $11686 | $12437 | $12118 |
| **9/30/2020** | $11786 | $12414 | $12201 |
| **10/31/2020** | $11837 | $12370 | $12222 |
| **11/30/2020** | $12059 | $12531 | $12482 |
| **12/31/2020** | $12136 | $12575 | $12645 |
| **1/31/2021** | $12240 | $12496 | $12805 |
| **2/28/2021** | $12287 | $12334 | $12891 |
| **3/31/2021** | $12293 | $12191 | $12899 |
| **4/30/2021** | $12364 | $12293 | $12964 |
| **5/31/2021** | $12423 | $12340 | $13031 |
| **6/30/2021** | $12463 | $12430 | $13085 |
| **7/31/2021** | $12437 | $12555 | $13084 |
| **8/31/2021** | $12480 | $12547 | $13148 |
| **9/30/2021** | $12540 | $12440 | $13233 |
| **10/31/2021** | $12562 | $12429 | $13264 |
| **11/30/2021** | $12523 | $12444 | $13244 |
| **12/31/2021** | $12608 | $12436 | $13327 |
| **1/31/2022** | $12600 | $12163 | $13375 |
| **2/28/2022** | $12527 | $11998 | $13309 |
| **3/31/2022** | $12533 | $11676 | $13314 |
| **4/30/2022** | $12529 | $11240 | $13337 |
| **5/31/2022** | $12221 | $11302 | $13002 |
| **6/30/2022** | $11968 | $11076 | $12735 |
| **7/31/2022** | $12221 | $11355 | $12972 |
| **8/31/2022** | $12387 | $11060 | $13171 |
| **9/30/2022** | $12159 | $10583 | $12886 |
| **10/31/2022** | $12271 | $10467 | $12995 |
| **11/30/2022** | $12386 | $10857 | $13140 |
| **12/31/2022** | $12422 | $10820 | $13186 |
| **1/31/2023** | $12710 | $11156 | $13525 |
| **2/28/2023** | $12759 | $10882 | $13610 |
| **3/31/2023** | $12722 | $11137 | $13597 |
| **4/30/2023** | $12840 | $11205 | $13726 |
| **5/31/2023** | $12760 | $11089 | $13714 |
| **6/30/2023** | $13066 | $11072 | $14021 |
| **7/31/2023** | $13187 | $11083 | $14203 |
| **8/31/2023** | $13297 | $11016 | $14367 |
| **9/30/2023** | $13392 | $10753 | $14493 |
| **10/31/2023** | $13358 | $10592 | $14498 |
| **11/30/2023** | $13517 | $11068 | $14671 |
| **12/31/2023** | $13720 | $11488 | $14906 |
| **1/31/2024** | $13772 | $11461 | $15023 |
| **2/29/2024** | $13893 | $11323 | $15157 |
| **3/31/2024** | $14006 | $11435 | $15283 |
| **4/30/2024** | $14086 | $11167 | $15387 |
| **5/31/2024** | $14205 | $11352 | $15526 |
| **6/30/2024** | $14271 | $11456 | $15569 |
| **7/31/2024** | $14373 | $11716 | $15683 |
| **8/31/2024** | $14448 | $11889 | $15776 |
| **9/30/2024** | $14554 | $12052 | $15892 |
| **10/31/2024** | $14688 | $11778 | $16027 |
| **11/30/2024** | $14838 | $11902 | $16161 |
| **12/31/2024** | $14910 | $11722 | $16256 |
| **1/31/2025** | $15035 | $11793 | $16373 |
| **2/28/2025** | $15054 | $12037 | $16398 |
| **3/31/2025** | $14987 | $12034 | $16355 |
| **4/30/2025** | $14963 | $12077 | $16345 |
| **5/31/2025** | $15195 | $12015 | $16604 |
| **6/30/2025** | $15357 | $12203 | $16737 |
| **7/31/2025** | $15453 | $12185 | $16874 |
| **8/31/2025** | $15516 | $12331 | $16937 |
| **9/30/2025** | $15564 | $12462 | $17018 |
| **10/31/2025** | $15582 | $12544 | $17069 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CG4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 6.21% | 5.68% | 4.55% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| S&P UBS Leveraged Loan Index<sup>Footnote Reference(b)</sup> | 6.50% | 6.91% | 5.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;S&P UBS Leveraged Loan Index is an index designed to mirror the investable universe of the dollar denominated leveraged loan market. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $261033946 |
| Number of Portfolio Holdings | 281 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1282649 |
| Average Maturity<sup>Footnote Reference§</sup> | 3.68 years |
| Duration<sup>Footnote Reference†</sup> | 0.37 years |

---

---

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

---

# Transamerica Floating Rate

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 1.3% |
| BBB | 0.9 |
| BB | 18.9 |
| B | 67.8 |
| CCC | 2.3 |
| Below CCC | 0.3 |
| NR (Not Rated) | 3.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Loan Assignments | 85.9% |
| Corporate Debt Securities | 7.3 |
| Repurchase Agreements | 4.1 |
| Asset-Backed Securities | 1.3 |
| Other Investment Company | 1 |
| Exchange-Traded Funds | 1 |
| Common Stocks | 0.2 |
| Preferred Stocks | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Tenet Healthcare Corp., 6.13%, 06/15/2030 | 1.2% |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 | 0.9 |
| Bausch & Lomb Corp., Term Loan B, 1-Month Term SOFR + 4.25%, 8.21%, 01/15/2031 | 0.9 |
| BCPE North Star U.S. HoldCo 2, Inc., Term Loan, 1-Month Term SOFR + 4.00%, 10.25%, 06/09/2028 | 0.8 |
| PetSmart, Inc., Term Loan B, 8.03%, 08/18/2032 | 0.8 |
| Flynn Restaurant Group LP, Term Loan, 1-Month Term SOFR + 3.75%, 7.71%, 01/28/2032 | 0.8 |
| BIFM U.S. Finance LLC, Repriced Term Loan B, 7.21%, 05/31/2028 | 0.8 |
| Apro LLC, Term Loan B, 1-Month Term SOFR + 3.75%, 7.68%, 07/09/2031 | 0.8 |
| Nomad Foods U.S. LLC, Term Loan B5, 1-Month Term SOFR + 2.50%, 6.58%, 11/12/2029 | 0.7 |
| Filtration Group Corp., 1-Month Term SOFR + 2.75%, 6.71%, 10/21/2028 | 0.7 |

---

# Transamerica Floating Rate
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Floating Rate

# Class I2
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class A

## IATXX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $74 | 0.73% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class A

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class A
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class C

## IMLXX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $149 | 1.46% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class C

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class C
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class I

## TAMXX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $39 | 0.38% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class I

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class I
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class I2

## Ticker: N/A
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $38 | 0.37% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class I2

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class I2
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class I3

## TGTXX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $38 | 0.37% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class I3

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class I3
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class R2

## TGRXX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $70 | 0.69% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class R2

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class R2
![Image](g67628g42o24.jpg)

Annual Shareholder Report

# Transamerica Government Money Market

# Class R4

## TFGXX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $51 | 0.50% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $287453207 |
| Number of Portfolio Holdings | 122 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $510647 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.22 years |
| Duration<sup>Footnote Reference†</sup> | 0.08 years |

---

---

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

---

# Transamerica Government Money Market

# Class R4

## What did the Fund invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Floating Rate Notes, 3.86%, 01/31/2027 | 2.1% |
| U.S. Treasury Notes, 0.75%, 03/31/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.99%, 03/05/2026 | 1.5 |
| U.S. Treasury Floating Rate Notes, 3.93%, 07/31/2027 | 1.4 |
| U.S. Treasury Bills, 3.95%, 03/05/2026 | 1.3 |
| U.S. Treasury Bills, 4.12%, 02/05/2026 | 1.3 |
| Federal Farm Credit Banks Funding Corp., 4.18%, 10/15/2026 | 1.1 |
| U.S. Treasury Bills, 4.34%, 11/25/2025 | 1.1 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 55.0% |
| Short-Term U.S. Government Obligations | 24.7 |
| U.S. Government Obligations | 7.3 |
| U.S. Government Agency Obligations | 7.1 |
| Short-Term U.S. Government Agency Obligiations | 6.9 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.0) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Government Money Market

# Class R4
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class A

## IHIYX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $108 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 7.27%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g98y21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **10/31/2015** | $9522 | $10000 | $10000 |
| **11/30/2015** | $9295 | $9964 | $9779 |
| **12/31/2015** | $9048 | $9914 | $9533 |
| **1/31/2016** | $8917 | $10023 | $9380 |
| **2/29/2016** | $8918 | $10094 | $9433 |
| **3/31/2016** | $9264 | $10218 | $9853 |
| **4/30/2016** | $9532 | $10288 | $10238 |
| **5/31/2016** | $9573 | $10296 | $10302 |
| **6/30/2016** | $9639 | $10477 | $10396 |
| **7/31/2016** | $9885 | $10563 | $10678 |
| **8/31/2016** | $10119 | $10575 | $10901 |
| **9/30/2016** | $10184 | $10577 | $10974 |
| **10/31/2016** | $10184 | $10507 | $11016 |
| **11/30/2016** | $10129 | $10271 | $10964 |
| **12/31/2016** | $10328 | $10301 | $11166 |
| **1/31/2017** | $10474 | $10338 | $11328 |
| **2/28/2017** | $10636 | $10418 | $11493 |
| **3/31/2017** | $10602 | $10414 | $11467 |
| **4/30/2017** | $10718 | $10500 | $11599 |
| **5/31/2017** | $10823 | $10581 | $11700 |
| **6/30/2017** | $10848 | $10572 | $11716 |
| **7/31/2017** | $10975 | $10625 | $11846 |
| **8/31/2017** | $10956 | $10717 | $11841 |
| **9/30/2017** | $11016 | $10679 | $11947 |
| **10/31/2017** | $11063 | $10692 | $11998 |
| **11/30/2017** | $11008 | $10676 | $11968 |
| **12/31/2017** | $11040 | $10723 | $12004 |
| **1/31/2018** | $11098 | $10620 | $12076 |
| **2/28/2018** | $11016 | $10519 | $11973 |
| **3/31/2018** | $10944 | $10572 | $11901 |
| **4/30/2018** | $11007 | $10501 | $11978 |
| **5/31/2018** | $10995 | $10559 | $11975 |
| **6/30/2018** | $11032 | $10543 | $12023 |
| **7/31/2018** | $11142 | $10565 | $12154 |
| **8/31/2018** | $11191 | $10618 | $12244 |
| **9/30/2018** | $11240 | $10572 | $12312 |
| **10/31/2018** | $11041 | $10484 | $12115 |
| **11/30/2018** | $10967 | $10531 | $12011 |
| **12/31/2018** | $10734 | $10695 | $11754 |
| **1/31/2019** | $11227 | $10843 | $12285 |
| **2/28/2019** | $11384 | $10855 | $12489 |
| **3/31/2019** | $11486 | $11051 | $12607 |
| **4/30/2019** | $11585 | $11066 | $12786 |
| **5/31/2019** | $11429 | $11236 | $12634 |
| **6/30/2019** | $11708 | $11395 | $12922 |
| **7/31/2019** | $11770 | $11429 | $12995 |
| **8/31/2019** | $11822 | $11687 | $13047 |
| **9/30/2019** | $11860 | $11637 | $13094 |
| **10/31/2019** | $11901 | $11674 | $13130 |
| **11/30/2019** | $11978 | $11672 | $13173 |
| **12/31/2019** | $12187 | $11689 | $13437 |
| **1/31/2020** | $12170 | $11899 | $13440 |
| **2/29/2020** | $11925 | $12077 | $13251 |
| **3/31/2020** | $10339 | $11841 | $11732 |
| **4/30/2020** | $10698 | $12078 | $12263 |
| **5/31/2020** | $11167 | $12191 | $12799 |
| **6/30/2020** | $11268 | $12293 | $12921 |
| **7/31/2020** | $11780 | $12509 | $13523 |
| **8/31/2020** | $11923 | $12437 | $13653 |
| **9/30/2020** | $11817 | $12414 | $13513 |
| **10/31/2020** | $11862 | $12370 | $13580 |
| **11/30/2020** | $12366 | $12531 | $14117 |
| **12/31/2020** | $12621 | $12575 | $14383 |
| **1/31/2021** | $12667 | $12496 | $14431 |
| **2/28/2021** | $12741 | $12334 | $14484 |
| **3/31/2021** | $12779 | $12191 | $14507 |
| **4/30/2021** | $12933 | $12293 | $14664 |
| **5/31/2021** | $12981 | $12340 | $14707 |
| **6/30/2021** | $13141 | $12430 | $14903 |
| **7/31/2021** | $13174 | $12555 | $14959 |
| **8/31/2021** | $13235 | $12547 | $15037 |
| **9/30/2021** | $13237 | $12440 | $15036 |
| **10/31/2021** | $13212 | $12429 | $15009 |
| **11/30/2021** | $13113 | $12444 | $14861 |
| **12/31/2021** | $13335 | $12436 | $15140 |
| **1/31/2022** | $13004 | $12163 | $14727 |
| **2/28/2022** | $12874 | $11998 | $14576 |
| **3/31/2022** | $12758 | $11676 | $14410 |
| **4/30/2022** | $12290 | $11240 | $13899 |
| **5/31/2022** | $12310 | $11302 | $13931 |
| **6/30/2022** | $11471 | $11076 | $12992 |
| **7/31/2022** | $12164 | $11355 | $13759 |
| **8/31/2022** | $11854 | $11060 | $13442 |
| **9/30/2022** | $11337 | $10583 | $12909 |
| **10/31/2022** | $11661 | $10467 | $13244 |
| **11/30/2022** | $11867 | $10857 | $13531 |
| **12/31/2022** | $11767 | $10820 | $13447 |
| **1/31/2023** | $12188 | $11156 | $13959 |
| **2/28/2023** | $11992 | $10882 | $13781 |
| **3/31/2023** | $12016 | $11137 | $13927 |
| **4/30/2023** | $12131 | $11205 | $14067 |
| **5/31/2023** | $12011 | $11089 | $13938 |
| **6/30/2023** | $12173 | $11072 | $14171 |
| **7/31/2023** | $12337 | $11083 | $14367 |
| **8/31/2023** | $12333 | $11016 | $14409 |
| **9/30/2023** | $12188 | $10753 | $14236 |
| **10/31/2023** | $12023 | $10592 | $14069 |
| **11/30/2023** | $12511 | $11068 | $14707 |
| **12/31/2023** | $12953 | $11488 | $15255 |
| **1/31/2024** | $12933 | $11461 | $15254 |
| **2/29/2024** | $12963 | $11323 | $15299 |
| **3/31/2024** | $13076 | $11435 | $15480 |
| **4/30/2024** | $12928 | $11167 | $15334 |
| **5/31/2024** | $13060 | $11352 | $15503 |
| **6/30/2024** | $13176 | $11456 | $15649 |
| **7/31/2024** | $13428 | $11716 | $15954 |
| **8/31/2024** | $13632 | $11889 | $16214 |
| **9/30/2024** | $13838 | $12052 | $16476 |
| **10/31/2024** | $13773 | $11778 | $16387 |
| **11/30/2024** | $13929 | $11902 | $16576 |
| **12/31/2024** | $13869 | $11722 | $16505 |
| **1/31/2025** | $14048 | $11793 | $16730 |
| **2/28/2025** | $14108 | $12037 | $16843 |
| **3/31/2025** | $13889 | $12034 | $16671 |
| **4/30/2025** | $13863 | $12077 | $16667 |
| **5/31/2025** | $14117 | $12015 | $16947 |
| **6/30/2025** | $14389 | $12203 | $17259 |
| **7/31/2025** | $14520 | $12185 | $17337 |
| **8/31/2025** | $14635 | $12331 | $17553 |
| **9/30/2025** | $14732 | $12462 | $17696 |
| **10/31/2025** | $14774 | $12544 | $17724 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BD1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 2.22% | 3.47% | 3.98% |
| Class A | 7.27% | 4.49% | 4.49% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class C

## INCLX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $177 | 1.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 6.57%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g48g84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9766 | $9964 | $9779 |
| **12/31/2015** | $9498 | $9914 | $9533 |
| **1/31/2016** | $9343 | $10023 | $9380 |
| **2/29/2016** | $9350 | $10094 | $9433 |
| **3/31/2016** | $9708 | $10218 | $9853 |
| **4/30/2016** | $9984 | $10288 | $10238 |
| **5/31/2016** | $10010 | $10296 | $10302 |
| **6/30/2016** | $10075 | $10477 | $10396 |
| **7/31/2016** | $10338 | $10563 | $10678 |
| **8/31/2016** | $10578 | $10575 | $10901 |
| **9/30/2016** | $10628 | $10577 | $10974 |
| **10/31/2016** | $10634 | $10507 | $11016 |
| **11/30/2016** | $10570 | $10271 | $10964 |
| **12/31/2016** | $10772 | $10301 | $11166 |
| **1/31/2017** | $10906 | $10338 | $11328 |
| **2/28/2017** | $11081 | $10418 | $11493 |
| **3/31/2017** | $11028 | $10414 | $11467 |
| **4/30/2017** | $11154 | $10500 | $11599 |
| **5/31/2017** | $11258 | $10581 | $11700 |
| **6/30/2017** | $11277 | $10572 | $11716 |
| **7/31/2017** | $11392 | $10625 | $11846 |
| **8/31/2017** | $11377 | $10717 | $11841 |
| **10/31/2017** | $11475 | $10692 | $11998 |
| **11/30/2017** | $11410 | $10676 | $11968 |
| **12/31/2017** | $11425 | $10723 | $12004 |
| **1/31/2018** | $11491 | $10620 | $12076 |
| **2/28/2018** | $11387 | $10519 | $11973 |
| **3/31/2018** | $11319 | $10572 | $11901 |
| **4/30/2018** | $11365 | $10501 | $11978 |
| **5/31/2018** | $11359 | $10559 | $11975 |
| **6/30/2018** | $11378 | $10543 | $12023 |
| **7/31/2018** | $11485 | $10565 | $12154 |
| **8/31/2018** | $11543 | $10618 | $12244 |
| **9/30/2018** | $11587 | $10572 | $12312 |
| **10/31/2018** | $11374 | $10484 | $12115 |
| **11/30/2018** | $11284 | $10531 | $12011 |
| **12/31/2018** | $11035 | $10695 | $11754 |
| **1/31/2019** | $11537 | $10843 | $12285 |
| **2/28/2019** | $11692 | $10855 | $12489 |
| **3/31/2019** | $11778 | $11051 | $12607 |
| **4/30/2019** | $11886 | $11066 | $12786 |
| **5/31/2019** | $11718 | $11236 | $12634 |
| **6/30/2019** | $11986 | $11395 | $12922 |
| **7/31/2019** | $12042 | $11429 | $12995 |
| **8/31/2019** | $12088 | $11687 | $13047 |
| **9/30/2019** | $12135 | $11637 | $13094 |
| **10/31/2019** | $12156 | $11674 | $13130 |
| **11/30/2019** | $12240 | $11672 | $13173 |
| **12/31/2019** | $12448 | $11689 | $13437 |
| **1/31/2020** | $12422 | $11899 | $13440 |
| **2/29/2020** | $12164 | $12077 | $13251 |
| **3/31/2020** | $10533 | $11841 | $11732 |
| **4/30/2020** | $10895 | $12078 | $12263 |
| **5/31/2020** | $11382 | $12191 | $12799 |
| **6/30/2020** | $11478 | $12293 | $12921 |
| **7/31/2020** | $11995 | $12509 | $13523 |
| **8/31/2020** | $12119 | $12437 | $13653 |
| **9/30/2020** | $12018 | $12414 | $13513 |
| **10/31/2020** | $12056 | $12370 | $13580 |
| **11/30/2020** | $12549 | $12531 | $14117 |
| **12/31/2020** | $12801 | $12575 | $14383 |
| **1/31/2021** | $12839 | $12496 | $14431 |
| **2/28/2021** | $12907 | $12334 | $14484 |
| **3/31/2021** | $12937 | $12191 | $14507 |
| **4/30/2021** | $13086 | $12293 | $14664 |
| **5/31/2021** | $13125 | $12340 | $14707 |
| **6/30/2021** | $13280 | $12430 | $14903 |
| **7/31/2021** | $13304 | $12555 | $14959 |
| **8/31/2021** | $13357 | $12547 | $15037 |
| **9/30/2021** | $13366 | $12440 | $15036 |
| **10/31/2021** | $13332 | $12429 | $15009 |
| **11/30/2021** | $13209 | $12444 | $14861 |
| **12/31/2021** | $13426 | $12436 | $15140 |
| **1/31/2022** | $13097 | $12163 | $14727 |
| **2/28/2022** | $12959 | $11998 | $14576 |
| **3/31/2022** | $12819 | $11676 | $14410 |
| **4/30/2022** | $12340 | $11240 | $13899 |
| **5/31/2022** | $12352 | $11302 | $13931 |
| **6/30/2022** | $11514 | $11076 | $12992 |
| **7/31/2022** | $12189 | $11355 | $13759 |
| **8/31/2022** | $11870 | $11060 | $13442 |
| **9/30/2022** | $11357 | $10583 | $12909 |
| **10/31/2022** | $11676 | $10467 | $13244 |
| **11/30/2022** | $11876 | $10857 | $13531 |
| **12/31/2022** | $11768 | $10820 | $13447 |
| **1/31/2023** | $12199 | $11156 | $13959 |
| **2/28/2023** | $12012 | $10882 | $13781 |
| **3/31/2023** | $12028 | $11137 | $13927 |
| **4/30/2023** | $12136 | $11205 | $14067 |
| **5/31/2023** | $12009 | $11089 | $13938 |
| **6/30/2023** | $12164 | $11072 | $14171 |
| **7/31/2023** | $12336 | $11083 | $14367 |
| **8/31/2023** | $12309 | $11016 | $14409 |
| **9/30/2023** | $12156 | $10753 | $14236 |
| **10/31/2023** | $11985 | $10592 | $14069 |
| **11/30/2023** | $12465 | $11068 | $14707 |
| **12/31/2023** | $12882 | $11488 | $15255 |
| **1/31/2024** | $12871 | $11461 | $15254 |
| **2/29/2024** | $12893 | $11323 | $15299 |
| **3/31/2024** | $12999 | $11435 | $15480 |
| **4/30/2024** | $12844 | $11167 | $15334 |
| **5/31/2024** | $12968 | $11352 | $15503 |
| **6/30/2024** | $13076 | $11456 | $15649 |
| **7/31/2024** | $13320 | $11716 | $15954 |
| **8/31/2024** | $13515 | $11889 | $16214 |
| **9/30/2024** | $13712 | $12052 | $16476 |
| **10/31/2024** | $13642 | $11778 | $16387 |
| **11/30/2024** | $13806 | $11902 | $16576 |
| **12/31/2024** | $13721 | $11722 | $16505 |
| **1/31/2025** | $13890 | $11793 | $16730 |
| **2/28/2025** | $13943 | $12037 | $16843 |
| **3/31/2025** | $13719 | $12034 | $16671 |
| **4/30/2025** | $13686 | $12077 | $16667 |
| **5/31/2025** | $13947 | $12015 | $16947 |
| **6/30/2025** | $14190 | $12203 | $17259 |
| **7/31/2025** | $14312 | $12185 | $17337 |
| **8/31/2025** | $14435 | $12331 | $17553 |
| **9/30/2025** | $14505 | $12462 | $17696 |
| **10/31/2025** | $14538 | $12544 | $17724 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BD3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 5.57% | 3.82% | 3.81% |
| Class C | 6.57% | 3.82% | 3.81% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class I

## TDHIX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $64 | 0.62% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 7.66%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g90a45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9765 | $9964 | $9779 |
| **12/31/2015** | $9510 | $9914 | $9533 |
| **1/31/2016** | $9364 | $10023 | $9380 |
| **2/29/2016** | $9378 | $10094 | $9433 |
| **3/31/2016** | $9742 | $10218 | $9853 |
| **4/30/2016** | $10024 | $10288 | $10238 |
| **5/31/2016** | $10069 | $10296 | $10302 |
| **6/30/2016** | $10141 | $10477 | $10396 |
| **7/31/2016** | $10412 | $10563 | $10678 |
| **8/31/2016** | $10659 | $10575 | $10901 |
| **9/30/2016** | $10718 | $10577 | $10974 |
| **10/31/2016** | $10733 | $10507 | $11016 |
| **11/30/2016** | $10678 | $10271 | $10964 |
| **12/31/2016** | $10889 | $10301 | $11166 |
| **1/31/2017** | $11034 | $10338 | $11328 |
| **2/28/2017** | $11217 | $10418 | $11493 |
| **3/31/2017** | $11174 | $10414 | $11467 |
| **4/30/2017** | $11298 | $10500 | $11599 |
| **5/31/2017** | $11424 | $10581 | $11700 |
| **6/30/2017** | $11453 | $10572 | $11716 |
| **7/31/2017** | $11578 | $10625 | $11846 |
| **8/31/2017** | $11562 | $10717 | $11841 |
| **10/31/2017** | $11680 | $10692 | $11998 |
| **11/30/2017** | $11637 | $10676 | $11968 |
| **12/31/2017** | $11662 | $10723 | $12004 |
| **1/31/2018** | $11739 | $10620 | $12076 |
| **2/28/2018** | $11643 | $10519 | $11973 |
| **3/31/2018** | $11572 | $10572 | $11901 |
| **4/30/2018** | $11629 | $10501 | $11978 |
| **5/31/2018** | $11633 | $10559 | $11975 |
| **6/30/2018** | $11662 | $10543 | $12023 |
| **7/31/2018** | $11781 | $10565 | $12154 |
| **8/31/2018** | $11838 | $10618 | $12244 |
| **9/30/2018** | $11906 | $10572 | $12312 |
| **10/31/2018** | $11700 | $10484 | $12115 |
| **11/30/2018** | $11620 | $10531 | $12011 |
| **12/31/2018** | $11377 | $10695 | $11754 |
| **1/31/2019** | $11899 | $10843 | $12285 |
| **2/28/2019** | $12066 | $10855 | $12489 |
| **3/31/2019** | $12165 | $11051 | $12607 |
| **4/30/2019** | $12286 | $11066 | $12786 |
| **5/31/2019** | $12112 | $11236 | $12634 |
| **6/30/2019** | $12411 | $11395 | $12922 |
| **7/31/2019** | $12480 | $11429 | $12995 |
| **8/31/2019** | $12538 | $11687 | $13047 |
| **9/30/2019** | $12582 | $11637 | $13094 |
| **10/31/2019** | $12628 | $11674 | $13130 |
| **11/30/2019** | $12726 | $11672 | $13173 |
| **12/31/2019** | $12951 | $11689 | $13437 |
| **1/31/2020** | $12937 | $11899 | $13440 |
| **2/29/2020** | $12684 | $12077 | $13251 |
| **3/31/2020** | $10999 | $11841 | $11732 |
| **4/30/2020** | $11383 | $12078 | $12263 |
| **5/31/2020** | $11898 | $12191 | $12799 |
| **6/30/2020** | $12039 | $12293 | $12921 |
| **7/31/2020** | $12585 | $12509 | $13523 |
| **8/31/2020** | $12741 | $12437 | $13653 |
| **9/30/2020** | $12634 | $12414 | $13513 |
| **10/31/2020** | $12686 | $12370 | $13580 |
| **11/30/2020** | $13225 | $12531 | $14117 |
| **12/31/2020** | $13500 | $12575 | $14383 |
| **1/31/2021** | $13554 | $12496 | $14431 |
| **2/28/2021** | $13637 | $12334 | $14484 |
| **3/31/2021** | $13682 | $12191 | $14507 |
| **4/30/2021** | $13851 | $12293 | $14664 |
| **5/31/2021** | $13906 | $12340 | $14707 |
| **6/30/2021** | $14081 | $12430 | $14903 |
| **7/31/2021** | $14121 | $12555 | $14959 |
| **8/31/2021** | $14190 | $12547 | $15037 |
| **9/30/2021** | $14197 | $12440 | $15036 |
| **10/31/2021** | $14175 | $12429 | $15009 |
| **11/30/2021** | $14075 | $12444 | $14861 |
| **12/31/2021** | $14316 | $12436 | $15140 |
| **1/31/2022** | $13969 | $12163 | $14727 |
| **2/28/2022** | $13835 | $11998 | $14576 |
| **3/31/2022** | $13701 | $11676 | $14410 |
| **4/30/2022** | $13208 | $11240 | $13899 |
| **5/31/2022** | $13235 | $11302 | $13931 |
| **6/30/2022** | $12345 | $11076 | $12992 |
| **7/31/2022** | $13072 | $11355 | $13759 |
| **8/31/2022** | $12747 | $11060 | $13442 |
| **9/30/2022** | $12199 | $10583 | $12909 |
| **10/31/2022** | $12553 | $10467 | $13244 |
| **11/30/2022** | $12794 | $10857 | $13531 |
| **12/31/2022** | $12676 | $10820 | $13447 |
| **1/31/2023** | $13164 | $11156 | $13959 |
| **2/28/2023** | $12960 | $10882 | $13781 |
| **3/31/2023** | $13007 | $11137 | $13927 |
| **4/30/2023** | $13135 | $11205 | $14067 |
| **5/31/2023** | $12995 | $11089 | $13938 |
| **6/30/2023** | $13191 | $11072 | $14171 |
| **7/31/2023** | $13372 | $11083 | $14367 |
| **8/31/2023** | $13373 | $11016 | $14409 |
| **9/30/2023** | $13206 | $10753 | $14236 |
| **10/31/2023** | $13034 | $10592 | $14069 |
| **11/30/2023** | $13563 | $11068 | $14707 |
| **12/31/2023** | $14043 | $11488 | $15255 |
| **1/31/2024** | $14045 | $11461 | $15254 |
| **2/29/2024** | $14082 | $11323 | $15299 |
| **3/31/2024** | $14209 | $11435 | $15480 |
| **4/30/2024** | $14038 | $11167 | $15334 |
| **5/31/2024** | $14204 | $11352 | $15503 |
| **6/30/2024** | $14317 | $11456 | $15649 |
| **7/31/2024** | $14612 | $11716 | $15954 |
| **8/31/2024** | $14820 | $11889 | $16214 |
| **9/30/2024** | $15066 | $12052 | $16476 |
| **10/31/2024** | $14986 | $11778 | $16387 |
| **11/30/2024** | $15179 | $11902 | $16576 |
| **12/31/2024** | $15102 | $11722 | $16505 |
| **1/31/2025** | $15319 | $11793 | $16730 |
| **2/28/2025** | $15390 | $12037 | $16843 |
| **3/31/2025** | $15161 | $12034 | $16671 |
| **4/30/2025** | $15094 | $12077 | $16667 |
| **5/31/2025** | $15394 | $12015 | $16947 |
| **6/30/2025** | $15693 | $12203 | $17259 |
| **7/31/2025** | $15842 | $12185 | $17337 |
| **8/31/2025** | $15972 | $12331 | $17553 |
| **9/30/2025** | $16083 | $12462 | $17696 |
| **10/31/2025** | $16134 | $12544 | $17724 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BD8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.66% | 4.93% | 4.90% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 7.87%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g85u94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9767 | $9964 | $9779 |
| **12/31/2015** | $9513 | $9914 | $9533 |
| **1/31/2016** | $9369 | $10023 | $9380 |
| **2/29/2016** | $9383 | $10094 | $9433 |
| **3/31/2016** | $9747 | $10218 | $9853 |
| **4/30/2016** | $10029 | $10288 | $10238 |
| **5/31/2016** | $10076 | $10296 | $10302 |
| **6/30/2016** | $10149 | $10477 | $10396 |
| **7/31/2016** | $10420 | $10563 | $10678 |
| **8/31/2016** | $10668 | $10575 | $10901 |
| **9/30/2016** | $10727 | $10577 | $10974 |
| **10/31/2016** | $10743 | $10507 | $11016 |
| **11/30/2016** | $10689 | $10271 | $10964 |
| **12/31/2016** | $10913 | $10301 | $11166 |
| **1/31/2017** | $11059 | $10338 | $11328 |
| **2/28/2017** | $11243 | $10418 | $11493 |
| **3/31/2017** | $11201 | $10414 | $11467 |
| **4/30/2017** | $11326 | $10500 | $11599 |
| **5/31/2017** | $11453 | $10581 | $11700 |
| **6/30/2017** | $11483 | $10572 | $11716 |
| **7/31/2017** | $11609 | $10625 | $11846 |
| **8/31/2017** | $11594 | $10717 | $11841 |
| **10/31/2017** | $11715 | $10692 | $11998 |
| **11/30/2017** | $11673 | $10676 | $11968 |
| **12/31/2017** | $11699 | $10723 | $12004 |
| **1/31/2018** | $11765 | $10620 | $12076 |
| **2/28/2018** | $11683 | $10519 | $11973 |
| **3/31/2018** | $11613 | $10572 | $11901 |
| **4/30/2018** | $11684 | $10501 | $11978 |
| **5/31/2018** | $11676 | $10559 | $11975 |
| **6/30/2018** | $11720 | $10543 | $12023 |
| **7/31/2018** | $11840 | $10565 | $12154 |
| **8/31/2018** | $11898 | $10618 | $12244 |
| **9/30/2018** | $11955 | $10572 | $12312 |
| **10/31/2018** | $11750 | $10484 | $12115 |
| **11/30/2018** | $11657 | $10531 | $12011 |
| **12/31/2018** | $11428 | $10695 | $11754 |
| **1/31/2019** | $11952 | $10843 | $12285 |
| **2/28/2019** | $12121 | $10855 | $12489 |
| **3/31/2019** | $12235 | $11051 | $12607 |
| **4/30/2019** | $12344 | $11066 | $12786 |
| **5/31/2019** | $12185 | $11236 | $12634 |
| **6/30/2019** | $12485 | $11395 | $12922 |
| **7/31/2019** | $12556 | $11429 | $12995 |
| **8/31/2019** | $12616 | $11687 | $13047 |
| **9/30/2019** | $12661 | $11637 | $13094 |
| **10/31/2019** | $12709 | $11674 | $13130 |
| **11/30/2019** | $12796 | $11672 | $13173 |
| **12/31/2019** | $13023 | $11689 | $13437 |
| **1/31/2020** | $13023 | $11899 | $13440 |
| **2/29/2020** | $12755 | $12077 | $13251 |
| **3/31/2020** | $11067 | $11841 | $11732 |
| **4/30/2020** | $11453 | $12078 | $12263 |
| **5/31/2020** | $11969 | $12191 | $12799 |
| **6/30/2020** | $12081 | $12293 | $12921 |
| **7/31/2020** | $12629 | $12509 | $13523 |
| **8/31/2020** | $12786 | $12437 | $13653 |
| **9/30/2020** | $12679 | $12414 | $13513 |
| **10/31/2020** | $12731 | $12370 | $13580 |
| **11/30/2020** | $13287 | $12531 | $14117 |
| **12/31/2020** | $13563 | $12575 | $14383 |
| **1/31/2021** | $13616 | $12496 | $14431 |
| **2/28/2021** | $13700 | $12334 | $14484 |
| **3/31/2021** | $13745 | $12191 | $14507 |
| **4/30/2021** | $13900 | $12293 | $14664 |
| **5/31/2021** | $13971 | $12340 | $14707 |
| **6/30/2021** | $14146 | $12430 | $14903 |
| **7/31/2021** | $14171 | $12555 | $14959 |
| **8/31/2021** | $14256 | $12547 | $15037 |
| **9/30/2021** | $14263 | $12440 | $15036 |
| **10/31/2021** | $14242 | $12429 | $15009 |
| **11/30/2021** | $14141 | $12444 | $14861 |
| **12/31/2021** | $14384 | $12436 | $15140 |
| **1/31/2022** | $14036 | $12163 | $14727 |
| **2/28/2022** | $13887 | $11998 | $14576 |
| **3/31/2022** | $13768 | $11676 | $14410 |
| **4/30/2022** | $13258 | $11240 | $13899 |
| **5/31/2022** | $13300 | $11302 | $13931 |
| **6/30/2022** | $12392 | $11076 | $12992 |
| **7/31/2022** | $13137 | $11355 | $13759 |
| **8/31/2022** | $12811 | $11060 | $13442 |
| **9/30/2022** | $12263 | $10583 | $12909 |
| **10/31/2022** | $12615 | $10467 | $13244 |
| **11/30/2022** | $12857 | $10857 | $13531 |
| **12/31/2022** | $12739 | $10820 | $13447 |
| **1/31/2023** | $13228 | $11156 | $13959 |
| **2/28/2023** | $13024 | $10882 | $13781 |
| **3/31/2023** | $13071 | $11137 | $13927 |
| **4/30/2023** | $13200 | $11205 | $14067 |
| **5/31/2023** | $13077 | $11089 | $13938 |
| **6/30/2023** | $13257 | $11072 | $14171 |
| **7/31/2023** | $13438 | $11083 | $14367 |
| **8/31/2023** | $13440 | $11016 | $14409 |
| **9/30/2023** | $13289 | $10753 | $14236 |
| **10/31/2023** | $13101 | $10592 | $14069 |
| **11/30/2023** | $13631 | $11068 | $14707 |
| **12/31/2023** | $14113 | $11488 | $15255 |
| **1/31/2024** | $14115 | $11461 | $15254 |
| **2/29/2024** | $14153 | $11323 | $15299 |
| **3/31/2024** | $14281 | $11435 | $15480 |
| **4/30/2024** | $14127 | $11167 | $15334 |
| **5/31/2024** | $14276 | $11352 | $15503 |
| **6/30/2024** | $14408 | $11456 | $15649 |
| **7/31/2024** | $14687 | $11716 | $15954 |
| **8/31/2024** | $14913 | $11889 | $16214 |
| **9/30/2024** | $15161 | $12052 | $16476 |
| **10/31/2024** | $15081 | $11778 | $16387 |
| **11/30/2024** | $15275 | $11902 | $16576 |
| **12/31/2024** | $15198 | $11722 | $16505 |
| **1/31/2025** | $15398 | $11793 | $16730 |
| **2/28/2025** | $15488 | $12037 | $16843 |
| **3/31/2025** | $15240 | $12034 | $16671 |
| **4/30/2025** | $15219 | $12077 | $16667 |
| **5/31/2025** | $15521 | $12015 | $16947 |
| **6/30/2025** | $15822 | $12203 | $17259 |
| **7/31/2025** | $15952 | $12185 | $17337 |
| **8/31/2025** | $16103 | $12331 | $17553 |
| **9/30/2025** | $16215 | $12462 | $17696 |
| **10/31/2025** | $16268 | $12544 | $17724 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BD4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 7.87% | 5.03% | 4.99% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class I3

## TAHTX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 7.75%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class I3

## Fund Overview

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

![Growth of 10K Chart](g67628g98h87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **3/24/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10086 | $10022 | $10104 |
| **5/31/2017** | $10199 | $10106 | $10220 |
| **6/30/2017** | $10313 | $10183 | $10309 |
| **7/31/2017** | $10340 | $10175 | $10323 |
| **8/31/2017** | $10454 | $10226 | $10437 |
| **9/30/2017** | $10441 | $10314 | $10433 |
| **10/31/2017** | $10551 | $10290 | $10571 |
| **11/30/2017** | $10514 | $10274 | $10544 |
| **12/31/2017** | $10536 | $10320 | $10576 |
| **1/31/2018** | $10608 | $10220 | $10640 |
| **2/28/2018** | $10522 | $10123 | $10549 |
| **3/31/2018** | $10460 | $10174 | $10486 |
| **4/30/2018** | $10524 | $10106 | $10554 |
| **5/31/2018** | $10518 | $10162 | $10551 |
| **6/30/2018** | $10557 | $10147 | $10593 |
| **7/31/2018** | $10666 | $10168 | $10709 |
| **8/31/2018** | $10719 | $10218 | $10788 |
| **9/30/2018** | $10770 | $10174 | $10848 |
| **10/31/2018** | $10586 | $10089 | $10675 |
| **11/30/2018** | $10500 | $10135 | $10583 |
| **12/31/2018** | $10281 | $10293 | $10356 |
| **1/31/2019** | $10764 | $10435 | $10824 |
| **2/28/2019** | $10917 | $10447 | $11004 |
| **3/31/2019** | $11007 | $10635 | $11107 |
| **4/30/2019** | $11118 | $10650 | $11265 |
| **5/31/2019** | $10974 | $10813 | $11132 |
| **6/30/2019** | $11233 | $10966 | $11385 |
| **7/31/2019** | $11296 | $10999 | $11449 |
| **8/31/2019** | $11350 | $11248 | $11495 |
| **9/30/2019** | $11404 | $11199 | $11537 |
| **10/31/2019** | $11434 | $11235 | $11569 |
| **11/30/2019** | $11524 | $11233 | $11607 |
| **12/31/2019** | $11729 | $11250 | $11839 |
| **1/31/2020** | $11716 | $11451 | $11842 |
| **2/29/2020** | $11475 | $11623 | $11675 |
| **3/31/2020** | $9954 | $11396 | $10337 |
| **4/30/2020** | $10315 | $11624 | $10805 |
| **5/31/2020** | $10780 | $11733 | $11277 |
| **6/30/2020** | $10881 | $11831 | $11385 |
| **7/31/2020** | $11375 | $12038 | $11915 |
| **8/31/2020** | $11515 | $11969 | $12030 |
| **9/30/2020** | $11419 | $11947 | $11906 |
| **10/31/2020** | $11466 | $11905 | $11965 |
| **11/30/2020** | $11953 | $12060 | $12439 |
| **12/31/2020** | $12202 | $12102 | $12673 |
| **1/31/2021** | $12264 | $12026 | $12715 |
| **2/28/2021** | $12338 | $11871 | $12762 |
| **3/31/2021** | $12379 | $11732 | $12782 |
| **4/30/2021** | $12519 | $11831 | $12920 |
| **5/31/2021** | $12569 | $11876 | $12958 |
| **6/30/2021** | $12727 | $11963 | $13131 |
| **7/31/2021** | $12763 | $12083 | $13181 |
| **8/31/2021** | $12826 | $12075 | $13249 |
| **9/30/2021** | $12846 | $11972 | $13248 |
| **10/31/2021** | $12827 | $11962 | $13224 |
| **11/30/2021** | $12722 | $11976 | $13094 |
| **12/31/2021** | $12955 | $11968 | $13340 |
| **1/31/2022** | $12641 | $11706 | $12976 |
| **2/28/2022** | $12507 | $11546 | $12843 |
| **3/31/2022** | $12400 | $11237 | $12697 |
| **4/30/2022** | $11941 | $10817 | $12246 |
| **5/31/2022** | $11965 | $10877 | $12275 |
| **6/30/2022** | $11161 | $10660 | $11447 |
| **7/31/2022** | $11833 | $10928 | $12123 |
| **8/31/2022** | $11539 | $10644 | $11844 |
| **9/30/2022** | $11045 | $10185 | $11374 |
| **10/31/2022** | $11362 | $10073 | $11670 |
| **11/30/2022** | $11580 | $10449 | $11922 |
| **12/31/2022** | $11474 | $10413 | $11848 |
| **1/31/2023** | $11914 | $10736 | $12299 |
| **2/28/2023** | $11731 | $10473 | $12142 |
| **3/31/2023** | $11773 | $10718 | $12271 |
| **4/30/2023** | $11889 | $10784 | $12394 |
| **5/31/2023** | $11763 | $10672 | $12280 |
| **6/30/2023** | $11925 | $10655 | $12486 |
| **7/31/2023** | $12104 | $10666 | $12659 |
| **8/31/2023** | $12090 | $10602 | $12695 |
| **9/30/2023** | $11954 | $10349 | $12544 |
| **10/31/2023** | $11800 | $10193 | $12396 |
| **11/30/2023** | $12278 | $10652 | $12958 |
| **12/31/2023** | $12712 | $11056 | $13441 |
| **1/31/2024** | $12713 | $11030 | $13440 |
| **2/29/2024** | $12747 | $10897 | $13480 |
| **3/31/2024** | $12863 | $11004 | $13639 |
| **4/30/2024** | $12708 | $10747 | $13511 |
| **5/31/2024** | $12858 | $10925 | $13659 |
| **6/30/2024** | $12977 | $11025 | $13788 |
| **7/31/2024** | $13228 | $11276 | $14056 |
| **8/31/2024** | $13432 | $11442 | $14286 |
| **9/30/2024** | $13639 | $11599 | $14517 |
| **10/31/2024** | $13583 | $11335 | $14438 |
| **11/30/2024** | $13758 | $11455 | $14605 |
| **12/31/2024** | $13688 | $11282 | $14542 |
| **1/31/2025** | $13868 | $11350 | $14741 |
| **2/28/2025** | $13933 | $11584 | $14840 |
| **3/31/2025** | $13726 | $11581 | $14688 |
| **4/30/2025** | $13690 | $11622 | $14685 |
| **5/31/2025** | $13962 | $11563 | $14932 |
| **6/30/2025** | $14233 | $11744 | $15207 |
| **7/31/2025** | $14368 | $11727 | $15275 |
| **8/31/2025** | $14504 | $11868 | $15466 |
| **9/30/2025** | $14588 | $11993 | $15592 |
| **10/31/2025** | $14635 | $12073 | $15617 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BDD | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class I3 | 7.75% | 5.00% | 4.52% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.21% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class I3

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class I3

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class I3
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class R

## TAHRX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $114 | 1.10% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 7.35%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class R

## Fund Overview

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

![Growth of 10K Chart](g67628g98x79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **3/24/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10085 | $10022 | $10104 |
| **5/31/2017** | $10194 | $10106 | $10220 |
| **6/30/2017** | $10303 | $10183 | $10309 |
| **7/31/2017** | $10326 | $10175 | $10323 |
| **8/31/2017** | $10435 | $10226 | $10437 |
| **9/30/2017** | $10418 | $10314 | $10433 |
| **10/31/2017** | $10519 | $10290 | $10571 |
| **11/30/2017** | $10477 | $10274 | $10544 |
| **12/31/2017** | $10496 | $10320 | $10576 |
| **1/31/2018** | $10551 | $10220 | $10640 |
| **2/28/2018** | $10473 | $10123 | $10549 |
| **3/31/2018** | $10407 | $10174 | $10486 |
| **4/30/2018** | $10466 | $10106 | $10554 |
| **5/31/2018** | $10456 | $10162 | $10551 |
| **6/30/2018** | $10479 | $10147 | $10593 |
| **7/31/2018** | $10595 | $10168 | $10709 |
| **8/31/2018** | $10642 | $10218 | $10788 |
| **9/30/2018** | $10689 | $10174 | $10848 |
| **10/31/2018** | $10501 | $10089 | $10675 |
| **11/30/2018** | $10412 | $10135 | $10583 |
| **12/31/2018** | $10191 | $10293 | $10356 |
| **1/31/2019** | $10666 | $10435 | $10824 |
| **2/28/2019** | $10813 | $10447 | $11004 |
| **3/31/2019** | $10898 | $10635 | $11107 |
| **4/30/2019** | $11004 | $10650 | $11265 |
| **5/31/2019** | $10857 | $10813 | $11132 |
| **6/30/2019** | $11109 | $10966 | $11385 |
| **7/31/2019** | $11167 | $10999 | $11449 |
| **8/31/2019** | $11215 | $11248 | $11495 |
| **9/30/2019** | $11264 | $11199 | $11537 |
| **10/31/2019** | $11290 | $11235 | $11569 |
| **11/30/2019** | $11374 | $11233 | $11607 |
| **12/31/2019** | $11571 | $11250 | $11839 |
| **1/31/2020** | $11554 | $11451 | $11842 |
| **2/29/2020** | $11312 | $11623 | $11675 |
| **3/31/2020** | $9808 | $11396 | $10337 |
| **4/30/2020** | $10159 | $11624 | $10805 |
| **5/31/2020** | $10613 | $11733 | $11277 |
| **6/30/2020** | $10708 | $11831 | $11385 |
| **7/31/2020** | $11189 | $12038 | $11915 |
| **8/31/2020** | $11323 | $11969 | $12030 |
| **9/30/2020** | $11223 | $11947 | $11906 |
| **10/31/2020** | $11264 | $11905 | $11965 |
| **11/30/2020** | $11737 | $12060 | $12439 |
| **12/31/2020** | $11975 | $12102 | $12673 |
| **1/31/2021** | $12031 | $12026 | $12715 |
| **2/28/2021** | $12099 | $11871 | $12762 |
| **3/31/2021** | $12134 | $11732 | $12782 |
| **4/30/2021** | $12266 | $11831 | $12920 |
| **5/31/2021** | $12310 | $11876 | $12958 |
| **6/30/2021** | $12460 | $11963 | $13131 |
| **7/31/2021** | $12489 | $12083 | $13181 |
| **8/31/2021** | $12545 | $12075 | $13249 |
| **9/30/2021** | $12560 | $11972 | $13248 |
| **10/31/2021** | $12535 | $11962 | $13224 |
| **11/30/2021** | $12428 | $11976 | $13094 |
| **12/31/2021** | $12649 | $11968 | $13340 |
| **1/31/2022** | $12338 | $11706 | $12976 |
| **2/28/2022** | $12202 | $11546 | $12843 |
| **3/31/2022** | $12092 | $11237 | $12697 |
| **4/30/2022** | $11640 | $10817 | $12246 |
| **5/31/2022** | $11659 | $10877 | $12275 |
| **6/30/2022** | $10871 | $10660 | $11447 |
| **7/31/2022** | $11521 | $10928 | $12123 |
| **8/31/2022** | $11230 | $10644 | $11844 |
| **9/30/2022** | $10745 | $10185 | $11374 |
| **10/31/2022** | $11048 | $10073 | $11670 |
| **11/30/2022** | $11255 | $10449 | $11922 |
| **12/31/2022** | $11148 | $10413 | $11848 |
| **1/31/2023** | $11571 | $10736 | $12299 |
| **2/28/2023** | $11388 | $10473 | $12142 |
| **3/31/2023** | $11425 | $10718 | $12271 |
| **4/30/2023** | $11532 | $10784 | $12394 |
| **5/31/2023** | $11406 | $10672 | $12280 |
| **6/30/2023** | $11572 | $10655 | $12486 |
| **7/31/2023** | $11726 | $10666 | $12659 |
| **8/31/2023** | $11722 | $10602 | $12695 |
| **9/30/2023** | $11571 | $10349 | $12544 |
| **10/31/2023** | $11416 | $10193 | $12396 |
| **11/30/2023** | $11874 | $10652 | $12958 |
| **12/31/2023** | $12288 | $11056 | $13441 |
| **1/31/2024** | $12285 | $11030 | $13440 |
| **2/29/2024** | $12313 | $10897 | $13480 |
| **3/31/2024** | $12419 | $11004 | $13639 |
| **4/30/2024** | $12265 | $10747 | $13511 |
| **5/31/2024** | $12405 | $10925 | $13659 |
| **6/30/2024** | $12514 | $11025 | $13788 |
| **7/31/2024** | $12751 | $11276 | $14056 |
| **8/31/2024** | $12943 | $11442 | $14286 |
| **9/30/2024** | $13137 | $11599 | $14517 |
| **10/31/2024** | $13078 | $11335 | $14438 |
| **11/30/2024** | $13241 | $11455 | $14605 |
| **12/31/2024** | $13168 | $11282 | $14542 |
| **1/31/2025** | $13336 | $11350 | $14741 |
| **2/28/2025** | $13409 | $11584 | $14840 |
| **3/31/2025** | $13188 | $11581 | $14688 |
| **4/30/2025** | $13165 | $11622 | $14685 |
| **5/31/2025** | $13421 | $11563 | $14932 |
| **6/30/2025** | $13675 | $11744 | $15207 |
| **7/31/2025** | $13782 | $11727 | $15275 |
| **8/31/2025** | $13907 | $11868 | $15466 |
| **9/30/2025** | $13999 | $11993 | $15592 |
| **10/31/2025** | $14038 | $12073 | $15617 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BD5 | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class R | 7.35% | 4.50% | 4.02% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.21% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class R

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class R

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class R
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class R4

## TAHFX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $88 | 0.85% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 7.49%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class R4

## Fund Overview

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

![Growth of 10K Chart](g67628g95s93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **3/24/2017** | $10000 | $10000 | $10000 |
| **4/30/2017** | $10085 | $10022 | $10104 |
| **5/31/2017** | $10196 | $10106 | $10220 |
| **6/30/2017** | $10309 | $10183 | $10309 |
| **7/31/2017** | $10334 | $10175 | $10323 |
| **8/31/2017** | $10445 | $10226 | $10437 |
| **9/30/2017** | $10430 | $10314 | $10433 |
| **10/31/2017** | $10535 | $10290 | $10571 |
| **11/30/2017** | $10496 | $10274 | $10544 |
| **12/31/2017** | $10516 | $10320 | $10576 |
| **1/31/2018** | $10574 | $10220 | $10640 |
| **2/28/2018** | $10498 | $10123 | $10549 |
| **3/31/2018** | $10434 | $10174 | $10486 |
| **4/30/2018** | $10496 | $10106 | $10554 |
| **5/31/2018** | $10487 | $10162 | $10551 |
| **6/30/2018** | $10524 | $10147 | $10593 |
| **7/31/2018** | $10631 | $10168 | $10709 |
| **8/31/2018** | $10681 | $10218 | $10788 |
| **9/30/2018** | $10730 | $10174 | $10848 |
| **10/31/2018** | $10544 | $10089 | $10675 |
| **11/30/2018** | $10456 | $10135 | $10583 |
| **12/31/2018** | $10236 | $10293 | $10356 |
| **1/31/2019** | $10716 | $10435 | $10824 |
| **2/28/2019** | $10866 | $10447 | $11004 |
| **3/31/2019** | $10954 | $10635 | $11107 |
| **4/30/2019** | $11062 | $10650 | $11265 |
| **5/31/2019** | $10917 | $10813 | $11132 |
| **6/30/2019** | $11172 | $10966 | $11385 |
| **7/31/2019** | $11233 | $10999 | $11449 |
| **8/31/2019** | $11284 | $11248 | $11495 |
| **9/30/2019** | $11335 | $11199 | $11537 |
| **10/31/2019** | $11364 | $11235 | $11569 |
| **11/30/2019** | $11451 | $11233 | $11607 |
| **12/31/2019** | $11652 | $11250 | $11839 |
| **1/31/2020** | $11637 | $11451 | $11842 |
| **2/29/2020** | $11395 | $11623 | $11675 |
| **3/31/2020** | $9883 | $11396 | $10337 |
| **4/30/2020** | $10239 | $11624 | $10805 |
| **5/31/2020** | $10698 | $11733 | $11277 |
| **6/30/2020** | $10796 | $11831 | $11385 |
| **7/31/2020** | $11284 | $12038 | $11915 |
| **8/31/2020** | $11421 | $11969 | $12030 |
| **9/30/2020** | $11323 | $11947 | $11906 |
| **10/31/2020** | $11367 | $11905 | $11965 |
| **11/30/2020** | $11847 | $12060 | $12439 |
| **12/31/2020** | $12090 | $12102 | $12673 |
| **1/31/2021** | $12149 | $12026 | $12715 |
| **2/28/2021** | $12221 | $11871 | $12762 |
| **3/31/2021** | $12228 | $11732 | $12782 |
| **4/30/2021** | $12373 | $11831 | $12920 |
| **5/31/2021** | $12420 | $11876 | $12958 |
| **6/30/2021** | $12574 | $11963 | $13131 |
| **7/31/2021** | $12607 | $12083 | $13181 |
| **8/31/2021** | $12666 | $12075 | $13249 |
| **9/30/2021** | $12681 | $11972 | $13248 |
| **10/31/2021** | $12656 | $11962 | $13224 |
| **11/30/2021** | $12562 | $11976 | $13094 |
| **12/31/2021** | $12783 | $11968 | $13340 |
| **1/31/2022** | $12466 | $11706 | $12976 |
| **2/28/2022** | $12331 | $11546 | $12843 |
| **3/31/2022** | $12221 | $11237 | $12697 |
| **4/30/2022** | $11777 | $10817 | $12246 |
| **5/31/2022** | $11795 | $10877 | $12275 |
| **6/30/2022** | $11002 | $10660 | $11447 |
| **7/31/2022** | $11660 | $10928 | $12123 |
| **8/31/2022** | $11355 | $10644 | $11844 |
| **9/30/2022** | $10866 | $10185 | $11374 |
| **10/31/2022** | $11190 | $10073 | $11670 |
| **11/30/2022** | $11388 | $10449 | $11922 |
| **12/31/2022** | $11296 | $10413 | $11848 |
| **1/31/2023** | $11726 | $10736 | $12299 |
| **2/28/2023** | $11544 | $10473 | $12142 |
| **3/31/2023** | $11568 | $10718 | $12271 |
| **4/30/2023** | $11680 | $10784 | $12394 |
| **5/31/2023** | $11569 | $10672 | $12280 |
| **6/30/2023** | $11726 | $10655 | $12486 |
| **7/31/2023** | $11898 | $10666 | $12659 |
| **8/31/2023** | $11882 | $10602 | $12695 |
| **9/30/2023** | $11746 | $10349 | $12544 |
| **10/31/2023** | $11592 | $10193 | $12396 |
| **11/30/2023** | $12059 | $10652 | $12958 |
| **12/31/2023** | $12482 | $11056 | $13441 |
| **1/31/2024** | $12481 | $11030 | $13440 |
| **2/29/2024** | $12512 | $10897 | $13480 |
| **3/31/2024** | $12607 | $11004 | $13639 |
| **4/30/2024** | $12469 | $10747 | $13511 |
| **5/31/2024** | $12613 | $10925 | $13659 |
| **6/30/2024** | $12712 | $11025 | $13788 |
| **7/31/2024** | $12971 | $11276 | $14056 |
| **8/31/2024** | $13169 | $11442 | $14286 |
| **9/30/2024** | $13368 | $11599 | $14517 |
| **10/31/2024** | $13311 | $11335 | $14438 |
| **11/30/2024** | $13480 | $11455 | $14605 |
| **12/31/2024** | $13409 | $11282 | $14542 |
| **1/31/2025** | $13582 | $11350 | $14741 |
| **2/28/2025** | $13642 | $11584 | $14840 |
| **3/31/2025** | $13438 | $11581 | $14688 |
| **4/30/2025** | $13400 | $11622 | $14685 |
| **5/31/2025** | $13663 | $11563 | $14932 |
| **6/30/2025** | $13926 | $11744 | $15207 |
| **7/31/2025** | $14054 | $11727 | $15275 |
| **8/31/2025** | $14167 | $11868 | $15466 |
| **9/30/2025** | $14264 | $11993 | $15592 |
| **10/31/2025** | $14307 | $12073 | $15617 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BDE | **1 Year** | **5 Years** | **Since Inception 3/24/17** |
| Class R4 | 7.49% | 4.71% | 4.25% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.21% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class R4

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class R4

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class R4
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Bond

# Class R6

## TAHBX
October 31, 2025

## Fund Overview
Transamerica High Yield Bond (the "Fund") seeks a high level of current income by investing in high-yield debt securities. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $63 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 7.88%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned 8.16% over the same period.

* Favorable security selection overall added value during the fiscal year ended October 31, 2025. This included strong selection within BB-rated bonds, as well as positive contribution from a subset of off-benchmark exposure in investment grade corporate bonds. In addition, the selection in lower-quality credit added value as the Fund's exposure in CCC-rated bonds and below was a significant positive contributor to relative performance. Conversely, selection within B-rated bonds detracted from relative performance. 

* From a sector perspective, the largest positive sub-sector contributors included consumer cyclicals, banking and energy, primarily due to strong selection. The poorest performing sub-sectors included communications, basic industry and electric utilities.

* During the fiscal year, the Fund's positioning was modestly cautious given the ongoing macroeconomic uncertainty and tight valuations. Overall, this positioning detracted from benchmark relative returns. 

* The sub-adviser favored higher-quality bonds and was more cautious on lower-quality, highly levered companies which could be prone to downside risk. The Fund held exposure to select CCC-rated bonds and below that the sub-adviser believed offered enhanced yield and upside potential. In addition, the sub-adviser remained focused on investing in bonds that could help the Fund deliver a high distribution yield. 

* Sector positioning during the fiscal year was largely a byproduct of bottom-up company views. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Examples of underweights included communications and technology sectors as well as certain consumer cyclicals, such as retailers. Underweights were largely due to relatively unattractive valuations and/or issuer-specific fundamental concerns.

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

# Transamerica High Yield Bond

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g63l76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9778 | $9964 | $9779 |
| **12/31/2015** | $9513 | $9914 | $9533 |
| **1/31/2016** | $9380 | $10023 | $9380 |
| **2/29/2016** | $9383 | $10094 | $9433 |
| **3/31/2016** | $9747 | $10218 | $9853 |
| **4/30/2016** | $10030 | $10288 | $10238 |
| **5/31/2016** | $10076 | $10296 | $10302 |
| **6/30/2016** | $10149 | $10477 | $10396 |
| **7/31/2016** | $10420 | $10563 | $10678 |
| **8/31/2016** | $10668 | $10575 | $10901 |
| **9/30/2016** | $10727 | $10577 | $10974 |
| **10/31/2016** | $10743 | $10507 | $11016 |
| **11/30/2016** | $10689 | $10271 | $10964 |
| **12/31/2016** | $10913 | $10301 | $11166 |
| **1/31/2017** | $11058 | $10338 | $11328 |
| **2/28/2017** | $11243 | $10418 | $11493 |
| **3/31/2017** | $11201 | $10414 | $11467 |
| **4/30/2017** | $11338 | $10500 | $11599 |
| **5/31/2017** | $11453 | $10581 | $11700 |
| **6/30/2017** | $11483 | $10572 | $11716 |
| **7/31/2017** | $11610 | $10625 | $11846 |
| **8/31/2017** | $11595 | $10717 | $11841 |
| **10/31/2017** | $11716 | $10692 | $11998 |
| **11/30/2017** | $11674 | $10676 | $11968 |
| **12/31/2017** | $11700 | $10723 | $12004 |
| **1/31/2018** | $11779 | $10620 | $12076 |
| **2/28/2018** | $11684 | $10519 | $11973 |
| **3/31/2018** | $11614 | $10572 | $11901 |
| **4/30/2018** | $11685 | $10501 | $11978 |
| **5/31/2018** | $11677 | $10559 | $11975 |
| **6/30/2018** | $11708 | $10543 | $12023 |
| **7/31/2018** | $11841 | $10565 | $12154 |
| **8/31/2018** | $11899 | $10618 | $12244 |
| **9/30/2018** | $11955 | $10572 | $12312 |
| **10/31/2018** | $11750 | $10484 | $12115 |
| **11/30/2018** | $11657 | $10531 | $12011 |
| **12/31/2018** | $11415 | $10695 | $11754 |
| **1/31/2019** | $11952 | $10843 | $12285 |
| **2/28/2019** | $12121 | $10855 | $12489 |
| **3/31/2019** | $12221 | $11051 | $12607 |
| **4/30/2019** | $12344 | $11066 | $12786 |
| **5/31/2019** | $12185 | $11236 | $12634 |
| **6/30/2019** | $12472 | $11395 | $12922 |
| **7/31/2019** | $12543 | $11429 | $12995 |
| **8/31/2019** | $12602 | $11687 | $13047 |
| **9/30/2019** | $12662 | $11637 | $13094 |
| **10/31/2019** | $12696 | $11674 | $13130 |
| **11/30/2019** | $12796 | $11672 | $13173 |
| **12/31/2019** | $13023 | $11689 | $13437 |
| **1/31/2020** | $13009 | $11899 | $13440 |
| **2/29/2020** | $12741 | $12077 | $13251 |
| **3/31/2020** | $11053 | $11841 | $11732 |
| **4/30/2020** | $11453 | $12078 | $12263 |
| **5/31/2020** | $11969 | $12191 | $12799 |
| **6/30/2020** | $12081 | $12293 | $12921 |
| **7/31/2020** | $12629 | $12509 | $13523 |
| **8/31/2020** | $12786 | $12437 | $13653 |
| **9/30/2020** | $12679 | $12414 | $13513 |
| **10/31/2020** | $12731 | $12370 | $13580 |
| **11/30/2020** | $13272 | $12531 | $14117 |
| **12/31/2020** | $13548 | $12575 | $14383 |
| **1/31/2021** | $13616 | $12496 | $14431 |
| **2/28/2021** | $13700 | $12334 | $14484 |
| **3/31/2021** | $13745 | $12191 | $14507 |
| **4/30/2021** | $13900 | $12293 | $14664 |
| **5/31/2021** | $13956 | $12340 | $14707 |
| **6/30/2021** | $14147 | $12430 | $14903 |
| **7/31/2021** | $14171 | $12555 | $14959 |
| **8/31/2021** | $14256 | $12547 | $15037 |
| **9/30/2021** | $14263 | $12440 | $15036 |
| **10/31/2021** | $14242 | $12429 | $15009 |
| **11/30/2021** | $14126 | $12444 | $14861 |
| **12/31/2021** | $14384 | $12436 | $15140 |
| **1/31/2022** | $14036 | $12163 | $14727 |
| **2/28/2022** | $13887 | $11998 | $14576 |
| **3/31/2022** | $13768 | $11676 | $14410 |
| **4/30/2022** | $13258 | $11240 | $13899 |
| **5/31/2022** | $13285 | $11302 | $13931 |
| **6/30/2022** | $12393 | $11076 | $12992 |
| **7/31/2022** | $13138 | $11355 | $13759 |
| **8/31/2022** | $12813 | $11060 | $13442 |
| **9/30/2022** | $12264 | $10583 | $12909 |
| **10/31/2022** | $12616 | $10467 | $13244 |
| **11/30/2022** | $12858 | $10857 | $13531 |
| **12/31/2022** | $12740 | $10820 | $13447 |
| **1/31/2023** | $13229 | $11156 | $13959 |
| **2/28/2023** | $13025 | $10882 | $13781 |
| **3/31/2023** | $13073 | $11137 | $13927 |
| **4/30/2023** | $13201 | $11205 | $14067 |
| **5/31/2023** | $13062 | $11089 | $13938 |
| **6/30/2023** | $13241 | $11072 | $14171 |
| **7/31/2023** | $13440 | $11083 | $14367 |
| **8/31/2023** | $13424 | $11016 | $14409 |
| **9/30/2023** | $13274 | $10753 | $14236 |
| **10/31/2023** | $13102 | $10592 | $14069 |
| **11/30/2023** | $13633 | $11068 | $14707 |
| **12/31/2023** | $14114 | $11488 | $15255 |
| **1/31/2024** | $14116 | $11461 | $15254 |
| **2/29/2024** | $14154 | $11323 | $15299 |
| **3/31/2024** | $14282 | $11435 | $15480 |
| **4/30/2024** | $14111 | $11167 | $15334 |
| **5/31/2024** | $14277 | $11352 | $15503 |
| **6/30/2024** | $14409 | $11456 | $15649 |
| **7/31/2024** | $14688 | $11716 | $15954 |
| **8/31/2024** | $14915 | $11889 | $16214 |
| **9/30/2024** | $15144 | $12052 | $16476 |
| **10/31/2024** | $15082 | $11778 | $16387 |
| **11/30/2024** | $15276 | $11902 | $16576 |
| **12/31/2024** | $15199 | $11722 | $16505 |
| **1/31/2025** | $15399 | $11793 | $16730 |
| **2/28/2025** | $15471 | $12037 | $16843 |
| **3/31/2025** | $15241 | $12034 | $16671 |
| **4/30/2025** | $15220 | $12077 | $16667 |
| **5/31/2025** | $15503 | $12015 | $16947 |
| **6/30/2025** | $15804 | $12203 | $17259 |
| **7/31/2025** | $15953 | $12185 | $17337 |
| **8/31/2025** | $16104 | $12331 | $17553 |
| **9/30/2025** | $16198 | $12462 | $17696 |
| **10/31/2025** | $16250 | $12544 | $17724 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BDB | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 7.88% | 5.03% | 4.99% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.16% | 5.47% | 5.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $839175423 |
| Number of Portfolio Holdings | 240 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $6620552 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.90 years |
| Duration<sup>Footnote Reference†</sup> | 2.88 years |

---

---

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

---

# Transamerica High Yield Bond

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| BBB | 5.9% |
| BB | 41.8 |
| B | 39.8 |
| CCC | 8.5 |
| Below CCC | 0.2 |
| NR (Not Rated) | 0.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Corporate Debt Securities | 88.6% |
| Loan Assignments | 8.1 |
| Other Investment Company | 6.2 |
| Repurchase Agreements | 2.5 |
| Common Stocks | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (6.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 1.5% |
| ILFC E-Capital Trust I, 3-Month Term SOFR + 0.00%, 6.27%, 12/21/2065 | 1.4 |
| UKG, Inc., Term Loan B, 3-Month Term SOFR + 2.50%, 6.34%, 02/10/2031 | 1.2 |
| Vmed O2 U.K. Financing I PLC, 7.75%, 04/15/2032 | 1.1 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 | 1.1 |
| Magnera Corp., 7.25%, 11/15/2031 | 1 |
| Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030 | 0.9 |
| Cascades, Inc./Cascades USA, Inc., 6.75%, 07/15/2030 | 0.9 |
| ION Platform Finance U.S., Inc./ION Platform Finance SARL, 9.50%, 05/30/2029 | 0.9 |

---

# Transamerica High Yield Bond
Class R6

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Bond

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Muni

# Class A

## THAYX
October 31, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.91% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 3.07%. For the same period, the Fund's broad-based benchmark, the S&P Municipal Bond Index, returned 4.14%. The performance benchmark, the Bloomberg High Yield Municipal Bond Index, returned 2.77% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% at the beginning of the fiscal year, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened in the fiscal year, as short-term rates declined and long-term rates increased. High yield municipal bonds enjoyed healthy technicals in the fiscal year as spreads in high yield municipals remained tight by historical standards.

* Fund performance in the fiscal year was primarily driven by favorable sector and quality positioning. 

* The sub-adviser trimmed longer maturity (20+ years) municipals during the fiscal year in an effort to decrease overall interest rate sensitivity (i.e., duration) of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. During the fiscal year, duration declined from approximately 8.4 years to approximately 6.4 years.

* Top performing maturities came in the 9+ year and 4-year maturity ranges, while single-A and AA-rated credit qualities were top contributors. Non-rated bonds detracted from returns.

* Revenue bonds contributed to active returns in the fiscal year. This was especially true in the industrial revenue and special tax receipt sub-sectors. However, revenue backed municipals issued by hospitals and housing detracted.

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

# Transamerica High Yield Muni

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g83u84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **S&P Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **10/31/2015** | $9671 | $10000 | $10000 |
| **11/30/2015** | $9724 | $10043 | $10040 |
| **12/31/2015** | $9846 | $10114 | $10055 |
| **1/31/2016** | $9940 | $10221 | $10112 |
| **2/29/2016** | $9959 | $10237 | $10224 |
| **3/31/2016** | $10074 | $10280 | $10331 |
| **4/30/2016** | $10172 | $10352 | $10394 |
| **5/31/2016** | $10260 | $10384 | $10531 |
| **6/30/2016** | $10474 | $10554 | $10858 |
| **7/31/2016** | $10468 | $10555 | $10929 |
| **8/31/2016** | $10519 | $10579 | $10969 |
| **9/30/2016** | $10485 | $10540 | $10998 |
| **10/31/2016** | $10321 | $10453 | $10861 |
| **11/30/2016** | $9661 | $10091 | $10215 |
| **12/31/2016** | $9788 | $10192 | $10356 |
| **1/31/2017** | $9828 | $10245 | $10501 |
| **2/28/2017** | $9931 | $10314 | $10752 |
| **3/31/2017** | $10009 | $10336 | $10776 |
| **4/30/2017** | $10133 | $10411 | $10849 |
| **5/31/2017** | $10357 | $10548 | $11015 |
| **6/30/2017** | $10348 | $10524 | $10991 |
| **7/31/2017** | $10430 | $10594 | $11063 |
| **8/31/2017** | $10546 | $10677 | $11216 |
| **9/30/2017** | $10527 | $10628 | $11156 |
| **10/31/2017** | $10554 | $10642 | $11186 |
| **11/30/2017** | $10564 | $10596 | $11214 |
| **12/31/2017** | $10720 | $10697 | $11360 |
| **1/31/2018** | $10593 | $10595 | $11254 |
| **2/28/2018** | $10541 | $10554 | $11261 |
| **3/31/2018** | $10635 | $10598 | $11426 |
| **4/30/2018** | $10621 | $10561 | $11478 |
| **5/31/2018** | $10774 | $10681 | $11718 |
| **6/30/2018** | $10788 | $10694 | $11776 |
| **7/31/2018** | $10829 | $10721 | $11817 |
| **8/31/2018** | $10877 | $10741 | $11912 |
| **9/30/2018** | $10815 | $10679 | $11865 |
| **10/31/2018** | $10680 | $10609 | $11717 |
| **11/30/2018** | $10667 | $10719 | $11799 |
| **12/31/2018** | $10769 | $10841 | $11900 |
| **1/31/2019** | $10819 | $10921 | $11980 |
| **2/28/2019** | $10885 | $10979 | $12045 |
| **3/31/2019** | $11139 | $11141 | $12356 |
| **4/30/2019** | $11161 | $11178 | $12426 |
| **5/31/2019** | $11347 | $11328 | $12627 |
| **6/30/2019** | $11431 | $11377 | $12693 |
| **7/31/2019** | $11495 | $11465 | $12773 |
| **8/31/2019** | $11705 | $11629 | $13080 |
| **9/30/2019** | $11673 | $11554 | $13054 |
| **10/31/2019** | $11698 | $11571 | $13081 |
| **11/30/2019** | $11734 | $11591 | $13132 |
| **12/31/2019** | $11787 | $11628 | $13171 |
| **1/31/2020** | $11988 | $11818 | $13496 |
| **2/29/2020** | $12181 | $11961 | $13780 |
| **3/31/2020** | $10984 | $11561 | $12265 |
| **4/30/2020** | $10795 | $11425 | $11851 |
| **5/31/2020** | $11114 | $11767 | $12334 |
| **6/30/2020** | $11493 | $11858 | $12823 |
| **7/31/2020** | $11713 | $12025 | $13171 |
| **8/31/2020** | $11751 | $11996 | $13206 |
| **9/30/2020** | $11760 | $11998 | $13219 |
| **10/31/2020** | $11768 | $11981 | $13243 |
| **11/30/2020** | $12006 | $12133 | $13561 |
| **12/31/2020** | $12192 | $12205 | $13815 |
| **1/31/2021** | $12409 | $12273 | $14103 |
| **2/28/2021** | $12351 | $12106 | $13955 |
| **3/31/2021** | $12455 | $12173 | $14106 |
| **4/30/2021** | $12641 | $12271 | $14313 |
| **5/31/2021** | $12817 | $12320 | $14477 |
| **6/30/2021** | $12968 | $12355 | $14661 |
| **7/31/2021** | $13091 | $12442 | $14837 |
| **8/31/2021** | $13068 | $12408 | $14814 |
| **9/30/2021** | $12937 | $12324 | $14717 |
| **10/31/2021** | $12923 | $12312 | $14657 |
| **11/30/2021** | $13107 | $12403 | $14849 |
| **12/31/2021** | $13139 | $12420 | $14888 |
| **1/31/2022** | $12870 | $12124 | $14471 |
| **2/28/2022** | $12717 | $12062 | $14438 |
| **3/31/2022** | $12205 | $11733 | $13916 |
| **4/30/2022** | $11474 | $11416 | $13422 |
| **5/31/2022** | $11654 | $11584 | $13569 |
| **6/30/2022** | $11070 | $11378 | $13136 |
| **7/31/2022** | $11636 | $11673 | $13626 |
| **8/31/2022** | $11282 | $11406 | $13323 |
| **9/30/2022** | $10479 | $10992 | $12502 |
| **10/31/2022** | $10235 | $10913 | $12246 |
| **11/30/2022** | $10844 | $11418 | $12959 |
| **12/31/2022** | $10785 | $11421 | $12937 |
| **1/31/2023** | $11301 | $11743 | $13512 |
| **2/28/2023** | $10958 | $11470 | $13088 |
| **3/31/2023** | $11116 | $11708 | $13291 |
| **4/30/2023** | $11144 | $11694 | $13368 |
| **5/31/2023** | $11072 | $11606 | $13275 |
| **6/30/2023** | $11290 | $11709 | $13511 |
| **7/31/2023** | $11350 | $11739 | $13599 |
| **8/31/2023** | $11211 | $11610 | $13393 |
| **9/30/2023** | $10893 | $11299 | $12937 |
| **10/31/2023** | $10719 | $11171 | $12730 |
| **11/30/2023** | $11459 | $11830 | $13717 |
| **12/31/2023** | $11782 | $12110 | $14129 |
| **1/31/2024** | $11844 | $12091 | $14063 |
| **2/29/2024** | $11896 | $12101 | $14174 |
| **3/31/2024** | $11947 | $12099 | $14342 |
| **4/30/2024** | $11757 | $11969 | $14254 |
| **5/31/2024** | $11833 | $11940 | $14362 |
| **6/30/2024** | $12152 | $12131 | $14713 |
| **7/31/2024** | $12287 | $12235 | $14875 |
| **8/31/2024** | $12411 | $12336 | $15050 |
| **9/30/2024** | $12629 | $12459 | $15186 |
| **10/31/2024** | $12450 | $12297 | $14954 |
| **11/30/2024** | $12692 | $12483 | $15276 |
| **12/31/2024** | $12512 | $12340 | $15022 |
| **1/31/2025** | $12578 | $12385 | $15135 |
| **2/28/2025** | $12789 | $12509 | $15324 |
| **3/31/2025** | $12584 | $12311 | $15144 |
| **4/30/2025** | $12381 | $12242 | $14874 |
| **5/31/2025** | $12368 | $12232 | $14885 |
| **6/30/2025** | $12416 | $12319 | $14972 |
| **7/31/2025** | $12269 | $12288 | $14747 |
| **8/31/2025** | $12341 | $12390 | $14825 |
| **9/30/2025** | $12677 | $12670 | $15216 |
| **10/31/2025** | $12833 | $12806 | $15369 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CZ1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | (0.31%) | 1.08% | 2.53% |
| Class A | 3.07% | 1.75% | 2.87% |
| S&P Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.14% | 1.34% | 2.50% |
| Bloomberg High Yield Municipal Bond Index<sup>Footnote Reference(b)</sup> | 2.77% | 3.02% | 4.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $146146664 |
| Number of Portfolio Holdings | 303 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $605121 |
| Average Maturity<sup>Footnote Reference§</sup> | 10.67 years |
| Duration<sup>Footnote Reference†</sup> | 6.42 years |

---

---

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

---

# Transamerica High Yield Muni

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 2.7% |
| AAA | 0.2 |
| AA | 15.6 |
| A | 8.1 |
| BBB | 17.6 |
| BB | 5.4 |
| B | 0.1 |
| NR (Not Rated) | 48.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.3% |
| Short-Term U.S. Government Obligations | 2.7 |
| Repurchase Agreements | 1.6 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 1.94%, 11/06/2025 | 2.7% |
| Development Authority of Lagrange, Revenue Bonds, 5.00%, 10/15/2052 | 1.5 |
| Public Finance Authority, Revenue Bonds, Series A, 6.75%, 12/01/2065 | 1.4 |
| Illinois State Toll Highway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2040 | 1.4 |
| New Hampshire Business Finance Authority, Revenue Bonds, Series Zero Coupon, 12/01/2031 | 1.2 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.2 |
| Warren County Port Authority, Revenue Bonds, Series A, 6.75%, 12/01/2056 | 1.2 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.1 |
| Savannah Convention Center Authority, Revenue Bonds, Series C, (AG), 5.50%, 06/01/2050 | 1.1 |
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 1.1 |

---

# Transamerica High Yield Muni
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Muni

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Muni

# Class C

## THCYX
October 31, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $153 | 1.51% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 2.36%. For the same period, the Fund's broad-based benchmark, the S&P Municipal Bond Index, returned 4.14%. The performance benchmark, the Bloomberg High Yield Municipal Bond Index, returned 2.77% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% at the beginning of the fiscal year, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened in the fiscal year, as short-term rates declined and long-term rates increased. High yield municipal bonds enjoyed healthy technicals in the fiscal year as spreads in high yield municipals remained tight by historical standards.

* Fund performance in the fiscal year was primarily driven by favorable sector and quality positioning. 

* The sub-adviser trimmed longer maturity (20+ years) municipals during the fiscal year in an effort to decrease overall interest rate sensitivity (i.e., duration) of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. During the fiscal year, duration declined from approximately 8.4 years to approximately 6.4 years.

* Top performing maturities came in the 9+ year and 4-year maturity ranges, while single-A and AA-rated credit qualities were top contributors. Non-rated bonds detracted from returns.

* Revenue bonds contributed to active returns in the fiscal year. This was especially true in the industrial revenue and special tax receipt sub-sectors. However, revenue backed municipals issued by hospitals and housing detracted.

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

# Transamerica High Yield Muni

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g68h19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **S&P Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10050 | $10043 | $10040 |
| **12/31/2015** | $10171 | $10114 | $10055 |
| **1/31/2016** | $10263 | $10221 | $10112 |
| **2/29/2016** | $10278 | $10237 | $10224 |
| **3/31/2016** | $10392 | $10280 | $10331 |
| **4/30/2016** | $10480 | $10352 | $10394 |
| **5/31/2016** | $10565 | $10384 | $10531 |
| **6/30/2016** | $10790 | $10554 | $10858 |
| **7/31/2016** | $10779 | $10555 | $10929 |
| **8/31/2016** | $10817 | $10579 | $10969 |
| **9/30/2016** | $10776 | $10540 | $10998 |
| **10/31/2016** | $10612 | $10453 | $10861 |
| **11/30/2016** | $9929 | $10091 | $10215 |
| **12/31/2016** | $10054 | $10192 | $10356 |
| **1/31/2017** | $10098 | $10245 | $10501 |
| **2/28/2017** | $10200 | $10314 | $10752 |
| **3/31/2017** | $10265 | $10336 | $10776 |
| **4/30/2017** | $10388 | $10411 | $10849 |
| **5/31/2017** | $10620 | $10548 | $11015 |
| **6/30/2017** | $10598 | $10524 | $10991 |
| **7/31/2017** | $10675 | $10594 | $11063 |
| **8/31/2017** | $10789 | $10677 | $11216 |
| **10/31/2017** | $10786 | $10642 | $11186 |
| **11/30/2017** | $10800 | $10596 | $11214 |
| **12/31/2017** | $10945 | $10697 | $11360 |
| **1/31/2018** | $10819 | $10595 | $11254 |
| **2/28/2018** | $10761 | $10554 | $11261 |
| **3/31/2018** | $10851 | $10598 | $11426 |
| **4/30/2018** | $10823 | $10561 | $11478 |
| **5/31/2018** | $10973 | $10681 | $11718 |
| **6/30/2018** | $10982 | $10694 | $11776 |
| **7/31/2018** | $11027 | $10721 | $11817 |
| **8/31/2018** | $11071 | $10741 | $11912 |
| **9/30/2018** | $10992 | $10679 | $11865 |
| **10/31/2018** | $10850 | $10609 | $11717 |
| **11/30/2018** | $10832 | $10719 | $11799 |
| **12/31/2018** | $10929 | $10841 | $11900 |
| **1/31/2019** | $10975 | $10921 | $11980 |
| **2/28/2019** | $11047 | $10979 | $12045 |
| **3/31/2019** | $11298 | $11141 | $12356 |
| **4/30/2019** | $11315 | $11178 | $12426 |
| **5/31/2019** | $11489 | $11328 | $12627 |
| **6/30/2019** | $11568 | $11377 | $12693 |
| **7/31/2019** | $11637 | $11465 | $12773 |
| **8/31/2019** | $11833 | $11629 | $13080 |
| **9/30/2019** | $11804 | $11554 | $13054 |
| **10/31/2019** | $11814 | $11571 | $13081 |
| **11/30/2019** | $11854 | $11591 | $13132 |
| **12/31/2019** | $11892 | $11628 | $13171 |
| **1/31/2020** | $12088 | $11818 | $13496 |
| **2/29/2020** | $12277 | $11961 | $13780 |
| **3/31/2020** | $11066 | $11561 | $12265 |
| **4/30/2020** | $10871 | $11425 | $11851 |
| **5/31/2020** | $11186 | $11767 | $12334 |
| **6/30/2020** | $11562 | $11858 | $12823 |
| **7/31/2020** | $11776 | $12025 | $13171 |
| **8/31/2020** | $11809 | $11996 | $13206 |
| **9/30/2020** | $11813 | $11998 | $13219 |
| **10/31/2020** | $11814 | $11981 | $13243 |
| **11/30/2020** | $12047 | $12133 | $13561 |
| **12/31/2020** | $12228 | $12205 | $13815 |
| **1/31/2021** | $12439 | $12273 | $14103 |
| **2/28/2021** | $12375 | $12106 | $13955 |
| **3/31/2021** | $12473 | $12173 | $14106 |
| **4/30/2021** | $12653 | $12271 | $14313 |
| **5/31/2021** | $12822 | $12320 | $14477 |
| **6/30/2021** | $12978 | $12355 | $14661 |
| **7/31/2021** | $13094 | $12442 | $14837 |
| **8/31/2021** | $13064 | $12408 | $14814 |
| **9/30/2021** | $12927 | $12324 | $14717 |
| **10/31/2021** | $12906 | $12312 | $14657 |
| **11/30/2021** | $13073 | $12403 | $14849 |
| **12/31/2021** | $13109 | $12420 | $14888 |
| **1/31/2022** | $12834 | $12124 | $14471 |
| **2/28/2022** | $12676 | $12062 | $14438 |
| **3/31/2022** | $12150 | $11733 | $13916 |
| **4/30/2022** | $11428 | $11416 | $13422 |
| **5/31/2022** | $11591 | $11584 | $13569 |
| **6/30/2022** | $11005 | $11378 | $13136 |
| **7/31/2022** | $11561 | $11673 | $13626 |
| **8/31/2022** | $11204 | $11406 | $13323 |
| **9/30/2022** | $10392 | $10992 | $12502 |
| **10/31/2022** | $10155 | $10913 | $12246 |
| **11/30/2022** | $10743 | $11418 | $12959 |
| **12/31/2022** | $10679 | $11421 | $12937 |
| **1/31/2023** | $11195 | $11743 | $13512 |
| **2/28/2023** | $10839 | $11470 | $13088 |
| **3/31/2023** | $10991 | $11708 | $13291 |
| **4/30/2023** | $11012 | $11694 | $13368 |
| **5/31/2023** | $10947 | $11606 | $13275 |
| **6/30/2023** | $11157 | $11709 | $13511 |
| **7/31/2023** | $11200 | $11739 | $13599 |
| **8/31/2023** | $11068 | $11610 | $13393 |
| **9/30/2023** | $10738 | $11299 | $12937 |
| **10/31/2023** | $10572 | $11171 | $12730 |
| **11/30/2023** | $11285 | $11830 | $13717 |
| **12/31/2023** | $11608 | $12110 | $14129 |
| **1/31/2024** | $11663 | $12091 | $14063 |
| **2/29/2024** | $11697 | $12101 | $14174 |
| **3/31/2024** | $11741 | $12099 | $14342 |
| **4/30/2024** | $11561 | $11969 | $14254 |
| **5/31/2024** | $11629 | $11940 | $14362 |
| **6/30/2024** | $11926 | $12131 | $14713 |
| **7/31/2024** | $12063 | $12235 | $14875 |
| **8/31/2024** | $12167 | $12336 | $15050 |
| **9/30/2024** | $12386 | $12459 | $15186 |
| **10/31/2024** | $12204 | $12297 | $14954 |
| **11/30/2024** | $12436 | $12483 | $15276 |
| **12/31/2024** | $12252 | $12340 | $15022 |
| **1/31/2025** | $12311 | $12385 | $15135 |
| **2/28/2025** | $12511 | $12509 | $15324 |
| **3/31/2025** | $12294 | $12311 | $15144 |
| **4/30/2025** | $12101 | $12242 | $14874 |
| **5/31/2025** | $12082 | $12232 | $14885 |
| **6/30/2025** | $12123 | $12319 | $14972 |
| **7/31/2025** | $11962 | $12288 | $14747 |
| **8/31/2025** | $12037 | $12390 | $14825 |
| **9/30/2025** | $12359 | $12670 | $15216 |
| **10/31/2025** | $12492 | $12806 | $15369 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CZ3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 1.37% | 1.12% | 2.25% |
| Class C | 2.36% | 1.12% | 2.25% |
| S&P Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.14% | 1.34% | 2.50% |
| Bloomberg High Yield Municipal Bond Index<sup>Footnote Reference(b)</sup> | 2.77% | 3.02% | 4.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $146146664 |
| Number of Portfolio Holdings | 303 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $605121 |
| Average Maturity<sup>Footnote Reference§</sup> | 10.67 years |
| Duration<sup>Footnote Reference†</sup> | 6.42 years |

---

---

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

---

# Transamerica High Yield Muni

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 2.7% |
| AAA | 0.2 |
| AA | 15.6 |
| A | 8.1 |
| BBB | 17.6 |
| BB | 5.4 |
| B | 0.1 |
| NR (Not Rated) | 48.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.3% |
| Short-Term U.S. Government Obligations | 2.7 |
| Repurchase Agreements | 1.6 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 1.94%, 11/06/2025 | 2.7% |
| Development Authority of Lagrange, Revenue Bonds, 5.00%, 10/15/2052 | 1.5 |
| Public Finance Authority, Revenue Bonds, Series A, 6.75%, 12/01/2065 | 1.4 |
| Illinois State Toll Highway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2040 | 1.4 |
| New Hampshire Business Finance Authority, Revenue Bonds, Series Zero Coupon, 12/01/2031 | 1.2 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.2 |
| Warren County Port Authority, Revenue Bonds, Series A, 6.75%, 12/01/2056 | 1.2 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.1 |
| Savannah Convention Center Authority, Revenue Bonds, Series C, (AG), 5.50%, 06/01/2050 | 1.1 |
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 1.1 |

---

# Transamerica High Yield Muni
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Muni

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Muni

# Class I

## THYIX
October 31, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $77 | 0.76% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 3.13%. For the same period, the Fund's broad-based benchmark, the S&P Municipal Bond Index, returned 4.14%. The performance benchmark, the Bloomberg High Yield Municipal Bond Index, returned 2.77% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% at the beginning of the fiscal year, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened in the fiscal year, as short-term rates declined and long-term rates increased. High yield municipal bonds enjoyed healthy technicals in the fiscal year as spreads in high yield municipals remained tight by historical standards.

* Fund performance in the fiscal year was primarily driven by favorable sector and quality positioning. 

* The sub-adviser trimmed longer maturity (20+ years) municipals during the fiscal year in an effort to decrease overall interest rate sensitivity (i.e., duration) of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. During the fiscal year, duration declined from approximately 8.4 years to approximately 6.4 years.

* Top performing maturities came in the 9+ year and 4-year maturity ranges, while single-A and AA-rated credit qualities were top contributors. Non-rated bonds detracted from returns.

* Revenue bonds contributed to active returns in the fiscal year. This was especially true in the industrial revenue and special tax receipt sub-sectors. However, revenue backed municipals issued by hospitals and housing detracted.

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

# Transamerica High Yield Muni

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g96w26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10065 | $10043 | $10040 |
| **12/31/2015** | $10192 | $10114 | $10055 |
| **1/31/2016** | $10290 | $10221 | $10112 |
| **2/29/2016** | $10311 | $10237 | $10224 |
| **3/31/2016** | $10422 | $10280 | $10331 |
| **4/30/2016** | $10525 | $10352 | $10394 |
| **5/31/2016** | $10617 | $10384 | $10531 |
| **6/30/2016** | $10849 | $10554 | $10858 |
| **7/31/2016** | $10844 | $10555 | $10929 |
| **8/31/2016** | $10889 | $10579 | $10969 |
| **9/30/2016** | $10855 | $10540 | $10998 |
| **10/31/2016** | $10696 | $10453 | $10861 |
| **11/30/2016** | $10015 | $10091 | $10215 |
| **12/31/2016** | $10147 | $10192 | $10356 |
| **1/31/2017** | $10199 | $10245 | $10501 |
| **2/28/2017** | $10307 | $10314 | $10752 |
| **3/31/2017** | $10388 | $10336 | $10776 |
| **4/30/2017** | $10519 | $10411 | $10849 |
| **5/31/2017** | $10752 | $10548 | $11015 |
| **6/30/2017** | $10744 | $10524 | $10991 |
| **7/31/2017** | $10820 | $10594 | $11063 |
| **8/31/2017** | $10942 | $10677 | $11216 |
| **10/31/2017** | $10954 | $10642 | $11186 |
| **11/30/2017** | $10975 | $10596 | $11214 |
| **12/31/2017** | $11128 | $10697 | $11360 |
| **1/31/2018** | $11008 | $10595 | $11254 |
| **2/28/2018** | $10955 | $10554 | $11261 |
| **3/31/2018** | $11054 | $10598 | $11426 |
| **4/30/2018** | $11032 | $10561 | $11478 |
| **5/31/2018** | $11192 | $10681 | $11718 |
| **6/30/2018** | $11208 | $10694 | $11776 |
| **7/31/2018** | $11261 | $10721 | $11817 |
| **8/31/2018** | $11313 | $10741 | $11912 |
| **9/30/2018** | $11240 | $10679 | $11865 |
| **10/31/2018** | $11101 | $10609 | $11717 |
| **11/30/2018** | $11100 | $10719 | $11799 |
| **12/31/2018** | $11197 | $10841 | $11900 |
| **1/31/2019** | $11250 | $10921 | $11980 |
| **2/28/2019** | $11321 | $10979 | $12045 |
| **3/31/2019** | $11585 | $11141 | $12356 |
| **4/30/2019** | $11620 | $11178 | $12426 |
| **5/31/2019** | $11806 | $11328 | $12627 |
| **6/30/2019** | $11894 | $11377 | $12693 |
| **7/31/2019** | $11972 | $11465 | $12773 |
| **8/31/2019** | $12182 | $11629 | $13080 |
| **9/30/2019** | $12150 | $11554 | $13054 |
| **10/31/2019** | $12178 | $11571 | $13081 |
| **11/30/2019** | $12226 | $11591 | $13132 |
| **12/31/2019** | $12273 | $11628 | $13171 |
| **1/31/2020** | $12484 | $11818 | $13496 |
| **2/29/2020** | $12686 | $11961 | $13780 |
| **3/31/2020** | $11402 | $11561 | $12265 |
| **4/30/2020** | $11228 | $11425 | $11851 |
| **5/31/2020** | $11560 | $11767 | $12334 |
| **6/30/2020** | $11946 | $11858 | $12823 |
| **7/31/2020** | $12186 | $12025 | $13171 |
| **8/31/2020** | $12218 | $11996 | $13206 |
| **9/30/2020** | $12239 | $11998 | $13219 |
| **10/31/2020** | $12249 | $11981 | $13243 |
| **11/30/2020** | $12498 | $12133 | $13561 |
| **12/31/2020** | $12693 | $12205 | $13815 |
| **1/31/2021** | $12921 | $12273 | $14103 |
| **2/28/2021** | $12861 | $12106 | $13955 |
| **3/31/2021** | $12972 | $12173 | $14106 |
| **4/30/2021** | $13167 | $12271 | $14313 |
| **5/31/2021** | $13341 | $12320 | $14477 |
| **6/30/2021** | $13512 | $12355 | $14661 |
| **7/31/2021** | $13642 | $12442 | $14837 |
| **8/31/2021** | $13619 | $12408 | $14814 |
| **9/30/2021** | $13484 | $12324 | $14717 |
| **10/31/2021** | $13471 | $12312 | $14657 |
| **11/30/2021** | $13653 | $12403 | $14849 |
| **12/31/2021** | $13700 | $12420 | $14888 |
| **1/31/2022** | $13420 | $12124 | $14471 |
| **2/28/2022** | $13263 | $12062 | $14438 |
| **3/31/2022** | $12731 | $11733 | $13916 |
| **4/30/2022** | $11969 | $11416 | $13422 |
| **5/31/2022** | $12159 | $11584 | $13569 |
| **6/30/2022** | $11540 | $11378 | $13136 |
| **7/31/2022** | $12121 | $11673 | $13626 |
| **8/31/2022** | $11753 | $11406 | $13323 |
| **9/30/2022** | $10916 | $10992 | $12502 |
| **10/31/2022** | $10676 | $10913 | $12246 |
| **11/30/2022** | $11302 | $11418 | $12959 |
| **12/31/2022** | $11241 | $11421 | $12937 |
| **1/31/2023** | $11782 | $11743 | $13512 |
| **2/28/2023** | $11424 | $11470 | $13088 |
| **3/31/2023** | $11591 | $11708 | $13291 |
| **4/30/2023** | $11621 | $11694 | $13368 |
| **5/31/2023** | $11548 | $11606 | $13275 |
| **6/30/2023** | $11777 | $11709 | $13511 |
| **7/31/2023** | $11842 | $11739 | $13599 |
| **8/31/2023** | $11697 | $11610 | $13393 |
| **9/30/2023** | $11366 | $11299 | $12937 |
| **10/31/2023** | $11186 | $11171 | $12730 |
| **11/30/2023** | $11949 | $11830 | $13717 |
| **12/31/2023** | $12300 | $12110 | $14129 |
| **1/31/2024** | $12367 | $12091 | $14063 |
| **2/29/2024** | $12423 | $12101 | $14174 |
| **3/31/2024** | $12477 | $12099 | $14342 |
| **4/30/2024** | $12280 | $11969 | $14254 |
| **5/31/2024** | $12361 | $11940 | $14362 |
| **6/30/2024** | $12697 | $12131 | $14713 |
| **7/31/2024** | $12839 | $12235 | $14875 |
| **8/31/2024** | $12958 | $12336 | $15050 |
| **9/30/2024** | $13201 | $12459 | $15186 |
| **10/31/2024** | $13015 | $12297 | $14954 |
| **11/30/2024** | $13270 | $12483 | $15276 |
| **12/31/2024** | $13082 | $12340 | $15022 |
| **1/31/2025** | $13154 | $12385 | $15135 |
| **2/28/2025** | $13375 | $12509 | $15324 |
| **3/31/2025** | $13163 | $12311 | $15144 |
| **4/30/2025** | $12952 | $12242 | $14874 |
| **5/31/2025** | $12940 | $12232 | $14885 |
| **6/30/2025** | $12991 | $12319 | $14972 |
| **7/31/2025** | $12826 | $12288 | $14747 |
| **8/31/2025** | $12915 | $12390 | $14825 |
| **9/30/2025** | $13269 | $12670 | $15216 |
| **10/31/2025** | $13421 | $12806 | $15369 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CZ8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 3.13% | 1.85% | 2.99% |
| S&P Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.14% | 1.34% | 2.50% |
| Bloomberg High Yield Municipal Bond Index<sup>Footnote Reference(b)</sup> | 2.77% | 3.02% | 4.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $146146664 |
| Number of Portfolio Holdings | 303 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $605121 |
| Average Maturity<sup>Footnote Reference§</sup> | 10.67 years |
| Duration<sup>Footnote Reference†</sup> | 6.42 years |

---

---

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

---

# Transamerica High Yield Muni

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 2.7% |
| AAA | 0.2 |
| AA | 15.6 |
| A | 8.1 |
| BBB | 17.6 |
| BB | 5.4 |
| B | 0.1 |
| NR (Not Rated) | 48.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.3% |
| Short-Term U.S. Government Obligations | 2.7 |
| Repurchase Agreements | 1.6 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 1.94%, 11/06/2025 | 2.7% |
| Development Authority of Lagrange, Revenue Bonds, 5.00%, 10/15/2052 | 1.5 |
| Public Finance Authority, Revenue Bonds, Series A, 6.75%, 12/01/2065 | 1.4 |
| Illinois State Toll Highway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2040 | 1.4 |
| New Hampshire Business Finance Authority, Revenue Bonds, Series Zero Coupon, 12/01/2031 | 1.2 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.2 |
| Warren County Port Authority, Revenue Bonds, Series A, 6.75%, 12/01/2056 | 1.2 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.1 |
| Savannah Convention Center Authority, Revenue Bonds, Series C, (AG), 5.50%, 06/01/2050 | 1.1 |
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 1.1 |

---

# Transamerica High Yield Muni
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Muni

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica High Yield Muni

# Class I2

## THYTX
October 31, 2025

## Fund Overview
Transamerica High Yield Muni (the "Fund") seeks to maximize total return through investment in medium- and lower-grade municipal securities that are exempt from federal income tax. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $72 | 0.71% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 3.22%. For the same period, the Fund's broad-based benchmark, the S&P Municipal Bond Index, returned 4.14%. The performance benchmark, the Bloomberg High Yield Municipal Bond Index, returned 2.77% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% at the beginning of the fiscal year, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened in the fiscal year, as short-term rates declined and long-term rates increased. High yield municipal bonds enjoyed healthy technicals in the fiscal year as spreads in high yield municipals remained tight by historical standards.

* Fund performance in the fiscal year was primarily driven by favorable sector and quality positioning. 

* The sub-adviser trimmed longer maturity (20+ years) municipals during the fiscal year in an effort to decrease overall interest rate sensitivity (i.e., duration) of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. During the fiscal year, duration declined from approximately 8.4 years to approximately 6.4 years.

* Top performing maturities came in the 9+ year and 4-year maturity ranges, while single-A and AA-rated credit qualities were top contributors. Non-rated bonds detracted from returns.

* Revenue bonds contributed to active returns in the fiscal year. This was especially true in the industrial revenue and special tax receipt sub-sectors. However, revenue backed municipals issued by hospitals and housing detracted.

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

# Transamerica High Yield Muni

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g63w42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **S&P Municipal Bond Index** | **Bloomberg High Yield Municipal Bond Index** |
| **9/30/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $9853 | $9918 | $9876 |
| **11/30/2016** | $9227 | $9575 | $9288 |
| **12/31/2016** | $9349 | $9670 | $9417 |
| **1/31/2017** | $9389 | $9721 | $9549 |
| **2/28/2017** | $9490 | $9786 | $9776 |
| **3/31/2017** | $9565 | $9807 | $9798 |
| **4/30/2017** | $9684 | $9878 | $9865 |
| **5/31/2017** | $9899 | $10008 | $10016 |
| **6/30/2017** | $9893 | $9985 | $9994 |
| **7/31/2017** | $9972 | $10051 | $10059 |
| **8/31/2017** | $10083 | $10130 | $10198 |
| **9/30/2017** | $10066 | $10084 | $10143 |
| **10/31/2017** | $10094 | $10097 | $10171 |
| **11/30/2017** | $10105 | $10053 | $10197 |
| **12/31/2017** | $10256 | $10149 | $10329 |
| **1/31/2018** | $10137 | $10053 | $10233 |
| **2/28/2018** | $10088 | $10013 | $10240 |
| **3/31/2018** | $10180 | $10055 | $10390 |
| **4/30/2018** | $10169 | $10021 | $10436 |
| **5/31/2018** | $10317 | $10134 | $10654 |
| **6/30/2018** | $10332 | $10146 | $10708 |
| **7/31/2018** | $10373 | $10173 | $10745 |
| **8/31/2018** | $10422 | $10192 | $10831 |
| **9/30/2018** | $10364 | $10132 | $10789 |
| **10/31/2018** | $10237 | $10066 | $10654 |
| **11/30/2018** | $10227 | $10170 | $10728 |
| **12/31/2018** | $10326 | $10286 | $10821 |
| **1/31/2019** | $10376 | $10362 | $10893 |
| **2/28/2019** | $10442 | $10417 | $10952 |
| **3/31/2019** | $10686 | $10570 | $11235 |
| **4/30/2019** | $10718 | $10606 | $11298 |
| **5/31/2019** | $10889 | $10748 | $11482 |
| **6/30/2019** | $10971 | $10794 | $11541 |
| **7/31/2019** | $11034 | $10878 | $11614 |
| **8/31/2019** | $11237 | $11033 | $11893 |
| **9/30/2019** | $11207 | $10962 | $11869 |
| **10/31/2019** | $11233 | $10979 | $11895 |
| **11/30/2019** | $11279 | $10997 | $11940 |
| **12/31/2019** | $11325 | $11033 | $11976 |
| **1/31/2020** | $11522 | $11213 | $12271 |
| **2/29/2020** | $11710 | $11348 | $12530 |
| **3/31/2020** | $10554 | $10969 | $11152 |
| **4/30/2020** | $10374 | $10840 | $10776 |
| **5/31/2020** | $10682 | $11164 | $11215 |
| **6/30/2020** | $11048 | $11251 | $11660 |
| **7/31/2020** | $11262 | $11409 | $11976 |
| **8/31/2020** | $11301 | $11382 | $12008 |
| **9/30/2020** | $11321 | $11384 | $12020 |
| **10/31/2020** | $11320 | $11368 | $12041 |
| **11/30/2020** | $11550 | $11512 | $12330 |
| **12/31/2020** | $11731 | $11580 | $12561 |
| **1/31/2021** | $11941 | $11645 | $12824 |
| **2/28/2021** | $11886 | $11486 | $12689 |
| **3/31/2021** | $11988 | $11550 | $12827 |
| **4/30/2021** | $12171 | $11643 | $13014 |
| **5/31/2021** | $12345 | $11689 | $13164 |
| **6/30/2021** | $12494 | $11723 | $13331 |
| **7/31/2021** | $12626 | $11805 | $13491 |
| **8/31/2021** | $12596 | $11773 | $13470 |
| **9/30/2021** | $12473 | $11693 | $13382 |
| **10/31/2021** | $12471 | $11682 | $13327 |
| **11/30/2021** | $12642 | $11768 | $13502 |
| **12/31/2021** | $12676 | $11784 | $13537 |
| **1/31/2022** | $12420 | $11503 | $13158 |
| **2/28/2022** | $12275 | $11444 | $13128 |
| **3/31/2022** | $11784 | $11133 | $12653 |
| **4/30/2022** | $11081 | $10831 | $12204 |
| **5/31/2022** | $11257 | $10991 | $12338 |
| **6/30/2022** | $10685 | $10796 | $11944 |
| **7/31/2022** | $11244 | $11075 | $12390 |
| **8/31/2022** | $10904 | $10822 | $12114 |
| **9/30/2022** | $10119 | $10429 | $11368 |
| **10/31/2022** | $9895 | $10354 | $11135 |
| **11/30/2022** | $10476 | $10834 | $11783 |
| **12/31/2022** | $10421 | $10836 | $11764 |
| **1/31/2023** | $10932 | $11142 | $12286 |
| **2/28/2023** | $10591 | $10883 | $11900 |
| **3/31/2023** | $10746 | $11109 | $12085 |
| **4/30/2023** | $10775 | $11095 | $12155 |
| **5/31/2023** | $10718 | $11012 | $12071 |
| **6/30/2023** | $10919 | $11110 | $12285 |
| **7/31/2023** | $10980 | $11138 | $12365 |
| **8/31/2023** | $10848 | $11015 | $12177 |
| **9/30/2023** | $10542 | $10721 | $11764 |
| **10/31/2023** | $10377 | $10599 | $11575 |
| **11/30/2023** | $11084 | $11225 | $12472 |
| **12/31/2023** | $11410 | $11490 | $12847 |
| **1/31/2024** | $11473 | $11473 | $12787 |
| **2/29/2024** | $11525 | $11481 | $12888 |
| **3/31/2024** | $11576 | $11479 | $13041 |
| **4/30/2024** | $11395 | $11356 | $12961 |
| **5/31/2024** | $11471 | $11329 | $13059 |
| **6/30/2024** | $11782 | $11510 | $13378 |
| **7/31/2024** | $11915 | $11609 | $13525 |
| **8/31/2024** | $12026 | $11704 | $13685 |
| **9/30/2024** | $12251 | $11822 | $13808 |
| **10/31/2024** | $12080 | $11667 | $13598 |
| **11/30/2024** | $12319 | $11844 | $13890 |
| **12/31/2024** | $12146 | $11709 | $13659 |
| **1/31/2025** | $12213 | $11751 | $13762 |
| **2/28/2025** | $12419 | $11869 | $13934 |
| **3/31/2025** | $12212 | $11681 | $13770 |
| **4/30/2025** | $12028 | $11615 | $13525 |
| **5/31/2025** | $12018 | $11606 | $13534 |
| **6/30/2025** | $12066 | $11688 | $13614 |
| **7/31/2025** | $11914 | $11659 | $13409 |
| **8/31/2025** | $11998 | $11756 | $13480 |
| **9/30/2025** | $12327 | $12021 | $13836 |
| **10/31/2025** | $12469 | $12150 | $13974 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CZ4 | **1 Year** | **5 Years** | **Since Inception 9/30/16** |
| Class I2 | 3.22% | 1.95% | 2.46% |
| S&P Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.14% | 1.34% | 2.16% |
| Bloomberg High Yield Municipal Bond Index<sup>Footnote Reference(b)</sup> | 2.77% | 3.02% | 3.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $146146664 |
| Number of Portfolio Holdings | 303 |
| Portfolio Turnover Rate | 61% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $605121 |
| Average Maturity<sup>Footnote Reference§</sup> | 10.67 years |
| Duration<sup>Footnote Reference†</sup> | 6.42 years |

---

---

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

---

# Transamerica High Yield Muni

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 2.7% |
| AAA | 0.2 |
| AA | 15.6 |
| A | 8.1 |
| BBB | 17.6 |
| BB | 5.4 |
| B | 0.1 |
| NR (Not Rated) | 48.5 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.3% |
| Short-Term U.S. Government Obligations | 2.7 |
| Repurchase Agreements | 1.6 |
| Corporate Debt Securities | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 1.94%, 11/06/2025 | 2.7% |
| Development Authority of Lagrange, Revenue Bonds, 5.00%, 10/15/2052 | 1.5 |
| Public Finance Authority, Revenue Bonds, Series A, 6.75%, 12/01/2065 | 1.4 |
| Illinois State Toll Highway Authority, Revenue Bonds, Series A, 5.00%, 01/01/2040 | 1.4 |
| New Hampshire Business Finance Authority, Revenue Bonds, Series Zero Coupon, 12/01/2031 | 1.2 |
| Pennsylvania Economic Development Financing Authority, Revenue Bonds, 4.00%, 07/01/2046 | 1.2 |
| Warren County Port Authority, Revenue Bonds, Series A, 6.75%, 12/01/2056 | 1.2 |
| James City County Economic Development Authority, Revenue Bonds, Series A, 6.88%, 12/01/2058 | 1.1 |
| Savannah Convention Center Authority, Revenue Bonds, Series C, (AG), 5.50%, 06/01/2050 | 1.1 |
| California Infrastructure & Economic Development Bank, Revenue Bonds, Series A, 9.50%, 01/01/2065 | 1.1 |

---

# Transamerica High Yield Muni
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica High Yield Muni

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class A

## TIOAX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $91 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 5.02%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g20j21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/31/2015** | $9522 | $10000 | $10000 |
| **11/30/2015** | $9493 | $9964 | $9990 |
| **12/31/2015** | $9353 | $9914 | $9911 |
| **1/31/2016** | $9373 | $10023 | $10058 |
| **2/29/2016** | $9423 | $10094 | $10170 |
| **3/31/2016** | $9632 | $10218 | $10353 |
| **4/30/2016** | $9672 | $10288 | $10389 |
| **5/31/2016** | $9652 | $10296 | $10315 |
| **6/30/2016** | $9821 | $10477 | $10530 |
| **7/31/2016** | $9891 | $10563 | $10621 |
| **8/31/2016** | $9940 | $10575 | $10573 |
| **9/30/2016** | $9980 | $10577 | $10631 |
| **10/31/2016** | $9940 | $10507 | $10589 |
| **11/30/2016** | $9756 | $10271 | $10385 |
| **12/31/2016** | $9783 | $10301 | $10375 |
| **1/31/2017** | $9863 | $10338 | $10462 |
| **2/28/2017** | $9913 | $10418 | $10512 |
| **3/31/2017** | $9912 | $10414 | $10506 |
| **4/30/2017** | $9987 | $10500 | $10568 |
| **5/31/2017** | $9997 | $10581 | $10564 |
| **6/30/2017** | $9937 | $10572 | $10464 |
| **7/31/2017** | $9987 | $10625 | $10510 |
| **8/31/2017** | $10084 | $10717 | $10622 |
| **9/30/2017** | $10034 | $10679 | $10554 |
| **10/31/2017** | $10050 | $10692 | $10576 |
| **11/30/2017** | $10084 | $10676 | $10590 |
| **12/31/2017** | $10155 | $10723 | $10687 |
| **1/31/2018** | $10118 | $10620 | $10596 |
| **2/28/2018** | $10032 | $10519 | $10492 |
| **3/31/2018** | $10114 | $10572 | $10603 |
| **4/30/2018** | $10084 | $10501 | $10597 |
| **5/31/2018** | $10050 | $10559 | $10642 |
| **6/30/2018** | $10081 | $10543 | $10685 |
| **7/31/2018** | $10070 | $10565 | $10633 |
| **8/31/2018** | $10078 | $10618 | $10710 |
| **9/30/2018** | $10013 | $10572 | $10597 |
| **10/31/2018** | $9868 | $10484 | $10445 |
| **11/30/2018** | $9863 | $10531 | $10495 |
| **12/31/2018** | $9916 | $10695 | $10552 |
| **1/31/2019** | $10103 | $10843 | $10694 |
| **2/28/2019** | $10093 | $10855 | $10693 |
| **3/31/2019** | $10279 | $11051 | $10889 |
| **4/30/2019** | $10321 | $11066 | $10926 |
| **5/31/2019** | $10414 | $11236 | $11106 |
| **6/30/2019** | $10533 | $11395 | $11201 |
| **7/31/2019** | $10591 | $11429 | $11241 |
| **8/31/2019** | $10798 | $11687 | $11509 |
| **9/30/2019** | $10696 | $11637 | $11352 |
| **10/31/2019** | $10730 | $11674 | $11381 |
| **11/30/2019** | $10719 | $11672 | $11398 |
| **12/31/2019** | $10775 | $11689 | $11442 |
| **1/31/2020** | $10979 | $11899 | $11682 |
| **2/29/2020** | $11052 | $12077 | $11843 |
| **3/31/2020** | $10501 | $11841 | $11635 |
| **4/30/2020** | $10846 | $12078 | $11959 |
| **5/31/2020** | $10941 | $12191 | $11995 |
| **6/30/2020** | $11109 | $12293 | $12129 |
| **7/31/2020** | $11383 | $12509 | $12408 |
| **8/31/2020** | $11446 | $12437 | $12543 |
| **9/30/2020** | $11419 | $12414 | $12497 |
| **10/31/2020** | $11372 | $12370 | $12416 |
| **11/30/2020** | $11588 | $12531 | $12555 |
| **12/31/2020** | $11712 | $12575 | $12699 |
| **1/31/2021** | $11703 | $12496 | $12741 |
| **2/28/2021** | $11512 | $12334 | $12536 |
| **3/31/2021** | $11512 | $12191 | $12513 |
| **4/30/2021** | $11650 | $12293 | $12687 |
| **5/31/2021** | $11756 | $12340 | $12841 |
| **6/30/2021** | $11828 | $12430 | $12919 |
| **7/31/2021** | $12038 | $12555 | $13263 |
| **8/31/2021** | $12036 | $12547 | $13240 |
| **9/30/2021** | $11929 | $12440 | $13145 |
| **10/31/2021** | $12024 | $12429 | $13294 |
| **11/30/2021** | $12085 | $12444 | $13413 |
| **12/31/2021** | $12132 | $12436 | $13456 |
| **1/31/2022** | $11890 | $12163 | $13184 |
| **2/28/2022** | $11919 | $11998 | $13296 |
| **3/31/2022** | $11802 | $11676 | $13049 |
| **4/30/2022** | $11490 | $11240 | $12782 |
| **5/31/2022** | $11389 | $11302 | $12656 |
| **6/30/2022** | $11061 | $11076 | $12255 |
| **7/31/2022** | $11437 | $11355 | $12789 |
| **8/31/2022** | $11180 | $11060 | $12448 |
| **9/30/2022** | $10529 | $10583 | $11625 |
| **10/31/2022** | $10589 | $10467 | $11769 |
| **11/30/2022** | $10837 | $10857 | $11984 |
| **12/31/2022** | $10782 | $10820 | $11862 |
| **1/31/2023** | $11032 | $11156 | $12079 |
| **2/28/2023** | $10893 | $10882 | $11913 |
| **3/31/2023** | $11127 | $11137 | $12258 |
| **4/30/2023** | $11145 | $11205 | $12271 |
| **5/31/2023** | $11058 | $11089 | $12124 |
| **6/30/2023** | $11058 | $11072 | $12084 |
| **7/31/2023** | $11078 | $11083 | $12099 |
| **8/31/2023** | $11026 | $11016 | $11991 |
| **9/30/2023** | $10807 | $10753 | $11770 |
| **10/31/2023** | $10729 | $10592 | $11684 |
| **11/30/2023** | $11047 | $11068 | $12001 |
| **12/31/2023** | $11383 | $11488 | $12324 |
| **1/31/2024** | $11383 | $11461 | $12346 |
| **2/29/2024** | $11276 | $11323 | $12213 |
| **3/31/2024** | $11369 | $11435 | $12314 |
| **4/30/2024** | $11162 | $11167 | $12106 |
| **5/31/2024** | $11332 | $11352 | $12314 |
| **6/30/2024** | $11437 | $11456 | $12411 |
| **7/31/2024** | $11589 | $11716 | $12632 |
| **8/31/2024** | $11731 | $11889 | $12731 |
| **9/30/2024** | $11883 | $12052 | $12922 |
| **10/31/2024** | $11711 | $11778 | $12690 |
| **11/30/2024** | $11785 | $11902 | $12752 |
| **12/31/2024** | $11590 | $11722 | $12550 |
| **1/31/2025** | $11696 | $11793 | $12713 |
| **2/28/2025** | $11913 | $12037 | $12990 |
| **3/31/2025** | $11965 | $12034 | $13073 |
| **4/30/2025** | $11965 | $12077 | $13089 |
| **5/31/2025** | $11904 | $12015 | $13011 |
| **6/30/2025** | $12048 | $12203 | $13136 |
| **7/31/2025** | $12055 | $12185 | $13152 |
| **8/31/2025** | $12189 | $12331 | $13354 |
| **9/30/2025** | $12259 | $12462 | $13412 |
| **10/31/2025** | $12299 | $12544 | $13460 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CV1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 0.05% | 0.59% | 2.09% |
| Class A | 5.02% | 1.58% | 2.59% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 1.63% | 3.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class C

## TIOCX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $173 | 1.69%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 4.27%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g63x46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9968 | $9964 | $9990 |
| **12/31/2015** | $9811 | $9914 | $9911 |
| **1/31/2016** | $9821 | $10023 | $10058 |
| **2/29/2016** | $9874 | $10094 | $10170 |
| **3/31/2016** | $10084 | $10218 | $10353 |
| **4/30/2016** | $10126 | $10288 | $10389 |
| **5/31/2016** | $10095 | $10296 | $10315 |
| **6/30/2016** | $10263 | $10477 | $10530 |
| **7/31/2016** | $10337 | $10563 | $10621 |
| **8/31/2016** | $10379 | $10575 | $10573 |
| **9/30/2016** | $10411 | $10577 | $10631 |
| **10/31/2016** | $10358 | $10507 | $10589 |
| **11/30/2016** | $10167 | $10271 | $10385 |
| **12/31/2016** | $10189 | $10301 | $10375 |
| **1/31/2017** | $10263 | $10338 | $10462 |
| **2/28/2017** | $10305 | $10418 | $10512 |
| **3/31/2017** | $10298 | $10414 | $10506 |
| **4/30/2017** | $10371 | $10500 | $10568 |
| **5/31/2017** | $10375 | $10581 | $10564 |
| **6/30/2017** | $10306 | $10572 | $10464 |
| **7/31/2017** | $10362 | $10625 | $10510 |
| **8/31/2017** | $10447 | $10717 | $10622 |
| **9/30/2017** | $10394 | $10679 | $10554 |
| **10/31/2017** | $10405 | $10692 | $10576 |
| **11/30/2017** | $10424 | $10676 | $10590 |
| **12/31/2017** | $10498 | $10723 | $10687 |
| **1/31/2018** | $10456 | $10620 | $10596 |
| **2/28/2018** | $10360 | $10519 | $10492 |
| **3/31/2018** | $10440 | $10572 | $10603 |
| **4/30/2018** | $10391 | $10501 | $10597 |
| **5/31/2018** | $10360 | $10559 | $10642 |
| **6/30/2018** | $10385 | $10543 | $10685 |
| **7/31/2018** | $10368 | $10565 | $10633 |
| **8/31/2018** | $10369 | $10618 | $10710 |
| **9/30/2018** | $10294 | $10572 | $10597 |
| **10/31/2018** | $10136 | $10484 | $10445 |
| **11/30/2018** | $10124 | $10531 | $10495 |
| **12/31/2018** | $10173 | $10695 | $10552 |
| **1/31/2019** | $10357 | $10843 | $10694 |
| **2/28/2019** | $10347 | $10855 | $10693 |
| **3/31/2019** | $10531 | $11051 | $10889 |
| **4/30/2019** | $10552 | $11066 | $10926 |
| **5/31/2019** | $10654 | $11236 | $11106 |
| **6/30/2019** | $10772 | $11395 | $11201 |
| **7/31/2019** | $10815 | $11429 | $11241 |
| **8/31/2019** | $11024 | $11687 | $11509 |
| **9/30/2019** | $10915 | $11637 | $11352 |
| **10/31/2019** | $10937 | $11674 | $11381 |
| **11/30/2019** | $10919 | $11672 | $11398 |
| **12/31/2019** | $10970 | $11689 | $11442 |
| **1/31/2020** | $11167 | $11899 | $11682 |
| **2/29/2020** | $11236 | $12077 | $11843 |
| **3/31/2020** | $10668 | $11841 | $11635 |
| **4/30/2020** | $11009 | $12078 | $11959 |
| **5/31/2020** | $11107 | $12191 | $11995 |
| **6/30/2020** | $11271 | $12293 | $12129 |
| **7/31/2020** | $11533 | $12509 | $12408 |
| **8/31/2020** | $11587 | $12437 | $12543 |
| **9/30/2020** | $11553 | $12414 | $12497 |
| **10/31/2020** | $11509 | $12370 | $12416 |
| **11/30/2020** | $11715 | $12531 | $12555 |
| **12/31/2020** | $11824 | $12575 | $12699 |
| **1/31/2021** | $11813 | $12496 | $12741 |
| **2/28/2021** | $11609 | $12334 | $12536 |
| **3/31/2021** | $11609 | $12191 | $12513 |
| **4/30/2021** | $11741 | $12293 | $12687 |
| **5/31/2021** | $11842 | $12340 | $12841 |
| **6/30/2021** | $11899 | $12430 | $12919 |
| **7/31/2021** | $12109 | $12555 | $13263 |
| **8/31/2021** | $12098 | $12547 | $13240 |
| **9/30/2021** | $11990 | $12440 | $13145 |
| **10/31/2021** | $12071 | $12429 | $13294 |
| **11/30/2021** | $12126 | $12444 | $13413 |
| **12/31/2021** | $12166 | $12436 | $13456 |
| **1/31/2022** | $11921 | $12163 | $13184 |
| **2/28/2022** | $11935 | $11998 | $13296 |
| **3/31/2022** | $11817 | $11676 | $13049 |
| **4/30/2022** | $11501 | $11240 | $12782 |
| **5/31/2022** | $11378 | $11302 | $12656 |
| **6/30/2022** | $11057 | $11076 | $12255 |
| **7/31/2022** | $11459 | $11355 | $12789 |
| **8/31/2022** | $11198 | $11060 | $12448 |
| **9/30/2022** | $10534 | $10583 | $11625 |
| **10/31/2022** | $10591 | $10467 | $11769 |
| **11/30/2022** | $10840 | $10857 | $11984 |
| **12/31/2022** | $10777 | $10820 | $11862 |
| **1/31/2023** | $11015 | $11156 | $12079 |
| **2/28/2023** | $10873 | $10882 | $11913 |
| **3/31/2023** | $11106 | $11137 | $12258 |
| **4/30/2023** | $11118 | $11205 | $12271 |
| **5/31/2023** | $11011 | $11089 | $12124 |
| **6/30/2023** | $11016 | $11072 | $12084 |
| **7/31/2023** | $11029 | $11083 | $12099 |
| **8/31/2023** | $10957 | $11016 | $11991 |
| **9/30/2023** | $10738 | $10753 | $11770 |
| **10/31/2023** | $10652 | $10592 | $11684 |
| **11/30/2023** | $10970 | $11068 | $12001 |
| **12/31/2023** | $11290 | $11488 | $12324 |
| **1/31/2024** | $11278 | $11461 | $12346 |
| **2/29/2024** | $11169 | $11323 | $12213 |
| **3/31/2024** | $11256 | $11435 | $12314 |
| **4/30/2024** | $11049 | $11167 | $12106 |
| **5/31/2024** | $11203 | $11352 | $12314 |
| **6/30/2024** | $11314 | $11456 | $12411 |
| **7/31/2024** | $11449 | $11716 | $12632 |
| **8/31/2024** | $11587 | $11889 | $12731 |
| **9/30/2024** | $11721 | $12052 | $12922 |
| **10/31/2024** | $11539 | $11778 | $12690 |
| **11/30/2024** | $11606 | $11902 | $12752 |
| **12/31/2024** | $11413 | $11722 | $12550 |
| **1/31/2025** | $11500 | $11793 | $12713 |
| **2/28/2025** | $11713 | $12037 | $12990 |
| **3/31/2025** | $11753 | $12034 | $13073 |
| **4/30/2025** | $11756 | $12077 | $13089 |
| **5/31/2025** | $11687 | $12015 | $13011 |
| **6/30/2025** | $11812 | $12203 | $13136 |
| **7/31/2025** | $11811 | $12185 | $13152 |
| **8/31/2025** | $11951 | $12331 | $13354 |
| **9/30/2025** | $12001 | $12462 | $13412 |
| **10/31/2025** | $12033 | $12544 | $13460 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CV3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 3.27% | 0.89% | 1.87% |
| Class C | 4.27% | 0.89% | 1.87% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 1.63% | 3.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class I

## ITIOX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $65 | 0.63%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 5.34%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g51x06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9969 | $9964 | $9990 |
| **12/31/2015** | $9823 | $9914 | $9911 |
| **1/31/2016** | $9844 | $10023 | $10058 |
| **2/29/2016** | $9906 | $10094 | $10170 |
| **3/31/2016** | $10125 | $10218 | $10353 |
| **4/30/2016** | $10167 | $10288 | $10389 |
| **5/31/2016** | $10146 | $10296 | $10315 |
| **6/30/2016** | $10334 | $10477 | $10530 |
| **7/31/2016** | $10407 | $10563 | $10621 |
| **8/31/2016** | $10469 | $10575 | $10573 |
| **9/30/2016** | $10511 | $10577 | $10631 |
| **10/31/2016** | $10459 | $10507 | $10589 |
| **11/30/2016** | $10279 | $10271 | $10385 |
| **12/31/2016** | $10296 | $10301 | $10375 |
| **1/31/2017** | $10390 | $10338 | $10462 |
| **2/28/2017** | $10442 | $10418 | $10512 |
| **3/31/2017** | $10443 | $10414 | $10506 |
| **4/30/2017** | $10524 | $10500 | $10568 |
| **5/31/2017** | $10537 | $10581 | $10564 |
| **6/30/2017** | $10476 | $10572 | $10464 |
| **7/31/2017** | $10530 | $10625 | $10510 |
| **8/31/2017** | $10635 | $10717 | $10622 |
| **9/30/2017** | $10582 | $10679 | $10554 |
| **10/31/2017** | $10612 | $10692 | $10576 |
| **11/30/2017** | $10639 | $10676 | $10590 |
| **12/31/2017** | $10714 | $10723 | $10687 |
| **1/31/2018** | $10687 | $10620 | $10596 |
| **2/28/2018** | $10589 | $10519 | $10492 |
| **3/31/2018** | $10678 | $10572 | $10603 |
| **4/30/2018** | $10648 | $10501 | $10597 |
| **5/31/2018** | $10615 | $10559 | $10642 |
| **6/30/2018** | $10649 | $10543 | $10685 |
| **7/31/2018** | $10651 | $10565 | $10633 |
| **8/31/2018** | $10651 | $10618 | $10710 |
| **9/30/2018** | $10585 | $10572 | $10597 |
| **10/31/2018** | $10435 | $10484 | $10445 |
| **11/30/2018** | $10431 | $10531 | $10495 |
| **12/31/2018** | $10500 | $10695 | $10552 |
| **1/31/2019** | $10686 | $10843 | $10694 |
| **2/28/2019** | $10686 | $10855 | $10693 |
| **3/31/2019** | $10882 | $11051 | $10889 |
| **4/30/2019** | $10926 | $11066 | $10926 |
| **5/31/2019** | $11027 | $11236 | $11106 |
| **6/30/2019** | $11155 | $11395 | $11201 |
| **7/31/2019** | $11218 | $11429 | $11241 |
| **8/31/2019** | $11438 | $11687 | $11509 |
| **9/30/2019** | $11333 | $11637 | $11352 |
| **10/31/2019** | $11371 | $11674 | $11381 |
| **11/30/2019** | $11373 | $11672 | $11398 |
| **12/31/2019** | $11423 | $11689 | $11442 |
| **1/31/2020** | $11641 | $11899 | $11682 |
| **2/29/2020** | $11721 | $12077 | $11843 |
| **3/31/2020** | $11140 | $11841 | $11635 |
| **4/30/2020** | $11506 | $12078 | $11959 |
| **5/31/2020** | $11617 | $12191 | $11995 |
| **6/30/2020** | $11794 | $12293 | $12129 |
| **7/31/2020** | $12083 | $12509 | $12408 |
| **8/31/2020** | $12161 | $12437 | $12543 |
| **9/30/2020** | $12125 | $12414 | $12497 |
| **10/31/2020** | $12091 | $12370 | $12416 |
| **11/30/2020** | $12322 | $12531 | $12555 |
| **12/31/2020** | $12445 | $12575 | $12699 |
| **1/31/2021** | $12439 | $12496 | $12741 |
| **2/28/2021** | $12241 | $12334 | $12536 |
| **3/31/2021** | $12252 | $12191 | $12513 |
| **4/30/2021** | $12397 | $12293 | $12687 |
| **5/31/2021** | $12524 | $12340 | $12841 |
| **6/30/2021** | $12592 | $12430 | $12919 |
| **7/31/2021** | $12830 | $12555 | $13263 |
| **8/31/2021** | $12820 | $12547 | $13240 |
| **9/30/2021** | $12722 | $12440 | $13145 |
| **10/31/2021** | $12826 | $12429 | $13294 |
| **11/30/2021** | $12893 | $12444 | $13413 |
| **12/31/2021** | $12946 | $12436 | $13456 |
| **1/31/2022** | $12693 | $12163 | $13184 |
| **2/28/2022** | $12727 | $11998 | $13296 |
| **3/31/2022** | $12607 | $11676 | $13049 |
| **4/30/2022** | $12281 | $11240 | $12782 |
| **5/31/2022** | $12165 | $11302 | $12656 |
| **6/30/2022** | $11821 | $11076 | $12255 |
| **7/31/2022** | $12223 | $11355 | $12789 |
| **8/31/2022** | $11954 | $11060 | $12448 |
| **9/30/2022** | $11255 | $10583 | $11625 |
| **10/31/2022** | $11322 | $10467 | $11769 |
| **11/30/2022** | $11601 | $10857 | $11984 |
| **12/31/2022** | $11545 | $10820 | $11862 |
| **1/31/2023** | $11814 | $11156 | $12079 |
| **2/28/2023** | $11667 | $10882 | $11913 |
| **3/31/2023** | $11919 | $11137 | $12258 |
| **4/30/2023** | $11941 | $11205 | $12271 |
| **5/31/2023** | $11853 | $11089 | $12124 |
| **6/30/2023** | $11857 | $11072 | $12084 |
| **7/31/2023** | $11881 | $11083 | $12099 |
| **8/31/2023** | $11817 | $11016 | $11991 |
| **9/30/2023** | $11587 | $10753 | $11770 |
| **10/31/2023** | $11508 | $10592 | $11684 |
| **11/30/2023** | $11862 | $11068 | $12001 |
| **12/31/2023** | $12235 | $11488 | $12324 |
| **1/31/2024** | $12235 | $11461 | $12346 |
| **2/29/2024** | $12133 | $11323 | $12213 |
| **3/31/2024** | $12235 | $11435 | $12314 |
| **4/30/2024** | $12017 | $11167 | $12106 |
| **5/31/2024** | $12201 | $11352 | $12314 |
| **6/30/2024** | $12315 | $11456 | $12411 |
| **7/31/2024** | $12480 | $11716 | $12632 |
| **8/31/2024** | $12635 | $11889 | $12731 |
| **9/30/2024** | $12812 | $12052 | $12922 |
| **10/31/2024** | $12619 | $11778 | $12690 |
| **11/30/2024** | $12700 | $11902 | $12752 |
| **12/31/2024** | $12495 | $11722 | $12550 |
| **1/31/2025** | $12611 | $11793 | $12713 |
| **2/28/2025** | $12845 | $12037 | $12990 |
| **3/31/2025** | $12917 | $12034 | $13073 |
| **4/30/2025** | $12905 | $12077 | $13089 |
| **5/31/2025** | $12843 | $12015 | $13011 |
| **6/30/2025** | $13000 | $12203 | $13136 |
| **7/31/2025** | $13010 | $12185 | $13152 |
| **8/31/2025** | $13169 | $12331 | $13354 |
| **9/30/2025** | $13247 | $12462 | $13412 |
| **10/31/2025** | $13293 | $12544 | $13460 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CV8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.34% | 1.91% | 2.89% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 1.63% | 3.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class I2

## Ticker: N/A
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $54 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 5.44%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g08c57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9969 | $9964 | $9990 |
| **12/31/2015** | $9823 | $9914 | $9911 |
| **1/31/2016** | $9844 | $10023 | $10058 |
| **2/29/2016** | $9906 | $10094 | $10170 |
| **3/31/2016** | $10125 | $10218 | $10353 |
| **4/30/2016** | $10167 | $10288 | $10389 |
| **5/31/2016** | $10156 | $10296 | $10315 |
| **6/30/2016** | $10333 | $10477 | $10530 |
| **7/31/2016** | $10406 | $10563 | $10621 |
| **8/31/2016** | $10469 | $10575 | $10573 |
| **9/30/2016** | $10510 | $10577 | $10631 |
| **10/31/2016** | $10469 | $10507 | $10589 |
| **11/30/2016** | $10289 | $10271 | $10385 |
| **12/31/2016** | $10310 | $10301 | $10375 |
| **1/31/2017** | $10404 | $10338 | $10462 |
| **2/28/2017** | $10456 | $10418 | $10512 |
| **3/31/2017** | $10447 | $10414 | $10506 |
| **4/30/2017** | $10538 | $10500 | $10568 |
| **5/31/2017** | $10541 | $10581 | $10564 |
| **6/30/2017** | $10481 | $10572 | $10464 |
| **7/31/2017** | $10546 | $10625 | $10510 |
| **8/31/2017** | $10640 | $10717 | $10622 |
| **9/30/2017** | $10598 | $10679 | $10554 |
| **10/31/2017** | $10629 | $10692 | $10576 |
| **11/30/2017** | $10656 | $10676 | $10590 |
| **12/31/2017** | $10731 | $10723 | $10687 |
| **1/31/2018** | $10704 | $10620 | $10596 |
| **2/28/2018** | $10607 | $10519 | $10492 |
| **3/31/2018** | $10696 | $10572 | $10603 |
| **4/30/2018** | $10666 | $10501 | $10597 |
| **5/31/2018** | $10634 | $10559 | $10642 |
| **6/30/2018** | $10668 | $10543 | $10685 |
| **7/31/2018** | $10671 | $10565 | $10633 |
| **8/31/2018** | $10682 | $10618 | $10710 |
| **9/30/2018** | $10616 | $10572 | $10597 |
| **10/31/2018** | $10455 | $10484 | $10445 |
| **11/30/2018** | $10463 | $10531 | $10495 |
| **12/31/2018** | $10522 | $10695 | $10552 |
| **1/31/2019** | $10707 | $10843 | $10694 |
| **2/28/2019** | $10707 | $10855 | $10693 |
| **3/31/2019** | $10915 | $11051 | $10889 |
| **4/30/2019** | $10947 | $11066 | $10926 |
| **5/31/2019** | $11059 | $11236 | $11106 |
| **6/30/2019** | $11188 | $11395 | $11201 |
| **7/31/2019** | $11252 | $11429 | $11241 |
| **8/31/2019** | $11472 | $11687 | $11509 |
| **9/30/2019** | $11367 | $11637 | $11352 |
| **10/31/2019** | $11405 | $11674 | $11381 |
| **11/30/2019** | $11397 | $11672 | $11398 |
| **12/31/2019** | $11458 | $11689 | $11442 |
| **1/31/2020** | $11676 | $11899 | $11682 |
| **2/29/2020** | $11756 | $12077 | $11843 |
| **3/31/2020** | $11175 | $11841 | $11635 |
| **4/30/2020** | $11541 | $12078 | $11959 |
| **5/31/2020** | $11641 | $12191 | $11995 |
| **6/30/2020** | $11819 | $12293 | $12129 |
| **7/31/2020** | $12118 | $12509 | $12408 |
| **8/31/2020** | $12185 | $12437 | $12543 |
| **9/30/2020** | $12161 | $12414 | $12497 |
| **10/31/2020** | $12116 | $12370 | $12416 |
| **11/30/2020** | $12358 | $12531 | $12555 |
| **12/31/2020** | $12481 | $12575 | $12699 |
| **1/31/2021** | $12475 | $12496 | $12741 |
| **2/28/2021** | $12277 | $12334 | $12536 |
| **3/31/2021** | $12288 | $12191 | $12513 |
| **4/30/2021** | $12434 | $12293 | $12687 |
| **5/31/2021** | $12560 | $12340 | $12841 |
| **6/30/2021** | $12629 | $12430 | $12919 |
| **7/31/2021** | $12867 | $12555 | $13263 |
| **8/31/2021** | $12857 | $12547 | $13240 |
| **9/30/2021** | $12758 | $12440 | $13145 |
| **10/31/2021** | $12863 | $12429 | $13294 |
| **11/30/2021** | $12930 | $12444 | $13413 |
| **12/31/2021** | $12984 | $12436 | $13456 |
| **1/31/2022** | $12731 | $12163 | $13184 |
| **2/28/2022** | $12767 | $11998 | $13296 |
| **3/31/2022** | $12646 | $11676 | $13049 |
| **4/30/2022** | $12309 | $11240 | $12782 |
| **5/31/2022** | $12205 | $11302 | $12656 |
| **6/30/2022** | $11861 | $11076 | $12255 |
| **7/31/2022** | $12263 | $11355 | $12789 |
| **8/31/2022** | $11982 | $11060 | $12448 |
| **9/30/2022** | $11296 | $10583 | $11625 |
| **10/31/2022** | $11363 | $10467 | $11769 |
| **11/30/2022** | $11642 | $10857 | $11984 |
| **12/31/2022** | $11587 | $10820 | $11862 |
| **1/31/2023** | $11857 | $11156 | $12079 |
| **2/28/2023** | $11709 | $10882 | $11913 |
| **3/31/2023** | $11961 | $11137 | $12258 |
| **4/30/2023** | $11984 | $11205 | $12271 |
| **5/31/2023** | $11884 | $11089 | $12124 |
| **6/30/2023** | $11900 | $11072 | $12084 |
| **7/31/2023** | $11924 | $11083 | $12099 |
| **8/31/2023** | $11860 | $11016 | $11991 |
| **9/30/2023** | $11630 | $10753 | $11770 |
| **10/31/2023** | $11551 | $10592 | $11684 |
| **11/30/2023** | $11894 | $11068 | $12001 |
| **12/31/2023** | $12255 | $11488 | $12324 |
| **1/31/2024** | $12255 | $11461 | $12346 |
| **2/29/2024** | $12154 | $11323 | $12213 |
| **3/31/2024** | $12257 | $11435 | $12314 |
| **4/30/2024** | $12039 | $11167 | $12106 |
| **5/31/2024** | $12224 | $11352 | $12314 |
| **6/30/2024** | $12353 | $11456 | $12411 |
| **7/31/2024** | $12519 | $11716 | $12632 |
| **8/31/2024** | $12675 | $11889 | $12731 |
| **9/30/2024** | $12840 | $12052 | $12922 |
| **10/31/2024** | $12648 | $11778 | $12690 |
| **11/30/2024** | $12730 | $11902 | $12752 |
| **12/31/2024** | $12539 | $11722 | $12550 |
| **1/31/2025** | $12656 | $11793 | $12713 |
| **2/28/2025** | $12891 | $12037 | $12990 |
| **3/31/2025** | $12951 | $12034 | $13073 |
| **4/30/2025** | $12954 | $12077 | $13089 |
| **5/31/2025** | $12893 | $12015 | $13011 |
| **6/30/2025** | $13050 | $12203 | $13136 |
| **7/31/2025** | $13062 | $12185 | $13152 |
| **8/31/2025** | $13209 | $12331 | $13354 |
| **9/30/2025** | $13289 | $12462 | $13412 |
| **10/31/2025** | $13336 | $12544 | $13460 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CV4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 5.44% | 1.94% | 2.92% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 2.29% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 1.63% | 3.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class I3

## TIOBX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $53 | 0.52%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 5.54%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class I3

## Fund Overview

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

![Growth of 10K Chart](g67628g87l87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I3** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/27/2023** | $10000 | $10000 | $10000 |
| **10/31/2023** | $10000 | $9975 | $9958 |
| **11/30/2023** | $10297 | $10424 | $10228 |
| **12/31/2023** | $10610 | $10820 | $10504 |
| **1/31/2024** | $10610 | $10794 | $10522 |
| **2/29/2024** | $10522 | $10665 | $10409 |
| **3/31/2024** | $10611 | $10769 | $10495 |
| **4/30/2024** | $10423 | $10518 | $10318 |
| **5/31/2024** | $10583 | $10692 | $10495 |
| **6/30/2024** | $10694 | $10790 | $10577 |
| **7/31/2024** | $10838 | $11035 | $10766 |
| **8/31/2024** | $10973 | $11197 | $10850 |
| **9/30/2024** | $11116 | $11351 | $11013 |
| **10/31/2024** | $10949 | $11093 | $10816 |
| **11/30/2024** | $11021 | $11210 | $10868 |
| **12/31/2024** | $10855 | $11040 | $10696 |
| **1/31/2025** | $10957 | $11107 | $10835 |
| **2/28/2025** | $11160 | $11337 | $11071 |
| **3/31/2025** | $11212 | $11334 | $11142 |
| **4/30/2025** | $11214 | $11374 | $11155 |
| **5/31/2025** | $11161 | $11316 | $11089 |
| **6/30/2025** | $11298 | $11493 | $11195 |
| **7/31/2025** | $11308 | $11476 | $11209 |
| **8/31/2025** | $11447 | $11614 | $11382 |
| **9/30/2025** | $11516 | $11737 | $11431 |
| **10/31/2025** | $11556 | $11815 | $11471 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CVD | **1 Year** | **Since Inception 10/27/23** |
| Class I3 | 5.54% | 7.45% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 8.64% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 7.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class I3

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class I3

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class I3
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class R

## TIODX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $102 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 4.99%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class R

## Fund Overview

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

![Growth of 10K Chart](g67628g21q20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/27/2023** | $10000 | $10000 | $10000 |
| **10/31/2023** | $10000 | $9975 | $9958 |
| **11/30/2023** | $10296 | $10424 | $10228 |
| **12/31/2023** | $10608 | $10820 | $10504 |
| **1/31/2024** | $10597 | $10794 | $10522 |
| **2/29/2024** | $10508 | $10665 | $10409 |
| **3/31/2024** | $10594 | $10769 | $10495 |
| **4/30/2024** | $10400 | $10518 | $10318 |
| **5/31/2024** | $10557 | $10692 | $10495 |
| **6/30/2024** | $10654 | $10790 | $10577 |
| **7/31/2024** | $10795 | $11035 | $10766 |
| **8/31/2024** | $10926 | $11197 | $10850 |
| **9/30/2024** | $11066 | $11351 | $11013 |
| **10/31/2024** | $10905 | $11093 | $10816 |
| **11/30/2024** | $10961 | $11210 | $10868 |
| **12/31/2024** | $10787 | $11040 | $10696 |
| **1/31/2025** | $10885 | $11107 | $10835 |
| **2/28/2025** | $11086 | $11337 | $11071 |
| **3/31/2025** | $11134 | $11334 | $11142 |
| **4/30/2025** | $11133 | $11374 | $11155 |
| **5/31/2025** | $11075 | $11316 | $11089 |
| **6/30/2025** | $11197 | $11493 | $11195 |
| **7/31/2025** | $11214 | $11476 | $11209 |
| **8/31/2025** | $11337 | $11614 | $11382 |
| **9/30/2025** | $11402 | $11737 | $11431 |
| **10/31/2025** | $11438 | $11815 | $11471 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CV5 | **1 Year** | **Since Inception 10/27/23** |
| Class R | 4.99% | 6.90% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 8.64% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 7.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class R

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class R

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class R
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class R4

## TIOEX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $67 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 5.34%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class R4

## Fund Overview

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

![Growth of 10K Chart](g67628g65n24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R4** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **10/27/2023** | $10000 | $10000 | $10000 |
| **10/31/2023** | $9989 | $9975 | $9958 |
| **11/30/2023** | $10285 | $10424 | $10228 |
| **12/31/2023** | $10597 | $10820 | $10504 |
| **1/31/2024** | $10597 | $10794 | $10522 |
| **2/29/2024** | $10499 | $10665 | $10409 |
| **3/31/2024** | $10597 | $10769 | $10495 |
| **4/30/2024** | $10407 | $10518 | $10318 |
| **5/31/2024** | $10567 | $10692 | $10495 |
| **6/30/2024** | $10666 | $10790 | $10577 |
| **7/31/2024** | $10809 | $11035 | $10766 |
| **8/31/2024** | $10942 | $11197 | $10850 |
| **9/30/2024** | $11095 | $11351 | $11013 |
| **10/31/2024** | $10927 | $11093 | $10816 |
| **11/30/2024** | $10997 | $11210 | $10868 |
| **12/31/2024** | $10819 | $11040 | $10696 |
| **1/31/2025** | $10920 | $11107 | $10835 |
| **2/28/2025** | $11123 | $11337 | $11071 |
| **3/31/2025** | $11174 | $11334 | $11142 |
| **4/30/2025** | $11175 | $11374 | $11155 |
| **5/31/2025** | $11133 | $11316 | $11089 |
| **6/30/2025** | $11257 | $11493 | $11195 |
| **7/31/2025** | $11266 | $11476 | $11209 |
| **8/31/2025** | $11404 | $11614 | $11382 |
| **9/30/2025** | $11471 | $11737 | $11431 |
| **10/31/2025** | $11510 | $11815 | $11471 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I5CVE | **1 Year** | **Since Inception 10/27/23** |
| Class R4 | 5.34% | 7.29% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 8.64% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 7.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class R4

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class R4

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class R4
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Inflation Opportunities

# Class R6

## RTIOX
October 31, 2025

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

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $54 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

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

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 5.43%. For the same period, the Fund's broad-based benchmark, the Bloomberg US Universal Bond Index, returned 6.51%. The performance benchmark, the Bloomberg US Treasury Inflation Protected Securities Index, returned 6.06% over the same period.

* The Fund's duration and yield curve positioning were the primary detractors from benchmark relative performance. The sub-adviser had positioned the Fund for rising rates in the U.S. during the fiscal year, which did not materialize as anticipated. Security selection within U.S. Treasury Inflation Protected Securities ("TIPS") also detracted from benchmark relative performance.

* Asset allocation was the largest contributor to performance during the fiscal year. The Fund's overweight to corporate credit, primarily in the financials and industrials sectors, outperformed U.S. TIPS and was the largest contributor to benchmark relative performance during the fiscal year. 

* Allocations to European and Japanese TIPS also contributed to benchmark relative performance, while allocations to United Kingdom, Australian TIPS and cash detracted slightly.

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

# Transamerica Inflation Opportunities

# Class R6

## Fund Overview

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

![Growth of 10K Chart](g67628g43i08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg US Universal Bond Index** | **Bloomberg US Treasury Inflation Protected Securities Index** |
| **7/25/2016** | $10000 | $10000 | $10000 |
| **7/31/2016** | $10081 | $10041 | $10095 |
| **8/31/2016** | $10131 | $10052 | $10049 |
| **9/30/2016** | $10171 | $10054 | $10104 |
| **10/31/2016** | $10131 | $9988 | $10064 |
| **11/30/2016** | $9957 | $9763 | $9871 |
| **12/31/2016** | $9977 | $9792 | $9861 |
| **1/31/2017** | $10068 | $9827 | $9944 |
| **2/28/2017** | $10119 | $9903 | $9991 |
| **3/31/2017** | $10120 | $9899 | $9986 |
| **4/30/2017** | $10198 | $9981 | $10045 |
| **5/31/2017** | $10201 | $10058 | $10040 |
| **6/30/2017** | $10143 | $10050 | $9945 |
| **7/31/2017** | $10206 | $10100 | $9989 |
| **8/31/2017** | $10297 | $10187 | $10096 |
| **9/30/2017** | $10256 | $10151 | $10031 |
| **10/31/2017** | $10286 | $10163 | $10052 |
| **11/30/2017** | $10312 | $10148 | $10065 |
| **12/31/2017** | $10384 | $10193 | $10158 |
| **1/31/2018** | $10359 | $10095 | $10071 |
| **2/28/2018** | $10265 | $9999 | $9973 |
| **3/31/2018** | $10361 | $10049 | $10077 |
| **4/30/2018** | $10322 | $9982 | $10072 |
| **5/31/2018** | $10291 | $10037 | $10115 |
| **6/30/2018** | $10324 | $10022 | $10155 |
| **7/31/2018** | $10327 | $10043 | $10106 |
| **8/31/2018** | $10337 | $10093 | $10179 |
| **9/30/2018** | $10273 | $10049 | $10072 |
| **10/31/2018** | $10129 | $9965 | $9928 |
| **11/30/2018** | $10126 | $10010 | $9975 |
| **12/31/2018** | $10182 | $10167 | $10029 |
| **1/31/2019** | $10372 | $10307 | $10164 |
| **2/28/2019** | $10372 | $10318 | $10163 |
| **3/31/2019** | $10563 | $10504 | $10350 |
| **4/30/2019** | $10594 | $10519 | $10384 |
| **5/31/2019** | $10703 | $10680 | $10556 |
| **6/30/2019** | $10827 | $10831 | $10647 |
| **7/31/2019** | $10889 | $10864 | $10684 |
| **8/31/2019** | $11102 | $11109 | $10938 |
| **9/30/2019** | $11001 | $11061 | $10790 |
| **10/31/2019** | $11037 | $11097 | $10817 |
| **11/30/2019** | $11029 | $11095 | $10834 |
| **12/31/2019** | $11089 | $11111 | $10875 |
| **1/31/2020** | $11300 | $11311 | $11103 |
| **2/29/2020** | $11377 | $11480 | $11257 |
| **3/31/2020** | $10815 | $11256 | $11059 |
| **4/30/2020** | $11169 | $11481 | $11366 |
| **5/31/2020** | $11266 | $11589 | $11401 |
| **6/30/2020** | $11448 | $11685 | $11528 |
| **7/31/2020** | $11727 | $11891 | $11793 |
| **8/31/2020** | $11803 | $11822 | $11922 |
| **9/30/2020** | $11768 | $11801 | $11878 |
| **10/31/2020** | $11736 | $11759 | $11801 |
| **11/30/2020** | $11960 | $11912 | $11933 |
| **12/31/2020** | $12079 | $11953 | $12070 |
| **1/31/2021** | $12073 | $11878 | $12110 |
| **2/28/2021** | $11881 | $11725 | $11915 |
| **3/31/2021** | $11892 | $11588 | $11893 |
| **4/30/2021** | $12033 | $11686 | $12059 |
| **5/31/2021** | $12155 | $11730 | $12205 |
| **6/30/2021** | $12221 | $11816 | $12279 |
| **7/31/2021** | $12451 | $11934 | $12606 |
| **8/31/2021** | $12442 | $11926 | $12584 |
| **9/30/2021** | $12347 | $11825 | $12494 |
| **10/31/2021** | $12448 | $11815 | $12636 |
| **11/30/2021** | $12513 | $11829 | $12749 |
| **12/31/2021** | $12565 | $11821 | $12789 |
| **1/31/2022** | $12321 | $11562 | $12531 |
| **2/28/2022** | $12355 | $11404 | $12637 |
| **3/31/2022** | $12238 | $11098 | $12402 |
| **4/30/2022** | $11923 | $10685 | $12149 |
| **5/31/2022** | $11811 | $10743 | $12029 |
| **6/30/2022** | $11478 | $10529 | $11648 |
| **7/31/2022** | $11867 | $10793 | $12155 |
| **8/31/2022** | $11607 | $10513 | $11832 |
| **9/30/2022** | $10931 | $10060 | $11049 |
| **10/31/2022** | $10996 | $9949 | $11186 |
| **11/30/2022** | $11266 | $10320 | $11390 |
| **12/31/2022** | $11213 | $10285 | $11274 |
| **1/31/2023** | $11473 | $10604 | $11481 |
| **2/28/2023** | $11331 | $10344 | $11323 |
| **3/31/2023** | $11575 | $10587 | $11650 |
| **4/30/2023** | $11597 | $10651 | $11663 |
| **5/31/2023** | $11512 | $10541 | $11524 |
| **6/30/2023** | $11515 | $10524 | $11485 |
| **7/31/2023** | $11539 | $10535 | $11499 |
| **8/31/2023** | $11477 | $10471 | $11397 |
| **9/30/2023** | $11254 | $10222 | $11186 |
| **10/31/2023** | $11178 | $10068 | $11105 |
| **11/30/2023** | $11510 | $10521 | $11406 |
| **12/31/2023** | $11859 | $10920 | $11713 |
| **1/31/2024** | $11871 | $10894 | $11734 |
| **2/29/2024** | $11761 | $10764 | $11608 |
| **3/31/2024** | $11861 | $10869 | $11703 |
| **4/30/2024** | $11650 | $10615 | $11506 |
| **5/31/2024** | $11829 | $10791 | $11704 |
| **6/30/2024** | $11954 | $10890 | $11796 |
| **7/31/2024** | $12114 | $11137 | $12006 |
| **8/31/2024** | $12265 | $11301 | $12100 |
| **9/30/2024** | $12437 | $11456 | $12282 |
| **10/31/2024** | $12251 | $11196 | $12062 |
| **11/30/2024** | $12331 | $11314 | $12120 |
| **12/31/2024** | $12133 | $11143 | $11928 |
| **1/31/2025** | $12247 | $11210 | $12083 |
| **2/28/2025** | $12475 | $11442 | $12346 |
| **3/31/2025** | $12545 | $11439 | $12425 |
| **4/30/2025** | $12548 | $11480 | $12440 |
| **5/31/2025** | $12489 | $11421 | $12367 |
| **6/30/2025** | $12628 | $11599 | $12485 |
| **7/31/2025** | $12652 | $11583 | $12500 |
| **8/31/2025** | $12795 | $11722 | $12693 |
| **9/30/2025** | $12872 | $11846 | $12747 |
| **10/31/2025** | $12917 | $11924 | $12793 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I5CVB | **1 Year** | **5 Years** | **Since Inception 7/25/16** |
| Class R6 | 5.43% | 1.94% | 2.80% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 6.51% | 0.28% | 1.92% |
| Bloomberg US Treasury Inflation Protected Securities Index<sup>Footnote Reference(b)</sup> | 6.06% | 1.63% | 2.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg US Universal Bond Index represents the union of the U.S. Aggregate Bond Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation protected securities issued by the U.S. Treasury. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $156672990 |
| Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $543202 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.88 years |
| Duration<sup>Footnote Reference†</sup> | 6.00 years |

---

---

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

---

# Transamerica Inflation Opportunities

# Class R6

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government and Agency Securities | 75.3% |
| AAA | 0.8 |
| AA | 2.0 |
| A | 7.3 |
| BBB | 13.6 |
| NR (Not Rated) | 0.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Obligations | 73.7% |
| Corporate Debt Securities | 14.1 |
| Foreign Government Obligations | 9.7 |
| Short-Term U.S. Government Obligations | 1.6 |
| Short-Term Investment Companies | 0.7 |
| Other Investment Company | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.3) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Inflation-Protected Indexed Notes, 0.13%, 01/15/2032 | 5.6% |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.50%, 01/15/2028 | 3.3 |
| U.S. Treasury Inflation-Protected Indexed Bonds, 0.75%, 02/15/2042 | 3.1 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.63%, 10/15/2027 | 3.0 |
| U.S. Treasury Inflation-Protected Indexed Notes, 1.25%, 04/15/2028 | 2.9 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.75%, 07/15/2028 | 2.7 |
| Japan Government CPI-Linked Bonds, 0.10%, 03/10/2026 | 2.6 |
| U.S. Treasury Inflation-Protected Indexed Notes, 0.38%, 01/15/2027 | 2.5 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.38%, 10/15/2028 | 2.4 |
| U.S. Treasury Inflation-Protected Indexed Notes, 2.13%, 04/15/2029 | 2.4 |

---

# Transamerica Inflation Opportunities
Class R6

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Inflation Opportunities

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Intermediate Muni

# Class A

## TAMUX
October 31, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $70 | 0.69% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 3.30%. For the same period, the Fund's broad-based benchmark, the Bloomberg Municipal Bond Index, returned 4.17%. The performance benchmark, the Bloomberg Muni Managed Money Intermediate Index, returned 4.82% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% in November 2024, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened during the fiscal year, as short-term rates declined and long-term rates increased. Issuance remained robust, increasing approximately 10% year-over-year.

* Fund performance during the fiscal year was primarily driven by movements in the yield curve and the income generated from the securities held in the Fund.

* Yield curve steepening in the first half of the fiscal year was the primary detractor from returns. As the long-end of the municipal curve steepened in November 2024, the overweight to 20+ year maturities held by the Fund underperformed. 

* The sub-adviser trimmed exposure to these longer maturities throughout the fiscal year and the Fund ended the period with a lower duration profile than the benchmark. This was done to decrease overall interest rate sensitivity of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. 

* Revenue bonds contributed to active returns during the fiscal year. This was especially true in the housing sector where higher coupons, Federal Reserve easing and limited issuance pushed prices higher. 

* A-rated and AA-rated credits contributed to active returns, while lower quality credits broadly underperformed. 

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

# Transamerica Intermediate Muni

# Class A

## Fund Overview

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

![Growth of 10K Chart](g67628g10t51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with load** | **Bloomberg Municipal Bond Index** | **Bloomberg Muni Managed Money Intermediate Index** |
| **10/31/2015** | $9675 | $10000 | $10000 |
| **11/30/2015** | $9711 | $10040 | $10030 |
| **12/31/2015** | $9790 | $10110 | $10100 |
| **1/31/2016** | $9914 | $10231 | $10250 |
| **2/29/2016** | $9925 | $10247 | $10262 |
| **3/31/2016** | $9973 | $10279 | $10275 |
| **4/30/2016** | $10047 | $10355 | $10352 |
| **5/31/2016** | $10069 | $10383 | $10350 |
| **6/30/2016** | $10263 | $10548 | $10510 |
| **7/31/2016** | $10253 | $10555 | $10519 |
| **8/31/2016** | $10278 | $10569 | $10518 |
| **9/30/2016** | $10241 | $10516 | $10474 |
| **10/31/2016** | $10118 | $10406 | $10360 |
| **11/30/2016** | $9620 | $10018 | $9939 |
| **12/31/2016** | $9755 | $10135 | $10073 |
| **1/31/2017** | $9798 | $10202 | $10142 |
| **2/28/2017** | $9877 | $10273 | $10209 |
| **3/31/2017** | $9921 | $10295 | $10231 |
| **4/30/2017** | $10008 | $10370 | $10323 |
| **5/31/2017** | $10156 | $10535 | $10493 |
| **6/30/2017** | $10119 | $10497 | $10443 |
| **7/31/2017** | $10180 | $10582 | $10526 |
| **8/31/2017** | $10277 | $10662 | $10596 |
| **9/30/2017** | $10231 | $10608 | $10528 |
| **10/31/2017** | $10240 | $10634 | $10545 |
| **11/30/2017** | $10195 | $10577 | $10451 |
| **12/31/2017** | $10303 | $10688 | $10564 |
| **1/31/2018** | $10150 | $10562 | $10426 |
| **2/28/2018** | $10107 | $10530 | $10385 |
| **3/31/2018** | $10171 | $10569 | $10418 |
| **4/30/2018** | $10126 | $10531 | $10382 |
| **5/31/2018** | $10245 | $10652 | $10494 |
| **6/30/2018** | $10247 | $10661 | $10504 |
| **7/31/2018** | $10277 | $10687 | $10534 |
| **8/31/2018** | $10306 | $10714 | $10553 |
| **9/30/2018** | $10244 | $10645 | $10481 |
| **10/31/2018** | $10165 | $10579 | $10422 |
| **11/30/2018** | $10278 | $10697 | $10554 |
| **12/31/2018** | $10401 | $10825 | $10693 |
| **1/31/2019** | $10488 | $10906 | $10799 |
| **2/28/2019** | $10547 | $10965 | $10857 |
| **3/31/2019** | $10698 | $11138 | $11005 |
| **4/30/2019** | $10729 | $11180 | $11028 |
| **5/31/2019** | $10881 | $11334 | $11178 |
| **6/30/2019** | $10931 | $11376 | $11220 |
| **7/31/2019** | $11019 | $11468 | $11324 |
| **8/31/2019** | $11182 | $11649 | $11481 |
| **9/30/2019** | $11102 | $11555 | $11366 |
| **10/31/2019** | $11115 | $11576 | $11390 |
| **11/30/2019** | $11129 | $11605 | $11414 |
| **12/31/2019** | $11160 | $11640 | $11453 |
| **1/31/2020** | $11344 | $11849 | $11664 |
| **2/29/2020** | $11490 | $12002 | $11790 |
| **3/31/2020** | $11037 | $11567 | $11484 |
| **4/30/2020** | $10880 | $11422 | $11403 |
| **5/31/2020** | $11197 | $11785 | $11813 |
| **6/30/2020** | $11295 | $11882 | $11831 |
| **7/31/2020** | $11470 | $12082 | $12012 |
| **8/31/2020** | $11443 | $12025 | $11936 |
| **9/30/2020** | $11437 | $12028 | $11945 |
| **10/31/2020** | $11419 | $11992 | $11899 |
| **11/30/2020** | $11576 | $12173 | $12065 |
| **12/31/2020** | $11655 | $12247 | $12106 |
| **1/31/2021** | $11726 | $12325 | $12146 |
| **2/28/2021** | $11550 | $12129 | $11927 |
| **3/31/2021** | $11623 | $12204 | $11990 |
| **4/30/2021** | $11735 | $12306 | $12082 |
| **5/31/2021** | $11798 | $12343 | $12098 |
| **6/30/2021** | $11842 | $12377 | $12111 |
| **7/31/2021** | $11935 | $12480 | $12221 |
| **8/31/2021** | $11881 | $12434 | $12181 |
| **9/30/2021** | $11778 | $12344 | $12078 |
| **10/31/2021** | $11765 | $12308 | $12038 |
| **11/30/2021** | $11878 | $12413 | $12130 |
| **12/31/2021** | $11895 | $12433 | $12152 |
| **1/31/2022** | $11565 | $12092 | $11790 |
| **2/28/2022** | $11493 | $12049 | $11757 |
| **3/31/2022** | $11093 | $11659 | $11371 |
| **4/30/2022** | $10674 | $11336 | $11066 |
| **5/31/2022** | $10810 | $11505 | $11265 |
| **6/30/2022** | $10529 | $11316 | $11130 |
| **7/31/2022** | $10866 | $11615 | $11444 |
| **8/31/2022** | $10545 | $11361 | $11197 |
| **9/30/2022** | $10033 | $10924 | $10791 |
| **10/31/2022** | $9892 | $10834 | $10750 |
| **11/30/2022** | $10483 | $11340 | $11215 |
| **12/31/2022** | $10463 | $11373 | $11275 |
| **1/31/2023** | $10825 | $11700 | $11589 |
| **2/28/2023** | $10545 | $11435 | $11311 |
| **3/31/2023** | $10768 | $11689 | $11582 |
| **4/30/2023** | $10780 | $11662 | $11534 |
| **5/31/2023** | $10691 | $11561 | $11389 |
| **6/30/2023** | $10795 | $11677 | $11486 |
| **7/31/2023** | $10828 | $11723 | $11525 |
| **8/31/2023** | $10699 | $11554 | $11354 |
| **9/30/2023** | $10397 | $11216 | $11013 |
| **10/31/2023** | $10278 | $11120 | $10955 |
| **11/30/2023** | $10838 | $11826 | $11633 |
| **12/31/2023** | $11102 | $12101 | $11916 |
| **1/31/2024** | $11109 | $12039 | $11839 |
| **2/29/2024** | $11137 | $12055 | $11841 |
| **3/31/2024** | $11144 | $12054 | $11822 |
| **4/30/2024** | $11016 | $11905 | $11651 |
| **5/31/2024** | $11014 | $11870 | $11543 |
| **6/30/2024** | $11191 | $12052 | $11726 |
| **7/31/2024** | $11305 | $12162 | $11837 |
| **8/31/2024** | $11377 | $12258 | $11948 |
| **9/30/2024** | $11503 | $12379 | $12061 |
| **10/31/2024** | $11342 | $12198 | $11852 |
| **11/30/2024** | $11532 | $12409 | $12038 |
| **12/31/2024** | $11383 | $12228 | $11878 |
| **1/31/2025** | $11404 | $12290 | $11955 |
| **2/28/2025** | $11522 | $12411 | $12088 |
| **3/31/2025** | $11340 | $12201 | $11866 |
| **4/30/2025** | $11233 | $12103 | $11789 |
| **5/31/2025** | $11221 | $12111 | $11857 |
| **6/30/2025** | $11297 | $12186 | $11951 |
| **7/31/2025** | $11264 | $12161 | $11968 |
| **8/31/2025** | $11350 | $12267 | $12074 |
| **9/30/2025** | $11587 | $12551 | $12287 |
| **10/31/2025** | $11716 | $12707 | $12424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CJ1 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | (0.07%) | (0.15%) | 1.60% |
| Class A | 3.30% | 0.52% | 1.93% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.17% | 1.16% | 2.42% |
| Bloomberg Muni Managed Money Intermediate Index<sup>Footnote Reference(b)</sup> | 4.82% | 0.87% | 2.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from one 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $954092228 |
| Number of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3509081 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.92 years |
| Duration<sup>Footnote Reference†</sup> | 5.38 years |

---

---

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

---

# Transamerica Intermediate Muni

# Class A

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 5.6% |
| AA | 63.4 |
| A | 12.2 |
| BBB | 6.9 |
| BB | 0.4 |
| NR (Not Rated) | 6.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.0% |
| Repurchase Agreements | 10.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 3.80%, 06/15/2048 | 1.3% |
| Development Authority of Burke County, Revenue Bonds, 3.95%, 11/01/2052 | 1.2 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.00%, 10/01/2037 | 1.1 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, 4.00%, 11/15/2039 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AG), 5.25%, 07/01/2048 | 0.8 |
| Lancaster Financing Authority, Revenue Bonds, Series A, (BAM), 5.00%, 05/01/2054 | 0.8 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.7 |
| California Enterprise Development Authority, Revenue Bonds, Series A, 5.50%, 11/01/2059 | 0.7 |
| Public Finance Authority, Revenue Bonds, Series A-1, (BAM), 5.38%, 07/01/2047 | 0.7 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

# Transamerica Intermediate Muni
Class A

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Intermediate Muni

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Intermediate Muni

# Class C

## TCMUX
October 31, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $131 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 2.68%. For the same period, the Fund's broad-based benchmark, the Bloomberg Municipal Bond Index, returned 4.17%. The performance benchmark, the Bloomberg Muni Managed Money Intermediate Index, returned 4.82% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% in November 2024, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened during the fiscal year, as short-term rates declined and long-term rates increased. Issuance remained robust, increasing approximately 10% year-over-year.

* Fund performance during the fiscal year was primarily driven by movements in the yield curve and the income generated from the securities held in the Fund.

* Yield curve steepening in the first half of the fiscal year was the primary detractor from returns. As the long-end of the municipal curve steepened in November 2024, the overweight to 20+ year maturities held by the Fund underperformed. 

* The sub-adviser trimmed exposure to these longer maturities throughout the fiscal year and the Fund ended the period with a lower duration profile than the benchmark. This was done to decrease overall interest rate sensitivity of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. 

* Revenue bonds contributed to active returns during the fiscal year. This was especially true in the housing sector where higher coupons, Federal Reserve easing and limited issuance pushed prices higher. 

* A-rated and AA-rated credits contributed to active returns, while lower quality credits broadly underperformed. 

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

# Transamerica Intermediate Muni

# Class C

## Fund Overview

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

![Growth of 10K Chart](g67628g27r98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with load** | **Bloomberg Municipal Bond Index** | **Bloomberg Muni Managed Money Intermediate Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10042 | $10040 | $10030 |
| **12/31/2015** | $10119 | $10110 | $10100 |
| **1/31/2016** | $10233 | $10231 | $10250 |
| **2/29/2016** | $10240 | $10247 | $10262 |
| **3/31/2016** | $10294 | $10279 | $10275 |
| **4/30/2016** | $10357 | $10355 | $10352 |
| **5/31/2016** | $10383 | $10383 | $10350 |
| **6/30/2016** | $10570 | $10548 | $10510 |
| **7/31/2016** | $10555 | $10555 | $10519 |
| **8/31/2016** | $10584 | $10569 | $10518 |
| **9/30/2016** | $10532 | $10516 | $10474 |
| **10/31/2016** | $10400 | $10406 | $10360 |
| **11/30/2016** | $9890 | $10018 | $9939 |
| **12/31/2016** | $10024 | $10135 | $10073 |
| **1/31/2017** | $10063 | $10202 | $10142 |
| **2/28/2017** | $10131 | $10273 | $10209 |
| **3/31/2017** | $10170 | $10295 | $10231 |
| **4/30/2017** | $10255 | $10370 | $10323 |
| **5/31/2017** | $10411 | $10535 | $10493 |
| **6/30/2017** | $10368 | $10497 | $10443 |
| **7/31/2017** | $10425 | $10582 | $10526 |
| **8/31/2017** | $10519 | $10662 | $10596 |
| **10/31/2017** | $10470 | $10634 | $10545 |
| **11/30/2017** | $10418 | $10577 | $10451 |
| **12/31/2017** | $10514 | $10688 | $10564 |
| **1/31/2018** | $10362 | $10562 | $10426 |
| **2/28/2018** | $10313 | $10530 | $10385 |
| **3/31/2018** | $10373 | $10569 | $10418 |
| **4/30/2018** | $10323 | $10531 | $10382 |
| **5/31/2018** | $10439 | $10652 | $10494 |
| **6/30/2018** | $10435 | $10661 | $10504 |
| **7/31/2018** | $10459 | $10687 | $10534 |
| **8/31/2018** | $10474 | $10714 | $10553 |
| **9/30/2018** | $10416 | $10645 | $10481 |
| **10/31/2018** | $10320 | $10579 | $10422 |
| **11/30/2018** | $10439 | $10697 | $10554 |
| **12/31/2018** | $10550 | $10825 | $10693 |
| **1/31/2019** | $10641 | $10906 | $10799 |
| **2/28/2019** | $10696 | $10965 | $10857 |
| **3/31/2019** | $10844 | $11138 | $11005 |
| **4/30/2019** | $10870 | $11180 | $11028 |
| **5/31/2019** | $11019 | $11334 | $11178 |
| **6/30/2019** | $11055 | $11376 | $11220 |
| **7/31/2019** | $11147 | $11468 | $11324 |
| **8/31/2019** | $11297 | $11649 | $11481 |
| **9/30/2019** | $11210 | $11555 | $11366 |
| **10/31/2019** | $11227 | $11576 | $11390 |
| **11/30/2019** | $11235 | $11605 | $11414 |
| **12/31/2019** | $11251 | $11640 | $11453 |
| **1/31/2020** | $11430 | $11849 | $11664 |
| **2/29/2020** | $11582 | $12002 | $11790 |
| **3/31/2020** | $11110 | $11567 | $11484 |
| **4/30/2020** | $10954 | $11422 | $11403 |
| **5/31/2020** | $11269 | $11785 | $11813 |
| **6/30/2020** | $11352 | $11882 | $11831 |
| **7/31/2020** | $11532 | $12082 | $12012 |
| **8/31/2020** | $11489 | $12025 | $11936 |
| **9/30/2020** | $11477 | $12028 | $11945 |
| **10/31/2020** | $11463 | $11992 | $11899 |
| **11/30/2020** | $11615 | $12173 | $12065 |
| **12/31/2020** | $11679 | $12247 | $12106 |
| **1/31/2021** | $11744 | $12325 | $12146 |
| **2/28/2021** | $11571 | $12129 | $11927 |
| **3/31/2021** | $11629 | $12204 | $11990 |
| **4/30/2021** | $11745 | $12306 | $12082 |
| **5/31/2021** | $11802 | $12343 | $12098 |
| **6/30/2021** | $11840 | $12377 | $12111 |
| **7/31/2021** | $11926 | $12480 | $12221 |
| **8/31/2021** | $11865 | $12434 | $12181 |
| **9/30/2021** | $11756 | $12344 | $12078 |
| **10/31/2021** | $11727 | $12308 | $12038 |
| **11/30/2021** | $11844 | $12413 | $12130 |
| **12/31/2021** | $11854 | $12433 | $12152 |
| **1/31/2022** | $11519 | $12092 | $11790 |
| **2/28/2022** | $11442 | $12049 | $11757 |
| **3/31/2022** | $11037 | $11659 | $11371 |
| **4/30/2022** | $10613 | $11336 | $11066 |
| **5/31/2022** | $10743 | $11505 | $11265 |
| **6/30/2022** | $10459 | $11316 | $11130 |
| **7/31/2022** | $10788 | $11615 | $11444 |
| **8/31/2022** | $10462 | $11361 | $11197 |
| **9/30/2022** | $9949 | $10924 | $10791 |
| **10/31/2022** | $9803 | $10834 | $10750 |
| **11/30/2022** | $10385 | $11340 | $11215 |
| **12/31/2022** | $10360 | $11373 | $11275 |
| **1/31/2023** | $10714 | $11700 | $11589 |
| **2/28/2023** | $10431 | $11435 | $11311 |
| **3/31/2023** | $10646 | $11689 | $11582 |
| **4/30/2023** | $10653 | $11662 | $11534 |
| **5/31/2023** | $10559 | $11561 | $11389 |
| **6/30/2023** | $10657 | $11677 | $11486 |
| **7/31/2023** | $10683 | $11723 | $11525 |
| **8/31/2023** | $10550 | $11554 | $11354 |
| **9/30/2023** | $10245 | $11216 | $11013 |
| **10/31/2023** | $10122 | $11120 | $10955 |
| **11/30/2023** | $10670 | $11826 | $11633 |
| **12/31/2023** | $10925 | $12101 | $11916 |
| **1/31/2024** | $10926 | $12039 | $11839 |
| **2/29/2024** | $10948 | $12055 | $11841 |
| **3/31/2024** | $10949 | $12054 | $11822 |
| **4/30/2024** | $10818 | $11905 | $11651 |
| **5/31/2024** | $10810 | $11870 | $11543 |
| **6/30/2024** | $10978 | $12052 | $11726 |
| **7/31/2024** | $11084 | $12162 | $11837 |
| **8/31/2024** | $11149 | $12258 | $11948 |
| **9/30/2024** | $11266 | $12379 | $12061 |
| **10/31/2024** | $11103 | $12198 | $11852 |
| **11/30/2024** | $11283 | $12409 | $12038 |
| **12/31/2024** | $11131 | $12228 | $11878 |
| **1/31/2025** | $11146 | $12290 | $11955 |
| **2/28/2025** | $11256 | $12411 | $12088 |
| **3/31/2025** | $11073 | $12201 | $11866 |
| **4/30/2025** | $10962 | $12103 | $11789 |
| **5/31/2025** | $10945 | $12111 | $11857 |
| **6/30/2025** | $11014 | $12186 | $11951 |
| **7/31/2025** | $10977 | $12161 | $11968 |
| **8/31/2025** | $11065 | $12267 | $12074 |
| **9/30/2025** | $11281 | $12551 | $12287 |
| **10/31/2025** | $11400 | $12707 | $12424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CJ3 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 1.68% | (0.11%) | 1.32% |
| Class C | 2.68% | (0.11%) | 1.32% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.17% | 1.16% | 2.42% |
| Bloomberg Muni Managed Money Intermediate Index<sup>Footnote Reference(b)</sup> | 4.82% | 0.87% | 2.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from one 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $954092228 |
| Number of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3509081 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.92 years |
| Duration<sup>Footnote Reference†</sup> | 5.38 years |

---

---

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

---

# Transamerica Intermediate Muni

# Class C

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 5.6% |
| AA | 63.4 |
| A | 12.2 |
| BBB | 6.9 |
| BB | 0.4 |
| NR (Not Rated) | 6.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.0% |
| Repurchase Agreements | 10.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 3.80%, 06/15/2048 | 1.3% |
| Development Authority of Burke County, Revenue Bonds, 3.95%, 11/01/2052 | 1.2 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.00%, 10/01/2037 | 1.1 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, 4.00%, 11/15/2039 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AG), 5.25%, 07/01/2048 | 0.8 |
| Lancaster Financing Authority, Revenue Bonds, Series A, (BAM), 5.00%, 05/01/2054 | 0.8 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.7 |
| California Enterprise Development Authority, Revenue Bonds, Series A, 5.50%, 11/01/2059 | 0.7 |
| Public Finance Authority, Revenue Bonds, Series A-1, (BAM), 5.38%, 07/01/2047 | 0.7 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

# Transamerica Intermediate Muni
Class C

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Intermediate Muni

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Intermediate Muni

# Class I

## TIMUX
October 31, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $50 | 0.49% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 3.50%. For the same period, the Fund's broad-based benchmark, the Bloomberg Municipal Bond Index, returned 4.17%. The performance benchmark, the Bloomberg Muni Managed Money Intermediate Index, returned 4.82% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% in November 2024, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened during the fiscal year, as short-term rates declined and long-term rates increased. Issuance remained robust, increasing approximately 10% year-over-year.

* Fund performance during the fiscal year was primarily driven by movements in the yield curve and the income generated from the securities held in the Fund.

* Yield curve steepening in the first half of the fiscal year was the primary detractor from returns. As the long-end of the municipal curve steepened in November 2024, the overweight to 20+ year maturities held by the Fund underperformed. 

* The sub-adviser trimmed exposure to these longer maturities throughout the fiscal year and the Fund ended the period with a lower duration profile than the benchmark. This was done to decrease overall interest rate sensitivity of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. 

* Revenue bonds contributed to active returns during the fiscal year. This was especially true in the housing sector where higher coupons, Federal Reserve easing and limited issuance pushed prices higher. 

* A-rated and AA-rated credits contributed to active returns, while lower quality credits broadly underperformed. 

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

# Transamerica Intermediate Muni

# Class I

## Fund Overview

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

![Growth of 10K Chart](g67628g17x03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg Municipal Bond Index** | **Bloomberg Muni Managed Money Intermediate Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $10038 | $10040 | $10030 |
| **12/31/2015** | $10119 | $10110 | $10100 |
| **1/31/2016** | $10237 | $10231 | $10250 |
| **2/29/2016** | $10249 | $10247 | $10262 |
| **3/31/2016** | $10308 | $10279 | $10275 |
| **4/30/2016** | $10384 | $10355 | $10352 |
| **5/31/2016** | $10407 | $10383 | $10350 |
| **6/30/2016** | $10608 | $10548 | $10510 |
| **7/31/2016** | $10598 | $10555 | $10519 |
| **8/31/2016** | $10633 | $10569 | $10518 |
| **9/30/2016** | $10588 | $10516 | $10474 |
| **10/31/2016** | $10462 | $10406 | $10360 |
| **11/30/2016** | $9949 | $10018 | $9939 |
| **12/31/2016** | $10099 | $10135 | $10073 |
| **1/31/2017** | $10134 | $10202 | $10142 |
| **2/28/2017** | $10217 | $10273 | $10209 |
| **3/31/2017** | $10263 | $10295 | $10231 |
| **4/30/2017** | $10354 | $10370 | $10323 |
| **5/31/2017** | $10507 | $10535 | $10493 |
| **6/30/2017** | $10470 | $10497 | $10443 |
| **7/31/2017** | $10534 | $10582 | $10526 |
| **8/31/2017** | $10634 | $10662 | $10596 |
| **10/31/2017** | $10607 | $10634 | $10545 |
| **11/30/2017** | $10553 | $10577 | $10451 |
| **12/31/2017** | $10665 | $10688 | $10564 |
| **1/31/2018** | $10509 | $10562 | $10426 |
| **2/28/2018** | $10465 | $10530 | $10385 |
| **3/31/2018** | $10532 | $10569 | $10418 |
| **4/30/2018** | $10487 | $10531 | $10382 |
| **5/31/2018** | $10611 | $10652 | $10494 |
| **6/30/2018** | $10614 | $10661 | $10504 |
| **7/31/2018** | $10654 | $10687 | $10534 |
| **8/31/2018** | $10676 | $10714 | $10553 |
| **9/30/2018** | $10613 | $10645 | $10481 |
| **10/31/2018** | $10532 | $10579 | $10422 |
| **11/30/2018** | $10650 | $10697 | $10554 |
| **12/31/2018** | $10778 | $10825 | $10693 |
| **1/31/2019** | $10868 | $10906 | $10799 |
| **2/28/2019** | $10930 | $10965 | $10857 |
| **3/31/2019** | $11096 | $11138 | $11005 |
| **4/30/2019** | $11120 | $11180 | $11028 |
| **5/31/2019** | $11278 | $11334 | $11178 |
| **6/30/2019** | $11331 | $11376 | $11220 |
| **7/31/2019** | $11432 | $11468 | $11324 |
| **8/31/2019** | $11592 | $11649 | $11481 |
| **9/30/2019** | $11512 | $11555 | $11366 |
| **10/31/2019** | $11527 | $11576 | $11390 |
| **11/30/2019** | $11542 | $11605 | $11414 |
| **12/31/2019** | $11577 | $11640 | $11453 |
| **1/31/2020** | $11767 | $11849 | $11664 |
| **2/29/2020** | $11920 | $12002 | $11790 |
| **3/31/2020** | $11445 | $11567 | $11484 |
| **4/30/2020** | $11283 | $11422 | $11403 |
| **5/31/2020** | $11623 | $11785 | $11813 |
| **6/30/2020** | $11716 | $11882 | $11831 |
| **7/31/2020** | $11908 | $12082 | $12012 |
| **8/31/2020** | $11872 | $12025 | $11936 |
| **9/30/2020** | $11867 | $12028 | $11945 |
| **10/31/2020** | $11851 | $11992 | $11899 |
| **11/30/2020** | $12014 | $12173 | $12065 |
| **12/31/2020** | $12098 | $12247 | $12106 |
| **1/31/2021** | $12173 | $12325 | $12146 |
| **2/28/2021** | $12002 | $12129 | $11927 |
| **3/31/2021** | $12069 | $12204 | $11990 |
| **4/30/2021** | $12187 | $12306 | $12082 |
| **5/31/2021** | $12253 | $12343 | $12098 |
| **6/30/2021** | $12300 | $12377 | $12111 |
| **7/31/2021** | $12398 | $12480 | $12221 |
| **8/31/2021** | $12353 | $12434 | $12181 |
| **9/30/2021** | $12238 | $12344 | $12078 |
| **10/31/2021** | $12225 | $12308 | $12038 |
| **11/30/2021** | $12344 | $12413 | $12130 |
| **12/31/2021** | $12373 | $12433 | $12152 |
| **1/31/2022** | $12022 | $12092 | $11790 |
| **2/28/2022** | $11950 | $12049 | $11757 |
| **3/31/2022** | $11537 | $11659 | $11371 |
| **4/30/2022** | $11114 | $11336 | $11066 |
| **5/31/2022** | $11247 | $11505 | $11265 |
| **6/30/2022** | $10968 | $11316 | $11130 |
| **7/31/2022** | $11319 | $11615 | $11444 |
| **8/31/2022** | $10977 | $11361 | $11197 |
| **9/30/2022** | $10448 | $10924 | $10791 |
| **10/31/2022** | $10310 | $10834 | $10750 |
| **11/30/2022** | $10925 | $11340 | $11215 |
| **12/31/2022** | $10906 | $11373 | $11275 |
| **1/31/2023** | $11285 | $11700 | $11589 |
| **2/28/2023** | $10995 | $11435 | $11311 |
| **3/31/2023** | $11229 | $11689 | $11582 |
| **4/30/2023** | $11233 | $11662 | $11534 |
| **5/31/2023** | $11141 | $11561 | $11389 |
| **6/30/2023** | $11262 | $11677 | $11486 |
| **7/31/2023** | $11288 | $11723 | $11525 |
| **8/31/2023** | $11166 | $11554 | $11354 |
| **9/30/2023** | $10852 | $11216 | $11013 |
| **10/31/2023** | $10720 | $11120 | $10955 |
| **11/30/2023** | $11315 | $11826 | $11633 |
| **12/31/2023** | $11591 | $12101 | $11916 |
| **1/31/2024** | $11600 | $12039 | $11839 |
| **2/29/2024** | $11620 | $12055 | $11841 |
| **3/31/2024** | $11640 | $12054 | $11822 |
| **4/30/2024** | $11509 | $11905 | $11651 |
| **5/31/2024** | $11498 | $11870 | $11543 |
| **6/30/2024** | $11695 | $12052 | $11726 |
| **7/31/2024** | $11805 | $12162 | $11837 |
| **8/31/2024** | $11882 | $12258 | $11948 |
| **9/30/2024** | $12025 | $12379 | $12061 |
| **10/31/2024** | $11849 | $12198 | $11852 |
| **11/30/2024** | $12060 | $12409 | $12038 |
| **12/31/2024** | $11906 | $12228 | $11878 |
| **1/31/2025** | $11930 | $12290 | $11955 |
| **2/28/2025** | $12055 | $12411 | $12088 |
| **3/31/2025** | $11868 | $12201 | $11866 |
| **4/30/2025** | $11758 | $12103 | $11789 |
| **5/31/2025** | $11748 | $12111 | $11857 |
| **6/30/2025** | $11829 | $12186 | $11951 |
| **7/31/2025** | $11786 | $12161 | $11968 |
| **8/31/2025** | $11889 | $12267 | $12074 |
| **9/30/2025** | $12140 | $12551 | $12287 |
| **10/31/2025** | $12276 | $12707 | $12424 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CJ8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 3.50% | 0.71% | 2.07% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.17% | 1.16% | 2.42% |
| Bloomberg Muni Managed Money Intermediate Index<sup>Footnote Reference(b)</sup> | 4.82% | 0.87% | 2.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from one 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $954092228 |
| Number of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3509081 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.92 years |
| Duration<sup>Footnote Reference†</sup> | 5.38 years |

---

---

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

---

# Transamerica Intermediate Muni

# Class I

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 5.6% |
| AA | 63.4 |
| A | 12.2 |
| BBB | 6.9 |
| BB | 0.4 |
| NR (Not Rated) | 6.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.0% |
| Repurchase Agreements | 10.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 3.80%, 06/15/2048 | 1.3% |
| Development Authority of Burke County, Revenue Bonds, 3.95%, 11/01/2052 | 1.2 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.00%, 10/01/2037 | 1.1 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, 4.00%, 11/15/2039 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AG), 5.25%, 07/01/2048 | 0.8 |
| Lancaster Financing Authority, Revenue Bonds, Series A, (BAM), 5.00%, 05/01/2054 | 0.8 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.7 |
| California Enterprise Development Authority, Revenue Bonds, Series A, 5.50%, 11/01/2059 | 0.7 |
| Public Finance Authority, Revenue Bonds, Series A-1, (BAM), 5.38%, 07/01/2047 | 0.7 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

# Transamerica Intermediate Muni
Class I

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Intermediate Muni

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica Intermediate Muni

# Class I2

## TIMTX
October 31, 2025

## Fund Overview
Transamerica Intermediate Muni (the "Fund") seeks to maximize total return through a combination of current income that is exempt from federal income tax and capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $51 | 0.50% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 3.52%. For the same period, the Fund's broad-based benchmark, the Bloomberg Municipal Bond Index, returned 4.17%. The performance benchmark, the Bloomberg Muni Managed Money Intermediate Index, returned 4.82% over the same period.

* The municipal bond market enjoyed gains during the fiscal year ended October 31, 2025. The 10-year Municipal/Treasury ratio ended the fiscal year at 66% compared to 70% in November 2024, reflecting richer relative valuations in municipal bonds. The municipal yield curve also steepened during the fiscal year, as short-term rates declined and long-term rates increased. Issuance remained robust, increasing approximately 10% year-over-year.

* Fund performance during the fiscal year was primarily driven by movements in the yield curve and the income generated from the securities held in the Fund.

* Yield curve steepening in the first half of the fiscal year was the primary detractor from returns. As the long-end of the municipal curve steepened in November 2024, the overweight to 20+ year maturities held by the Fund underperformed. 

* The sub-adviser trimmed exposure to these longer maturities throughout the fiscal year and the Fund ended the period with a lower duration profile than the benchmark. This was done to decrease overall interest rate sensitivity of the Fund while also taking advantage of what the sub-adviser viewed as attractive yield in the short and intermediate portions of the yield curve. 

* Revenue bonds contributed to active returns during the fiscal year. This was especially true in the housing sector where higher coupons, Federal Reserve easing and limited issuance pushed prices higher. 

* A-rated and AA-rated credits contributed to active returns, while lower quality credits broadly underperformed. 

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

# Transamerica Intermediate Muni

# Class I2

## Fund Overview

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

![Growth of 10K Chart](g67628g00v75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **Bloomberg Municipal Bond Index** | **Bloomberg Muni Managed Money Intermediate Index** |
| **9/30/2016** | $10000 | $10000 | $10000 |
| **10/31/2016** | $9882 | $9895 | $9891 |
| **11/30/2016** | $9399 | $9526 | $9489 |
| **12/31/2016** | $9540 | $9638 | $9617 |
| **1/31/2017** | $9583 | $9701 | $9683 |
| **2/28/2017** | $9654 | $9769 | $9747 |
| **3/31/2017** | $9698 | $9790 | $9768 |
| **4/30/2017** | $9784 | $9861 | $9856 |
| **5/31/2017** | $9930 | $10017 | $10018 |
| **6/30/2017** | $9896 | $9982 | $9970 |
| **7/31/2017** | $9966 | $10062 | $10050 |
| **8/31/2017** | $10062 | $10139 | $10116 |
| **9/30/2017** | $10010 | $10087 | $10051 |
| **10/31/2017** | $10029 | $10112 | $10068 |
| **11/30/2017** | $9978 | $10058 | $9978 |
| **12/31/2017** | $10085 | $10163 | $10086 |
| **1/31/2018** | $9947 | $10043 | $9954 |
| **2/28/2018** | $9907 | $10013 | $9915 |
| **3/31/2018** | $9962 | $10050 | $9946 |
| **4/30/2018** | $9921 | $10014 | $9912 |
| **5/31/2018** | $10039 | $10129 | $10019 |
| **6/30/2018** | $10042 | $10138 | $10029 |
| **7/31/2018** | $10081 | $10162 | $10057 |
| **8/31/2018** | $10103 | $10188 | $10075 |
| **9/30/2018** | $10045 | $10122 | $10006 |
| **10/31/2018** | $9968 | $10060 | $9950 |
| **11/30/2018** | $10081 | $10171 | $10076 |
| **12/31/2018** | $10203 | $10293 | $10209 |
| **1/31/2019** | $10290 | $10371 | $10310 |
| **2/28/2019** | $10349 | $10427 | $10366 |
| **3/31/2019** | $10508 | $10591 | $10507 |
| **4/30/2019** | $10531 | $10631 | $10529 |
| **5/31/2019** | $10682 | $10778 | $10672 |
| **6/30/2019** | $10733 | $10818 | $10712 |
| **7/31/2019** | $10830 | $10905 | $10811 |
| **8/31/2019** | $10982 | $11077 | $10961 |
| **9/30/2019** | $10906 | $10988 | $10852 |
| **10/31/2019** | $10930 | $11008 | $10874 |
| **11/30/2019** | $10944 | $11035 | $10898 |
| **12/31/2019** | $10968 | $11069 | $10934 |
| **1/31/2020** | $11149 | $11268 | $11136 |
| **2/29/2020** | $11304 | $11413 | $11256 |
| **3/31/2020** | $10854 | $10999 | $10964 |
| **4/30/2020** | $10701 | $10861 | $10887 |
| **5/31/2020** | $11024 | $11207 | $11279 |
| **6/30/2020** | $11113 | $11299 | $11295 |
| **7/31/2020** | $11295 | $11489 | $11468 |
| **8/31/2020** | $11262 | $11435 | $11396 |
| **9/30/2020** | $11258 | $11438 | $11404 |
| **10/31/2020** | $11251 | $11403 | $11360 |
| **11/30/2020** | $11406 | $11575 | $11519 |
| **12/31/2020** | $11477 | $11646 | $11558 |
| **1/31/2021** | $11548 | $11720 | $11596 |
| **2/28/2021** | $11387 | $11534 | $11387 |
| **3/31/2021** | $11451 | $11605 | $11447 |
| **4/30/2021** | $11573 | $11702 | $11535 |
| **5/31/2021** | $11637 | $11737 | $11550 |
| **6/30/2021** | $11682 | $11769 | $11563 |
| **7/31/2021** | $11775 | $11867 | $11668 |
| **8/31/2021** | $11724 | $11824 | $11630 |
| **9/30/2021** | $11625 | $11738 | $11531 |
| **10/31/2021** | $11604 | $11704 | $11493 |
| **11/30/2021** | $11727 | $11803 | $11581 |
| **12/31/2021** | $11745 | $11823 | $11602 |
| **1/31/2022** | $11413 | $11499 | $11256 |
| **2/28/2022** | $11345 | $11458 | $11225 |
| **3/31/2022** | $10954 | $11086 | $10856 |
| **4/30/2022** | $10543 | $10780 | $10565 |
| **5/31/2022** | $10679 | $10940 | $10755 |
| **6/30/2022** | $10406 | $10761 | $10626 |
| **7/31/2022** | $10739 | $11045 | $10926 |
| **8/31/2022** | $10425 | $10803 | $10690 |
| **9/30/2022** | $9914 | $10388 | $10302 |
| **10/31/2022** | $9786 | $10302 | $10264 |
| **11/30/2022** | $10370 | $10784 | $10707 |
| **12/31/2022** | $10352 | $10815 | $10764 |
| **1/31/2023** | $10711 | $11125 | $11065 |
| **2/28/2023** | $10437 | $10874 | $10798 |
| **3/31/2023** | $10659 | $11115 | $11058 |
| **4/30/2023** | $10663 | $11090 | $11012 |
| **5/31/2023** | $10577 | $10993 | $10874 |
| **6/30/2023** | $10692 | $11104 | $10966 |
| **7/31/2023** | $10716 | $11147 | $11004 |
| **8/31/2023** | $10591 | $10987 | $10840 |
| **9/30/2023** | $10295 | $10665 | $10515 |
| **10/31/2023** | $10179 | $10574 | $10459 |
| **11/30/2023** | $10744 | $11246 | $11106 |
| **12/31/2023** | $11007 | $11507 | $11377 |
| **1/31/2024** | $11015 | $11448 | $11303 |
| **2/29/2024** | $11035 | $11463 | $11305 |
| **3/31/2024** | $11055 | $11462 | $11286 |
| **4/30/2024** | $10921 | $11320 | $11123 |
| **5/31/2024** | $10921 | $11287 | $11021 |
| **6/30/2024** | $11108 | $11460 | $11195 |
| **7/31/2024** | $11213 | $11565 | $11301 |
| **8/31/2024** | $11286 | $11656 | $11407 |
| **9/30/2024** | $11412 | $11771 | $11515 |
| **10/31/2024** | $11256 | $11599 | $11316 |
| **11/30/2024** | $11446 | $11800 | $11493 |
| **12/31/2024** | $11300 | $11628 | $11340 |
| **1/31/2025** | $11323 | $11686 | $11414 |
| **2/28/2025** | $11442 | $11802 | $11540 |
| **3/31/2025** | $11264 | $11602 | $11329 |
| **4/30/2025** | $11160 | $11509 | $11255 |
| **5/31/2025** | $11150 | $11516 | $11320 |
| **6/30/2025** | $11228 | $11588 | $11410 |
| **7/31/2025** | $11187 | $11564 | $11426 |
| **8/31/2025** | $11285 | $11665 | $11527 |
| **9/30/2025** | $11523 | $11935 | $11731 |
| **10/31/2025** | $11652 | $12083 | $11861 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CJ4 | **1 Year** | **5 Years** | **Since Inception 9/30/16** |
| Class I2 | 3.52% | 0.70% | 1.70% |
| Bloomberg Municipal Bond Index<sup>Footnote Reference(a)</sup> | 4.17% | 1.16% | 2.10% |
| Bloomberg Muni Managed Money Intermediate Index<sup>Footnote Reference(b)</sup> | 4.82% | 0.87% | 1.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Bloomberg Muni Managed Money Intermediate Index is comprised of tax-exempt bonds with maturities ranging from one 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. Performance reflects no deduction for fees, expenses or taxes. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $954092228 |
| Number of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3509081 |
| Average Maturity<sup>Footnote Reference§</sup> | 6.92 years |
| Duration<sup>Footnote Reference†</sup> | 5.38 years |

---

---

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

---

# Transamerica Intermediate Muni

# Class I2

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| AAA | 5.6% |
| AA | 63.4 |
| A | 12.2 |
| BBB | 6.9 |
| BB | 0.4 |
| NR (Not Rated) | 6.1 |

---

---

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

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Municipal Government Obligations | 95.0% |
| Repurchase Agreements | 10.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (5.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| New York City Municipal Water Finance Authority, Revenue Bonds, Series AA-6, 3.80%, 06/15/2048 | 1.3% |
| Development Authority of Burke County, Revenue Bonds, 3.95%, 11/01/2052 | 1.2 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.00%, 10/01/2037 | 1.1 |
| Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Series A, 4.00%, 11/15/2039 | 0.8 |
| Isle Wight County Industrial Development Authority, Revenue Bonds, (AG), 5.25%, 07/01/2048 | 0.8 |
| Lancaster Financing Authority, Revenue Bonds, Series A, (BAM), 5.00%, 05/01/2054 | 0.8 |
| New York State Dormitory Authority, Revenue Bonds, Series A, 5.50%, 07/01/2054 | 0.7 |
| California Enterprise Development Authority, Revenue Bonds, Series A, 5.50%, 11/01/2059 | 0.7 |
| Public Finance Authority, Revenue Bonds, Series A-1, (BAM), 5.38%, 07/01/2047 | 0.7 |
| Fishers Town Hall Building Corp., Revenue Bonds, Series A, (BAM), 5.75%, 07/15/2058 | 0.7 |

---

# Transamerica Intermediate Muni
Class I2

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

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

# Transamerica Intermediate Muni

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class A

## TRWAX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $140 | 1.26% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 22.45%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class A

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g00e67.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **MSCI EAFE Index** |
| **10/31/2015** | $9450 | $10000 |
| **11/30/2015** | $9293 | $9846 |
| **12/31/2015** | $9161 | $9715 |
| **1/31/2016** | $8604 | $9013 |
| **2/29/2016** | $8342 | $8851 |
| **3/31/2016** | $8955 | $9435 |
| **4/30/2016** | $9077 | $9718 |
| **5/31/2016** | $9072 | $9642 |
| **6/30/2016** | $8671 | $9322 |
| **7/31/2016** | $9111 | $9796 |
| **8/31/2016** | $9233 | $9804 |
| **9/30/2016** | $9306 | $9929 |
| **10/31/2016** | $9183 | $9726 |
| **11/30/2016** | $8955 | $9534 |
| **12/31/2016** | $9178 | $9862 |
| **1/31/2017** | $9416 | $10148 |
| **2/28/2017** | $9506 | $10295 |
| **3/31/2017** | $9828 | $10590 |
| **4/30/2017** | $10100 | $10868 |
| **5/31/2017** | $10428 | $11281 |
| **6/30/2017** | $10405 | $11264 |
| **7/31/2017** | $10625 | $11590 |
| **8/31/2017** | $10529 | $11587 |
| **9/30/2017** | $10772 | $11880 |
| **10/31/2017** | $10902 | $12062 |
| **11/30/2017** | $11049 | $12190 |
| **12/31/2017** | $11218 | $12388 |
| **1/31/2018** | $11781 | $13010 |
| **2/28/2018** | $11235 | $12425 |
| **3/31/2018** | $11154 | $12213 |
| **4/30/2018** | $11311 | $12505 |
| **5/31/2018** | $11061 | $12241 |
| **6/30/2018** | $10892 | $12095 |
| **7/31/2018** | $11160 | $12393 |
| **8/31/2018** | $10950 | $12156 |
| **9/30/2018** | $10979 | $12266 |
| **10/31/2018** | $10050 | $11291 |
| **11/30/2018** | $10033 | $11278 |
| **12/31/2018** | $9401 | $10733 |
| **1/31/2019** | $10049 | $11440 |
| **2/28/2019** | $10159 | $11733 |
| **3/31/2019** | $10147 | $11820 |
| **4/30/2019** | $10525 | $12164 |
| **5/31/2019** | $9768 | $11597 |
| **6/30/2019** | $10379 | $12289 |
| **7/31/2019** | $10159 | $12134 |
| **8/31/2019** | $9939 | $11821 |
| **9/30/2019** | $10336 | $12166 |
| **10/31/2019** | $10782 | $12604 |
| **11/30/2019** | $10935 | $12748 |
| **12/31/2019** | $11344 | $13165 |
| **1/31/2020** | $10931 | $12891 |
| **2/29/2020** | $10043 | $11727 |
| **3/31/2020** | $8261 | $10174 |
| **4/30/2020** | $8967 | $10840 |
| **5/31/2020** | $9392 | $11318 |
| **6/30/2020** | $9799 | $11708 |
| **7/31/2020** | $9999 | $11983 |
| **8/31/2020** | $10493 | $12601 |
| **9/30/2020** | $10293 | $12279 |
| **10/31/2020** | $9836 | $11790 |
| **11/30/2020** | $11437 | $13619 |
| **12/31/2020** | $12062 | $14255 |
| **1/31/2021** | $11999 | $14104 |
| **2/28/2021** | $12358 | $14422 |
| **3/31/2021** | $12786 | $14768 |
| **4/30/2021** | $13157 | $15224 |
| **5/31/2021** | $13629 | $15735 |
| **6/30/2021** | $13352 | $15563 |
| **7/31/2021** | $13377 | $15681 |
| **8/31/2021** | $13541 | $15959 |
| **9/30/2021** | $13050 | $15508 |
| **10/31/2021** | $13447 | $15893 |
| **11/30/2021** | $12855 | $15156 |
| **12/31/2021** | $13600 | $15933 |
| **1/31/2022** | $13339 | $15164 |
| **2/28/2022** | $12929 | $14898 |
| **3/31/2022** | $12675 | $15011 |
| **4/30/2022** | $11966 | $14052 |
| **5/31/2022** | $12272 | $14178 |
| **6/30/2022** | $11028 | $12865 |
| **7/31/2022** | $11555 | $13508 |
| **8/31/2022** | $10761 | $12868 |
| **9/30/2022** | $9726 | $11670 |
| **10/31/2022** | $10436 | $12298 |
| **11/30/2022** | $11809 | $13686 |
| **12/31/2022** | $11633 | $13700 |
| **1/31/2023** | $12622 | $14812 |
| **2/28/2023** | $12282 | $14504 |
| **3/31/2023** | $12531 | $14882 |
| **4/30/2023** | $12865 | $15318 |
| **5/31/2023** | $12347 | $14689 |
| **6/30/2023** | $12825 | $15362 |
| **7/31/2023** | $13186 | $15861 |
| **8/31/2023** | $12688 | $15255 |
| **9/30/2023** | $12223 | $14740 |
| **10/31/2023** | $11764 | $14144 |
| **11/30/2023** | $12668 | $15459 |
| **12/31/2023** | $13439 | $16283 |
| **1/31/2024** | $13298 | $16379 |
| **2/29/2024** | $13520 | $16680 |
| **3/31/2024** | $13918 | $17248 |
| **4/30/2024** | $13486 | $16825 |
| **5/31/2024** | $14214 | $17498 |
| **6/30/2024** | $13864 | $17220 |
| **7/31/2024** | $14409 | $17727 |
| **8/31/2024** | $14867 | $18305 |
| **9/30/2024** | $14989 | $18482 |
| **10/31/2024** | $14153 | $17479 |
| **11/30/2024** | $14234 | $17383 |
| **12/31/2024** | $13862 | $16991 |
| **1/31/2025** | $14574 | $17886 |
| **2/28/2025** | $15182 | $18235 |
| **3/31/2025** | $15196 | $18182 |
| **4/30/2025** | $15500 | $19034 |
| **5/31/2025** | $16302 | $19933 |
| **6/30/2025** | $16738 | $20376 |
| **7/31/2025** | $16281 | $20092 |
| **8/31/2025** | $16876 | $20951 |
| **9/30/2025** | $17125 | $21361 |
| **10/31/2025** | $17339 | $21615 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C51 | **1 Year** | **5 Years** | **10 Years** |
| Class A with Load | 15.79% | 10.74% | 5.66% |
| Class A | 22.45% | 12.01% | 6.26% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class A

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class A

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class C

## TRWCX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $212 | 1.91% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class C shares at NAV returned 21.71%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class C

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g66z15.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with load** | **MSCI EAFE Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9831 | $9846 |
| **12/31/2015** | $9688 | $9715 |
| **1/31/2016** | $9093 | $9013 |
| **2/29/2016** | $8814 | $8851 |
| **3/31/2016** | $9456 | $9435 |
| **4/30/2016** | $9581 | $9718 |
| **5/31/2016** | $9569 | $9642 |
| **6/30/2016** | $9135 | $9322 |
| **7/31/2016** | $9599 | $9796 |
| **8/31/2016** | $9718 | $9804 |
| **9/30/2016** | $9790 | $9929 |
| **10/31/2016** | $9653 | $9726 |
| **11/30/2016** | $9409 | $9534 |
| **12/31/2016** | $9639 | $9862 |
| **1/31/2017** | $9879 | $10148 |
| **2/28/2017** | $9969 | $10295 |
| **3/31/2017** | $10305 | $10590 |
| **4/30/2017** | $10580 | $10868 |
| **5/31/2017** | $10916 | $11281 |
| **6/30/2017** | $10886 | $11264 |
| **7/31/2017** | $11114 | $11590 |
| **8/31/2017** | $11006 | $11587 |
| **10/31/2017** | $11378 | $12062 |
| **11/30/2017** | $11522 | $12190 |
| **12/31/2017** | $11688 | $12388 |
| **1/31/2018** | $12271 | $13010 |
| **2/28/2018** | $11700 | $12425 |
| **3/31/2018** | $11602 | $12213 |
| **4/30/2018** | $11762 | $12505 |
| **5/31/2018** | $11492 | $12241 |
| **6/30/2018** | $11314 | $12095 |
| **7/31/2018** | $11584 | $12393 |
| **8/31/2018** | $11357 | $12156 |
| **9/30/2018** | $11381 | $12266 |
| **10/31/2018** | $10412 | $11291 |
| **11/30/2018** | $10387 | $11278 |
| **12/31/2018** | $9727 | $10733 |
| **1/31/2019** | $10392 | $11440 |
| **2/28/2019** | $10500 | $11733 |
| **3/31/2019** | $10481 | $11820 |
| **4/30/2019** | $10865 | $12164 |
| **5/31/2019** | $10078 | $11597 |
| **6/30/2019** | $10699 | $12289 |
| **7/31/2019** | $10462 | $12134 |
| **8/31/2019** | $10232 | $11821 |
| **9/30/2019** | $10641 | $12166 |
| **10/31/2019** | $11089 | $12604 |
| **11/30/2019** | $11242 | $12748 |
| **12/31/2019** | $11660 | $13165 |
| **1/31/2020** | $11225 | $12891 |
| **2/29/2020** | $10308 | $11727 |
| **3/31/2020** | $8469 | $10174 |
| **4/30/2020** | $9190 | $10840 |
| **5/31/2020** | $9619 | $11318 |
| **6/30/2020** | $10029 | $11708 |
| **7/31/2020** | $10230 | $11983 |
| **8/31/2020** | $10731 | $12601 |
| **9/30/2020** | $10516 | $12279 |
| **10/31/2020** | $10048 | $11790 |
| **11/30/2020** | $11680 | $13619 |
| **12/31/2020** | $12310 | $14255 |
| **1/31/2021** | $12239 | $14104 |
| **2/28/2021** | $12590 | $14422 |
| **3/31/2021** | $13019 | $14768 |
| **4/30/2021** | $13389 | $15224 |
| **5/31/2021** | $13864 | $15735 |
| **6/30/2021** | $13578 | $15563 |
| **7/31/2021** | $13597 | $15681 |
| **8/31/2021** | $13753 | $15959 |
| **9/30/2021** | $13246 | $15508 |
| **10/31/2021** | $13643 | $15893 |
| **11/30/2021** | $13038 | $15156 |
| **12/31/2021** | $13787 | $15933 |
| **1/31/2022** | $13513 | $15164 |
| **2/28/2022** | $13093 | $14898 |
| **3/31/2022** | $12826 | $15011 |
| **4/30/2022** | $12105 | $14052 |
| **5/31/2022** | $12406 | $14178 |
| **6/30/2022** | $11144 | $12865 |
| **7/31/2022** | $11665 | $13508 |
| **8/31/2022** | $10857 | $12868 |
| **9/30/2022** | $9810 | $11670 |
| **10/31/2022** | $10524 | $12298 |
| **11/30/2022** | $11898 | $13686 |
| **12/31/2022** | $11712 | $13700 |
| **1/31/2023** | $12706 | $14812 |
| **2/28/2023** | $12352 | $14504 |
| **3/31/2023** | $12592 | $14882 |
| **4/30/2023** | $12926 | $15318 |
| **5/31/2023** | $12399 | $14689 |
| **6/30/2023** | $12866 | $15362 |
| **7/31/2023** | $13226 | $15861 |
| **8/31/2023** | $12719 | $15255 |
| **9/30/2023** | $12245 | $14740 |
| **10/31/2023** | $11778 | $14144 |
| **11/30/2023** | $12679 | $15459 |
| **12/31/2023** | $13447 | $16283 |
| **1/31/2024** | $13290 | $16379 |
| **2/29/2024** | $13508 | $16680 |
| **3/31/2024** | $13896 | $17248 |
| **4/30/2024** | $13461 | $16825 |
| **5/31/2024** | $14176 | $17498 |
| **6/30/2024** | $13821 | $17220 |
| **7/31/2024** | $14353 | $17727 |
| **8/31/2024** | $14802 | $18305 |
| **9/30/2024** | $14911 | $18482 |
| **10/31/2024** | $14080 | $17479 |
| **11/30/2024** | $14148 | $17383 |
| **12/31/2024** | $13774 | $16991 |
| **1/31/2025** | $14467 | $17886 |
| **2/28/2025** | $15071 | $18235 |
| **3/31/2025** | $15071 | $18182 |
| **4/30/2025** | $15362 | $19034 |
| **5/31/2025** | $16153 | $19933 |
| **6/30/2025** | $16576 | $20376 |
| **7/31/2025** | $16118 | $20092 |
| **8/31/2025** | $16694 | $20951 |
| **9/30/2025** | $16936 | $21361 |
| **10/31/2025** | $17137 | $21615 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C53 | **1 Year** | **5 Years** | **10 Years** |
| Class C with Load | 20.71% | 11.27% | 5.53% |
| Class C | 21.71% | 11.27% | 5.53% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class C

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class C

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class C
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class I

## TSWIX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $97 | 0.87% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 23.00%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class I

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g44o34.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9841 | $9846 |
| **12/31/2015** | $9702 | $9715 |
| **1/31/2016** | $9119 | $9013 |
| **2/29/2016** | $8839 | $8851 |
| **3/31/2016** | $9492 | $9435 |
| **4/30/2016** | $9626 | $9718 |
| **5/31/2016** | $9626 | $9642 |
| **6/30/2016** | $9200 | $9322 |
| **7/31/2016** | $9673 | $9796 |
| **8/31/2016** | $9807 | $9804 |
| **9/30/2016** | $9882 | $9929 |
| **10/31/2016** | $9754 | $9726 |
| **11/30/2016** | $9515 | $9534 |
| **12/31/2016** | $9756 | $9862 |
| **1/31/2017** | $10012 | $10148 |
| **2/28/2017** | $10107 | $10295 |
| **3/31/2017** | $10457 | $10590 |
| **4/30/2017** | $10742 | $10868 |
| **5/31/2017** | $11099 | $11281 |
| **6/30/2017** | $11075 | $11264 |
| **7/31/2017** | $11319 | $11590 |
| **8/31/2017** | $11218 | $11587 |
| **10/31/2017** | $11616 | $12062 |
| **11/30/2017** | $11776 | $12190 |
| **12/31/2017** | $11959 | $12388 |
| **1/31/2018** | $12560 | $13010 |
| **2/28/2018** | $11984 | $12425 |
| **3/31/2018** | $11898 | $12213 |
| **4/30/2018** | $12076 | $12505 |
| **5/31/2018** | $11806 | $12241 |
| **6/30/2018** | $11635 | $12095 |
| **7/31/2018** | $11923 | $12393 |
| **8/31/2018** | $11696 | $12156 |
| **9/30/2018** | $11739 | $12266 |
| **10/31/2018** | $10746 | $11291 |
| **11/30/2018** | $10728 | $11278 |
| **12/31/2018** | $10057 | $10733 |
| **1/31/2019** | $10755 | $11440 |
| **2/28/2019** | $10878 | $11733 |
| **3/31/2019** | $10865 | $11820 |
| **4/30/2019** | $11272 | $12164 |
| **5/31/2019** | $10471 | $11597 |
| **6/30/2019** | $11124 | $12289 |
| **7/31/2019** | $10891 | $12134 |
| **8/31/2019** | $10658 | $11821 |
| **9/30/2019** | $11091 | $12166 |
| **10/31/2019** | $11570 | $12604 |
| **11/30/2019** | $11738 | $12748 |
| **12/31/2019** | $12182 | $13165 |
| **1/31/2020** | $11743 | $12891 |
| **2/29/2020** | $10793 | $11727 |
| **3/31/2020** | $8879 | $10174 |
| **4/30/2020** | $9643 | $10840 |
| **5/31/2020** | $10102 | $11318 |
| **6/30/2020** | $10540 | $11708 |
| **7/31/2020** | $10760 | $11983 |
| **8/31/2020** | $11298 | $12601 |
| **9/30/2020** | $11085 | $12279 |
| **10/31/2020** | $10600 | $11790 |
| **11/30/2020** | $12328 | $13619 |
| **12/31/2020** | $13007 | $14255 |
| **1/31/2021** | $12946 | $14104 |
| **2/28/2021** | $13330 | $14422 |
| **3/31/2021** | $13801 | $14768 |
| **4/30/2021** | $14198 | $15224 |
| **5/31/2021** | $14716 | $15735 |
| **6/30/2021** | $14427 | $15563 |
| **7/31/2021** | $14460 | $15681 |
| **8/31/2021** | $14642 | $15959 |
| **9/30/2021** | $14110 | $15508 |
| **10/31/2021** | $14548 | $15893 |
| **11/30/2021** | $13915 | $15156 |
| **12/31/2021** | $14720 | $15933 |
| **1/31/2022** | $14441 | $15164 |
| **2/28/2022** | $14009 | $14898 |
| **3/31/2022** | $13737 | $15011 |
| **4/30/2022** | $12977 | $14052 |
| **5/31/2022** | $13319 | $14178 |
| **6/30/2022** | $11973 | $12865 |
| **7/31/2022** | $12545 | $13508 |
| **8/31/2022** | $11687 | $12868 |
| **9/30/2022** | $10571 | $11670 |
| **10/31/2022** | $11343 | $12298 |
| **11/30/2022** | $12843 | $13686 |
| **12/31/2022** | $12651 | $13700 |
| **1/31/2023** | $13737 | $14812 |
| **2/28/2023** | $13370 | $14504 |
| **3/31/2023** | $13645 | $14882 |
| **4/30/2023** | $14012 | $15318 |
| **5/31/2023** | $13455 | $14689 |
| **6/30/2023** | $13976 | $15362 |
| **7/31/2023** | $14378 | $15861 |
| **8/31/2023** | $13835 | $15255 |
| **9/30/2023** | $13335 | $14740 |
| **10/31/2023** | $12834 | $14144 |
| **11/30/2023** | $13835 | $15459 |
| **12/31/2023** | $14679 | $16283 |
| **1/31/2024** | $14526 | $16379 |
| **2/29/2024** | $14773 | $16680 |
| **3/31/2024** | $15217 | $17248 |
| **4/30/2024** | $14752 | $16825 |
| **5/31/2024** | $15545 | $17498 |
| **6/30/2024** | $15174 | $17220 |
| **7/31/2024** | $15770 | $17727 |
| **8/31/2024** | $16273 | $18305 |
| **9/30/2024** | $16411 | $18482 |
| **10/31/2024** | $15508 | $17479 |
| **11/30/2024** | $15596 | $17383 |
| **12/31/2024** | $15198 | $16991 |
| **1/31/2025** | $15978 | $17886 |
| **2/28/2025** | $16660 | $18235 |
| **3/31/2025** | $16675 | $18182 |
| **4/30/2025** | $17013 | $19034 |
| **5/31/2025** | $17905 | $19933 |
| **6/30/2025** | $18385 | $20376 |
| **7/31/2025** | $17890 | $20092 |
| **8/31/2025** | $18550 | $20951 |
| **9/30/2025** | $18835 | $21361 |
| **10/31/2025** | $19075 | $21615 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C58 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 23.00% | 12.47% | 6.67% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class I

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class I

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class I2

## TRWIX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $86 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 23.07%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class I2

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g18s58.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I2** | **MSCI EAFE Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9841 | $9846 |
| **12/31/2015** | $9704 | $9715 |
| **1/31/2016** | $9115 | $9013 |
| **2/29/2016** | $8841 | $8851 |
| **3/31/2016** | $9500 | $9435 |
| **4/30/2016** | $9628 | $9718 |
| **5/31/2016** | $9628 | $9642 |
| **6/30/2016** | $9202 | $9322 |
| **7/31/2016** | $9680 | $9796 |
| **8/31/2016** | $9809 | $9804 |
| **9/30/2016** | $9884 | $9929 |
| **10/31/2016** | $9762 | $9726 |
| **11/30/2016** | $9523 | $9534 |
| **12/31/2016** | $9767 | $9862 |
| **1/31/2017** | $10022 | $10148 |
| **2/28/2017** | $10117 | $10295 |
| **3/31/2017** | $10468 | $10590 |
| **4/30/2017** | $10759 | $10868 |
| **5/31/2017** | $11116 | $11281 |
| **6/30/2017** | $11092 | $11264 |
| **7/31/2017** | $11336 | $11590 |
| **8/31/2017** | $11235 | $11587 |
| **10/31/2017** | $11639 | $12062 |
| **11/30/2017** | $11799 | $12190 |
| **12/31/2017** | $11980 | $12388 |
| **1/31/2018** | $12588 | $13010 |
| **2/28/2018** | $12011 | $12425 |
| **3/31/2018** | $11925 | $12213 |
| **4/30/2018** | $12103 | $12505 |
| **5/31/2018** | $11833 | $12241 |
| **6/30/2018** | $11661 | $12095 |
| **7/31/2018** | $11956 | $12393 |
| **8/31/2018** | $11729 | $12156 |
| **9/30/2018** | $11766 | $12266 |
| **10/31/2018** | $10778 | $11291 |
| **11/30/2018** | $10759 | $11278 |
| **12/31/2018** | $10086 | $10733 |
| **1/31/2019** | $10787 | $11440 |
| **2/28/2019** | $10910 | $11733 |
| **3/31/2019** | $10903 | $11820 |
| **4/30/2019** | $11312 | $12164 |
| **5/31/2019** | $10508 | $11597 |
| **6/30/2019** | $11163 | $12289 |
| **7/31/2019** | $10929 | $12134 |
| **8/31/2019** | $10696 | $11821 |
| **9/30/2019** | $11130 | $12166 |
| **10/31/2019** | $11610 | $12604 |
| **11/30/2019** | $11785 | $12748 |
| **12/31/2019** | $12235 | $13165 |
| **1/31/2020** | $11788 | $12891 |
| **2/29/2020** | $10841 | $11727 |
| **3/31/2020** | $8915 | $10174 |
| **4/30/2020** | $9681 | $10840 |
| **5/31/2020** | $10141 | $11318 |
| **6/30/2020** | $10588 | $11708 |
| **7/31/2020** | $10808 | $11983 |
| **8/31/2020** | $11348 | $12601 |
| **9/30/2020** | $11135 | $12279 |
| **10/31/2020** | $10648 | $11790 |
| **11/30/2020** | $12388 | $13619 |
| **12/31/2020** | $13073 | $14255 |
| **1/31/2021** | $13005 | $14104 |
| **2/28/2021** | $13397 | $14422 |
| **3/31/2021** | $13870 | $14768 |
| **4/30/2021** | $14275 | $15224 |
| **5/31/2021** | $14789 | $15735 |
| **6/30/2021** | $14505 | $15563 |
| **7/31/2021** | $14539 | $15681 |
| **8/31/2021** | $14721 | $15959 |
| **9/30/2021** | $14188 | $15508 |
| **10/31/2021** | $14627 | $15893 |
| **11/30/2021** | $13992 | $15156 |
| **12/31/2021** | $14806 | $15933 |
| **1/31/2022** | $14526 | $15164 |
| **2/28/2022** | $14091 | $14898 |
| **3/31/2022** | $13818 | $15011 |
| **4/30/2022** | $13047 | $14052 |
| **5/31/2022** | $13391 | $14178 |
| **6/30/2022** | $12038 | $12865 |
| **7/31/2022** | $12613 | $13508 |
| **8/31/2022** | $11751 | $12868 |
| **9/30/2022** | $10630 | $11670 |
| **10/31/2022** | $11408 | $12298 |
| **11/30/2022** | $12921 | $13686 |
| **12/31/2022** | $12727 | $13700 |
| **1/31/2023** | $13819 | $14812 |
| **2/28/2023** | $13450 | $14504 |
| **3/31/2023** | $13726 | $14882 |
| **4/30/2023** | $14102 | $15318 |
| **5/31/2023** | $13535 | $14689 |
| **6/30/2023** | $14067 | $15362 |
| **7/31/2023** | $14478 | $15861 |
| **8/31/2023** | $13932 | $15255 |
| **9/30/2023** | $13429 | $14740 |
| **10/31/2023** | $12926 | $14144 |
| **11/30/2023** | $13925 | $15459 |
| **12/31/2023** | $14779 | $16283 |
| **1/31/2024** | $14625 | $16379 |
| **2/29/2024** | $14881 | $16680 |
| **3/31/2024** | $15328 | $17248 |
| **4/30/2024** | $14859 | $16825 |
| **5/31/2024** | $15665 | $17498 |
| **6/30/2024** | $15284 | $17220 |
| **7/31/2024** | $15892 | $17727 |
| **8/31/2024** | $16397 | $18305 |
| **9/30/2024** | $16543 | $18482 |
| **10/31/2024** | $15635 | $17479 |
| **11/30/2024** | $15723 | $17383 |
| **12/31/2024** | $15325 | $16991 |
| **1/31/2025** | $16110 | $17886 |
| **2/28/2025** | $16797 | $18235 |
| **3/31/2025** | $16812 | $18182 |
| **4/30/2025** | $17152 | $19034 |
| **5/31/2025** | $18058 | $19933 |
| **6/30/2025** | $18541 | $20376 |
| **7/31/2025** | $18043 | $20092 |
| **8/31/2025** | $18707 | $20951 |
| **9/30/2025** | $19001 | $21361 |
| **10/31/2025** | $19243 | $21615 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C54 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 23.07% | 12.56% | 6.76% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class I2

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class I2

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class I3

## TRWTX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I3 | $86 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I3 shares at NAV returned 23.07%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class I3

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g65t25.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I3** | **MSCI EAFE Index** |
| **3/10/2017** | $10000 | $10000 |
| **4/30/2017** | $10215 | $10305 |
| **5/31/2017** | $10499 | $10575 |
| **6/30/2017** | $10847 | $10978 |
| **7/31/2017** | $10824 | $10962 |
| **8/31/2017** | $11061 | $11278 |
| **9/30/2017** | $10963 | $11276 |
| **10/31/2017** | $11357 | $11737 |
| **11/30/2017** | $11514 | $11862 |
| **12/31/2017** | $11694 | $12055 |
| **1/31/2018** | $12283 | $12660 |
| **2/28/2018** | $11723 | $12091 |
| **3/31/2018** | $11634 | $11884 |
| **4/30/2018** | $11807 | $12169 |
| **5/31/2018** | $11551 | $11912 |
| **6/30/2018** | $11378 | $11770 |
| **7/31/2018** | $11664 | $12060 |
| **8/31/2018** | $11444 | $11829 |
| **9/30/2018** | $11485 | $11936 |
| **10/31/2018** | $10516 | $10987 |
| **11/30/2018** | $10498 | $10975 |
| **12/31/2018** | $9845 | $10445 |
| **1/31/2019** | $10524 | $11133 |
| **2/28/2019** | $10650 | $11418 |
| **3/31/2019** | $10637 | $11502 |
| **4/30/2019** | $11033 | $11837 |
| **5/31/2019** | $10254 | $11285 |
| **6/30/2019** | $10895 | $11958 |
| **7/31/2019** | $10662 | $11808 |
| **8/31/2019** | $10436 | $11504 |
| **9/30/2019** | $10863 | $11839 |
| **10/31/2019** | $11335 | $12265 |
| **11/30/2019** | $11498 | $12406 |
| **12/31/2019** | $11934 | $12811 |
| **1/31/2020** | $11508 | $12544 |
| **2/29/2020** | $10577 | $11412 |
| **3/31/2020** | $8697 | $9900 |
| **4/30/2020** | $9446 | $10548 |
| **5/31/2020** | $9899 | $11014 |
| **6/30/2020** | $10332 | $11393 |
| **7/31/2020** | $10551 | $11661 |
| **8/31/2020** | $11075 | $12262 |
| **9/30/2020** | $10868 | $11949 |
| **10/31/2020** | $10390 | $11473 |
| **11/30/2020** | $12089 | $13253 |
| **12/31/2020** | $12752 | $13871 |
| **1/31/2021** | $12694 | $13725 |
| **2/28/2021** | $13073 | $14035 |
| **3/31/2021** | $13531 | $14371 |
| **4/30/2021** | $13931 | $14815 |
| **5/31/2021** | $14435 | $15312 |
| **6/30/2021** | $14153 | $15144 |
| **7/31/2021** | $14186 | $15260 |
| **8/31/2021** | $14363 | $15530 |
| **9/30/2021** | $13846 | $15091 |
| **10/31/2021** | $14278 | $15466 |
| **11/30/2021** | $13656 | $14748 |
| **12/31/2021** | $14445 | $15505 |
| **1/31/2022** | $14180 | $14757 |
| **2/28/2022** | $13752 | $14497 |
| **3/31/2022** | $13481 | $14607 |
| **4/30/2022** | $12734 | $13675 |
| **5/31/2022** | $13067 | $13797 |
| **6/30/2022** | $11750 | $12519 |
| **7/31/2022** | $12313 | $13145 |
| **8/31/2022** | $11472 | $12522 |
| **9/30/2022** | $10372 | $11356 |
| **10/31/2022** | $11132 | $11968 |
| **11/30/2022** | $12605 | $13318 |
| **12/31/2022** | $12417 | $13332 |
| **1/31/2023** | $13488 | $14413 |
| **2/28/2023** | $13131 | $14114 |
| **3/31/2023** | $13399 | $14482 |
| **4/30/2023** | $13763 | $14906 |
| **5/31/2023** | $13213 | $14294 |
| **6/30/2023** | $13728 | $14949 |
| **7/31/2023** | $14126 | $15434 |
| **8/31/2023** | $13591 | $14845 |
| **9/30/2023** | $13104 | $14344 |
| **10/31/2023** | $12609 | $13764 |
| **11/30/2023** | $13591 | $15044 |
| **12/31/2023** | $14425 | $15846 |
| **1/31/2024** | $14276 | $15938 |
| **2/29/2024** | $14517 | $16232 |
| **3/31/2024** | $14957 | $16785 |
| **4/30/2024** | $14496 | $16373 |
| **5/31/2024** | $15283 | $17028 |
| **6/30/2024** | $14914 | $16757 |
| **7/31/2024** | $15503 | $17250 |
| **8/31/2024** | $16006 | $17813 |
| **9/30/2024** | $16141 | $17985 |
| **10/31/2024** | $15254 | $17009 |
| **11/30/2024** | $15340 | $16916 |
| **12/31/2024** | $14952 | $16534 |
| **1/31/2025** | $15720 | $17405 |
| **2/28/2025** | $16392 | $17745 |
| **3/31/2025** | $16406 | $17693 |
| **4/30/2025** | $16743 | $18523 |
| **5/31/2025** | $17620 | $19397 |
| **6/30/2025** | $18095 | $19829 |
| **7/31/2025** | $17612 | $19552 |
| **8/31/2025** | $18255 | $20388 |
| **9/30/2025** | $18540 | $20787 |
| **10/31/2025** | $18782 | $21034 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C5D | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class I3 | 23.07% | 12.56% | 7.56% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class I3

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class I3

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class I3
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class R

## TRWRX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $143 | 1.29% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R shares at NAV returned 22.41%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class R

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g72f17.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI EAFE Index** |
| **3/10/2017** | $10000 | $10000 |
| **4/30/2017** | $10209 | $10305 |
| **5/31/2017** | $10493 | $10575 |
| **6/30/2017** | $10829 | $10978 |
| **7/31/2017** | $10806 | $10962 |
| **8/31/2017** | $11038 | $11278 |
| **9/30/2017** | $10940 | $11276 |
| **10/31/2017** | $11322 | $11737 |
| **11/30/2017** | $11473 | $11862 |
| **12/31/2017** | $11647 | $12055 |
| **1/31/2018** | $12232 | $12660 |
| **2/28/2018** | $11665 | $12091 |
| **3/31/2018** | $11576 | $11884 |
| **4/30/2018** | $11741 | $12169 |
| **5/31/2018** | $11481 | $11912 |
| **6/30/2018** | $11304 | $11770 |
| **7/31/2018** | $11582 | $12060 |
| **8/31/2018** | $11363 | $11829 |
| **9/30/2018** | $11393 | $11936 |
| **10/31/2018** | $10430 | $10987 |
| **11/30/2018** | $10412 | $10975 |
| **12/31/2018** | $9757 | $10445 |
| **1/31/2019** | $10427 | $11133 |
| **2/28/2019** | $10545 | $11418 |
| **3/31/2019** | $10532 | $11502 |
| **4/30/2019** | $10917 | $11837 |
| **5/31/2019** | $10135 | $11285 |
| **6/30/2019** | $10768 | $11958 |
| **7/31/2019** | $10539 | $11808 |
| **8/31/2019** | $10309 | $11504 |
| **9/30/2019** | $10725 | $11839 |
| **10/31/2019** | $11184 | $12265 |
| **11/30/2019** | $11345 | $12406 |
| **12/31/2019** | $11772 | $12811 |
| **1/31/2020** | $11341 | $12544 |
| **2/29/2020** | $10420 | $11412 |
| **3/31/2020** | $8567 | $9900 |
| **4/30/2020** | $9304 | $10548 |
| **5/31/2020** | $9741 | $11014 |
| **6/30/2020** | $10160 | $11393 |
| **7/31/2020** | $10370 | $11661 |
| **8/31/2020** | $10884 | $12262 |
| **9/30/2020** | $10681 | $11949 |
| **10/31/2020** | $10205 | $11473 |
| **11/30/2020** | $11867 | $13253 |
| **12/31/2020** | $12520 | $13871 |
| **1/31/2021** | $12449 | $13725 |
| **2/28/2021** | $12820 | $14035 |
| **3/31/2021** | $13262 | $14371 |
| **4/30/2021** | $13646 | $14815 |
| **5/31/2021** | $14139 | $15312 |
| **6/30/2021** | $13851 | $15144 |
| **7/31/2021** | $13883 | $15260 |
| **8/31/2021** | $14049 | $15530 |
| **9/30/2021** | $13537 | $15091 |
| **10/31/2021** | $13953 | $15466 |
| **11/30/2021** | $13339 | $14748 |
| **12/31/2021** | $14109 | $15505 |
| **1/31/2022** | $13838 | $14757 |
| **2/28/2022** | $13416 | $14497 |
| **3/31/2022** | $13151 | $14607 |
| **4/30/2022** | $12412 | $13675 |
| **5/31/2022** | $12736 | $13797 |
| **6/30/2022** | $11442 | $12519 |
| **7/31/2022** | $11990 | $13145 |
| **8/31/2022** | $11164 | $12522 |
| **9/30/2022** | $10088 | $11356 |
| **10/31/2022** | $10828 | $11968 |
| **11/30/2022** | $12254 | $13318 |
| **12/31/2022** | $12070 | $13332 |
| **1/31/2023** | $13099 | $14413 |
| **2/28/2023** | $12747 | $14114 |
| **3/31/2023** | $12999 | $14482 |
| **4/30/2023** | $13351 | $14906 |
| **5/31/2023** | $12813 | $14294 |
| **6/30/2023** | $13305 | $14949 |
| **7/31/2023** | $13683 | $15434 |
| **8/31/2023** | $13165 | $14845 |
| **9/30/2023** | $12687 | $14344 |
| **10/31/2023** | $12203 | $13764 |
| **11/30/2023** | $13145 | $15044 |
| **12/31/2023** | $13945 | $15846 |
| **1/31/2024** | $13795 | $15938 |
| **2/29/2024** | $14027 | $16232 |
| **3/31/2024** | $14443 | $16785 |
| **4/30/2024** | $13993 | $16373 |
| **5/31/2024** | $14750 | $17028 |
| **6/30/2024** | $14388 | $16757 |
| **7/31/2024** | $14948 | $17250 |
| **8/31/2024** | $15419 | $17813 |
| **9/30/2024** | $15548 | $17985 |
| **10/31/2024** | $14689 | $17009 |
| **11/30/2024** | $14764 | $16916 |
| **12/31/2024** | $14385 | $16534 |
| **1/31/2025** | $15118 | $17405 |
| **2/28/2025** | $15753 | $17745 |
| **3/31/2025** | $15760 | $17693 |
| **4/30/2025** | $16075 | $18523 |
| **5/31/2025** | $16912 | $19397 |
| **6/30/2025** | $17359 | $19829 |
| **7/31/2025** | $16891 | $19552 |
| **8/31/2025** | $17505 | $20388 |
| **9/30/2025** | $17764 | $20787 |
| **10/31/2025** | $17987 | $21034 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C55 | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R | 22.41% | 11.99% | 7.02% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class R

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class R

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class R
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class R4

## TRWFX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $114 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R4 shares at NAV returned 22.75%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class R4

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g70p37.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R4** | **MSCI EAFE Index** |
| **3/10/2017** | $10000 | $10000 |
| **4/30/2017** | $10215 | $10305 |
| **5/31/2017** | $10493 | $10575 |
| **6/30/2017** | $10841 | $10978 |
| **7/31/2017** | $10812 | $10962 |
| **8/31/2017** | $11050 | $11278 |
| **9/30/2017** | $10951 | $11276 |
| **10/31/2017** | $11334 | $11737 |
| **11/30/2017** | $11491 | $11862 |
| **12/31/2017** | $11666 | $12055 |
| **1/31/2018** | $12253 | $12660 |
| **2/28/2018** | $11690 | $12091 |
| **3/31/2018** | $11607 | $11884 |
| **4/30/2018** | $11773 | $12169 |
| **5/31/2018** | $11512 | $11912 |
| **6/30/2018** | $11340 | $11770 |
| **7/31/2018** | $11624 | $12060 |
| **8/31/2018** | $11399 | $11829 |
| **9/30/2018** | $11435 | $11936 |
| **10/31/2018** | $10473 | $10987 |
| **11/30/2018** | $10450 | $10975 |
| **12/31/2018** | $9797 | $10445 |
| **1/31/2019** | $10478 | $11133 |
| **2/28/2019** | $10591 | $11418 |
| **3/31/2019** | $10584 | $11502 |
| **4/30/2019** | $10978 | $11837 |
| **5/31/2019** | $10191 | $11285 |
| **6/30/2019** | $10828 | $11958 |
| **7/31/2019** | $10597 | $11808 |
| **8/31/2019** | $10372 | $11504 |
| **9/30/2019** | $10791 | $11839 |
| **10/31/2019** | $11253 | $12265 |
| **11/30/2019** | $11422 | $12406 |
| **12/31/2019** | $11848 | $12811 |
| **1/31/2020** | $11418 | $12544 |
| **2/29/2020** | $10495 | $11412 |
| **3/31/2020** | $8630 | $9900 |
| **4/30/2020** | $9373 | $10548 |
| **5/31/2020** | $9816 | $11014 |
| **6/30/2020** | $10245 | $11393 |
| **7/31/2020** | $10457 | $11661 |
| **8/31/2020** | $10976 | $12262 |
| **9/30/2020** | $10771 | $11949 |
| **10/31/2020** | $10296 | $11473 |
| **11/30/2020** | $11976 | $13253 |
| **12/31/2020** | $12633 | $13871 |
| **1/31/2021** | $12568 | $13725 |
| **2/28/2021** | $12944 | $14035 |
| **3/31/2021** | $13398 | $14371 |
| **4/30/2021** | $13787 | $14815 |
| **5/31/2021** | $14280 | $15312 |
| **6/30/2021** | $14001 | $15144 |
| **7/31/2021** | $14027 | $15260 |
| **8/31/2021** | $14202 | $15530 |
| **9/30/2021** | $13690 | $15091 |
| **10/31/2021** | $14111 | $15466 |
| **11/30/2021** | $13495 | $14748 |
| **12/31/2021** | $14274 | $15505 |
| **1/31/2022** | $14006 | $14757 |
| **2/28/2022** | $13576 | $14497 |
| **3/31/2022** | $13315 | $14607 |
| **4/30/2022** | $12571 | $13675 |
| **5/31/2022** | $12893 | $13797 |
| **6/30/2022** | $11592 | $12519 |
| **7/31/2022** | $12142 | $13145 |
| **8/31/2022** | $11310 | $12522 |
| **9/30/2022** | $10224 | $11356 |
| **10/31/2022** | $10975 | $11968 |
| **11/30/2022** | $12423 | $13318 |
| **12/31/2022** | $12239 | $13332 |
| **1/31/2023** | $13284 | $14413 |
| **2/28/2023** | $12933 | $14114 |
| **3/31/2023** | $13189 | $14482 |
| **4/30/2023** | $13547 | $14906 |
| **5/31/2023** | $13001 | $14294 |
| **6/30/2023** | $13513 | $14949 |
| **7/31/2023** | $13897 | $15434 |
| **8/31/2023** | $13371 | $14845 |
| **9/30/2023** | $12886 | $14344 |
| **10/31/2023** | $12401 | $13764 |
| **11/30/2023** | $13365 | $15044 |
| **12/31/2023** | $14178 | $15846 |
| **1/31/2024** | $14026 | $15938 |
| **2/29/2024** | $14269 | $16232 |
| **3/31/2024** | $14692 | $16785 |
| **4/30/2024** | $14241 | $16373 |
| **5/31/2024** | $15005 | $17028 |
| **6/30/2024** | $14643 | $16757 |
| **7/31/2024** | $15220 | $17250 |
| **8/31/2024** | $15706 | $17813 |
| **9/30/2024** | $15838 | $17985 |
| **10/31/2024** | $14963 | $17009 |
| **11/30/2024** | $15046 | $16916 |
| **12/31/2024** | $14657 | $16534 |
| **1/31/2025** | $15406 | $17405 |
| **2/28/2025** | $16062 | $17745 |
| **3/31/2025** | $16070 | $17693 |
| **4/30/2025** | $16398 | $18523 |
| **5/31/2025** | $17254 | $19397 |
| **6/30/2025** | $17718 | $19829 |
| **7/31/2025** | $17240 | $19552 |
| **8/31/2025** | $17868 | $20388 |
| **9/30/2025** | $18139 | $20787 |
| **10/31/2025** | $18367 | $21034 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C5E | **1 Year** | **5 Years** | **Since Inception 3/10/17** |
| Class R4 | 22.75% | 12.27% | 7.28% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class R4

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class R4

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class R4
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Equity

# Class R6

## TAINX
October 31, 2025

## Fund Overview
Transamerica International Equity (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal, by investing in a diversified portfolio of common stocks of primarily non-U.S. issuers. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 0.77% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 23.10%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The fiscal year ended October 31, 2025 was characterized by signs of moderating inflation and artificial intelligence-related optimism that sent stocks higher, offset by bouts of global trade and geopolitical uncertainty giving investors angst.

* Among regions within the Fund's benchmark, the MSCI EAFE Index, the above backdrop proved most favorable for the United Kingdom, while stocks in Asia Ex-Japan trailed the most. 

* Among sectors within the Fund's benchmark, financials achieved strong returns, while health care was the only sector to experience a decline. 

* Within the Fund, stock selection and positioning within the United Kingdom detracted the most from relative returns. Lack of exposure to large regional index constituents, such as shares of HSBC and Rolls Royce Holdings, were costly to relative results. 

* Europe contributed the most to relative results among regions. Positive stock selection effects had the largest impact. Multiple holdings contributed to returns, including a leading cement producer Heidelberg Materials, financial services company Societe General and Irish bank AIB Group.

* From a sector perspective, industrials detracted the most from relative returns. While the Fund's collection of holdings in the sector produced double-digit returns on average, underweight exposure to the rally among aerospace and defense companies detracted from relative results. 

* Materials contributed the most to relative returns due to positive stock selection, especially Heidelberg Materials. The company, one of the world's largest producers of cement and ready-mixed concrete, has seen its stock price buoyed by several positive developments including positive data points in parts of Europe and the U.S., and a recently announced German stimulus plan favoring infrastructure spending.

* As of the fiscal year end, changes in U.S. trade policies were just beginning to be felt across the global economy and the full impact on trade flows, consumer spending and capital expenditures would not be known for some time. The Fund continues to emphasize a combination of attractive valuations and improving business fundamentals across a variety of sectors and industry groups.

* The views expressed reflect the opinions of Thompson, Siegel & Walmsley LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Equity

# Class R6

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g67u25.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9841 | $9846 |
| **12/31/2015** | $9700 | $9715 |
| **1/31/2016** | $9116 | $9013 |
| **2/29/2016** | $8845 | $8851 |
| **3/31/2016** | $9503 | $9435 |
| **4/30/2016** | $9631 | $9718 |
| **5/31/2016** | $9631 | $9642 |
| **6/30/2016** | $9209 | $9322 |
| **7/31/2016** | $9683 | $9796 |
| **8/31/2016** | $9815 | $9804 |
| **9/30/2016** | $9890 | $9929 |
| **10/31/2016** | $9763 | $9726 |
| **11/30/2016** | $9527 | $9534 |
| **12/31/2016** | $9768 | $9862 |
| **1/31/2017** | $10022 | $10148 |
| **2/28/2017** | $10122 | $10295 |
| **3/31/2017** | $10469 | $10590 |
| **4/30/2017** | $10764 | $10868 |
| **5/31/2017** | $11117 | $11281 |
| **6/30/2017** | $11094 | $11264 |
| **7/31/2017** | $11335 | $11590 |
| **8/31/2017** | $11241 | $11587 |
| **10/31/2017** | $11642 | $12062 |
| **11/30/2017** | $11801 | $12190 |
| **12/31/2017** | $11986 | $12388 |
| **1/31/2018** | $12594 | $13010 |
| **2/28/2018** | $12016 | $12425 |
| **3/31/2018** | $11925 | $12213 |
| **4/30/2018** | $12101 | $12505 |
| **5/31/2018** | $11840 | $12241 |
| **6/30/2018** | $11664 | $12095 |
| **7/31/2018** | $11956 | $12393 |
| **8/31/2018** | $11731 | $12156 |
| **9/30/2018** | $11773 | $12266 |
| **10/31/2018** | $10776 | $11291 |
| **11/30/2018** | $10758 | $11278 |
| **12/31/2018** | $10085 | $10733 |
| **1/31/2019** | $10791 | $11440 |
| **2/28/2019** | $10913 | $11733 |
| **3/31/2019** | $10901 | $11820 |
| **4/30/2019** | $11311 | $12164 |
| **5/31/2019** | $10503 | $11597 |
| **6/30/2019** | $11164 | $12289 |
| **7/31/2019** | $10926 | $12134 |
| **8/31/2019** | $10695 | $11821 |
| **9/30/2019** | $11132 | $12166 |
| **10/31/2019** | $11613 | $12604 |
| **11/30/2019** | $11786 | $12748 |
| **12/31/2019** | $12232 | $13165 |
| **1/31/2020** | $11790 | $12891 |
| **2/29/2020** | $10839 | $11727 |
| **3/31/2020** | $8918 | $10174 |
| **4/30/2020** | $9684 | $10840 |
| **5/31/2020** | $10146 | $11318 |
| **6/30/2020** | $10589 | $11708 |
| **7/31/2020** | $10813 | $11983 |
| **8/31/2020** | $11348 | $12601 |
| **9/30/2020** | $11136 | $12279 |
| **10/31/2020** | $10648 | $11790 |
| **11/30/2020** | $12391 | $13619 |
| **12/31/2020** | $13068 | $14255 |
| **1/31/2021** | $13008 | $14104 |
| **2/28/2021** | $13396 | $14422 |
| **3/31/2021** | $13871 | $14768 |
| **4/30/2021** | $14272 | $15224 |
| **5/31/2021** | $14794 | $15735 |
| **6/30/2021** | $14506 | $15563 |
| **7/31/2021** | $14540 | $15681 |
| **8/31/2021** | $14720 | $15959 |
| **9/30/2021** | $14192 | $15508 |
| **10/31/2021** | $14627 | $15893 |
| **11/30/2021** | $13991 | $15156 |
| **12/31/2021** | $14804 | $15933 |
| **1/31/2022** | $14527 | $15164 |
| **2/28/2022** | $14090 | $14898 |
| **3/31/2022** | $13820 | $15011 |
| **4/30/2022** | $13050 | $14052 |
| **5/31/2022** | $13390 | $14178 |
| **6/30/2022** | $12038 | $12865 |
| **7/31/2022** | $12613 | $13508 |
| **8/31/2022** | $11753 | $12868 |
| **9/30/2022** | $10630 | $11670 |
| **10/31/2022** | $11414 | $12298 |
| **11/30/2022** | $12918 | $13686 |
| **12/31/2022** | $12726 | $13700 |
| **1/31/2023** | $13820 | $14812 |
| **2/28/2023** | $13456 | $14504 |
| **3/31/2023** | $13729 | $14882 |
| **4/30/2023** | $14108 | $15318 |
| **5/31/2023** | $13540 | $14689 |
| **6/30/2023** | $14073 | $15362 |
| **7/31/2023** | $14479 | $15861 |
| **8/31/2023** | $13932 | $15255 |
| **9/30/2023** | $13428 | $14740 |
| **10/31/2023** | $12930 | $14144 |
| **11/30/2023** | $13932 | $15459 |
| **12/31/2023** | $14785 | $16283 |
| **1/31/2024** | $14633 | $16379 |
| **2/29/2024** | $14879 | $16680 |
| **3/31/2024** | $15328 | $17248 |
| **4/30/2024** | $14857 | $16825 |
| **5/31/2024** | $15668 | $17498 |
| **6/30/2024** | $15284 | $17220 |
| **7/31/2024** | $15892 | $17727 |
| **8/31/2024** | $16399 | $18305 |
| **9/30/2024** | $16544 | $18482 |
| **10/31/2024** | $15632 | $17479 |
| **11/30/2024** | $15726 | $17383 |
| **12/31/2024** | $15325 | $16991 |
| **1/31/2025** | $16108 | $17886 |
| **2/28/2025** | $16795 | $18235 |
| **3/31/2025** | $16810 | $18182 |
| **4/30/2025** | $17153 | $19034 |
| **5/31/2025** | $18057 | $19933 |
| **6/30/2025** | $18542 | $20376 |
| **7/31/2025** | $18049 | $20092 |
| **8/31/2025** | $18713 | $20951 |
| **9/30/2025** | $18997 | $21361 |
| **10/31/2025** | $19243 | $21615 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3C5B | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 23.10% | 12.57% | 6.76% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4491712608 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $30526558 |

---

# Transamerica International Equity

# Class R6

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.0% |
| United Kingdom | 14.6 |
| Germany | 12.3 |
| France | 11.6 |
| Switzerland | 6.6 |
| Netherlands | 5.6 |
| Ireland | 5.1 |
| Hong Kong | 3.4 |
| Australia | 2.8 |
| Sweden | 2.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 25.4% |
| Industrials | 14.9 |
| Information Technology | 12.6 |
| Consumer Discretionary | 11.6 |
| Health Care | 9.1 |
| Consumer Staples | 7.8 |
| Energy | 6.3 |
| Materials | 6.1 |
| Utilities | 1.8 |
| Communication Services | 1.4 |
| Real Estate | 0.7 |
| Preferred Stocks | 0.7 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Sony Group Corp. | 2.4% |
| ASML Holding NV | 2.4 |
| Hitachi Ltd. | 2.4 |
| Societe Generale SA | 2.0 |
| Sumitomo Mitsui Financial Group, Inc. | 2.0 |
| Samsung Electronics Co. Ltd. | 1.9 |
| SAP SE | 1.8 |
| Veolia Environnement SA | 1.8 |
| DBS Group Holdings Ltd. | 1.8 |
| Lloyds Banking Group PLC | 1.8 |

---

# Transamerica International Equity

# Class R6

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Equity

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Focus

# Class A

## TGRHX
October 31, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $125 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 8.74%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* From a sector perspective, holdings and an underweight in financials and holdings in industrials detracted the most from benchmark relative performance during the fiscal year ended October 31, 2025, while an underweight in health care and holdings in consumer staples were the largest contributors.

* Among countries and regions, the Fund's holdings in Western Europe and non-index exposure to U.S./Canada detracted; non-index exposure to Emerging Asia contributed. 

* Stylistically, the Fund's growth style was out of favor during the fiscal year, as reflected in the MSCI EAFE Value Index materially outperforming the MSCI EAFE Growth Index.

* Top individual detractors included Sika, Wolters Kluwer, Keyence, Ferrari, and Constellation Software. Sika, ICON, and Ferrari detracted as a result of softening short-term demand for their respective markets. Additionally, Keyence continued to deal with elevated business level cyclicality, while Wolters Kluwer dealt with multiple compression due to rising AI threats and executive shuffles.

* Top contributors were Taiwan Semiconductor, Safran, Ajinomoto, Belimo and Hoya. Taiwan Semiconductor, Ajinomoto, Belimo, and Hoya all benefited from increasing semiconductor demand and data center growth as AI sentiment boomed. Safran benefited from strong engine deliveries, after-market services, and increasing defense demand.

* Markets were shaped by political realignments, trade frictions, and AI-driven sector dynamics.

* While valuation expansion drove most of the market returns during the fiscal year, earnings growth remains the primary driver of returns over the long term, in the sub-adviser's view.

* The views expressed reflect the opinions of Sands Capital Management, LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Focus

# Class A

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g85r49.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **MSCI EAFE Index** |
| **3/1/2018** | $9447 | $10000 |
| **3/31/2018** | $9458 | $9830 |
| **4/30/2018** | $9532 | $10065 |
| **5/31/2018** | $9341 | $9852 |
| **6/30/2018** | $9139 | $9735 |
| **7/31/2018** | $9235 | $9975 |
| **8/31/2018** | $9139 | $9783 |
| **9/30/2018** | $9203 | $9873 |
| **10/31/2018** | $8342 | $9087 |
| **11/30/2018** | $8278 | $9077 |
| **12/31/2018** | $7883 | $8639 |
| **1/31/2019** | $8443 | $9208 |
| **2/28/2019** | $8710 | $9443 |
| **3/31/2019** | $8837 | $9513 |
| **4/30/2019** | $9155 | $9790 |
| **5/31/2019** | $8608 | $9334 |
| **6/30/2019** | $9142 | $9891 |
| **7/31/2019** | $9079 | $9766 |
| **8/31/2019** | $8888 | $9514 |
| **9/30/2019** | $9155 | $9792 |
| **10/31/2019** | $9575 | $10145 |
| **11/30/2019** | $9575 | $10261 |
| **12/31/2019** | $10035 | $10596 |
| **1/31/2020** | $9919 | $10375 |
| **2/29/2020** | $9299 | $9439 |
| **3/31/2020** | $7788 | $8189 |
| **4/30/2020** | $8447 | $8724 |
| **5/31/2020** | $9054 | $9110 |
| **6/30/2020** | $9557 | $9423 |
| **7/31/2020** | $10138 | $9645 |
| **8/31/2020** | $10474 | $10142 |
| **9/30/2020** | $10306 | $9883 |
| **10/31/2020** | $10035 | $9489 |
| **11/30/2020** | $11494 | $10962 |
| **12/31/2020** | $12125 | $11473 |
| **1/31/2021** | $12164 | $11352 |
| **2/28/2021** | $12256 | $11608 |
| **3/31/2021** | $12399 | $11886 |
| **4/30/2021** | $12763 | $12253 |
| **5/31/2021** | $13179 | $12665 |
| **6/30/2021** | $13010 | $12526 |
| **7/31/2021** | $12945 | $12621 |
| **8/31/2021** | $13101 | $12845 |
| **9/30/2021** | $12802 | $12482 |
| **10/31/2021** | $13101 | $12792 |
| **11/30/2021** | $12711 | $12198 |
| **12/31/2021** | $13383 | $12824 |
| **1/31/2022** | $12680 | $12205 |
| **2/28/2022** | $12198 | $11991 |
| **3/31/2022** | $12046 | $12081 |
| **4/30/2022** | $11068 | $11310 |
| **5/31/2022** | $11233 | $11411 |
| **6/30/2022** | $10061 | $10355 |
| **7/31/2022** | $10627 | $10872 |
| **8/31/2022** | $10089 | $10356 |
| **9/30/2022** | $9042 | $9392 |
| **10/31/2022** | $9607 | $9898 |
| **11/30/2022** | $10916 | $11015 |
| **12/31/2022** | $10627 | $11027 |
| **1/31/2023** | $11368 | $11921 |
| **2/28/2023** | $11018 | $11674 |
| **3/31/2023** | $11256 | $11978 |
| **4/30/2023** | $11354 | $12328 |
| **5/31/2023** | $10878 | $11823 |
| **6/30/2023** | $11452 | $12364 |
| **7/31/2023** | $11801 | $12766 |
| **8/31/2023** | $11438 | $12278 |
| **9/30/2023** | $11074 | $11864 |
| **10/31/2023** | $10738 | $11384 |
| **11/30/2023** | $11382 | $12443 |
| **12/31/2023** | $11919 | $13106 |
| **1/31/2024** | $11767 | $13182 |
| **2/29/2024** | $12343 | $13425 |
| **3/31/2024** | $12797 | $13882 |
| **4/30/2024** | $12388 | $13542 |
| **5/31/2024** | $12782 | $14083 |
| **6/30/2024** | $12494 | $13859 |
| **7/31/2024** | $12737 | $14267 |
| **8/31/2024** | $12903 | $14733 |
| **9/30/2024** | $12706 | $14875 |
| **10/31/2024** | $12010 | $14068 |
| **11/30/2024** | $12191 | $13991 |
| **12/31/2024** | $11785 | $13675 |
| **1/31/2025** | $12295 | $14395 |
| **2/28/2025** | $12240 | $14676 |
| **3/31/2025** | $11730 | $14634 |
| **4/30/2025** | $12313 | $15320 |
| **5/31/2025** | $13060 | $16043 |
| **6/30/2025** | $13461 | $16400 |
| **7/31/2025** | $13187 | $16171 |
| **8/31/2025** | $13042 | $16863 |
| **9/30/2025** | $13206 | $17193 |
| **10/31/2025** | $13060 | $17397 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BL1 | **1 Year** | **5 Years** | **Since Inception 3/1/18** |
| Class A with Load | 2.78% | 4.23% | 3.54% |
| Class A | 8.74% | 5.41% | 4.31% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 7.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $650056367 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5369557 |

---

# Transamerica International Focus

# Class A

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.6% |
| Canada | 10.8 |
| United States | 8.5 |
| Netherlands | 8.5 |
| France | 7.1 |
| United Kingdom | 6.9 |
| Switzerland | 6.0 |
| Taiwan | 5.6 |
| Germany | 5.6 |
| Norway | 3.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 20.3% |
| Information Technology | 19.9 |
| Consumer Discretionary | 17.2 |
| Financials | 12.7 |
| Consumer Staples | 10.8 |
| Materials | 5.9 |
| Communication Services | 5.2 |
| Health Care | 4.0 |
| Repurchase Agreements | 3.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.6% |
| Safran SA | 5.0 |
| ITOCHU Corp. | 4.5 |
| Ajinomoto Co., Inc. | 4.3 |
| Hoya Corp. | 4.0 |
| Salmar ASA | 3.8 |
| Compass Group PLC | 3.7 |
| AIA Group Ltd. | 3.5 |
| ASM International NV | 3.5 |
| Belimo Holding AG | 3.3 |

---

# Transamerica International Focus
Class A

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectus or upon request at 888-233-4339. The Fund's next prospectus will be available by March 1, 2026.

An information statement was made available to investors that provided certain information about Sands Capital and the terms of the new sub-advisory arrangements.

* ![Bullet](g67628g60d91.jpg)Effective December 12, 2024, Sands Capital Management, LLC ("Sands Capital") was approved as the Fund's continuing sub-adviser. Sands Capital was previously appointed interim sub-adviser for the Fund effective as of the close of business on October 25, 2024.

* ![Bullet](g67628g60d91.jpg)In connection with this sub-adviser change, and as set forth in the Supplement to the Fund's prospectus dated October 25, 2024, the Fund's principal investment strategies were revised to reflect a more concentrated growth strategy and the Fund's principal risks were revised to add Real Estate Securities risk; Real Estate Investment Trusts risk; and Sustainability and/or Environmental, Social and Governance ("ESG") Considerations risk.

* ![Bullet](g67628g60d91.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule. 

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Focus

# Class I

## TGRGX
October 31, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $86 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 9.21%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* From a sector perspective, holdings and an underweight in financials and holdings in industrials detracted the most from benchmark relative performance during the fiscal year ended October 31, 2025, while an underweight in health care and holdings in consumer staples were the largest contributors.

* Among countries and regions, the Fund's holdings in Western Europe and non-index exposure to U.S./Canada detracted; non-index exposure to Emerging Asia contributed. 

* Stylistically, the Fund's growth style was out of favor during the fiscal year, as reflected in the MSCI EAFE Value Index materially outperforming the MSCI EAFE Growth Index.

* Top individual detractors included Sika, Wolters Kluwer, Keyence, Ferrari, and Constellation Software. Sika, ICON, and Ferrari detracted as a result of softening short-term demand for their respective markets. Additionally, Keyence continued to deal with elevated business level cyclicality, while Wolters Kluwer dealt with multiple compression due to rising AI threats and executive shuffles.

* Top contributors were Taiwan Semiconductor, Safran, Ajinomoto, Belimo and Hoya. Taiwan Semiconductor, Ajinomoto, Belimo, and Hoya all benefited from increasing semiconductor demand and data center growth as AI sentiment boomed. Safran benefited from strong engine deliveries, after-market services, and increasing defense demand.

* Markets were shaped by political realignments, trade frictions, and AI-driven sector dynamics.

* While valuation expansion drove most of the market returns during the fiscal year, earnings growth remains the primary driver of returns over the long term, in the sub-adviser's view.

* The views expressed reflect the opinions of Sands Capital Management, LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Focus

# Class I

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g35o58.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **3/1/2018** | $10000 | $10000 |
| **3/31/2018** | $10011 | $9830 |
| **4/30/2018** | $10090 | $10065 |
| **5/31/2018** | $9888 | $9852 |
| **6/30/2018** | $9674 | $9735 |
| **7/31/2018** | $9775 | $9975 |
| **8/31/2018** | $9674 | $9783 |
| **9/30/2018** | $9753 | $9873 |
| **10/31/2018** | $8841 | $9087 |
| **11/30/2018** | $8774 | $9077 |
| **12/31/2018** | $8362 | $8639 |
| **1/31/2019** | $8954 | $9208 |
| **2/28/2019** | $9237 | $9443 |
| **3/31/2019** | $9385 | $9513 |
| **4/30/2019** | $9709 | $9790 |
| **5/31/2019** | $9130 | $9334 |
| **6/30/2019** | $9695 | $9891 |
| **7/31/2019** | $9628 | $9766 |
| **8/31/2019** | $9426 | $9514 |
| **9/30/2019** | $9722 | $9792 |
| **10/31/2019** | $10166 | $10145 |
| **11/30/2019** | $10166 | $10261 |
| **12/31/2019** | $10644 | $10596 |
| **1/31/2020** | $10534 | $10375 |
| **2/29/2020** | $9877 | $9439 |
| **3/31/2020** | $8274 | $8189 |
| **4/30/2020** | $8972 | $8724 |
| **5/31/2020** | $9630 | $9110 |
| **6/30/2020** | $10164 | $9423 |
| **7/31/2020** | $10781 | $9645 |
| **8/31/2020** | $11137 | $10142 |
| **9/30/2020** | $10959 | $9883 |
| **10/31/2020** | $10671 | $9489 |
| **11/30/2020** | $12219 | $10962 |
| **12/31/2020** | $12897 | $11473 |
| **1/31/2021** | $12938 | $11352 |
| **2/28/2021** | $13049 | $11608 |
| **3/31/2021** | $13187 | $11886 |
| **4/30/2021** | $13587 | $12253 |
| **5/31/2021** | $14043 | $12665 |
| **6/30/2021** | $13850 | $12526 |
| **7/31/2021** | $13795 | $12621 |
| **8/31/2021** | $13960 | $12845 |
| **9/30/2021** | $13657 | $12482 |
| **10/31/2021** | $13974 | $12792 |
| **11/30/2021** | $13560 | $12198 |
| **12/31/2021** | $14271 | $12824 |
| **1/31/2022** | $13525 | $12205 |
| **2/28/2022** | $13027 | $11991 |
| **3/31/2022** | $12881 | $12081 |
| **4/30/2022** | $11827 | $11310 |
| **5/31/2022** | $12017 | $11411 |
| **6/30/2022** | $10758 | $10355 |
| **7/31/2022** | $11358 | $10872 |
| **8/31/2022** | $10788 | $10356 |
| **9/30/2022** | $9675 | $9392 |
| **10/31/2022** | $10275 | $9898 |
| **11/30/2022** | $11680 | $11015 |
| **12/31/2022** | $11376 | $11027 |
| **1/31/2023** | $12165 | $11921 |
| **2/28/2023** | $11793 | $11674 |
| **3/31/2023** | $12046 | $11978 |
| **4/30/2023** | $12165 | $12328 |
| **5/31/2023** | $11659 | $11823 |
| **6/30/2023** | $12269 | $12364 |
| **7/31/2023** | $12657 | $12766 |
| **8/31/2023** | $12269 | $12278 |
| **9/30/2023** | $11882 | $11864 |
| **10/31/2023** | $11525 | $11384 |
| **11/30/2023** | $12225 | $12443 |
| **12/31/2023** | $12797 | $13106 |
| **1/31/2024** | $12651 | $13182 |
| **2/29/2024** | $13265 | $13425 |
| **3/31/2024** | $13750 | $13882 |
| **4/30/2024** | $13314 | $13542 |
| **5/31/2024** | $13750 | $14083 |
| **6/30/2024** | $13443 | $13859 |
| **7/31/2024** | $13718 | $14267 |
| **8/31/2024** | $13896 | $14733 |
| **9/30/2024** | $13669 | $14875 |
| **10/31/2024** | $12942 | $14068 |
| **11/30/2024** | $13136 | $13991 |
| **12/31/2024** | $12698 | $13675 |
| **1/31/2025** | $13261 | $14395 |
| **2/28/2025** | $13203 | $14676 |
| **3/31/2025** | $12659 | $14634 |
| **4/30/2025** | $13281 | $15320 |
| **5/31/2025** | $14098 | $16043 |
| **6/30/2025** | $14545 | $16400 |
| **7/31/2025** | $14234 | $16171 |
| **8/31/2025** | $14078 | $16863 |
| **9/30/2025** | $14253 | $17193 |
| **10/31/2025** | $14117 | $17397 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BL8 | **1 Year** | **5 Years** | **Since Inception 3/1/18** |
| Class I | 9.21% | 5.76% | 4.60% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 7.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $650056367 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5369557 |

---

# Transamerica International Focus

# Class I

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.6% |
| Canada | 10.8 |
| United States | 8.5 |
| Netherlands | 8.5 |
| France | 7.1 |
| United Kingdom | 6.9 |
| Switzerland | 6.0 |
| Taiwan | 5.6 |
| Germany | 5.6 |
| Norway | 3.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 20.3% |
| Information Technology | 19.9 |
| Consumer Discretionary | 17.2 |
| Financials | 12.7 |
| Consumer Staples | 10.8 |
| Materials | 5.9 |
| Communication Services | 5.2 |
| Health Care | 4.0 |
| Repurchase Agreements | 3.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.6% |
| Safran SA | 5.0 |
| ITOCHU Corp. | 4.5 |
| Ajinomoto Co., Inc. | 4.3 |
| Hoya Corp. | 4.0 |
| Salmar ASA | 3.8 |
| Compass Group PLC | 3.7 |
| AIA Group Ltd. | 3.5 |
| ASM International NV | 3.5 |
| Belimo Holding AG | 3.3 |

---

# Transamerica International Focus
Class I

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectus or upon request at 888-233-4339. The Fund's next prospectus will be available by March 1, 2026.

An information statement was made available to investors that provided certain information about Sands Capital and the terms of the new sub-advisory arrangements.

* ![Bullet](g67628g60d91.jpg)Effective December 12, 2024, Sands Capital Management, LLC ("Sands Capital") was approved as the Fund's continuing sub-adviser. Sands Capital was previously appointed interim sub-adviser for the Fund effective as of the close of business on October 25, 2024.

* ![Bullet](g67628g60d91.jpg)In connection with this sub-adviser change, and as set forth in the Supplement to the Fund's prospectus dated October 25, 2024, the Fund's principal investment strategies were revised to reflect a more concentrated growth strategy and the Fund's principal risks were revised to add Real Estate Securities risk; Real Estate Investment Trusts risk; and Sustainability and/or Environmental, Social and Governance ("ESG") Considerations risk.

* ![Bullet](g67628g60d91.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule. 

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Focus

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $86 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 9.28%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* From a sector perspective, holdings and an underweight in financials and holdings in industrials detracted the most from benchmark relative performance during the fiscal year ended October 31, 2025, while an underweight in health care and holdings in consumer staples were the largest contributors.

* Among countries and regions, the Fund's holdings in Western Europe and non-index exposure to U.S./Canada detracted; non-index exposure to Emerging Asia contributed. 

* Stylistically, the Fund's growth style was out of favor during the fiscal year, as reflected in the MSCI EAFE Value Index materially outperforming the MSCI EAFE Growth Index.

* Top individual detractors included Sika, Wolters Kluwer, Keyence, Ferrari, and Constellation Software. Sika, ICON, and Ferrari detracted as a result of softening short-term demand for their respective markets. Additionally, Keyence continued to deal with elevated business level cyclicality, while Wolters Kluwer dealt with multiple compression due to rising AI threats and executive shuffles.

* Top contributors were Taiwan Semiconductor, Safran, Ajinomoto, Belimo and Hoya. Taiwan Semiconductor, Ajinomoto, Belimo, and Hoya all benefited from increasing semiconductor demand and data center growth as AI sentiment boomed. Safran benefited from strong engine deliveries, after-market services, and increasing defense demand.

* Markets were shaped by political realignments, trade frictions, and AI-driven sector dynamics.

* While valuation expansion drove most of the market returns during the fiscal year, earnings growth remains the primary driver of returns over the long term, in the sub-adviser's view.

* The views expressed reflect the opinions of Sands Capital Management, LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Focus

# Class I2

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g57j07.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I2** | **MSCI EAFE Index** |
| **10/31/2015** | $10000 | $10000 |
| **11/30/2015** | $9859 | $9846 |
| **12/31/2015** | $9651 | $9715 |
| **1/31/2016** | $9055 | $9013 |
| **2/29/2016** | $8896 | $8851 |
| **3/31/2016** | $9413 | $9435 |
| **4/30/2016** | $9558 | $9718 |
| **5/31/2016** | $9505 | $9642 |
| **6/30/2016** | $9267 | $9322 |
| **7/31/2016** | $9651 | $9796 |
| **8/31/2016** | $9744 | $9804 |
| **9/30/2016** | $9823 | $9929 |
| **10/31/2016** | $9625 | $9726 |
| **11/30/2016** | $9386 | $9534 |
| **12/31/2016** | $9664 | $9862 |
| **1/31/2017** | $10012 | $10148 |
| **2/28/2017** | $10079 | $10295 |
| **3/31/2017** | $10427 | $10590 |
| **4/30/2017** | $10829 | $10868 |
| **5/31/2017** | $11351 | $11281 |
| **6/30/2017** | $11364 | $11264 |
| **7/31/2017** | $11632 | $11590 |
| **8/31/2017** | $11618 | $11587 |
| **10/31/2017** | $12074 | $12062 |
| **11/30/2017** | $12167 | $12190 |
| **12/31/2017** | $12330 | $12388 |
| **1/31/2018** | $12874 | $13010 |
| **2/28/2018** | $12289 | $12425 |
| **3/31/2018** | $12112 | $12213 |
| **4/30/2018** | $12221 | $12505 |
| **5/31/2018** | $11962 | $12241 |
| **6/30/2018** | $11717 | $12095 |
| **7/31/2018** | $11840 | $12393 |
| **8/31/2018** | $11717 | $12156 |
| **9/30/2018** | $11799 | $12266 |
| **10/31/2018** | $10710 | $11291 |
| **11/30/2018** | $10629 | $11278 |
| **12/31/2018** | $10128 | $10733 |
| **1/31/2019** | $10849 | $11440 |
| **2/28/2019** | $11193 | $11733 |
| **3/31/2019** | $11374 | $11820 |
| **4/30/2019** | $11767 | $12164 |
| **5/31/2019** | $11079 | $11597 |
| **6/30/2019** | $11767 | $12289 |
| **7/31/2019** | $11685 | $12134 |
| **8/31/2019** | $11456 | $11821 |
| **9/30/2019** | $11800 | $12166 |
| **10/31/2019** | $12341 | $12604 |
| **11/30/2019** | $12357 | $12748 |
| **12/31/2019** | $12932 | $13165 |
| **1/31/2020** | $12799 | $12891 |
| **2/29/2020** | $11997 | $11727 |
| **3/31/2020** | $10059 | $10174 |
| **4/30/2020** | $10911 | $10840 |
| **5/31/2020** | $11713 | $11318 |
| **6/30/2020** | $12364 | $11708 |
| **7/31/2020** | $13116 | $11983 |
| **8/31/2020** | $13551 | $12601 |
| **9/30/2020** | $13333 | $12279 |
| **10/31/2020** | $12999 | $11790 |
| **11/30/2020** | $14887 | $13619 |
| **12/31/2020** | $15713 | $14255 |
| **1/31/2021** | $15764 | $14104 |
| **2/28/2021** | $15882 | $14422 |
| **3/31/2021** | $16068 | $14768 |
| **4/30/2021** | $16540 | $15224 |
| **5/31/2021** | $17097 | $15735 |
| **6/30/2021** | $16878 | $15563 |
| **7/31/2021** | $16810 | $15681 |
| **8/31/2021** | $17013 | $15959 |
| **9/30/2021** | $16642 | $15508 |
| **10/31/2021** | $17030 | $15893 |
| **11/30/2021** | $16523 | $15156 |
| **12/31/2021** | $17406 | $15933 |
| **1/31/2022** | $16491 | $15164 |
| **2/28/2022** | $15881 | $14898 |
| **3/31/2022** | $15701 | $15011 |
| **4/30/2022** | $14427 | $14052 |
| **5/31/2022** | $14661 | $14178 |
| **6/30/2022** | $13117 | $12865 |
| **7/31/2022** | $13871 | $13508 |
| **8/31/2022** | $13171 | $12868 |
| **9/30/2022** | $11807 | $11670 |
| **10/31/2022** | $12561 | $12298 |
| **11/30/2022** | $14266 | $13686 |
| **12/31/2022** | $13888 | $13700 |
| **1/31/2023** | $14875 | $14812 |
| **2/28/2023** | $14418 | $14504 |
| **3/31/2023** | $14729 | $14882 |
| **4/30/2023** | $14857 | $15318 |
| **5/31/2023** | $14254 | $14689 |
| **6/30/2023** | $14985 | $15362 |
| **7/31/2023** | $15460 | $15861 |
| **8/31/2023** | $14985 | $15255 |
| **9/30/2023** | $14528 | $14740 |
| **10/31/2023** | $14089 | $14144 |
| **11/30/2023** | $14930 | $15459 |
| **12/31/2023** | $15644 | $16283 |
| **1/31/2024** | $15465 | $16379 |
| **2/29/2024** | $16199 | $16680 |
| **3/31/2024** | $16795 | $17248 |
| **4/30/2024** | $16259 | $16825 |
| **5/31/2024** | $16795 | $17498 |
| **6/30/2024** | $16438 | $17220 |
| **7/31/2024** | $16755 | $17727 |
| **8/31/2024** | $16974 | $18305 |
| **9/30/2024** | $16716 | $18482 |
| **10/31/2024** | $15802 | $17479 |
| **11/30/2024** | $16061 | $17383 |
| **12/31/2024** | $15521 | $16991 |
| **1/31/2025** | $16215 | $17886 |
| **2/28/2025** | $16143 | $18235 |
| **3/31/2025** | $15473 | $18182 |
| **4/30/2025** | $16239 | $19034 |
| **5/31/2025** | $17221 | $19933 |
| **6/30/2025** | $17772 | $20376 |
| **7/31/2025** | $17413 | $20092 |
| **8/31/2025** | $17221 | $20951 |
| **9/30/2025** | $17437 | $21361 |
| **10/31/2025** | $17269 | $21615 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BL4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 9.28% | 5.84% | 5.62% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $650056367 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5369557 |

---

# Transamerica International Focus

# Class I2

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.6% |
| Canada | 10.8 |
| United States | 8.5 |
| Netherlands | 8.5 |
| France | 7.1 |
| United Kingdom | 6.9 |
| Switzerland | 6.0 |
| Taiwan | 5.6 |
| Germany | 5.6 |
| Norway | 3.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 20.3% |
| Information Technology | 19.9 |
| Consumer Discretionary | 17.2 |
| Financials | 12.7 |
| Consumer Staples | 10.8 |
| Materials | 5.9 |
| Communication Services | 5.2 |
| Health Care | 4.0 |
| Repurchase Agreements | 3.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.6% |
| Safran SA | 5.0 |
| ITOCHU Corp. | 4.5 |
| Ajinomoto Co., Inc. | 4.3 |
| Hoya Corp. | 4.0 |
| Salmar ASA | 3.8 |
| Compass Group PLC | 3.7 |
| AIA Group Ltd. | 3.5 |
| ASM International NV | 3.5 |
| Belimo Holding AG | 3.3 |

---

# Transamerica International Focus
Class I2

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectus or upon request at 888-233-4339. The Fund's next prospectus will be available by March 1, 2026.

An information statement was made available to investors that provided certain information about Sands Capital and the terms of the new sub-advisory arrangements.

* ![Bullet](g67628g60d91.jpg)Effective December 12, 2024, Sands Capital Management, LLC ("Sands Capital") was approved as the Fund's continuing sub-adviser. Sands Capital was previously appointed interim sub-adviser for the Fund effective as of the close of business on October 25, 2024.

* ![Bullet](g67628g60d91.jpg)In connection with this sub-adviser change, and as set forth in the Supplement to the Fund's prospectus dated October 25, 2024, the Fund's principal investment strategies were revised to reflect a more concentrated growth strategy and the Fund's principal risks were revised to add Real Estate Securities risk; Real Estate Investment Trusts risk; and Sustainability and/or Environmental, Social and Governance ("ESG") Considerations risk.

* ![Bullet](g67628g60d91.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule. 

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Focus

# Class R6

## TGRFX
October 31, 2025

## Fund Overview
Transamerica International Focus (the "Fund") seeks long-term capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**. **This report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $86 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 9.22%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* From a sector perspective, holdings and an underweight in financials and holdings in industrials detracted the most from benchmark relative performance during the fiscal year ended October 31, 2025, while an underweight in health care and holdings in consumer staples were the largest contributors.

* Among countries and regions, the Fund's holdings in Western Europe and non-index exposure to U.S./Canada detracted; non-index exposure to Emerging Asia contributed. 

* Stylistically, the Fund's growth style was out of favor during the fiscal year, as reflected in the MSCI EAFE Value Index materially outperforming the MSCI EAFE Growth Index.

* Top individual detractors included Sika, Wolters Kluwer, Keyence, Ferrari, and Constellation Software. Sika, ICON, and Ferrari detracted as a result of softening short-term demand for their respective markets. Additionally, Keyence continued to deal with elevated business level cyclicality, while Wolters Kluwer dealt with multiple compression due to rising AI threats and executive shuffles.

* Top contributors were Taiwan Semiconductor, Safran, Ajinomoto, Belimo and Hoya. Taiwan Semiconductor, Ajinomoto, Belimo, and Hoya all benefited from increasing semiconductor demand and data center growth as AI sentiment boomed. Safran benefited from strong engine deliveries, after-market services, and increasing defense demand.

* Markets were shaped by political realignments, trade frictions, and AI-driven sector dynamics.

* While valuation expansion drove most of the market returns during the fiscal year, earnings growth remains the primary driver of returns over the long term, in the sub-adviser's view.

* The views expressed reflect the opinions of Sands Capital Management, LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Focus

# Class R6

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g18j87.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index** |
| **3/1/2018** | $10000 | $10000 |
| **3/31/2018** | $10011 | $9830 |
| **4/30/2018** | $10101 | $10065 |
| **5/31/2018** | $9888 | $9852 |
| **6/30/2018** | $9674 | $9735 |
| **7/31/2018** | $9786 | $9975 |
| **8/31/2018** | $9685 | $9783 |
| **9/30/2018** | $9753 | $9873 |
| **10/31/2018** | $8853 | $9087 |
| **11/30/2018** | $8785 | $9077 |
| **12/31/2018** | $8377 | $8639 |
| **1/31/2019** | $8971 | $9208 |
| **2/28/2019** | $9254 | $9443 |
| **3/31/2019** | $9402 | $9513 |
| **4/30/2019** | $9726 | $9790 |
| **5/31/2019** | $9159 | $9334 |
| **6/30/2019** | $9726 | $9891 |
| **7/31/2019** | $9658 | $9766 |
| **8/31/2019** | $9470 | $9514 |
| **9/30/2019** | $9753 | $9792 |
| **10/31/2019** | $10212 | $10145 |
| **11/30/2019** | $10212 | $10261 |
| **12/31/2019** | $10700 | $10596 |
| **1/31/2020** | $10576 | $10375 |
| **2/29/2020** | $9916 | $9439 |
| **3/31/2020** | $8321 | $8189 |
| **4/30/2020** | $9008 | $8724 |
| **5/31/2020** | $9682 | $9110 |
| **6/30/2020** | $10218 | $9423 |
| **7/31/2020** | $10837 | $9645 |
| **8/31/2020** | $11195 | $10142 |
| **9/30/2020** | $11030 | $9883 |
| **10/31/2020** | $10741 | $9489 |
| **11/30/2020** | $12295 | $10962 |
| **12/31/2020** | $12990 | $11473 |
| **1/31/2021** | $13031 | $11352 |
| **2/28/2021** | $13129 | $11608 |
| **3/31/2021** | $13281 | $11886 |
| **4/30/2021** | $13670 | $12253 |
| **5/31/2021** | $14143 | $12665 |
| **6/30/2021** | $13948 | $12526 |
| **7/31/2021** | $13893 | $12621 |
| **8/31/2021** | $14073 | $12845 |
| **9/30/2021** | $13754 | $12482 |
| **10/31/2021** | $14073 | $12792 |
| **11/30/2021** | $13656 | $12198 |
| **12/31/2021** | $14384 | $12824 |
| **1/31/2022** | $13631 | $12205 |
| **2/28/2022** | $13129 | $11991 |
| **3/31/2022** | $12981 | $12081 |
| **4/30/2022** | $11918 | $11310 |
| **5/31/2022** | $12110 | $11411 |
| **6/30/2022** | $10855 | $10355 |
| **7/31/2022** | $11460 | $10872 |
| **8/31/2022** | $10884 | $10356 |
| **9/30/2022** | $9762 | $9392 |
| **10/31/2022** | $10382 | $9898 |
| **11/30/2022** | $11800 | $11015 |
| **12/31/2022** | $11489 | $11027 |
| **1/31/2023** | $12286 | $11921 |
| **2/28/2023** | $11910 | $11674 |
| **3/31/2023** | $12166 | $11978 |
| **4/30/2023** | $12286 | $12328 |
| **5/31/2023** | $11775 | $11823 |
| **6/30/2023** | $12391 | $12364 |
| **7/31/2023** | $12782 | $12766 |
| **8/31/2023** | $12376 | $12278 |
| **9/30/2023** | $12000 | $11864 |
| **10/31/2023** | $11640 | $11384 |
| **11/30/2023** | $12346 | $12443 |
| **12/31/2023** | $12934 | $13106 |
| **1/31/2024** | $12771 | $13182 |
| **2/29/2024** | $13391 | $13425 |
| **3/31/2024** | $13898 | $13882 |
| **4/30/2024** | $13440 | $13542 |
| **5/31/2024** | $13881 | $14083 |
| **6/30/2024** | $13571 | $13859 |
| **7/31/2024** | $13849 | $14267 |
| **8/31/2024** | $14028 | $14733 |
| **9/30/2024** | $13816 | $14875 |
| **10/31/2024** | $13065 | $14068 |
| **11/30/2024** | $13277 | $13991 |
| **12/31/2024** | $12833 | $13675 |
| **1/31/2025** | $13404 | $14395 |
| **2/28/2025** | $13325 | $14676 |
| **3/31/2025** | $12774 | $14634 |
| **4/30/2025** | $13404 | $15320 |
| **5/31/2025** | $14230 | $16043 |
| **6/30/2025** | $14683 | $16400 |
| **7/31/2025** | $14388 | $16171 |
| **8/31/2025** | $14230 | $16863 |
| **9/30/2025** | $14407 | $17193 |
| **10/31/2025** | $14270 | $17397 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3BLB | **1 Year** | **5 Years** | **Since Inception 3/1/18** |
| Class R6 | 9.22% | 5.85% | 4.74% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 7.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $650056367 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5369557 |

---

# Transamerica International Focus

# Class R6

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 20.6% |
| Canada | 10.8 |
| United States | 8.5 |
| Netherlands | 8.5 |
| France | 7.1 |
| United Kingdom | 6.9 |
| Switzerland | 6.0 |
| Taiwan | 5.6 |
| Germany | 5.6 |
| Norway | 3.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 20.3% |
| Information Technology | 19.9 |
| Consumer Discretionary | 17.2 |
| Financials | 12.7 |
| Consumer Staples | 10.8 |
| Materials | 5.9 |
| Communication Services | 5.2 |
| Health Care | 4.0 |
| Repurchase Agreements | 3.6 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.6% |
| Safran SA | 5.0 |
| ITOCHU Corp. | 4.5 |
| Ajinomoto Co., Inc. | 4.3 |
| Hoya Corp. | 4.0 |
| Salmar ASA | 3.8 |
| Compass Group PLC | 3.7 |
| AIA Group Ltd. | 3.5 |
| ASM International NV | 3.5 |
| Belimo Holding AG | 3.3 |

---

# Transamerica International Focus
Class R6

## Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectus or upon request at 888-233-4339. The Fund's next prospectus will be available by March 1, 2026.

An information statement was made available to investors that provided certain information about Sands Capital and the terms of the new sub-advisory arrangements.

* ![Bullet](g67628g60d91.jpg)Effective December 12, 2024, Sands Capital Management, LLC ("Sands Capital") was approved as the Fund's continuing sub-adviser. Sands Capital was previously appointed interim sub-adviser for the Fund effective as of the close of business on October 25, 2024.

* ![Bullet](g67628g60d91.jpg)In connection with this sub-adviser change, and as set forth in the Supplement to the Fund's prospectus dated October 25, 2024, the Fund's principal investment strategies were revised to reflect a more concentrated growth strategy and the Fund's principal risks were revised to add Real Estate Securities risk; Real Estate Investment Trusts risk; and Sustainability and/or Environmental, Social and Governance ("ESG") Considerations risk.

* ![Bullet](g67628g60d91.jpg)The Fund's Annual Fund Operating Expenses were restated to reflect the new reduced management fee schedule. 

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Focus

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Small Cap Value

# Class I

## TISVX
October 31, 2025

## Fund Overview
Transamerica International Small Cap Value (the "Fund") seeks maximum long-term total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $115 | 1.02% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 24.70%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%. The performance benchmark, the MSCI EAFE Small Cap Index, returned 25.14% over the same period.

* Thompson, Siegel & Walmsley LLC ("TSW") sub-advised the Fund in this market environment by executing a disciplined investment process during the fiscal year ended October 31, 2025. TSW's process is bottom up and utilizes value investing principles.

* The Fund underperformed its benchmark, the MSCI EAFE Small Cap Index, for the fiscal year.

* Stock selection within the U.K. detracted the most from relative performance. Homebuilder Barratt Redrow was among individual detractors. Despite softer demand from potential property tax hikes, as of period end, the Fund retained the position because TSW believed the company could achieve returns greater than its cost of capital by building homes in an already under supplied housing market in the U.K. 

* Japan contributed the most among regions. Sports equipment company Yonex and HVAC company Takasago Thermal were top contributors.

* At the sector level, health care holdings detracted the most from relative returns. German plastic and glass manufacturer Gerresheimer issued a profit warning due to subdued demand both in cosmetic and containment in oral liquid medications. Japanese dental equipment company Nakanishi saw strong sales growth, but investor worries over margins caused the stock to trail the sector. The Fund retained the position because TSW believed the company's opportunity to expand into North America, alongside increased shareholder returns through buybacks, could yield an attractive reward relative to its risk profile. 

* An overweight in financials was the top sector contributor. Positive stock selection within financials also contributed to performance. Examples included: Swiss online financial service company Swissquote and Bank of Ireland.

* The views expressed reflect the opinions of TSW as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Small Cap Value

# Class I

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g54i74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9831 | $9846 | $10004 |
| **12/31/2015** | $9863 | $9715 | $10079 |
| **1/31/2016** | $9358 | $9013 | $9287 |
| **2/29/2016** | $9255 | $8851 | $9277 |
| **3/31/2016** | $9812 | $9435 | $10027 |
| **4/30/2016** | $9735 | $9718 | $10263 |
| **5/31/2016** | $9889 | $9642 | $10325 |
| **6/30/2016** | $9349 | $9322 | $9784 |
| **7/31/2016** | $9863 | $9796 | $10385 |
| **8/31/2016** | $9726 | $9804 | $10325 |
| **9/30/2016** | $9906 | $9929 | $10636 |
| **10/31/2016** | $9752 | $9726 | $10335 |
| **11/30/2016** | $9495 | $9534 | $10046 |
| **12/31/2016** | $9780 | $9862 | $10336 |
| **1/31/2017** | $9965 | $10148 | $10702 |
| **2/28/2017** | $10238 | $10295 | $10943 |
| **3/31/2017** | $10476 | $10590 | $11170 |
| **4/30/2017** | $10872 | $10868 | $11655 |
| **5/31/2017** | $11225 | $11281 | $12095 |
| **6/30/2017** | $11277 | $11264 | $12098 |
| **7/31/2017** | $11647 | $11590 | $12538 |
| **8/31/2017** | $11771 | $11587 | $12642 |
| **10/31/2017** | $12044 | $12062 | $13228 |
| **11/30/2017** | $12396 | $12190 | $13438 |
| **12/31/2017** | $12760 | $12388 | $13799 |
| **1/31/2018** | $13332 | $13010 | $14505 |
| **2/28/2018** | $12841 | $12425 | $13992 |
| **3/31/2018** | $12841 | $12213 | $13843 |
| **4/30/2018** | $12987 | $12505 | $14041 |
| **5/31/2018** | $12950 | $12241 | $13918 |
| **6/30/2018** | $12723 | $12095 | $13652 |
| **7/31/2018** | $12769 | $12393 | $13743 |
| **8/31/2018** | $12551 | $12156 | $13634 |
| **9/30/2018** | $12533 | $12266 | $13541 |
| **10/31/2018** | $11297 | $11291 | $12239 |
| **11/30/2018** | $11207 | $11278 | $12154 |
| **12/31/2018** | $10685 | $10733 | $11372 |
| **1/31/2019** | $11335 | $11440 | $12289 |
| **2/28/2019** | $11542 | $11733 | $12566 |
| **3/31/2019** | $11483 | $11820 | $12596 |
| **4/30/2019** | $11838 | $12164 | $12984 |
| **5/31/2019** | $11119 | $11597 | $12310 |
| **6/30/2019** | $11749 | $12289 | $12838 |
| **7/31/2019** | $11621 | $12134 | $12748 |
| **8/31/2019** | $11552 | $11821 | $12435 |
| **9/30/2019** | $11847 | $12166 | $12790 |
| **10/31/2019** | $12409 | $12604 | $13373 |
| **11/30/2019** | $12734 | $12748 | $13670 |
| **12/31/2019** | $13408 | $13165 | $14269 |
| **1/31/2020** | $13066 | $12891 | $13857 |
| **2/29/2020** | $11869 | $11727 | $12500 |
| **3/31/2020** | $9707 | $10174 | $10353 |
| **4/30/2020** | $10592 | $10840 | $11434 |
| **5/31/2020** | $11215 | $11318 | $12256 |
| **6/30/2020** | $11507 | $11708 | $12428 |
| **7/31/2020** | $11758 | $11983 | $12848 |
| **8/31/2020** | $12442 | $12601 | $13809 |
| **9/30/2020** | $12442 | $12279 | $13711 |
| **10/31/2020** | $12010 | $11790 | $13237 |
| **11/30/2020** | $13800 | $13619 | $15057 |
| **12/31/2020** | $14604 | $14255 | $16088 |
| **1/31/2021** | $14421 | $14104 | $16030 |
| **2/28/2021** | $14919 | $14422 | $16457 |
| **3/31/2021** | $15549 | $14768 | $16827 |
| **4/30/2021** | $16210 | $15224 | $17513 |
| **5/31/2021** | $16596 | $15735 | $17874 |
| **6/30/2021** | $16129 | $15563 | $17583 |
| **7/31/2021** | $16484 | $15681 | $17885 |
| **8/31/2021** | $17094 | $15959 | $18403 |
| **9/30/2021** | $16291 | $15508 | $17753 |
| **10/31/2021** | $16566 | $15893 | $18034 |
| **11/30/2021** | $15559 | $15156 | $17028 |
| **12/31/2021** | $16406 | $15933 | $17775 |
| **1/31/2022** | $15434 | $15164 | $16475 |
| **2/28/2022** | $14959 | $14898 | $16268 |
| **3/31/2022** | $14516 | $15011 | $16276 |
| **4/30/2022** | $13566 | $14052 | $15170 |
| **5/31/2022** | $13935 | $14178 | $15077 |
| **6/30/2022** | $12457 | $12865 | $13428 |
| **7/31/2022** | $13344 | $13508 | $14317 |
| **8/31/2022** | $12415 | $12868 | $13685 |
| **9/30/2022** | $11127 | $11670 | $12118 |
| **10/31/2022** | $11889 | $12298 | $12632 |
| **11/30/2022** | $13485 | $13686 | $13887 |
| **12/31/2022** | $13562 | $13700 | $14039 |
| **1/31/2023** | $14788 | $14812 | $15089 |
| **2/28/2023** | $14678 | $14504 | $14764 |
| **3/31/2023** | $14996 | $14882 | $14748 |
| **4/30/2023** | $15171 | $15318 | $15056 |
| **5/31/2023** | $14481 | $14689 | $14443 |
| **6/30/2023** | $14996 | $15362 | $14866 |
| **7/31/2023** | $15696 | $15861 | $15527 |
| **8/31/2023** | $15127 | $15255 | $15013 |
| **9/30/2023** | $14438 | $14740 | $14358 |
| **10/31/2023** | $13737 | $14144 | $13515 |
| **11/30/2023** | $14985 | $15459 | $14877 |
| **12/31/2023** | $15914 | $16283 | $15965 |
| **1/31/2024** | $15768 | $16379 | $15703 |
| **2/29/2024** | $16343 | $16680 | $15766 |
| **3/31/2024** | $16850 | $17248 | $16366 |
| **4/30/2024** | $16456 | $16825 | $15892 |
| **5/31/2024** | $17403 | $17498 | $16597 |
| **6/30/2024** | $16850 | $17220 | $16100 |
| **7/31/2024** | $17820 | $17727 | $17021 |
| **8/31/2024** | $18159 | $18305 | $17361 |
| **9/30/2024** | $18260 | $18482 | $17815 |
| **10/31/2024** | $17110 | $17479 | $16700 |
| **11/30/2024** | $17268 | $17383 | $16715 |
| **12/31/2024** | $16791 | $16991 | $16335 |
| **1/31/2025** | $17496 | $17886 | $16899 |
| **2/28/2025** | $17819 | $18235 | $16853 |
| **3/31/2025** | $18058 | $18182 | $16959 |
| **4/30/2025** | $19183 | $19034 | $17956 |
| **5/31/2025** | $20414 | $19933 | $18983 |
| **6/30/2025** | $21359 | $20376 | $19817 |
| **7/31/2025** | $20773 | $20092 | $19804 |
| **8/31/2025** | $21467 | $20951 | $20723 |
| **9/30/2025** | $21754 | $21361 | $21067 |
| **10/31/2025** | $21335 | $21615 | $20898 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CO8 | **1 Year** | **5 Years** | **10 Years** |
| Class I | 24.70% | 12.18% | 7.87% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |
| MSCI EAFE Small Cap Index<sup>Footnote Reference(b)</sup> | 25.14% | 9.56% | 7.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed market countries around the world, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1034969691 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7658170 |

---

# Transamerica International Small Cap Value

# Class I

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 32.3% |
| United Kingdom | 14.6 |
| France | 6.2 |
| Australia | 4.7 |
| Netherlands | 4.7 |
| Germany | 4.1 |
| Ireland | 4.0 |
| Norway | 3.9 |
| Italy | 3.6 |
| Switzerland | 3.5 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 24.9% |
| Financials | 21.7 |
| Consumer Discretionary | 11.4 |
| Information Technology | 10.0 |
| Communication Services | 6.9 |
| Consumer Staples | 5.2 |
| Materials | 4.7 |
| Health Care | 4.6 |
| Energy | 4.4 |
| Real Estate | 3.1 |
| Repurchase Agreements | 1.5 |
| Preferred Stocks | 0.6 |
| Other Investment Company | 0.4 |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Bank of Ireland Group PLC | 3.7% |
| Swissquote Group Holding SA | 3.5 |
| Van Lanschot Kempen NV | 2.4 |
| Eugene Technology Co. Ltd. | 2.2 |
| Sanwa Holdings Corp. | 2.1 |
| Informa PLC | 2.0 |
| Capcom Co. Ltd. | 1.9 |
| Takasago Thermal Engineering Co. Ltd. | 1.9 |
| Buzzi SpA | 1.8 |
| Elis SA | 1.8 |

---

# Transamerica International Small Cap Value
Class I

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Small Cap Value

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Small Cap Value

# Class I2

## Ticker: N/A
October 31, 2025

## Fund Overview
Transamerica International Small Cap Value (the "Fund") seeks maximum long-term total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $105 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 24.82%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%. The performance benchmark, the MSCI EAFE Small Cap Index, returned 25.14% over the same period.

* Thompson, Siegel & Walmsley LLC ("TSW") sub-advised the Fund in this market environment by executing a disciplined investment process during the fiscal year ended October 31, 2025. TSW's process is bottom up and utilizes value investing principles.

* The Fund underperformed its benchmark, the MSCI EAFE Small Cap Index, for the fiscal year.

* Stock selection within the U.K. detracted the most from relative performance. Homebuilder Barratt Redrow was among individual detractors. Despite softer demand from potential property tax hikes, as of period end, the Fund retained the position because TSW believed the company could achieve returns greater than its cost of capital by building homes in an already under supplied housing market in the U.K. 

* Japan contributed the most among regions. Sports equipment company Yonex and HVAC company Takasago Thermal were top contributors.

* At the sector level, health care holdings detracted the most from relative returns. German plastic and glass manufacturer Gerresheimer issued a profit warning due to subdued demand both in cosmetic and containment in oral liquid medications. Japanese dental equipment company Nakanishi saw strong sales growth, but investor worries over margins caused the stock to trail the sector. The Fund retained the position because TSW believed the company's opportunity to expand into North America, alongside increased shareholder returns through buybacks, could yield an attractive reward relative to its risk profile. 

* An overweight in financials was the top sector contributor. Positive stock selection within financials also contributed to performance. Examples included: Swiss online financial service company Swissquote and Bank of Ireland.

* The views expressed reflect the opinions of TSW as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Small Cap Value

# Class I2

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g86t94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I2** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **10/31/2015** | $10000 | $10000 | $10000 |
| **11/30/2015** | $9823 | $9846 | $10004 |
| **12/31/2015** | $9864 | $9715 | $10079 |
| **1/31/2016** | $9351 | $9013 | $9287 |
| **2/29/2016** | $9249 | $8851 | $9277 |
| **3/31/2016** | $9813 | $9435 | $10027 |
| **4/30/2016** | $9736 | $9718 | $10263 |
| **5/31/2016** | $9890 | $9642 | $10325 |
| **6/30/2016** | $9351 | $9322 | $9784 |
| **7/31/2016** | $9864 | $9796 | $10385 |
| **8/31/2016** | $9727 | $9804 | $10325 |
| **9/30/2016** | $9907 | $9929 | $10636 |
| **10/31/2016** | $9762 | $9726 | $10335 |
| **11/30/2016** | $9505 | $9534 | $10046 |
| **12/31/2016** | $9782 | $9862 | $10336 |
| **1/31/2017** | $9976 | $10148 | $10702 |
| **2/28/2017** | $10249 | $10295 | $10943 |
| **3/31/2017** | $10487 | $10590 | $11170 |
| **4/30/2017** | $10883 | $10868 | $11655 |
| **5/31/2017** | $11244 | $11281 | $12095 |
| **6/30/2017** | $11297 | $11264 | $12098 |
| **7/31/2017** | $11667 | $11590 | $12538 |
| **8/31/2017** | $11790 | $11587 | $12642 |
| **10/31/2017** | $12063 | $12062 | $13228 |
| **11/30/2017** | $12415 | $12190 | $13438 |
| **12/31/2017** | $12780 | $12388 | $13799 |
| **1/31/2018** | $13352 | $13010 | $14505 |
| **2/28/2018** | $12871 | $12425 | $13992 |
| **3/31/2018** | $12871 | $12213 | $13843 |
| **4/30/2018** | $13007 | $12505 | $14041 |
| **5/31/2018** | $12980 | $12241 | $13918 |
| **6/30/2018** | $12743 | $12095 | $13652 |
| **7/31/2018** | $12789 | $12393 | $13743 |
| **8/31/2018** | $12580 | $12156 | $13634 |
| **9/30/2018** | $12562 | $12266 | $13541 |
| **10/31/2018** | $11326 | $11291 | $12239 |
| **11/30/2018** | $11236 | $11278 | $12154 |
| **12/31/2018** | $10710 | $10733 | $11372 |
| **1/31/2019** | $11361 | $11440 | $12289 |
| **2/28/2019** | $11577 | $11733 | $12566 |
| **3/31/2019** | $11508 | $11820 | $12596 |
| **4/30/2019** | $11873 | $12164 | $12984 |
| **5/31/2019** | $11153 | $11597 | $12310 |
| **6/30/2019** | $11785 | $12289 | $12838 |
| **7/31/2019** | $11656 | $12134 | $12748 |
| **8/31/2019** | $11587 | $11821 | $12435 |
| **9/30/2019** | $11893 | $12166 | $12790 |
| **10/31/2019** | $12455 | $12604 | $13373 |
| **11/30/2019** | $12781 | $12748 | $13670 |
| **12/31/2019** | $13455 | $13165 | $14269 |
| **1/31/2020** | $13112 | $12891 | $13857 |
| **2/29/2020** | $11912 | $11727 | $12500 |
| **3/31/2020** | $9753 | $10174 | $10353 |
| **4/30/2020** | $10631 | $10840 | $11434 |
| **5/31/2020** | $11266 | $11318 | $12256 |
| **6/30/2020** | $11559 | $11708 | $12428 |
| **7/31/2020** | $11811 | $11983 | $12848 |
| **8/31/2020** | $12497 | $12601 | $13809 |
| **9/30/2020** | $12497 | $12279 | $13711 |
| **10/31/2020** | $12063 | $11790 | $13237 |
| **11/30/2020** | $13868 | $13619 | $15057 |
| **12/31/2020** | $14674 | $14255 | $16088 |
| **1/31/2021** | $14491 | $14104 | $16030 |
| **2/28/2021** | $14991 | $14422 | $16457 |
| **3/31/2021** | $15623 | $14768 | $16827 |
| **4/30/2021** | $16296 | $15224 | $17513 |
| **5/31/2021** | $16683 | $15735 | $17874 |
| **6/30/2021** | $16214 | $15563 | $17583 |
| **7/31/2021** | $16581 | $15681 | $17885 |
| **8/31/2021** | $17183 | $15959 | $18403 |
| **9/30/2021** | $16377 | $15508 | $17753 |
| **10/31/2021** | $16663 | $15893 | $18034 |
| **11/30/2021** | $15653 | $15156 | $17028 |
| **12/31/2021** | $16508 | $15933 | $17775 |
| **1/31/2022** | $15522 | $15164 | $16475 |
| **2/28/2022** | $15055 | $14898 | $16268 |
| **3/31/2022** | $14610 | $15011 | $16276 |
| **4/30/2022** | $13634 | $14052 | $15170 |
| **5/31/2022** | $14005 | $14178 | $15077 |
| **6/30/2022** | $12521 | $12865 | $13428 |
| **7/31/2022** | $13412 | $13508 | $14317 |
| **8/31/2022** | $12489 | $12868 | $13685 |
| **9/30/2022** | $11185 | $11670 | $12118 |
| **10/31/2022** | $11959 | $12298 | $12632 |
| **11/30/2022** | $13571 | $13686 | $13887 |
| **12/31/2022** | $13641 | $13700 | $14039 |
| **1/31/2023** | $14884 | $14812 | $15089 |
| **2/28/2023** | $14763 | $14504 | $14764 |
| **3/31/2023** | $15092 | $14882 | $14748 |
| **4/30/2023** | $15268 | $15318 | $15056 |
| **5/31/2023** | $14576 | $14689 | $14443 |
| **6/30/2023** | $15092 | $15362 | $14866 |
| **7/31/2023** | $15807 | $15861 | $15527 |
| **8/31/2023** | $15235 | $15255 | $15013 |
| **9/30/2023** | $14532 | $14740 | $14358 |
| **10/31/2023** | $13828 | $14144 | $13515 |
| **11/30/2023** | $15081 | $15459 | $14877 |
| **12/31/2023** | $16028 | $16283 | $15965 |
| **1/31/2024** | $15880 | $16379 | $15703 |
| **2/29/2024** | $16458 | $16680 | $15766 |
| **3/31/2024** | $16968 | $17248 | $16366 |
| **4/30/2024** | $16583 | $16825 | $15892 |
| **5/31/2024** | $17535 | $17498 | $16597 |
| **6/30/2024** | $16968 | $17220 | $16100 |
| **7/31/2024** | $17955 | $17727 | $17021 |
| **8/31/2024** | $18306 | $18305 | $17361 |
| **9/30/2024** | $18397 | $18482 | $17815 |
| **10/31/2024** | $17240 | $17479 | $16700 |
| **11/30/2024** | $17399 | $17383 | $16715 |
| **12/31/2024** | $16925 | $16991 | $16335 |
| **1/31/2025** | $17635 | $17886 | $16899 |
| **2/28/2025** | $17960 | $18235 | $16853 |
| **3/31/2025** | $18200 | $18182 | $16959 |
| **4/30/2025** | $19343 | $19034 | $17956 |
| **5/31/2025** | $20582 | $19933 | $18983 |
| **6/30/2025** | $21532 | $20376 | $19817 |
| **7/31/2025** | $20955 | $20092 | $19804 |
| **8/31/2025** | $21653 | $20951 | $20723 |
| **9/30/2025** | $21941 | $21361 | $21067 |
| **10/31/2025** | $21520 | $21615 | $20898 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4CO4 | **1 Year** | **5 Years** | **10 Years** |
| Class I2 | 24.82% | 12.27% | 7.97% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.01% |
| MSCI EAFE Small Cap Index<sup>Footnote Reference(b)</sup> | 25.14% | 9.56% | 7.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed market countries around the world, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1034969691 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7658170 |

---

# Transamerica International Small Cap Value

# Class I2

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 32.3% |
| United Kingdom | 14.6 |
| France | 6.2 |
| Australia | 4.7 |
| Netherlands | 4.7 |
| Germany | 4.1 |
| Ireland | 4.0 |
| Norway | 3.9 |
| Italy | 3.6 |
| Switzerland | 3.5 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 24.9% |
| Financials | 21.7 |
| Consumer Discretionary | 11.4 |
| Information Technology | 10.0 |
| Communication Services | 6.9 |
| Consumer Staples | 5.2 |
| Materials | 4.7 |
| Health Care | 4.6 |
| Energy | 4.4 |
| Real Estate | 3.1 |
| Repurchase Agreements | 1.5 |
| Preferred Stocks | 0.6 |
| Other Investment Company | 0.4 |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Bank of Ireland Group PLC | 3.7% |
| Swissquote Group Holding SA | 3.5 |
| Van Lanschot Kempen NV | 2.4 |
| Eugene Technology Co. Ltd. | 2.2 |
| Sanwa Holdings Corp. | 2.1 |
| Informa PLC | 2.0 |
| Capcom Co. Ltd. | 1.9 |
| Takasago Thermal Engineering Co. Ltd. | 1.9 |
| Buzzi SpA | 1.8 |
| Elis SA | 1.8 |

---

# Transamerica International Small Cap Value
Class I2

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Small Cap Value

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Small Cap Value

# Class R6

## TSLSX
October 31, 2025

## Fund Overview
Transamerica International Small Cap Value (the "Fund") seeks maximum long-term total return. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $105 | 0.93% |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 24.76%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%. The performance benchmark, the MSCI EAFE Small Cap Index, returned 25.14% over the same period.

* Thompson, Siegel & Walmsley LLC ("TSW") sub-advised the Fund in this market environment by executing a disciplined investment process during the fiscal year ended October 31, 2025. TSW's process is bottom up and utilizes value investing principles.

* The Fund underperformed its benchmark, the MSCI EAFE Small Cap Index, for the fiscal year.

* Stock selection within the U.K. detracted the most from relative performance. Homebuilder Barratt Redrow was among individual detractors. Despite softer demand from potential property tax hikes, as of period end, the Fund retained the position because TSW believed the company could achieve returns greater than its cost of capital by building homes in an already under supplied housing market in the U.K. 

* Japan contributed the most among regions. Sports equipment company Yonex and HVAC company Takasago Thermal were top contributors.

* At the sector level, health care holdings detracted the most from relative returns. German plastic and glass manufacturer Gerresheimer issued a profit warning due to subdued demand both in cosmetic and containment in oral liquid medications. Japanese dental equipment company Nakanishi saw strong sales growth, but investor worries over margins caused the stock to trail the sector. The Fund retained the position because TSW believed the company's opportunity to expand into North America, alongside increased shareholder returns through buybacks, could yield an attractive reward relative to its risk profile. 

* An overweight in financials was the top sector contributor. Positive stock selection within financials also contributed to performance. Examples included: Swiss online financial service company Swissquote and Bank of Ireland.

* The views expressed reflect the opinions of TSW as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Small Cap Value

# Class R6

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g83s37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index** | **MSCI EAFE Small Cap Index** |
| **5/31/2024** | $10098 | $10069 | $10081 |
| **6/30/2024** | $9772 | $9909 | $9779 |
| **7/31/2024** | $10333 | $10201 | $10338 |
| **8/31/2024** | $10535 | $10534 | $10545 |
| **9/30/2024** | $10594 | $10635 | $10821 |
| **10/31/2024** | $9928 | $10058 | $10143 |
| **11/30/2024** | $10020 | $10003 | $10152 |
| **12/31/2024** | $9742 | $9778 | $9922 |
| **1/31/2025** | $10157 | $10292 | $10265 |
| **2/28/2025** | $10340 | $10493 | $10236 |
| **3/31/2025** | $10483 | $10463 | $10301 |
| **4/30/2025** | $11136 | $10953 | $10906 |
| **5/31/2025** | $11850 | $11470 | $11530 |
| **6/30/2025** | $12400 | $11726 | $12037 |
| **7/31/2025** | $12060 | $11562 | $12029 |
| **8/31/2025** | $12461 | $12056 | $12587 |
| **9/30/2025** | $12625 | $12292 | $12796 |
| **10/31/2025** | $12387 | $12438 | $12693 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| I4COB | **1 Year** | **Since Inception 5/31/24** |
| Class R6 | 24.76% | 16.24% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 16.59% |
| MSCI EAFE Small Cap Index<sup>Footnote Reference(b)</sup> | 25.14% | 18.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed market countries around the world, excluding the U.S. and Canada. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1034969691 |
| Number of Portfolio Holdings | 116 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $7658170 |

---

# Transamerica International Small Cap Value

# Class R6

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 32.3% |
| United Kingdom | 14.6 |
| France | 6.2 |
| Australia | 4.7 |
| Netherlands | 4.7 |
| Germany | 4.1 |
| Ireland | 4.0 |
| Norway | 3.9 |
| Italy | 3.6 |
| Switzerland | 3.5 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 24.9% |
| Financials | 21.7 |
| Consumer Discretionary | 11.4 |
| Information Technology | 10.0 |
| Communication Services | 6.9 |
| Consumer Staples | 5.2 |
| Materials | 4.7 |
| Health Care | 4.6 |
| Energy | 4.4 |
| Real Estate | 3.1 |
| Repurchase Agreements | 1.5 |
| Preferred Stocks | 0.6 |
| Other Investment Company | 0.4 |
| Rights | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.6 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Bank of Ireland Group PLC | 3.7% |
| Swissquote Group Holding SA | 3.5 |
| Van Lanschot Kempen NV | 2.4 |
| Eugene Technology Co. Ltd. | 2.2 |
| Sanwa Holdings Corp. | 2.1 |
| Informa PLC | 2.0 |
| Capcom Co. Ltd. | 1.9 |
| Takasago Thermal Engineering Co. Ltd. | 1.9 |
| Buzzi SpA | 1.8 |
| Elis SA | 1.8 |

---

# Transamerica International Small Cap Value
Class R6

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Small Cap Value

# Class R6
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Stock

# Class A

## TIHAX
October 31, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $128 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class A shares at NAV returned 26.73%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The Fund outperformed its benchmark at NAV, the MSCI EAFE Index, during the fiscal year ended October 31, 2025.

* Stock selection in the United Kingdom and Australia, and an underweight to Australia contributed to performance, while stock selection in Japan detracted. 

* From a sector perspective, stock selection in financials and industrials contributed the most and selection in health care detracted the most during the period.

* Top stock-level contributors included overweights to Banco Santander SA, a Spanish financial services firm, and Rheinmetall AG, a German arms manufacturer. 

* Banco Santander SA outperformed due to robust net interest income, attractive valuation, and increased efficiency in its operations, while Rheinmetall AG benefitted from rising defense spending across Europe, a large backlog of orders, and a move towards a more profitable product mix.

* The largest stock-level detractors included overweights in Olympus Corporation, a Japanese manufacturer of precision medical products, and FUJIFILM Holdings Corp., a Japan based provider of imaging solutions. 

* Olympus Corporation shares lagged due to intensifying competition and questions on quality control from regulators in the U.S., while FUJIFILM Holdings Corp was pressured by foreign exchange losses and weakness in certain business segments.

* The views expressed reflect the opinions of ClariVest Asset Management LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Stock

# Class A

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g22l54.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with load** | **MSCI EAFE Index** |
| **9/28/2018** | $9452 | $10000 |
| **9/30/2018** | $9452 | $9938 |
| **10/31/2018** | $8686 | $9148 |
| **11/30/2018** | $8497 | $9138 |
| **12/31/2018** | $7978 | $8696 |
| **1/31/2019** | $8650 | $9269 |
| **2/28/2019** | $8773 | $9506 |
| **3/31/2019** | $8773 | $9577 |
| **4/30/2019** | $8962 | $9855 |
| **5/31/2019** | $8470 | $9396 |
| **6/30/2019** | $8971 | $9956 |
| **7/31/2019** | $8744 | $9831 |
| **8/31/2019** | $8564 | $9578 |
| **9/30/2019** | $8792 | $9857 |
| **10/31/2019** | $9085 | $10212 |
| **11/30/2019** | $9151 | $10329 |
| **12/31/2019** | $9388 | $10666 |
| **1/31/2020** | $9198 | $10444 |
| **2/29/2020** | $8470 | $9502 |
| **3/31/2020** | $7202 | $8243 |
| **4/30/2020** | $7637 | $8782 |
| **5/31/2020** | $7921 | $9170 |
| **6/30/2020** | $8224 | $9486 |
| **7/31/2020** | $8441 | $9709 |
| **8/31/2020** | $8744 | $10209 |
| **9/30/2020** | $8527 | $9949 |
| **10/31/2020** | $8158 | $9552 |
| **11/30/2020** | $9255 | $11034 |
| **12/31/2020** | $9678 | $11549 |
| **1/31/2021** | $9621 | $11427 |
| **2/28/2021** | $9946 | $11685 |
| **3/31/2021** | $10415 | $11965 |
| **4/30/2021** | $10731 | $12335 |
| **5/31/2021** | $11124 | $12749 |
| **6/30/2021** | $10961 | $12609 |
| **7/31/2021** | $11066 | $12705 |
| **8/31/2021** | $11334 | $12930 |
| **9/30/2021** | $11028 | $12565 |
| **10/31/2021** | $11267 | $12877 |
| **11/30/2021** | $10722 | $12279 |
| **12/31/2021** | $11362 | $12909 |
| **1/31/2022** | $11154 | $12286 |
| **2/28/2022** | $10915 | $12070 |
| **3/31/2022** | $10957 | $12162 |
| **4/30/2022** | $10322 | $11385 |
| **5/31/2022** | $10561 | $11487 |
| **6/30/2022** | $9500 | $10423 |
| **7/31/2022** | $9999 | $10944 |
| **8/31/2022** | $9417 | $10425 |
| **9/30/2022** | $8543 | $9455 |
| **10/31/2022** | $9084 | $9964 |
| **11/30/2022** | $10249 | $11088 |
| **12/31/2022** | $10100 | $11100 |
| **1/31/2023** | $10887 | $12000 |
| **2/28/2023** | $10664 | $11751 |
| **3/31/2023** | $10887 | $12057 |
| **4/30/2023** | $11132 | $12410 |
| **5/31/2023** | $10749 | $11901 |
| **6/30/2023** | $11324 | $12446 |
| **7/31/2023** | $11611 | $12850 |
| **8/31/2023** | $11313 | $12360 |
| **9/30/2023** | $10972 | $11943 |
| **10/31/2023** | $10600 | $11460 |
| **11/30/2023** | $11504 | $12525 |
| **12/31/2023** | $12041 | $13193 |
| **1/31/2024** | $12172 | $13270 |
| **2/29/2024** | $12600 | $13515 |
| **3/31/2024** | $13160 | $13975 |
| **4/30/2024** | $12864 | $13632 |
| **5/31/2024** | $13676 | $14177 |
| **6/30/2024** | $13336 | $13951 |
| **7/31/2024** | $13698 | $14362 |
| **8/31/2024** | $14060 | $14831 |
| **9/30/2024** | $13951 | $14974 |
| **10/31/2024** | $13402 | $14162 |
| **11/30/2024** | $13512 | $14084 |
| **12/31/2024** | $13233 | $13766 |
| **1/31/2025** | $13827 | $14491 |
| **2/28/2025** | $14351 | $14774 |
| **3/31/2025** | $14398 | $14731 |
| **4/30/2025** | $14910 | $15422 |
| **5/31/2025** | $15703 | $16150 |
| **6/30/2025** | $15982 | $16509 |
| **7/31/2025** | $15761 | $16279 |
| **8/31/2025** | $16495 | $16975 |
| **9/30/2025** | $16996 | $17307 |
| **10/31/2025** | $16984 | $17513 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3AD1 | **1 Year** | **5 Years** | **Since Inception 9/28/18** |
| Class A with Load | 19.77% | 14.50% | 7.75% |
| Class A | 26.73% | 15.80% | 8.61% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $597860650 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3246661 |

---

# Transamerica International Stock

# Class A

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 24.4% |
| United Kingdom | 17.5 |
| Germany | 10.2 |
| France | 6.7 |
| Switzerland | 6.3 |
| Netherlands | 5.6 |
| Australia | 5.2 |
| Spain | 4.8 |
| Singapore | 3.3 |
| Italy | 3.0 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 27.4% |
| Industrials | 16.5 |
| Information Technology | 11.1 |
| Health Care | 10.2 |
| Consumer Staples | 6.5 |
| Consumer Discretionary | 6.5 |
| Utilities | 4.6 |
| Communication Services | 4.6 |
| Materials | 3.7 |
| Energy | 1.9 |
| Real Estate | 1.7 |
| Repurchase Agreements | 3.3 |
| Exchange-Traded Funds | 1 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ASML Holding NV | 2.5% |
| Banco Santander SA | 2.2 |
| Rolls-Royce Holdings PLC | 2.0 |
| 3i Group PLC | 1.9 |
| DBS Group Holdings Ltd. | 1.8 |
| HSBC Holdings PLC | 1.8 |
| SAP SE | 1.7 |
| Barclays PLC | 1.7 |
| UBS Group AG | 1.5 |
| Iberdrola SA | 1.5 |

---

# Transamerica International Stock
Class A

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class A
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Stock

# Class I

## TIHBX
October 31, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $94 | 0.83%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I shares at NAV returned 27.12%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The Fund outperformed its benchmark, the MSCI EAFE Index, during the fiscal year ended October 31, 2025.

* Stock selection in the United Kingdom and Australia, and an underweight to Australia contributed to performance, while stock selection in Japan detracted. 

* From a sector perspective, stock selection in financials and industrials contributed the most and selection in health care detracted the most during the period.

* Top stock-level contributors included overweights to Banco Santander SA, a Spanish financial services firm, and Rheinmetall AG, a German arms manufacturer. 

* Banco Santander SA outperformed due to robust net interest income, attractive valuation, and increased efficiency in its operations, while Rheinmetall AG benefitted from rising defense spending across Europe, a large backlog of orders, and a move towards a more profitable product mix.

* The largest stock-level detractors included overweights in Olympus Corporation, a Japanese manufacturer of precision medical products, and FUJIFILM Holdings Corp., a Japan based provider of imaging solutions. 

* Olympus Corporation shares lagged due to intensifying competition and questions on quality control from regulators in the U.S., while FUJIFILM Holdings Corp was pressured by foreign exchange losses and weakness in certain business segments.

* The views expressed reflect the opinions of ClariVest Asset Management LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Stock

# Class I

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g58b70.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE Index** |
| **9/28/2018** | $10000 | $10000 |
| **9/30/2018** | $10000 | $9938 |
| **10/31/2018** | $9190 | $9148 |
| **11/30/2018** | $8990 | $9138 |
| **12/31/2018** | $8440 | $8696 |
| **1/31/2019** | $9161 | $9269 |
| **2/28/2019** | $9291 | $9506 |
| **3/31/2019** | $9291 | $9577 |
| **4/30/2019** | $9492 | $9855 |
| **5/31/2019** | $8981 | $9396 |
| **6/30/2019** | $9512 | $9956 |
| **7/31/2019** | $9271 | $9831 |
| **8/31/2019** | $9081 | $9578 |
| **9/30/2019** | $9332 | $9857 |
| **10/31/2019** | $9632 | $10212 |
| **11/30/2019** | $9712 | $10329 |
| **12/31/2019** | $9964 | $10666 |
| **1/31/2020** | $9773 | $10444 |
| **2/29/2020** | $9001 | $9502 |
| **3/31/2020** | $7648 | $8243 |
| **4/30/2020** | $8109 | $8782 |
| **5/31/2020** | $8420 | $9170 |
| **6/30/2020** | $8741 | $9486 |
| **7/31/2020** | $8971 | $9709 |
| **8/31/2020** | $9302 | $10209 |
| **9/30/2020** | $9062 | $9949 |
| **10/31/2020** | $8671 | $9552 |
| **11/30/2020** | $9843 | $11034 |
| **12/31/2020** | $10303 | $11549 |
| **1/31/2021** | $10232 | $11427 |
| **2/28/2021** | $10588 | $11685 |
| **3/31/2021** | $11096 | $11965 |
| **4/30/2021** | $11431 | $12335 |
| **5/31/2021** | $11847 | $12749 |
| **6/30/2021** | $11675 | $12609 |
| **7/31/2021** | $11797 | $12705 |
| **8/31/2021** | $12081 | $12930 |
| **9/30/2021** | $11756 | $12565 |
| **10/31/2021** | $12020 | $12877 |
| **11/30/2021** | $11441 | $12279 |
| **12/31/2021** | $12120 | $12909 |
| **1/31/2022** | $11910 | $12286 |
| **2/28/2022** | $11644 | $12070 |
| **3/31/2022** | $11689 | $12162 |
| **4/30/2022** | $11047 | $11385 |
| **5/31/2022** | $11301 | $11487 |
| **6/30/2022** | $10172 | $10423 |
| **7/31/2022** | $10704 | $10944 |
| **8/31/2022** | $10084 | $10425 |
| **9/30/2022** | $9154 | $9455 |
| **10/31/2022** | $9734 | $9964 |
| **11/30/2022** | $10989 | $11088 |
| **12/31/2022** | $10822 | $11100 |
| **1/31/2023** | $11664 | $12000 |
| **2/28/2023** | $11437 | $11751 |
| **3/31/2023** | $11676 | $12057 |
| **4/30/2023** | $11938 | $12410 |
| **5/31/2023** | $11516 | $11901 |
| **6/30/2023** | $12131 | $12446 |
| **7/31/2023** | $12438 | $12850 |
| **8/31/2023** | $12131 | $12360 |
| **9/30/2023** | $11767 | $11943 |
| **10/31/2023** | $11369 | $11460 |
| **11/30/2023** | $12347 | $12525 |
| **12/31/2023** | $12919 | $13193 |
| **1/31/2024** | $13061 | $13270 |
| **2/29/2024** | $13531 | $13515 |
| **3/31/2024** | $14130 | $13975 |
| **4/30/2024** | $13813 | $13632 |
| **5/31/2024** | $14695 | $14177 |
| **6/30/2024** | $14330 | $13951 |
| **7/31/2024** | $14730 | $14362 |
| **8/31/2024** | $15106 | $14831 |
| **9/30/2024** | $15000 | $14974 |
| **10/31/2024** | $14412 | $14162 |
| **11/30/2024** | $14530 | $14084 |
| **12/31/2024** | $14235 | $13766 |
| **1/31/2025** | $14885 | $14491 |
| **2/28/2025** | $15447 | $14774 |
| **3/31/2025** | $15510 | $14731 |
| **4/30/2025** | $16072 | $15422 |
| **5/31/2025** | $16909 | $16150 |
| **6/30/2025** | $17222 | $16509 |
| **7/31/2025** | $16984 | $16279 |
| **8/31/2025** | $17784 | $16975 |
| **9/30/2025** | $18322 | $17307 |
| **10/31/2025** | $18322 | $17513 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3AD8 | **1 Year** | **5 Years** | **Since Inception 9/28/18** |
| Class I | 27.12% | 16.14% | 8.91% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $597860650 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3246661 |

---

# Transamerica International Stock

# Class I

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 24.4% |
| United Kingdom | 17.5 |
| Germany | 10.2 |
| France | 6.7 |
| Switzerland | 6.3 |
| Netherlands | 5.6 |
| Australia | 5.2 |
| Spain | 4.8 |
| Singapore | 3.3 |
| Italy | 3.0 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 27.4% |
| Industrials | 16.5 |
| Information Technology | 11.1 |
| Health Care | 10.2 |
| Consumer Staples | 6.5 |
| Consumer Discretionary | 6.5 |
| Utilities | 4.6 |
| Communication Services | 4.6 |
| Materials | 3.7 |
| Energy | 1.9 |
| Real Estate | 1.7 |
| Repurchase Agreements | 3.3 |
| Exchange-Traded Funds | 1 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ASML Holding NV | 2.5% |
| Banco Santander SA | 2.2 |
| Rolls-Royce Holdings PLC | 2.0 |
| 3i Group PLC | 1.9 |
| DBS Group Holdings Ltd. | 1.8 |
| HSBC Holdings PLC | 1.8 |
| SAP SE | 1.7 |
| Barclays PLC | 1.7 |
| UBS Group AG | 1.5 |
| Iberdrola SA | 1.5 |

---

# Transamerica International Stock
Class I

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class I
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Stock

# Class I2

## TIHIX
October 31, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I2 | $89 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class I2 shares at NAV returned 27.13%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The Fund outperformed its benchmark, the MSCI EAFE Index, during the fiscal year ended October 31, 2025.

* Stock selection in the United Kingdom and Australia, and an underweight to Australia contributed to performance, while stock selection in Japan detracted. 

* From a sector perspective, stock selection in financials and industrials contributed the most and selection in health care detracted the most during the period.

* Top stock-level contributors included overweights to Banco Santander SA, a Spanish financial services firm, and Rheinmetall AG, a German arms manufacturer. 

* Banco Santander SA outperformed due to robust net interest income, attractive valuation, and increased efficiency in its operations, while Rheinmetall AG benefitted from rising defense spending across Europe, a large backlog of orders, and a move towards a more profitable product mix.

* The largest stock-level detractors included overweights in Olympus Corporation, a Japanese manufacturer of precision medical products, and FUJIFILM Holdings Corp., a Japan based provider of imaging solutions. 

* Olympus Corporation shares lagged due to intensifying competition and questions on quality control from regulators in the U.S., while FUJIFILM Holdings Corp was pressured by foreign exchange losses and weakness in certain business segments.

* The views expressed reflect the opinions of ClariVest Asset Management LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Stock

# Class I2

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g31v50.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I2** | **MSCI EAFE Index** |
| **9/28/2018** | $10000 | $10000 |
| **9/30/2018** | $10000 | $9938 |
| **10/31/2018** | $9190 | $9148 |
| **11/30/2018** | $8990 | $9138 |
| **12/31/2018** | $8440 | $8696 |
| **1/31/2019** | $9161 | $9269 |
| **2/28/2019** | $9291 | $9506 |
| **3/31/2019** | $9291 | $9577 |
| **4/30/2019** | $9492 | $9855 |
| **5/31/2019** | $8981 | $9396 |
| **6/30/2019** | $9512 | $9956 |
| **7/31/2019** | $9271 | $9831 |
| **8/31/2019** | $9081 | $9578 |
| **9/30/2019** | $9332 | $9857 |
| **10/31/2019** | $9632 | $10212 |
| **11/30/2019** | $9712 | $10329 |
| **12/31/2019** | $9964 | $10666 |
| **1/31/2020** | $9774 | $10444 |
| **2/29/2020** | $8992 | $9502 |
| **3/31/2020** | $7649 | $8243 |
| **4/30/2020** | $8110 | $8782 |
| **5/31/2020** | $8420 | $9170 |
| **6/30/2020** | $8741 | $9486 |
| **7/31/2020** | $8972 | $9709 |
| **8/31/2020** | $9293 | $10209 |
| **9/30/2020** | $9062 | $9949 |
| **10/31/2020** | $8671 | $9552 |
| **11/30/2020** | $9844 | $11034 |
| **12/31/2020** | $10294 | $11549 |
| **1/31/2021** | $10233 | $11427 |
| **2/28/2021** | $10589 | $11685 |
| **3/31/2021** | $11097 | $11965 |
| **4/30/2021** | $11432 | $12335 |
| **5/31/2021** | $11849 | $12749 |
| **6/30/2021** | $11676 | $12609 |
| **7/31/2021** | $11798 | $12705 |
| **8/31/2021** | $12082 | $12930 |
| **9/30/2021** | $11757 | $12565 |
| **10/31/2021** | $12021 | $12877 |
| **11/30/2021** | $11442 | $12279 |
| **12/31/2021** | $12133 | $12909 |
| **1/31/2022** | $11922 | $12286 |
| **2/28/2022** | $11656 | $12070 |
| **3/31/2022** | $11701 | $12162 |
| **4/30/2022** | $11036 | $11385 |
| **5/31/2022** | $11291 | $11487 |
| **6/30/2022** | $10160 | $10423 |
| **7/31/2022** | $10692 | $10944 |
| **8/31/2022** | $10072 | $10425 |
| **9/30/2022** | $9152 | $9455 |
| **10/31/2022** | $9728 | $9964 |
| **11/30/2022** | $10980 | $11088 |
| **12/31/2022** | $10821 | $11100 |
| **1/31/2023** | $11663 | $12000 |
| **2/28/2023** | $11436 | $11751 |
| **3/31/2023** | $11675 | $12057 |
| **4/30/2023** | $11948 | $12410 |
| **5/31/2023** | $11527 | $11901 |
| **6/30/2023** | $12141 | $12446 |
| **7/31/2023** | $12460 | $12850 |
| **8/31/2023** | $12141 | $12360 |
| **9/30/2023** | $11777 | $11943 |
| **10/31/2023** | $11379 | $11460 |
| **11/30/2023** | $12358 | $12525 |
| **12/31/2023** | $12938 | $13193 |
| **1/31/2024** | $13079 | $13270 |
| **2/29/2024** | $13550 | $13515 |
| **3/31/2024** | $14150 | $13975 |
| **4/30/2024** | $13833 | $13632 |
| **5/31/2024** | $14727 | $14177 |
| **6/30/2024** | $14351 | $13951 |
| **7/31/2024** | $14751 | $14362 |
| **8/31/2024** | $15139 | $14831 |
| **9/30/2024** | $15033 | $14974 |
| **10/31/2024** | $14445 | $14162 |
| **11/30/2024** | $14562 | $14084 |
| **12/31/2024** | $14271 | $13766 |
| **1/31/2025** | $14909 | $14491 |
| **2/28/2025** | $15485 | $14774 |
| **3/31/2025** | $15535 | $14731 |
| **4/30/2025** | $16098 | $15422 |
| **5/31/2025** | $16950 | $16150 |
| **6/30/2025** | $17263 | $16509 |
| **7/31/2025** | $17025 | $16279 |
| **8/31/2025** | $17826 | $16975 |
| **9/30/2025** | $18364 | $17307 |
| **10/31/2025** | $18364 | $17513 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3AD4 | **1 Year** | **5 Years** | **Since Inception 9/28/18** |
| Class I2 | 27.13% | 16.19% | 8.95% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $597860650 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3246661 |

---

# Transamerica International Stock

# Class I2

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 24.4% |
| United Kingdom | 17.5 |
| Germany | 10.2 |
| France | 6.7 |
| Switzerland | 6.3 |
| Netherlands | 5.6 |
| Australia | 5.2 |
| Spain | 4.8 |
| Singapore | 3.3 |
| Italy | 3.0 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 27.4% |
| Industrials | 16.5 |
| Information Technology | 11.1 |
| Health Care | 10.2 |
| Consumer Staples | 6.5 |
| Consumer Discretionary | 6.5 |
| Utilities | 4.6 |
| Communication Services | 4.6 |
| Materials | 3.7 |
| Energy | 1.9 |
| Real Estate | 1.7 |
| Repurchase Agreements | 3.3 |
| Exchange-Traded Funds | 1 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ASML Holding NV | 2.5% |
| Banco Santander SA | 2.2 |
| Rolls-Royce Holdings PLC | 2.0 |
| 3i Group PLC | 1.9 |
| DBS Group Holdings Ltd. | 1.8 |
| HSBC Holdings PLC | 1.8 |
| SAP SE | 1.7 |
| Barclays PLC | 1.7 |
| UBS Group AG | 1.5 |
| Iberdrola SA | 1.5 |

---

# Transamerica International Stock
Class I2

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class I2
![Image](g67628g55z39.jpg)

Annual Shareholder Report

# Transamerica International Stock

# Class R6

## TIHJX
October 31, 2025

## Fund Overview
Transamerica International Stock (the "Fund") seeks capital appreciation. This annual shareholder report contains important information for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the year?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $89 | 0.78%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Fund invests. |

---

## How did the Fund perform last year and what affected its performance?
For the fiscal year ended October 31, 2025, the Fund's Class R6 shares at NAV returned 27.24%. For the same period, the Fund's broad-based benchmark, the MSCI EAFE Index, returned 23.66%.

* The Fund outperformed its benchmark, the MSCI EAFE Index, during the fiscal year ended October 31, 2025.

* Stock selection in the United Kingdom and Australia, and an underweight to Australia contributed to performance, while stock selection in Japan detracted. 

* From a sector perspective, stock selection in financials and industrials contributed the most and selection in health care detracted the most during the period.

* Top stock-level contributors included overweights to Banco Santander SA, a Spanish financial services firm, and Rheinmetall AG, a German arms manufacturer. 

* Banco Santander SA outperformed due to robust net interest income, attractive valuation, and increased efficiency in its operations, while Rheinmetall AG benefitted from rising defense spending across Europe, a large backlog of orders, and a move towards a more profitable product mix.

* The largest stock-level detractors included overweights in Olympus Corporation, a Japanese manufacturer of precision medical products, and FUJIFILM Holdings Corp., a Japan based provider of imaging solutions. 

* Olympus Corporation shares lagged due to intensifying competition and questions on quality control from regulators in the U.S., while FUJIFILM Holdings Corp was pressured by foreign exchange losses and weakness in certain business segments.

* The views expressed reflect the opinions of ClariVest Asset Management LLC as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

# Transamerica International Stock

# Class R6

## Fund Overview

### Fund Performance
Total Return Based on $10,000 Investment

![Growth of 10K Chart](g67628g76x27.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index** |
| **9/28/2018** | $10000 | $10000 |
| **9/30/2018** | $10000 | $9938 |
| **10/31/2018** | $9190 | $9148 |
| **11/30/2018** | $8990 | $9138 |
| **12/31/2018** | $8440 | $8696 |
| **1/31/2019** | $9161 | $9269 |
| **2/28/2019** | $9291 | $9506 |
| **3/31/2019** | $9291 | $9577 |
| **4/30/2019** | $9492 | $9855 |
| **5/31/2019** | $8981 | $9396 |
| **6/30/2019** | $9512 | $9956 |
| **7/31/2019** | $9271 | $9831 |
| **8/31/2019** | $9081 | $9578 |
| **9/30/2019** | $9332 | $9857 |
| **10/31/2019** | $9632 | $10212 |
| **11/30/2019** | $9712 | $10329 |
| **12/31/2019** | $9964 | $10666 |
| **1/31/2020** | $9773 | $10444 |
| **2/29/2020** | $9001 | $9502 |
| **3/31/2020** | $7648 | $8243 |
| **4/30/2020** | $8109 | $8782 |
| **5/31/2020** | $8420 | $9170 |
| **6/30/2020** | $8741 | $9486 |
| **7/31/2020** | $8971 | $9709 |
| **8/31/2020** | $9302 | $10209 |
| **9/30/2020** | $9062 | $9949 |
| **10/31/2020** | $8671 | $9552 |
| **11/30/2020** | $9843 | $11034 |
| **12/31/2020** | $10303 | $11549 |
| **1/31/2021** | $10232 | $11427 |
| **2/28/2021** | $10588 | $11685 |
| **3/31/2021** | $11096 | $11965 |
| **4/30/2021** | $11431 | $12335 |
| **5/31/2021** | $11847 | $12749 |
| **6/30/2021** | $11685 | $12609 |
| **7/31/2021** | $11797 | $12705 |
| **8/31/2021** | $12081 | $12930 |
| **9/30/2021** | $11756 | $12565 |
| **10/31/2021** | $12020 | $12877 |
| **11/30/2021** | $11441 | $12279 |
| **12/31/2021** | $12127 | $12909 |
| **1/31/2022** | $11916 | $12286 |
| **2/28/2022** | $11650 | $12070 |
| **3/31/2022** | $11694 | $12162 |
| **4/30/2022** | $11029 | $11385 |
| **5/31/2022** | $11284 | $11487 |
| **6/30/2022** | $10154 | $10423 |
| **7/31/2022** | $10686 | $10944 |
| **8/31/2022** | $10065 | $10425 |
| **9/30/2022** | $9145 | $9455 |
| **10/31/2022** | $9721 | $9964 |
| **11/30/2022** | $10974 | $11088 |
| **12/31/2022** | $10817 | $11100 |
| **1/31/2023** | $11659 | $12000 |
| **2/28/2023** | $11431 | $11751 |
| **3/31/2023** | $11670 | $12057 |
| **4/30/2023** | $11932 | $12410 |
| **5/31/2023** | $11511 | $11901 |
| **6/30/2023** | $12125 | $12446 |
| **7/31/2023** | $12444 | $12850 |
| **8/31/2023** | $12137 | $12360 |
| **9/30/2023** | $11773 | $11943 |
| **10/31/2023** | $11375 | $11460 |
| **11/30/2023** | $12353 | $12525 |
| **12/31/2023** | $12922 | $13193 |
| **1/31/2024** | $13075 | $13270 |
| **2/29/2024** | $13534 | $13515 |
| **3/31/2024** | $14134 | $13975 |
| **4/30/2024** | $13828 | $13632 |
| **5/31/2024** | $14710 | $14177 |
| **6/30/2024** | $14346 | $13951 |
| **7/31/2024** | $14746 | $14362 |
| **8/31/2024** | $15134 | $14831 |
| **9/30/2024** | $15016 | $14974 |
| **10/31/2024** | $14428 | $14162 |
| **11/30/2024** | $14557 | $14084 |
| **12/31/2024** | $14254 | $13766 |
| **1/31/2025** | $14905 | $14491 |
| **2/28/2025** | $15480 | $14774 |
| **3/31/2025** | $15530 | $14731 |
| **4/30/2025** | $16094 | $15422 |
| **5/31/2025** | $16932 | $16150 |
| **6/30/2025** | $17257 | $16509 |
| **7/31/2025** | $17020 | $16279 |
| **8/31/2025** | $17821 | $16975 |
| **9/30/2025** | $18359 | $17307 |
| **10/31/2025** | $18359 | $17513 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3ADB | **1 Year** | **5 Years** | **Since Inception 9/28/18** |
| Class R6 | 27.24% | 16.19% | 8.94% |
| MSCI EAFE Index<sup>Footnote Reference(a)</sup> | 23.66% | 12.89% | 8.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;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. Performance reflects no deduction for fees, expenses or taxes. |

---

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. **The data shown represents past performance, which is no guarantee of future results.**Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $597860650 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3246661 |

---

# Transamerica International Stock

# Class R6

## What did the Fund invest in?

### Top Country Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| Japan | 24.4% |
| United Kingdom | 17.5 |
| Germany | 10.2 |
| France | 6.7 |
| Switzerland | 6.3 |
| Netherlands | 5.6 |
| Australia | 5.2 |
| Spain | 4.8 |
| Singapore | 3.3 |
| Italy | 3.0 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 27.4% |
| Industrials | 16.5 |
| Information Technology | 11.1 |
| Health Care | 10.2 |
| Consumer Staples | 6.5 |
| Consumer Discretionary | 6.5 |
| Utilities | 4.6 |
| Communication Services | 4.6 |
| Materials | 3.7 |
| Energy | 1.9 |
| Real Estate | 1.7 |
| Repurchase Agreements | 3.3 |
| Exchange-Traded Funds | 1 |
| Preferred Stocks | 0.5 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| ASML Holding NV | 2.5% |
| Banco Santander SA | 2.2 |
| Rolls-Royce Holdings PLC | 2.0 |
| 3i Group PLC | 1.9 |
| DBS Group Holdings Ltd. | 1.8 |
| HSBC Holdings PLC | 1.8 |
| SAP SE | 1.7 |
| Barclays PLC | 1.7 |
| UBS Group AG | 1.5 |
| Iberdrola SA | 1.5 |

---

# Transamerica International Stock
Class R6

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at transamerica.com/investments/mutual-fund-prospectus or by scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g67628g25q91.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

# Transamerica International Stock

# Class R6

------

(b) Not Applicable

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The registrant's code of ethics is reasonably designed as described in Item 2(b) of Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The registrant has filed this code of ethics as an exhibit hereto pursuant to Item 19(a)(1) of Form N-CSR.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Experts.**  |

---

The registrant's Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are "audit committee financial experts," as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are "independent" under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as "audit committee financial experts" pursuant to Item 3 of Form N-CSR does not (i) deem either of them an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, (ii) impose upon either of them any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon them as a member of the registrant's audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the registrant's audit committee or Board of Trustees. <br>

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 10/31 <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 10/31 <br>(in thousands) |
|  |  | 2025 | 2024 |
| (a) | <u>Audit Fees</u> | $1106 | $1295 |
| (b) | <u>Audit Related Fees</u><sup>(1)</sup> | $49 | $99 |
| (c) | <u>Tax Fees</u><sup>(2)</sup> | $152 | $19 |
| (d) | <u>All Other Fees</u><sup>(3)</sup> | $43 | $0 |

---

<sup>(1)</sup> Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-1A filing of the funds comprising the registrant. 

<sup>(2)</sup> Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the registrant. 

<sup>(3)</sup> All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company and N-14 merger items.

------

---

| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>. Generally, the registrant's Audit Committee must pre-approve (i) all audit and non-audit services performed for the registrant by the independent accountant and (ii) all non-audit services performed by the registrant's independent accountant for the registrant's investment adviser, and certain of the adviser's affiliates that provide ongoing services to the registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the registrant.  |

---

The Audit Committee may delegate pre-approval authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the registrant will be subject to the pre-approval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant pre-approval for other audit services, which are those services that only the independent accountant reasonably can provide. <br>

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. <br>

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2025 and 2024 was zero.  |

---

(f) Not Applicable.

(g) Not Applicable.

(h) The registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the registrant's Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

---

(a) Not Applicable.

(b) Not Applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.**  |

---

(a) The Schedules of Investments are included within the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable to the registrant.

------

---

| | |
|:---|:---|
| **Item 7** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |

---

(a) ------

![](g67628img795020e01.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Balanced II**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img368a439d2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_SOI-RunningFooter-150_1) | 2 |
| [Statement of Assets and Liabilities](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_FS-RunningFooter-150_1) | 14 |
| [Statement of Operations](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_FS-RunningFooter-150_2) | 15 |
| [Statement of Changes in Net Assets](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_FS-RunningFooter-150_3) | 16 |
| [Financial Highlights](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_FIHI-RunningFooter-150_1) | 17 |
| [Notes to Financial Statements](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_NTF-RunningFooter-150_1) | 18 |
| **[Report of Independent Registered Public Accounting Firm](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_AUD-RunningFooter-150_1)** | 31 |
| **[Supplemental Information](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_STI-RunningFooter-150_1)** | 32 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_DWA-RunningFooter-150_1)**<br> **[Companies](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_DWA-RunningFooter-150_1)**<br>| 33 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_PD-RunningFooter-150_1)** | 34 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_REMU-RunningFooter-150_1)**<br> **[Companies](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_REMU-RunningFooter-150_1)**<br>| 35 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_878a7046-77c1-4bdf-8ed9-f593c3f6f7b0_AIAC-RunningFooter-150_1)** | 36 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 61.6%**  | **COMMON STOCKS - 61.6%**  | **COMMON STOCKS - 61.6%**  |
| **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  | **Aerospace & Defense - 1.5%**  |
| Boeing Co. <sup>(A)</sup> <br>| 274 | $55080 |
| Howmet Aerospace, Inc. | 2038 | 419726 |
| RTX Corp. | 1892 | 337722 |
| Textron, Inc. | 1070 | 86467 |
| TransDigm Group, Inc. | 142 | 185808 |
|  |  | 1084803 |
| **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  | **Air Freight & Logistics - 0.2%**  |
| FedEx Corp. | 446 | 113204 |
| **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** | **Automobile Components - 0.0% \*** |
| Aptiv PLC <sup>(A)</sup> <br>| 381 | 30899 |
| **Automobiles - 1.3%**  | **Automobiles - 1.3%**  | **Automobiles - 1.3%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 2029 | 926360 |
| **Banks - 2.2%**  | **Banks - 2.2%**  | **Banks - 2.2%**  |
| Bank of America Corp. | 10713 | 572610 |
| Citigroup, Inc. | 971 | 98294 |
| Fifth Third Bancorp | 3093 | 128731 |
| Regions Financial Corp. | 2547 | 61637 |
| Truist Financial Corp. | 2266 | 101131 |
| U.S. Bancorp | 2998 | 139947 |
| Wells Fargo & Co. | 5501 | 478422 |
|  |  | 1580772 |
| **Beverages - 0.9%**  | **Beverages - 0.9%**  | **Beverages - 0.9%**  |
| Coca-Cola Co. | 2283 | 157299 |
| Keurig Dr. Pepper, Inc. | 6540 | 177626 |
| PepsiCo, Inc. | 2219 | 324174 |
|  |  | 659099 |
| **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  | **Biotechnology - 1.2%**  |
| AbbVie, Inc. | 2276 | 496259 |
| Neurocrine Biosciences, Inc. <sup>(A)</sup> <br>| 237 | 33941 |
| Regeneron Pharmaceuticals, Inc. | 257 | 167513 |
| Vertex Pharmaceuticals, Inc. <sup>(A)</sup> <br>| 339 | 144268 |
|  |  | 841981 |
| **Broadline Retail - 2.8%**  | **Broadline Retail - 2.8%**  | **Broadline Retail - 2.8%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 8124 | 1984043 |
| **Building Products - 0.8%**  | **Building Products - 0.8%**  | **Building Products - 0.8%**  |
| Carrier Global Corp. | 2686 | 159790 |
| Masco Corp. | 1326 | 85872 |
| Trane Technologies PLC | 804 | 360714 |
|  |  | 606376 |
| **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  | **Capital Markets - 1.2%**  |
| Ameriprise Financial, Inc. | 248 | 112287 |
| Charles Schwab Corp. | 4037 | 381577 |
| CME Group, Inc. | 700 | 185843 |
| LPL Financial Holdings, Inc. | 68 | 25657 |
| Raymond James Financial, Inc. | 373 | 59184 |
| Robinhood Markets, Inc., Class A <sup>(A)</sup> <br>| 163 | 23925 |
| State Street Corp. | 805 | 93107 |
|  |  | 881580 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| Ecolab, Inc. | 561 | $143840 |
| Linde PLC | 658 | 275242 |
| PPG Industries, Inc. | 861 | 84163 |
| Sherwin-Williams Co. | 181 | 62434 |
|  |  | 565679 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| Arista Networks, Inc. <sup>(A)</sup> <br>| 958 | 151067 |
| Motorola Solutions, Inc. | 128 | 52059 |
|  |  | 203126 |
| **Construction Materials - 0.2%**  | **Construction Materials - 0.2%**  | **Construction Materials - 0.2%**  |
| Martin Marietta Materials, Inc. | 121 | 74185 |
| Vulcan Materials Co. | 320 | 92640 |
|  |  | 166825 |
| **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  | **Consumer Finance - 0.5%**  |
| American Express Co. | 480 | 173150 |
| Capital One Financial Corp. | 902 | 198431 |
|  |  | 371581 |
| **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  |
| Walmart, Inc. | 3331 | 337031 |
| **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  | **Diversified Telecommunication Services - 0.3%**  |
| AT&T, Inc. | 8551 | 211637 |
| **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  | **Electric Utilities - 1.1%**  |
| Entergy Corp. | 329 | 31614 |
| NextEra Energy, Inc. | 4385 | 356939 |
| NRG Energy, Inc. | 154 | 26466 |
| PG&E Corp. | 2723 | 43459 |
| Southern Co. | 3702 | 348136 |
|  |  | 806614 |
| **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  | **Electrical Equipment - 0.6%**  |
| Eaton Corp. PLC | 484 | 184675 |
| Emerson Electric Co. | 820 | 114448 |
| GE Vernova, Inc. | 209 | 122294 |
|  |  | 421417 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Baker Hughes Co. | 3349 | 162125 |
| **Entertainment - 0.9%**  | **Entertainment - 0.9%**  | **Entertainment - 0.9%**  |
| Netflix, Inc. <sup>(A)</sup> <br>| 321 | 359154 |
| Walt Disney Co. | 2244 | 252719 |
| Warner Music Group Corp., Class A | 1206 | 38544 |
|  |  | 650417 |
| **Financial Services - 3.3%**  | **Financial Services - 3.3%**  | **Financial Services - 3.3%**  |
| Apollo Global Management, Inc. | 1144 | 142210 |
| Berkshire Hathaway, Inc., Class B <sup>(A)</sup> <br>| 1244 | 594060 |
| Corpay, Inc. <sup>(A)</sup> <br>| 544 | 141630 |
| Fidelity National Information Services, Inc. | 2460 | 153799 |
| Klarna Group PLC <sup>(A)</sup> <br>| 110 | 4133 |
| Mastercard, Inc., Class A | 1234 | 681156 |
| Toast, Inc., Class A <sup>(A)</sup> <br>| 1455 | 52584 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Visa, Inc., Class A | 1608 | $547910 |
| WEX, Inc. <sup>(A)</sup> <br>| 108 | 15755 |
|  |  | 2333237 |
| **Food Products - 0.4%**  | **Food Products - 0.4%**  | **Food Products - 0.4%**  |
| Mondelez International, Inc., Class A | 4766 | 273854 |
| **Ground Transportation - 0.1%**  | **Ground Transportation - 0.1%**  | **Ground Transportation - 0.1%**  |
| Union Pacific Corp. | 427 | 94098 |
| **Health Care Equipment & Supplies - 1.3%**  | **Health Care Equipment & Supplies - 1.3%**  | **Health Care Equipment & Supplies - 1.3%**  |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 998 | 100519 |
| Edwards Lifesciences Corp. <sup>(A)</sup> <br>| 2389 | 196973 |
| Medtronic PLC | 3485 | 316089 |
| Stryker Corp. | 813 | 289623 |
|  |  | 903204 |
| **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  | **Health Care Providers & Services - 1.0%**  |
| Cigna Group | 565 | 138092 |
| HCA Healthcare, Inc. | 126 | 57920 |
| Humana, Inc. | 458 | 127411 |
| McKesson Corp. | 103 | 83568 |
| UnitedHealth Group, Inc. | 865 | 295449 |
|  |  | 702440 |
| **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  |
| Ventas, Inc. | 2804 | 206907 |
| Welltower, Inc. | 795 | 143927 |
|  |  | 350834 |
| **Hotels, Restaurants & Leisure - 1.9%**  | **Hotels, Restaurants & Leisure - 1.9%**  | **Hotels, Restaurants & Leisure - 1.9%**  |
| Booking Holdings, Inc. | 23 | 116788 |
| Carnival Corp. <sup>(A)</sup> <br>| 4485 | 129302 |
| Chipotle Mexican Grill, Inc. <sup>(A)</sup> <br>| 5059 | 160320 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 263 | 66899 |
| Expedia Group, Inc. | 443 | 97460 |
| Hilton Worldwide Holdings, Inc. | 849 | 218159 |
| McDonald's Corp. | 1181 | 352446 |
| Yum! Brands, Inc. | 1465 | 202478 |
|  |  | 1343852 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Lennar Corp., Class A | 382 | 47280 |
| **Household Products - 0.1%**  | **Household Products - 0.1%**  | **Household Products - 0.1%**  |
| Church & Dwight Co., Inc. | 647 | 56735 |
| **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  | **Independent Power & Renewable Electricity Producers - 0.1%**  |
| Vistra Corp. | 267 | 50276 |
| **Industrial Conglomerates - 0.5%**  | **Industrial Conglomerates - 0.5%**  | **Industrial Conglomerates - 0.5%**  |
| 3M Co. | 2201 | 366467 |
| **Industrial REITs - 0.1%**  | **Industrial REITs - 0.1%**  | **Industrial REITs - 0.1%**  |
| Prologis, Inc. | 843 | 104608 |
| **Insurance - 0.9%**  | **Insurance - 0.9%**  | **Insurance - 0.9%**  |
| Aon PLC, Class A | 370 | 126052 |
| Arch Capital Group Ltd. | 552 | 47643 |
| Arthur J Gallagher & Co. | 1081 | 269699 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Chubb Ltd. | 281 | $77820 |
| Progressive Corp. | 442 | 91052 |
|  |  | 612266 |
| **Interactive Media & Services - 4.7%**  | **Interactive Media & Services - 4.7%**  | **Interactive Media & Services - 4.7%**  |
| Alphabet, Inc., Class A | 4523 | 1271822 |
| Alphabet, Inc., Class C | 2970 | 837006 |
| Meta Platforms, Inc., Class A | 1941 | 1258447 |
|  |  | 3367275 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp., <br> Class A<br>| 2785 | 202971 |
| **Life Sciences Tools & Services - 0.4%**  | **Life Sciences Tools & Services - 0.4%**  | **Life Sciences Tools & Services - 0.4%**  |
| Danaher Corp. | 1346 | 289901 |
| **Machinery - 0.7%**  | **Machinery - 0.7%**  | **Machinery - 0.7%**  |
| Deere & Co. | 504 | 232662 |
| Ingersoll Rand, Inc. | 850 | 64880 |
| Otis Worldwide Corp. | 1274 | 118176 |
| PACCAR, Inc. | 614 | 60418 |
|  |  | 476136 |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
| Charter Communications, Inc., Class A <sup>(A)</sup> <br>| 358 | 83715 |
| Comcast Corp., Class A | 4119 | 114652 |
| Omnicom Group, Inc. | 648 | 48613 |
|  |  | 246980 |
| **Multi-Utilities - 0.3%**  | **Multi-Utilities - 0.3%**  | **Multi-Utilities - 0.3%**  |
| Ameren Corp. | 593 | 60498 |
| Sempra | 1414 | 130003 |
|  |  | 190501 |
| **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  | **Oil, Gas & Consumable Fuels - 1.5%**  |
| Diamondback Energy, Inc. | 686 | 98228 |
| EOG Resources, Inc. | 2416 | 255710 |
| EQT Corp. | 1114 | 59688 |
| Exxon Mobil Corp. | 5677 | 649222 |
|  |  | 1062848 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| Delta Air Lines, Inc. | 1079 | 61913 |
| United Airlines Holdings, Inc. <sup>(A)</sup> <br>| 236 | 22193 |
|  |  | 84106 |
| **Personal Care Products - 0.0% \*** | **Personal Care Products - 0.0% \*** | **Personal Care Products - 0.0% \*** |
| Kenvue, Inc. | 2293 | 32950 |
| **Pharmaceuticals - 1.7%**  | **Pharmaceuticals - 1.7%**  | **Pharmaceuticals - 1.7%**  |
| Bristol-Myers Squibb Co. | 4596 | 211738 |
| Eli Lilly & Co. | 503 | 434019 |
| Johnson & Johnson | 2630 | 496728 |
| Merck & Co., Inc. | 681 | 58552 |
|  |  | 1201037 |
| **Professional Services - 0.2%**  | **Professional Services - 0.2%**  | **Professional Services - 0.2%**  |
| Leidos Holdings, Inc. | 935 | 178089 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| Equity LifeStyle Properties, Inc. | 976 | $59585 |
| **Semiconductors & Semiconductor Equipment - 9.5%**  | **Semiconductors & Semiconductor Equipment - 9.5%**  | **Semiconductors & Semiconductor Equipment - 9.5%**  |
| Advanced Micro Devices, Inc. <sup>(A)</sup> <br>| 484 | 123962 |
| Analog Devices, Inc. | 1382 | 323568 |
| Broadcom, Inc. | 3530 | 1304794 |
| Lam Research Corp. | 1947 | 306575 |
| Micron Technology, Inc. | 1537 | 343934 |
| NVIDIA Corp. | 19668 | 3982573 |
| NXP Semiconductors NV | 1101 | 230241 |
| Texas Instruments, Inc. | 1404 | 226690 |
|  |  | 6842337 |
| **Software - 7.1%**  | **Software - 7.1%**  | **Software - 7.1%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 121 | 77117 |
| Cadence Design Systems, Inc. <sup>(A)</sup> <br>| 376 | 127348 |
| Intuit, Inc. | 393 | 262347 |
| Microsoft Corp. | 6198 | 3209386 |
| Oracle Corp. | 2024 | 531523 |
| Palantir Technologies, Inc., Class A <sup>(A)</sup> <br>| 1273 | 255198 |
| Salesforce, Inc. | 719 | 187235 |
| ServiceNow, Inc. <sup>(A)</sup> <br>| 479 | 440335 |
|  |  | 5090489 |
| **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  |
| Equinix, Inc. | 179 | 151436 |
| SBA Communications Corp. | 635 | 121590 |
|  |  | 273026 |
| **Specialty Retail - 1.1%**  | **Specialty Retail - 1.1%**  | **Specialty Retail - 1.1%**  |
| AutoZone, Inc. <sup>(A)</sup> <br>| 19 | 69814 |
| Burlington Stores, Inc. <sup>(A)</sup> <br>| 471 | 128861 |
| Lowe's Cos., Inc. | 1649 | 392676 |
| Ross Stores, Inc. | 1344 | 213589 |
|  |  | 804940 |
| **Technology Hardware, Storage & Peripherals - 4.9%**  | **Technology Hardware, Storage & Peripherals - 4.9%**  | **Technology Hardware, Storage & Peripherals - 4.9%**  |
| Apple, Inc. | 11682 | 3158462 |
| Seagate Technology Holdings PLC | 1052 | 269186 |
| Western Digital Corp. | 710 | 106649 |
|  |  | 3534297 |
| **Textiles, Apparel & Luxury Goods - 0.1%**  | **Textiles, Apparel & Luxury Goods - 0.1%**  | **Textiles, Apparel & Luxury Goods - 0.1%**  |
| NIKE, Inc., Class B | 1524 | 98435 |
| **Tobacco - 0.3%**  | **Tobacco - 0.3%**  | **Tobacco - 0.3%**  |
| Altria Group, Inc. | 1300 | 73294 |
| Philip Morris International, Inc. | 1193 | 172186 |
|  |  | 245480 |
| **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  | **Trading Companies & Distributors - 0.1%**  |
| United Rentals, Inc. | 75 | 65339 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $22,769,893)**<br>|  | 44191442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 13.4%**  | **CORPORATE DEBT SECURITIES - 13.4%**  | **CORPORATE DEBT SECURITIES - 13.4%**  |
| **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  | **Aerospace & Defense - 0.4%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | $38000 | $30928 |
| 5.81%, 05/01/2050 | 16000 | 15891 |
| 6.53%, 05/01/2034 | 47000 | 52004 |
| 6.86%, 05/01/2054 | 33000 | 37561 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 16000 | 13913 |
| 4.30%, 07/29/2030 | 33000 | 33249 |
| 4.50%, 03/11/2044 | 33000 | 30102 |
| 5.88%, 01/14/2038 | 8000 | 8741 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 45000 | 46814 |
|  |  | 269203 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 20000 | 18500 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(B)</sup> <br>| 151000 | 137824 |
|  |  | 156324 |
| **Automobiles - 0.4%**  | **Automobiles - 0.4%**  | **Automobiles - 0.4%**  |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 21000 | 21506 |
| 6.25%, 10/02/2043 | 6000 | 6130 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(B)</sup> <br>| 66000 | 68236 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(B)</sup> <br>| 200000 | 201409 |
|  |  | 297281 |
| **Banks - 2.2%**  | **Banks - 2.2%**  | **Banks - 2.2%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(C)</sup>, 05/09/2036<br>| 76000 | 79510 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(C)</sup>, 09/15/2029<br>| 123000 | 128374 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 8000 | 8360 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 203000 | 203000 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(C)</sup>, 01/13/2031<br>| 34000 | 35092 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(C)</sup>, 05/25/2034<br>| 22000 | 23364 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| 61000 | 54872 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(C)</sup>, 10/21/2036<br>| 43000 | 42790 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.81% <sup>(C)</sup>, 10/22/2036<br>| 23000 | 22927 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(C)</sup>, 01/23/2030<br>| $123000 | $125991 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(C)</sup>, 07/23/2036<br>| 56000 | 58064 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(C)</sup>, 04/22/2035<br>| 24000 | 25596 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(C)</sup>, 10/23/2029<br>| 13000 | 13701 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(C)</sup>, 07/08/2031<br>| 45000 | 45980 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(C)</sup>, 01/16/2036<br>| 9000 | 9116 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(C)</sup>, 10/30/2029<br>| 13000 | 14073 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(C)</sup>, 10/22/2036<br>| 25000 | 24862 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 26000 | 26739 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(C)</sup>, 01/18/2035<br>| 19000 | 19761 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(C)</sup>, 04/18/2030<br>| 100000 | 104316 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(C)</sup>, 07/21/2036<br>| 27000 | 27736 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(C)</sup>, 08/18/2034<br>| 42000 | 45068 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(C)</sup>, 10/23/2036<br>| 23000 | 22907 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(C)</sup>, 08/12/2033 <sup>(B)</sup> <br>| 262000 | 289733 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(C)</sup>, 01/24/2031<br>| 46000 | 47609 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(C)</sup>, 04/23/2036<br>| 44000 | 46238 |
|  |  | 1545779 |
| **Beverages - 0.1%**  | **Beverages - 0.1%**  | **Beverages - 0.1%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 28000 | 24564 |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 34000 | 33470 |
|  |  | 58034 |
| **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  | **Biotechnology - 0.2%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 17000 | 12537 |
| 5.60%, 03/02/2043 | 30000 | 30454 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(B)</sup> <br>| 16000 | 14672 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 36000 | 37087 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | $53000 | $47796 |
| 5.20%, 09/25/2035 | 28000 | 28051 |
|  |  | 170597 |
| **Building Products - 0.2%**  | **Building Products - 0.2%**  | **Building Products - 0.2%**  |
| Amrize Finance U.S. LLC |  |  |
| 5.40%, 04/07/2035 <sup>(B)</sup> <br>| 28000 | 28914 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 18000 | 18312 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 41000 | 34088 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 27000 | 27920 |
|  |  | 109234 |
| **Chemicals - 0.0% \*** | **Chemicals - 0.0% \*** | **Chemicals - 0.0% \*** |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 30000 | 30515 |
| **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(B)</sup> <br>| 27000 | 26146 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(B)</sup> <br>| 200000 | 206001 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(B)</sup> <br>| 76000 | 77627 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 46000 | 41064 |
| 6.50%, 05/06/2034 | 17000 | 18245 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(B)</sup> <br>| 26000 | 27214 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 21000 | 19640 |
| 5.25%, 08/09/2034 | 9000 | 9260 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 28000 | 29330 |
|  |  | 454527 |
| **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  | **Communications Equipment - 0.3%**  |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/2030 | 56000 | 54852 |
| 4.95%, 11/15/2035 | 63000 | 62562 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 70000 | 61676 |
| 2.99%, 10/30/2056 | 44000 | 26730 |
|  |  | 205820 |
| **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  | **Construction & Engineering - 0.3%**  |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(B)</sup> <br>| 200000 | 206614 |
| **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  | **Consumer Staples Distribution & Retail - 0.1%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(B)</sup> <br>| 30000 | 26124 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 45000 | 42942 |
|  |  | 69066 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Distributors - 0.0% \*** | **Distributors - 0.0% \*** | **Distributors - 0.0% \*** |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | $16000 | $17067 |
| **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  | **Diversified REITs - 0.4%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 51000 | 50969 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 38000 | 40078 |
| SBA Tower Trust |  |  |
| 1.88%, 07/15/2050 <sup>(B)</sup> <br>| 56000 | 55699 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 49000 | 49526 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 43000 | 42395 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 29000 | 29778 |
|  |  | 268445 |
| **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  | **Electric Utilities - 0.9%**  |
| Black Hills Corp. |  |  |
| 4.55%, 01/31/2031 | 21000 | 20957 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(B)</sup> <br>| 195501 | 201131 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 16000 | 16960 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 10000 | 9092 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 47000 | 40854 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 66000 | 50884 |
| 4.95%, 09/15/2035 | 66000 | 65625 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 29000 | 22125 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(B)</sup> <br>| 14000 | 14281 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 9000 | 8906 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 43000 | 38487 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 21000 | 20879 |
| 4.90%, 10/01/2035 | 28000 | 27703 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(B)</sup> <br>| 40000 | 39732 |
| 6.88%, 04/15/2032 <sup>(B)</sup> <br>| 42000 | 44114 |
|  |  | 621730 |
| **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  | **Electronic Equipment, Instruments & Components - 0.3%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 13000 | 13587 |
| Hubbell, Inc. |  |  |
| 4.80%, 11/15/2035 <sup>(D)</sup> <br>| 51000 | 50789 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 10000 | 10084 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(B)</sup> <br>| 50000 | 48215 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | $52000 | $52699 |
|  |  | 175374 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(B)</sup> <br>| 56000 | 55869 |
| **Financial Services - 0.8%**  | **Financial Services - 0.8%**  | **Financial Services - 0.8%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 150000 | 150055 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(C)</sup>, 05/15/2029<br>| 12000 | 12242 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(C)</sup>, 04/25/2030<br>| 43000 | 44877 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(B)</sup> <br>| 17000 | 16892 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 52000 | 53915 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 <sup>(D)</sup> <br>| 21000 | 20845 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(C)</sup>, 09/11/2036<br>| 65000 | 64569 |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(C)</sup>, 07/26/2035<br>| 69000 | 72253 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 9000 | 9379 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(B)</sup> <br>| 54000 | 54549 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 13000 | 13246 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(B)</sup> <br>| 35000 | 36103 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(B)</sup> <br>| 36000 | 35935 |
|  |  | 584860 |
| **Food Products - 0.6%**  | **Food Products - 0.6%**  | **Food Products - 0.6%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(B)</sup><sup>(D)</sup> <br>| 3000 | 3024 |
| 6.25%, 03/15/2033 <sup>(B)</sup> <br>| 7000 | 7196 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 39000 | 38529 |
| 5.63%, 08/15/2035 | 65000 | 67523 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 62000 | 62817 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(B)</sup> <br>| 39000 | 40120 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 12000 | 13051 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(B)</sup> <br>| $67000 | $67892 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 19000 | 19155 |
| Philip Morris International, Inc. |  |  |
| 4.63%, 10/29/2035 | 65000 | 63390 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 33000 | 36538 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 26000 | 26898 |
|  |  | 446133 |
| **Health Care Equipment & Supplies - 0.0% \*** | **Health Care Equipment & Supplies - 0.0% \*** | **Health Care Equipment & Supplies - 0.0% \*** |
| GE HealthCare Technologies, Inc. |  |  |
| 5.50%, 06/15/2035 | 25000 | 25909 |
| **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  | **Health Care Providers & Services - 0.5%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 36000 | 33117 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 20000 | 18495 |
| 5.25%, 01/15/2036 | 47000 | 47739 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 31000 | 30838 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 53000 | 52370 |
| 6.00%, 04/01/2054 | 40000 | 40549 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(B)</sup> <br>| 8000 | 7903 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 22000 | 20911 |
| 4.80%, 10/01/2034 | 40000 | 39648 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 43000 | 44194 |
|  |  | 335764 |
| **Health Care REITs - 0.1%**  | **Health Care REITs - 0.1%**  | **Health Care REITs - 0.1%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 65000 | 64645 |
| **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  | **Hotels, Restaurants & Leisure - 0.2%**  |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(B)</sup> <br>| 21000 | 21573 |
| 6.13%, 02/15/2033 <sup>(B)</sup> <br>| 33000 | 34029 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 27000 | 27767 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 42000 | 42760 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 43000 | 43292 |
|  |  | 169421 |
| **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 16000 | 15843 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 0.6%**  | **Insurance - 0.6%**  | **Insurance - 0.6%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | $59000 | $60700 |
| 5.25%, 03/30/2033 | 56000 | 58096 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 20000 | 20804 |
| Aon North America, Inc. |  |  |
| 5.45%, 03/01/2034 | 29000 | 30215 |
| 5.75%, 03/01/2054 | 32000 | 32317 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 14000 | 14339 |
| 5.55%, 06/23/2035 | 54000 | 55579 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 27000 | 28267 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(B)</sup> <br>| 18000 | 18693 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(C)</sup>, 10/01/2050<br>| 39000 | 36330 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 10000 | 10473 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(B)</sup> <br>| 54000 | 55043 |
|  |  | 420856 |
| **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  | **Internet & Catalog Retail - 0.2%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 43000 | 44166 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 52000 | 53312 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 <sup>(D)</sup> <br>| 54000 | 53944 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 12000 | 12002 |
|  |  | 163424 |
| **IT Services - 0.1%**  | **IT Services - 0.1%**  | **IT Services - 0.1%**  |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 35000 | 34444 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 27000 | 26715 |
|  |  | 61159 |
| **Machinery - 0.1%**  | **Machinery - 0.1%**  | **Machinery - 0.1%**  |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 45000 | 42316 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 25000 | 26033 |
|  |  | 68349 |
| **Media - 0.1%**  | **Media - 0.1%**  | **Media - 0.1%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 34000 | 26608 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 5000 | 2897 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | $38000 | $32550 |
|  |  | 62055 |
| **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  | **Metals & Mining - 0.1%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 54000 | 56155 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(B)</sup> <br>| 43000 | 38626 |
|  |  | 94781 |
| **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** | **Mortgage Real Estate Investment Trusts - 0.0% \*** |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(B)</sup> <br>| 31000 | 31661 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 | 32000 | 32722 |
| **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  | **Oil, Gas & Consumable Fuels - 1.1%**  |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/2033 | 64000 | 67542 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 47000 | 47914 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 91000 | 94032 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 39000 | 39899 |
| 5.63%, 04/05/2034 | 53000 | 55315 |
| Energy Transfer LP |  |  |
| 5.15%, 03/15/2045 | 32000 | 28461 |
| 5.55%, 02/15/2028 | 13000 | 13369 |
| 5.95%, 10/01/2043 | 9000 | 8852 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 23000 | 23767 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(B)</sup> <br>| 23000 | 23555 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 38000 | 39376 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 15000 | 15314 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 58000 | 62051 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/2030 | 58000 | 59535 |
| 7.69%, 01/23/2050 | 17000 | 15416 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 13000 | 13004 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 12000 | 9539 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 43000 | 42526 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(B)</sup> <br>| 9000 | 9006 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(B)</sup> <br>| 63000 | 71090 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | $42000 | $44252 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 9000 | 8725 |
|  |  | 792540 |
| **Paper & Forest Products - 0.0% \*** | **Paper & Forest Products - 0.0% \*** | **Paper & Forest Products - 0.0% \*** |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(B)</sup> <br>| 28000 | 28707 |
| **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  | **Passenger Airlines - 0.1%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 14679 | 14232 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 <sup>(D)</sup> <br>| 57000 | 56866 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 17813 | 17701 |
|  |  | 88799 |
| **Pharmaceuticals - 0.6%**  | **Pharmaceuticals - 0.6%**  | **Pharmaceuticals - 0.6%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(B)</sup> <br>| 200000 | 199299 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 8000 | 7942 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 32000 | 33290 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 52000 | 53097 |
| 6.00%, 06/01/2044 | 32000 | 32412 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 66000 | 69345 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 11000 | 10352 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 32000 | 31070 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 16000 | 15392 |
|  |  | 452199 |
| **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  | **Residential REITs - 0.1%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 47000 | 48531 |
| **Retail REITs - 0.1%**  | **Retail REITs - 0.1%**  | **Retail REITs - 0.1%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 64000 | 64270 |
| **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  | **Semiconductors & Semiconductor Equipment - 0.6%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 37000 | 32068 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 200000 | 206498 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 40000 | 36043 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 36000 | 36700 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 37000 | 38246 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | $39000 | $26143 |
| 5.25%, 08/19/2035 | 45000 | 45408 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 25000 | 17675 |
|  |  | 438781 |
| **Software - 0.3%**  | **Software - 0.3%**  | **Software - 0.3%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 18000 | 18046 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(B)</sup> <br>| 17000 | 17304 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 29000 | 29552 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 8000 | 8035 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 35000 | 33700 |
| 5.95%, 09/26/2055 | 14000 | 13273 |
| 6.90%, 11/09/2052 | 38000 | 40518 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 31000 | 30937 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 25000 | 25395 |
| 5.70%, 04/01/2055 | 15000 | 15154 |
|  |  | 231914 |
| **Specialized REITs - 0.1%**  | **Specialized REITs - 0.1%**  | **Specialized REITs - 0.1%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 54000 | 55267 |
| **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  | **Transportation Infrastructure - 0.2%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(B)</sup> <br>| 55000 | 55261 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 88000 | 78516 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 <sup>(E)</sup> <br>| 21000 | 21777 |
|  |  | 155554 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $9,569,948)**<br>|  | 9645623 |
| **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 |  |  |
| 1.25%, 05/15/2050 | 162000 | 80494 |
| 1.38%, 11/15/2040 | 388000 | 255610 |
| 1.88%, 02/15/2051 - 11/15/2051 | 195000 | 112036 |
| 2.00%, 02/15/2050 | 147000 | 88923 |
| 2.25%, 08/15/2046 - 02/15/2052 | 215000 | 139397 |
| 2.38%, 02/15/2042 | 31000 | 23175 |
| 2.50%, 02/15/2045 - 05/15/2046 | 294000 | 210080 |
| 2.75%, 08/15/2047 - 11/15/2047 | 323000 | 236368 |
| 2.88%, 08/15/2045 | 128000 | 98295 |
| 3.00%, 08/15/2048 - 08/15/2052 | 178700 | 134312 |
| 3.13%, 05/15/2048 | 189000 | 147265 |
| 3.63%, 02/15/2044 - 05/15/2053 | 149600 | 126248 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 3.88%, 02/15/2043 | $66000 | $60411 |
| 4.00%, 11/15/2052 | 19000 | 16980 |
| 4.13%, 08/15/2053 | 63000 | 57487 |
| 4.25%, 05/15/2039 - 08/15/2054 | 83000 | 78342 |
| 4.50%, 11/15/2054 | 107000 | 104062 |
| 4.63%, 05/15/2044 - 02/15/2055 | 346000 | 344430 |
| 4.75%, 11/15/2043 - 08/15/2055 | 407900 | 413125 |
| 5.00%, 05/15/2045 | 75000 | 78492 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 550000 | 478253 |
| 1.38%, 11/15/2031 | 101000 | 87815 |
| 1.50%, 01/31/2027 | 211000 | 205404 |
| 1.63%, 08/15/2029 - 05/15/2031 | 169900 | 154147 |
| 1.88%, 02/15/2032 | 102000 | 90903 |
| 2.25%, 11/15/2027 | 136300 | 132717 |
| 2.75%, 02/15/2028 | 134000 | 131519 |
| 2.88%, 05/15/2028 | 130000 | 127750 |
| 3.50%, 01/31/2028 | 105000 | 104787 |
| 3.63%, 05/31/2028 | 259000 | 259192 |
| 3.88%, 11/30/2027 - 04/30/2030 | 393500 | 396201 |
| 4.00%, 05/31/2030 | 305000 | 308967 |
| 4.13%, 09/30/2027 - 11/15/2032 | 882000 | 895093 |
| 4.25%, 05/15/2035 - 08/15/2035 | 168800 | 170943 |
| 4.38%, 08/31/2028 - 11/30/2028 | 181000 | 184834 |
| 4.50%, 05/31/2029 | 42000 | 43199 |
| 4.63%, 02/15/2035 | 52000 | 54242 |
|  |  | 6631498 |
| **U.S. Treasury Inflation-Protected Securities - 0.8%**  | **U.S. Treasury Inflation-Protected Securities - 0.8%**  | **U.S. Treasury Inflation-Protected Securities - 0.8%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 126417 | 102467 |
| 2.50%, 01/15/2029 | 221345 | 230146 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 221109 | 209799 |
|  |  | 542412 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $7,472,666)**<br>|  | 7173910 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.7%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.7%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.7%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.50%, 04/01/2053 - 07/01/2053 | 260019 | 263357 |
| 1-Year RFUCC Treasury + 1.90%, |  |  |
| 6.78% <sup>(C)</sup>, 02/01/2041 | 291 | 299 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 1.38%, 06/25/2030 | 155000 | 138042 |
| Federal National Mortgage Association |  |  |
| 3.50%, 11/01/2028 - 01/01/2029 | 10635 | 10518 |
| 4.00%, 07/01/2026 | 447 | 445 |
| 4.50%, 08/01/2052 | 168080 | 164585 |
| 5.00%, 04/01/2039 - 02/01/2054 | 816422 | 817797 |
| 5.50%, 09/01/2036 - 03/01/2053 | 229093 | 234078 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal National Mortgage <br> Association (continued)<br>|  |  |
| 6.00%, 05/01/2038 - 06/01/2054 | $250256 | $257838 |
| 6.50%, 05/01/2040 | 10920 | 11585 |
| 1-Year RFUCC Treasury + 1.75%, |  |  |
| 6.63% <sup>(C)</sup>, 03/01/2041 | 286 | 294 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(C)</sup>, 02/16/2053 | 55878 | 836 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/2036 | 79000 | 88748 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 572000 | 477978 |
| 2.50%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 1431000 | 1222610 |
| 3.00%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 1025000 | 914726 |
| 3.50%, 11/01/2040 - 11/01/2055 <sup>(D)</sup> <br>| 534000 | 497876 |
| 4.00%, 11/01/2055 <sup>(D)</sup> <br>| 561000 | 532225 |
| 4.50%, 11/01/2055 <sup>(D)</sup> <br>| 522000 | 508752 |
| 5.00%, 11/01/2055 <sup>(D)</sup> <br>| 234000 | 232804 |
| 5.50%, 11/01/2054 <sup>(D)</sup> <br>| 300000 | 303089 |
| 6.00%, 11/01/2054 <sup>(D)</sup> <br>| 240000 | 245414 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $6,946,669)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $6,946,669)** | 6923896 |
| **MORTGAGE-BACKED SECURITIES - 2.5%**  | **MORTGAGE-BACKED SECURITIES - 2.5%**  | **MORTGAGE-BACKED SECURITIES - 2.5%**  |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-22, Class 2A16, <br>6.50% , 09/25/2037<br>| 136604 | 48178 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-V18, Class A3, <br>5.18% , 10/15/2058<br>| 100000 | 102926 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 96422 | 97388 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| 8698 | 8566 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(C)</sup>, 04/25/2069 <sup>(B)</sup> <br>| 60230 | 60791 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| 107847 | 91920 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(C)</sup>, 10/25/2060 <sup>(B)</sup> <br>| 88503 | 80550 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(C)</sup>, 10/25/2070 <sup>(B)</sup> <br>| 113000 | 112577 |
| GMACM Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR1, Class 3A, <br>4.06% <sup>(C)</sup>, 03/18/2035<br>| 6743 | 6132 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(C)</sup>, 01/13/2040 <sup>(B)</sup> <br>| 100000 | 103529 |
| Impac CMB Trust |  |  |
| &nbsp;&nbsp; Series 2004-6, Class 1A1, <br>1-Month Term SOFR + 0.91%, <br>4.91% <sup>(C)</sup>, 10/25/2034<br>| 2672 | 2667 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-AR15, Class 2A1, <br>3.38% <sup>(C)</sup>, 08/25/2037<br>| $71292 | $49817 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13% , 09/10/2039 <sup>(B)</sup> <br>| 100000 | 95512 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2003-F, Class A1, <br>1-Month Term SOFR + 0.75%, <br>4.75% <sup>(C)</sup>, 10/25/2028<br>| 1942 | 1906 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(C)</sup>, 12/25/2052 <sup>(B)</sup> <br>| 17216 | 16540 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(C)</sup>, 01/25/2054 <sup>(B)</sup> <br>| 8506 | 8286 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(C)</sup>, 05/25/2054 <sup>(B)</sup> <br>| 22287 | 21387 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(C)</sup>, 11/25/2054 <sup>(B)</sup> <br>| 16424 | 15806 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(C)</sup>, 09/25/2056 <sup>(B)</sup> <br>| 14033 | 13335 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(C)</sup>, 02/25/2057 <sup>(B)</sup> <br>| 27701 | 27026 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2057 <sup>(B)</sup> <br>| 48338 | 46865 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(C)</sup>, 05/25/2057 <sup>(B)</sup> <br>| 17053 | 16453 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 18747 | 18219 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(C)</sup>, 12/25/2058 <sup>(B)</sup> <br>| 62563 | 58858 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(C)</sup>, 03/25/2063 <sup>(B)</sup> <br>| 51539 | 51677 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 61479 | 62155 |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(C)</sup>, 09/25/2065 <sup>(B)</sup> <br>| 99381 | 99358 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-5, Class A2, <br>5.50% <sup>(C)</sup>, 11/25/2055 <sup>(B)</sup> <br>| 100000 | 100289 |
| Structured Asset Mortgage Investments II <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR4, Class A1, <br>1-Month Term SOFR + 0.81%, <br>4.85% <sup>(C)</sup>, 01/19/2034<br>| 14978 | 14418 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(C)</sup>, 10/25/2057 <sup>(B)</sup> <br>| 8364 | 8237 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(C)</sup>, 01/25/2058 <sup>(B)</sup> <br>| 7457 | 7398 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(C)</sup>, 06/25/2058 <sup>(B)</sup> <br>| 93047 | 88519 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(B)</sup> <br>| 81259 | 74234 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(C)</sup>, 11/25/2061 <sup>(B)</sup> <br>| $92647 | $87403 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(C)</sup>, 07/25/2062 <sup>(B)</sup> <br>| 65775 | 63213 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $1,885,060)**<br>|  | 1762135 |
| **ASSET-BACKED SECURITIES - 1.7%**  | **ASSET-BACKED SECURITIES - 1.7%**  | **ASSET-BACKED SECURITIES - 1.7%**  |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(B)</sup> <br>| 18645 | 17427 |
| Barings Equipment Finance LLC |  |  |
| &nbsp;&nbsp; Series 2025-B, Class A3, <br>4.13%, 10/13/2032 <sup>(B)</sup> <br>| 100000 | 100009 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(B)</sup> <br>| 43048 | 43859 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.15% <sup>(C)</sup>, 10/18/2030 <sup>(B)</sup> <br>| 119969 | 120185 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 95000 | 96332 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(B)</sup> <br>| 100000 | 101654 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(B)</sup> <br>| 19987 | 20307 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(B)</sup> <br>| 58463 | 59646 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(B)</sup> <br>| 87917 | 88147 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(B)</sup> <br>| 54726 | 55689 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(B)</sup> <br>| 86059 | 80173 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(B)</sup> <br>| 40014 | 40403 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(B)</sup> <br>| 70000 | 71009 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(B)</sup> <br>| 100000 | 102236 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(B)</sup> <br>| 18717 | 18620 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(B)</sup> <br>| 28060 | 28414 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(B)</sup> <br>| 31994 | 32823 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(B)</sup> <br>| 66636 | 66998 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(B)</sup> <br>| $80000 | $80496 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $1,219,069)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $1,219,069)** | 1224427 |
| **FOREIGN GOVERNMENT OBLIGATION - 0.2%**  | **FOREIGN GOVERNMENT OBLIGATION - 0.2%**  | **FOREIGN GOVERNMENT OBLIGATION - 0.2%**  |
| **Mexico - 0.2%**  | **Mexico - 0.2%**  | **Mexico - 0.2%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 116000 | 114666 |
| &nbsp;&nbsp; **Total Foreign Government Obligation** <br>**(Cost $115,874)**<br>|  | 114666 |
| **COMMERCIAL PAPER - 6.4%**  | **COMMERCIAL PAPER - 6.4%**  | **COMMERCIAL PAPER - 6.4%**  |
| **Banks - 0.7%**  | **Banks - 0.7%**  | **Banks - 0.7%**  |
| Lloyds Bank PLC |  |  |
| 4.32% <sup>(F)</sup>, 12/12/2025 | 250000 | 248847 |
| Toronto-Dominion Bank |  |  |
| 4.21% <sup>(F)</sup>, 12/19/2025 <sup>(B)</sup> <br>| 275000 | 273495 |
|  |  | 522342 |
| **Capital Markets - 0.8%**  | **Capital Markets - 0.8%**  | **Capital Markets - 0.8%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.41% <sup>(F)</sup>, 11/21/2025 <sup>(B)</sup> <br>| 300000 | 299305 |
| Verto Capital I Compartment A |  |  |
| 4.39% <sup>(F)</sup>, 12/03/2025 <sup>(B)</sup> <br>| 250000 | 249079 |
|  |  | 548384 |
| **Financial Services - 4.9%**  | **Financial Services - 4.9%**  | **Financial Services - 4.9%**  |
| Anglesea Funding LLC |  |  |
| 4.38% <sup>(F)</sup>, 11/07/2025 <sup>(B)</sup> <br>| 275000 | 274786 |
| Bedford Row Funding Corp. |  |  |
| 3.97% <sup>(F)</sup>, 01/26/2026 <sup>(B)</sup> <br>| 250000 | 247620 |
| Cancara Asset Securitisation LLC |  |  |
| 4.03% <sup>(F)</sup>, 02/19/2026 | 250000 | 246940 |
| Columbia Funding Co. LLC |  |  |
| 4.42% <sup>(F)</sup>, 11/05/2025 <sup>(B)</sup> <br>| 313000 | 312827 |
| CRC Funding LLC |  |  |
| 4.19% <sup>(F)</sup>, 12/18/2025 <sup>(B)</sup> <br>| 250000 | 248683 |
| Glencove Funding LLC |  |  |
| 4.32% <sup>(F)</sup>, 12/01/2025 <sup>(B)</sup> <br>| 250000 | 249150 |
| Gotham Funding Corp. |  |  |
| 4.18% <sup>(F)</sup>, 12/16/2025 <sup>(B)</sup> <br>| 275000 | 273612 |
| GTA Funding LLC |  |  |
| 4.38% <sup>(F)</sup>, 11/20/2025 <sup>(B)</sup> <br>| 300000 | 299338 |
| Liberty Street Funding LLC |  |  |
| 4.32% <sup>(F)</sup>, 12/02/2025 <sup>(B)</sup> <br>| 250000 | 249122 |
| LMA-Americas LLC |  |  |
| 4.38% <sup>(F)</sup>, 11/12/2025 <sup>(B)</sup> <br>| 300000 | 299600 |
| Mainbeach Funding LLC |  |  |
| 4.38% <sup>(F)</sup>, 12/02/2025 <sup>(B)</sup> <br>| 250000 | 249118 |
| Mont Blanc Capital Corp. |  |  |
| 4.39% <sup>(F)</sup>, 11/17/2025 <sup>(B)</sup> <br>| 275000 | 274483 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Ranger Funding Co. LLC |  |  |
| 4.14% <sup>(F)</sup>, 03/12/2026 <sup>(B)</sup> <br>| $275000 | $271001 |
|  |  | 3496280 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $4,566,923)**<br>|  | 4567006 |
| **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 |  |  |
| 4.27% <sup>(F)</sup>, 01/15/2026 | 253000 | 251067 |
| 4.31% <sup>(F)</sup>, 11/28/2025 | 259000 | 258305 |
| 4.33% <sup>(F)</sup>, 11/28/2025 | 200000 | 199464 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $708,574)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $708,574)** | 708836 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** | **OTHER INVESTMENT COMPANY - 0.0% \*** |
| **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** | **Securities Lending Collateral - 0.0% \*** |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(F)</sup> <br>| 22733 | 22733 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $22,733)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $22,733)** | 22733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(F)</sup>, dated 10/31/2025, to be <br> repurchased at $580,528 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $592,224.<br>| $580455 | $580455 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $580,455)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $580,455)** | 580455 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $55,857,864)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $55,857,864)** | 76915129 |
| **Net Other Assets (Liabilities) - (7.3)%** | **Net Other Assets (Liabilities) - (7.3)%** | (5234388) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$71680741** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $44191442 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44191442 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 9645623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9645623 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 7173910 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7173910 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 6923896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6923896 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 1762135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762135 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 1224427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1224427 |
| Foreign Government Obligation |  | &nbsp;&nbsp; 114666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114666 |
| Commercial Paper |  | &nbsp;&nbsp; 4567006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4567006 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 708836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 708836 |
| Other Investment Company | 22733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22733 |
| Repurchase Agreement |  | &nbsp;&nbsp; 580455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 580455 |
| **Total Investments** | **$44214175** | &nbsp;&nbsp; **$32700954** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$76915129** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $9,710,278, representing 13.5% of the* *Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Balanced II**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(D)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $22,282, collateralized by cash collateral of $22,733. The amount on* *loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

<sup>(F)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(G)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Balanced II**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $55,277,409) (including securities loaned of $22,282) | $76334674 |
| Repurchase agreement, at value (cost $580,455) | 580455 |
| Receivables and other assets: |  |
| Investments sold  | 136615 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 173995 |
| Net income from securities lending | 14 |
| Shares of beneficial interest sold  | 6589 |
| Dividends  | 15532 |
| Interest | 216365 |
| Total assets | 77464239 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 22733 |
| Payables and other liabilities: |  |
| Investments purchased | 142490 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 5294069 |
| Shares of beneficial interest redeemed | 248030 |
| Investment management fees | 21316 |
| Distribution and service fees | 9717 |
| Transfer agent fees | 375 |
| Trustee and CCO fees | 24 |
| Audit and tax fees  | 22000 |
| Custody fees | 10530 |
| Legal fees | 948 |
| Printing and shareholder reports fees | 600 |
| Registration fees | 241 |
| Other accrued expenses | 10425 |
| Total liabilities | 5783498 |
| **Net assets**  | $71680741 |
| **Net assets consist of:** |  |
| Paid-in capital | $34886600 |
| Total distributable earnings (accumulated losses) | 36794141 |
| **Net assets** | $71680741 |
| **Net assets by class:** |  |
| Class I3 | $49023381 |
| Class R | 22657360 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I3 | 3771876 |
| Class R | 1739620 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I3 | $13.00 |
| Class R | 13.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I3 and R shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Balanced II**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $567407 |
| Interest income | 1376885 |
| Net income from securities lending | 514 |
| Withholding taxes on foreign income | (877)<br>|
| Total investment income  | 1943929 |
| **Expenses:** |  |
| Investment management fees | 362921 |
| Distribution and service fees: |  |
| Class R | 140532 |
| Transfer agent fees: |  |
| Class I3 | 3563 |
| Class R | 432 |
| Trustee and CCO fees | 3299 |
| Audit and tax fees | 41152 |
| Custody fees | 84344 |
| Legal fees | 5409 |
| Printing and shareholder reports fees | 3706 |
| Registration fees | 22113 |
| Other | 25726 |
| Total expenses before waiver and/or reimbursement and recapture | 693197 |
| Expenses waived and/or reimbursed: |  |
| Class I3 | (57478)<br>|
| Class R | (38569)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I3 | 8646 |
| Class R | 2904 |
| Net expenses | 608700 |
| **Net investment income (loss)** | 1335229 |
| **Net realized gain (loss) on:** |  |
| Investments | 16710690 |
| Futures contracts | 29303 |
| Net realized gain (loss) | 16739993 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (8322938)<br>|
| Futures contracts | 9029 |
| Net change in unrealized appreciation (depreciation) | (8313909)<br>|
| Net realized and change in unrealized gain (loss) | 8426084 |
| **Net increase (decrease) in net assets resulting from operations** | $9761313 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Balanced II**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1335229 | &nbsp;&nbsp;&nbsp;&nbsp; $1863760 |
| Net realized gain (loss) | 16739993 | &nbsp;&nbsp;&nbsp;&nbsp; 8503242 |
| Net change in unrealized appreciation (depreciation) | (8313909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14593547 |
| Net increase (decrease) in net assets resulting from operations | 9761313 | &nbsp;&nbsp;&nbsp;&nbsp; 24960549 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I3 | (6676292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1863892)<br>|
| Class R | (2919962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2052866)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (9596254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3916758)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I3 | 840416 | &nbsp;&nbsp;&nbsp;&nbsp; 1499173 |
| Class R | 756331 | &nbsp;&nbsp;&nbsp;&nbsp; 2479737 |
|  | 1596747 | &nbsp;&nbsp;&nbsp;&nbsp; 3978910 |
| Dividends and/or distributions reinvested: |  |  |
| Class I3 | 6676292 | &nbsp;&nbsp;&nbsp;&nbsp; 1863892 |
| Class R | 2919962 | &nbsp;&nbsp;&nbsp;&nbsp; 2052866 |
|  | 9596254 | &nbsp;&nbsp;&nbsp;&nbsp; 3916758 |
| Cost of shares redeemed: |  |  |
| Class I3 | (6946355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6788363)<br>|
| Class R | (45035040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6909466)<br>|
|  | (51981395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13697829)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (40788394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5802161)<br>|
| **Net increase (decrease) in net assets** | (40623335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15241630 |
| **Net assets:** |  |  |
| Beginning of year | 112304076 | &nbsp;&nbsp;&nbsp;&nbsp; 97062446 |
| End of year | $71680741 | &nbsp;&nbsp;&nbsp;&nbsp; $112304076 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I3 | 70450 | &nbsp;&nbsp;&nbsp;&nbsp; 121015 |
| Class R | 60663 | &nbsp;&nbsp;&nbsp;&nbsp; 198489 |
|  | 131113 | &nbsp;&nbsp;&nbsp;&nbsp; 319504 |
| Shares reinvested: |  |  |
| Class I3 | 564268 | &nbsp;&nbsp;&nbsp;&nbsp; 153888 |
| Class R | 246174 | &nbsp;&nbsp;&nbsp;&nbsp; 170141 |
|  | 810442 | &nbsp;&nbsp;&nbsp;&nbsp; 324029 |
| Shares redeemed: |  |  |
| Class I3 | (574217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (543220)<br>|
| Class R | (3385643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (557970)<br>|
|  | (3959860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1101190)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I3 | 60501 | &nbsp;&nbsp;&nbsp;&nbsp; (268317)<br>|
| Class R | (3078806)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (189340)<br>|
|  | (3018305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (457657)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Balanced II**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.16 | $10.80 | $10.71 | $13.87 | $11.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.24 | 0.24 | 0.22 | 0.16 | 0.13 |
| Net realized and unrealized gain (loss) | 1.42 | 2.60 | 0.55 | (2.04)<br>| 2.72 |
| Total investment operations | 1.66 | 2.84 | 0.77 | (1.88)<br>| 2.85 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.26)<br>| (0.22)<br>| (0.16)<br>| (0.14)<br>|
| Net realized gains | (1.55)<br>| (0.22)<br>| (0.46)<br>| (1.12)<br>| (0.46)<br>|
| Total dividends and/or distributions to shareholders | (1.82)<br>| (0.48)<br>| (0.68)<br>| (1.28)<br>| (0.60)<br>|
| **Net asset value, end of year** | $13.00 | $13.16 | $10.80 | $10.71 | $13.87 |
| **Total return** | 14.17<br> %<br>| 26.70<br> %<br>| 7.40<br> %<br>| (14.90)%<br>| 25.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $49024 | $48855 | $42972 | $44058 | $58098 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 1.94<br> %<br>| 1.97<br> %<br>| 1.98<br> %<br>| 1.32<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 52<br> %<br>| 38<br> %<br>| 34<br> %<br>| 35<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 144%, 135%, 135%, 128% and 118%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $13.17 | $10.80 | $10.71 | $13.87 | $11.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.18 | 0.16 | 0.10 | 0.07 |
| Net realized and unrealized gain (loss) | 1.41 | 2.61 | 0.55 | (2.04)<br>| 2.72 |
| Total investment operations | 1.59 | 2.79 | 0.71 | (1.94)<br>| 2.79 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.19)<br>| (0.20)<br>| (0.16)<br>| (0.10)<br>| (0.08)<br>|
| Net realized gains | (1.55)<br>| (0.22)<br>| (0.46)<br>| (1.12)<br>| (0.46)<br>|
| Total dividends and/or distributions to shareholders | (1.74)<br>| (0.42)<br>| (0.62)<br>| (1.22)<br>| (0.54)<br>|
| **Net asset value, end of year** | $13.02 | $13.17 | $10.80 | $10.71 | $13.87 |
| **Total return** | 13.51<br> %<br>| 26.19<br> %<br>| 6.85<br> %<br>| (15.34)%<br>| 24.59<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $22657 | $63449 | $54090 | $56015 | $76911 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.23<br> %<br>| 1.11<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>|
| Net investment income (loss) to average net assets | 1.47<br> %<br>| 1.49<br> %<br>| 1.47<br> %<br>| 0.82<br> %<br>| 0.55<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 52<br> %<br>| 38<br> %<br>| 34<br> %<br>| 35<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 144%, 135%, 135%, 128% and 118%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Balanced II (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class I3 and Class R.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $22733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22733 |
| **Total Borrowings** | **$22733** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$22733** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2025, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts | $— | $— | $29303 | $— | $— | $29303 |
| **Total** | **$—** | **$—** | **$29303** | **$—** | **$—** | **$29303** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts  | $— | $— | $9029 | $— | $— | $9029 |
| **Total** | **$—** | **$—** | **$9029** | **$—** | **$—** | **$9029** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $320474 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset class allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Fund's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $71680741 | 100.00<br> % <br>|

---

**Investment management fees:** TAM serves as the Funds investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM at an annual rate of 0.48% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I3 | 0.63<br> % <br>| March 1, 2026 |
| Class R | 1.10 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class I3 | $— | $— | $48832 | $48832 |
| Class R |  | 4650 | 38569 | 43219 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $3587 | &nbsp;&nbsp; $313 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $25495844 | &nbsp;&nbsp; $10693851 | &nbsp;&nbsp; $65099892 | &nbsp;&nbsp; $15235686 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and premium amortization adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to basis adjustments related to a prior year merger and a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $774896 | &nbsp;&nbsp;&nbsp;&nbsp; $(774896)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $54808771 | &nbsp;&nbsp; $23170583 | &nbsp;&nbsp; $(1064225)<br>| &nbsp;&nbsp; $22106358 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $2440877 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7155377 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1961358 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1955400 | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $132954 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15932481 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1377652)<br>| &nbsp;&nbsp; $22106358 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Balanced II**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Balanced II

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Balanced II (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img8d2827953.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $550,184 of qualified dividend income.

For corporate shareholders, 33% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made a long-term capital gain designation of $7,155,377 for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica Balanced II** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**Transamerica Balanced II** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica Balanced II** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Balanced II** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Balanced II (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreements (each a "Sub-Advisory Agreement," collectively the "Sub-Advisory Agreements" and together with the Management Agreement, the "Agreements") for the Fund between TAM and each of Aegon USA Investment Management, LLC and J.P. Morgan Investment Management Inc. (each a "Sub-Adviser" and collectively the "Sub-Advisers").

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and each Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and each Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Balanced II** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class R Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class R Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R Shares of the Fund was below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 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 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. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fees and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R Shares of the Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other

services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

**Transamerica Balanced II** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)**

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

With respect to J.P. Morgan Investment Management, Inc. ("J.P. Morgan"), the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and J.P. Morgan, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, for J.P. Morgan, the Board focused on the profitability of TAM and its affiliates with respect to the Fund. With respect to Aegon USA Investment Management, LLC ("AUIM"), the Board noted that information about AUIM's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and AUIM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or a Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees noted that the Fund's management fee schedule does not contain breakpoints and determined that, based on all of the information provided, breakpoints were not warranted at this time. The Board also considered each Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that each Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund and that TAM believes the use of soft dollars by J.P. Morgan is generally appropriate and in the best interests of the Fund. The Board also noted that J.P. Morgan participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

------

![](g67628imgb4cd806a4.gif)

![](g67628imgfccb40335.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886773 TA BAL II 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628imgf353d3186.gif)

------

![](g67628img5fc52e821.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img288248442.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_SOI-RunningFooter-155_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_FS-RunningFooter-155_1) | 15 |
| [Statement of Operations](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_FS-RunningFooter-155_2) | 16 |
| [Statement of Changes in Net Assets](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_FS-RunningFooter-155_3) | 17 |
| [Financial Highlights](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_FIHI-RunningFooter-155_1) | 19 |
| [Notes to Financial Statements](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_NTF-RunningFooter-155_1) | 22 |
| **[Report of Independent Registered Public Accounting Firm](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_AUD-RunningFooter-155_1)** | 33 |
| **[Supplemental Information](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_STI-RunningFooter-155_1)** | 34 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_DWA-RunningFooter-155_1)**<br> **[Companies](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_DWA-RunningFooter-155_1)**<br>| 35 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_PD-RunningFooter-155_1)** | 36 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_REMU-RunningFooter-155_1)**<br> **[Companies](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_REMU-RunningFooter-155_1)**<br>| 37 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2bb63a69-4a6b-43ea-8a81-9830f89d4c51_AIAC-RunningFooter-155_1)** | 38 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 42.9%**  | **CORPORATE DEBT SECURITIES - 42.9%**  | **CORPORATE DEBT SECURITIES - 42.9%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| Boeing Co. |  |  |
| 5.81%, 05/01/2050 | $2317000 | $2301260 |
| 5.93%, 05/01/2060 | 3136000 | 3117343 |
| 6.53%, 05/01/2034 | 3612000 | 3996570 |
| 6.86%, 05/01/2054 | 2005000 | 2282105 |
| General Electric Co. |  |  |
| 4.30%, 07/29/2030 | 2873000 | 2894666 |
| 4.50%, 03/11/2044 | 3922000 | 3577548 |
| 5.88%, 01/14/2038 | 1446000 | 1580002 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 4621000 | 4807248 |
|  |  | 24556742 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 <sup>(A)</sup> <br>| 1867000 | 1727001 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(B)</sup> <br>| 2236000 | 2040888 |
|  |  | 3767889 |
| **Automobiles - 0.8%**  | **Automobiles - 0.8%**  | **Automobiles - 0.8%**  |
| Ford Motor Credit Co. LLC |  |  |
| 6.95%, 06/10/2026 | 4469000 | 4526173 |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 806000 | 825423 |
| 6.25%, 10/02/2043 | 2887000 | 2949758 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(B)</sup> <br>| 6062000 | 6267404 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(B)</sup> <br>| 3524000 | 3548820 |
|  |  | 18117578 |
| **Banks - 6.5%**  | **Banks - 6.5%**  | **Banks - 6.5%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(C)</sup>, 03/14/2028<br>| 2800000 | 2844897 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/11/2031, <br>2.65% <sup>(C)</sup>, 03/11/2032<br>| 3181000 | 2908548 |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(C)</sup>, 05/09/2036<br>| 7396000 | 7737592 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(C)</sup>, 09/15/2029<br>| 8985000 | 9377532 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(C)</sup>, 07/21/2039<br>| 1453000 | 1518340 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/25/2035, <br>5.79% <sup>(C)</sup>, 02/25/2036<br>| 1516000 | 1585479 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(C)</sup>, 11/02/2026<br>| 7197000 | 7197000 |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2029, <br>5.88% <sup>(C)</sup>, 09/13/2034 <sup>(B)</sup> <br>| 4265000 | 4264167 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 11/17/2027 <sup>(D)</sup>, <br>9.25% <sup>(B)</sup><sup>(C)</sup> <br>| 6095000 | 6486031 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(C)</sup>, 09/13/2034 <sup>(B)</sup> <br>| $1754000 | $1956016 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(C)</sup>, 01/13/2031<br>| 3080000 | 3178919 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(C)</sup>, 05/25/2034<br>| 1849000 | 1963637 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(C)</sup>, 10/21/2032<br>| 5960000 | 5361268 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(C)</sup>, 10/21/2036<br>| 3723000 | 3704818 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(C)</sup>, 11/21/2033 <sup>(B)</sup> <br>| 3791000 | 4477759 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.81% <sup>(C)</sup>, 10/22/2036<br>| 1992000 | 1985644 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(C)</sup>, 01/23/2030<br>| 8726000 | 8938160 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(C)</sup>, 07/23/2036<br>| 4904000 | 5084786 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(C)</sup>, 04/22/2035<br>| 1568000 | 1672246 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(C)</sup>, 10/23/2029<br>| 1722000 | 1814823 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(C)</sup>, 07/08/2031<br>| 3990000 | 4076906 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(C)</sup>, 01/16/2036<br>| 1809000 | 1832365 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(C)</sup>, 10/30/2029<br>| 1872000 | 2026566 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(C)</sup>, 10/22/2036<br>| 2203000 | 2190885 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(C)</sup>, 07/19/2035<br>| 3460000 | 3558349 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(C)</sup>, 01/18/2035<br>| 4782000 | 4973589 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(C)</sup>, 04/18/2030<br>| 8830000 | 9211118 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(C)</sup>, 03/01/2035<br>| 6487000 | 6865205 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(C)</sup>, 07/21/2036<br>| 2426000 | 2492121 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(C)</sup>, 08/18/2034<br>| 3678000 | 3946703 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(C)</sup>, 10/23/2036<br>| 1997000 | 1988894 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.40% <sup>(C)</sup>, 09/23/2031 <sup>(B)</sup> <br>| 3042000 | 3030995 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| UBS Group AG (continued) |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.58% <sup>(C)</sup>, 05/09/2036 <sup>(B)</sup> <br>| $7015000 | $7320883 |
| &nbsp;&nbsp; Fixed until 11/13/2028 <sup>(D)</sup>, <br>9.25% <sup>(B)</sup><sup>(C)</sup> <br>| 3524000 | 3840085 |
| Uzbek Industrial & Construction Bank ATB |  |  |
| 8.95%, 07/24/2029 <sup>(B)</sup> <br>| 5250000 | 5676157 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(C)</sup>, 01/24/2031<br>| 4306000 | 4456632 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(C)</sup>, 04/23/2036<br>| 4797000 | 5041017 |
|  |  | 156586132 |
| **Beverages - 0.4%**  | **Beverages - 0.4%**  | **Beverages - 0.4%**  |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 2934000 | 2888234 |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc. |  |  |
| 4.38%, 04/30/2029 <sup>(B)</sup> <br>| 6397000 | 6221013 |
|  |  | 9109247 |
| **Biotechnology - 0.8%**  | **Biotechnology - 0.8%**  | **Biotechnology - 0.8%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 2919000 | 2152652 |
| 5.60%, 03/02/2043 | 2264000 | 2298303 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(B)</sup> <br>| 4446000 | 4076948 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 4043000 | 4165047 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 4009000 | 3615334 |
| 5.20%, 09/25/2035 | 2403000 | 2407407 |
|  |  | 18715691 |
| **Building Products - 0.6%**  | **Building Products - 0.6%**  | **Building Products - 0.6%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(B)</sup> <br>| 1003000 | 892886 |
| 5.40%, 04/07/2035 <sup>(B)</sup> <br>| 2567000 | 2650777 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 06/15/2032 <sup>(B)</sup> <br>| 2260000 | 2342167 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 1546000 | 1572817 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 3797000 | 3156850 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 3112000 | 3218039 |
|  |  | 13833536 |
| **Capital Markets - 0.1%**  | **Capital Markets - 0.1%**  | **Capital Markets - 0.1%**  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(B)</sup> <br>| 3511000 | 3476275 |
| **Chemicals - 0.8%**  | **Chemicals - 0.8%**  | **Chemicals - 0.8%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp; PIK Rate 1.50%, Cash Rate 5.85%, <br>09/30/2029 <sup>(B)</sup><sup>(E)</sup> <br>| 514886 | 189415 |
| Mosaic Co. |  |  |
| 4.05%, 11/15/2027 | 1464000 | 1460360 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Nutrien Ltd. |  |  |
| 4.20%, 04/01/2029 | $3845000 | $3841494 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(B)</sup> <br>| 2141000 | 2325144 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 02/15/2033 <sup>(B)</sup> <br>| 7101000 | 7068118 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.80%, 05/13/2030 <sup>(B)</sup> <br>| 3687000 | 3684576 |
|  |  | 18569107 |
| **Commercial Services & Supplies - 1.6%**  | **Commercial Services & Supplies - 1.6%**  | **Commercial Services & Supplies - 1.6%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(B)</sup> <br>| 5252000 | 5085993 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(B)</sup> <br>| 3549000 | 3655487 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(B)</sup> <br>| 6758000 | 6902687 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 7187000 | 6415783 |
| 6.50%, 05/06/2034 | 2249000 | 2413746 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(B)</sup> <br>| 4458000 | 4666095 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2166000 | 2025704 |
| 5.25%, 08/09/2034 | 1757000 | 1807733 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 2694000 | 2821992 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/2029 | 2587000 | 2571479 |
|  |  | 38366699 |
| **Communications Equipment - 1.1%**  | **Communications Equipment - 1.1%**  | **Communications Equipment - 1.1%**  |
| CommScope LLC |  |  |
| 4.75%, 09/01/2029 <sup>(B)</sup> <br>| 4218000 | 4204857 |
| NTT Finance Corp. |  |  |
| 4.62%, 07/16/2028 <sup>(B)</sup> <br>| 2711000 | 2740994 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 2994000 | 2846889 |
| 3.88%, 04/15/2030 | 1503000 | 1472187 |
| 4.95%, 11/15/2035 | 5503000 | 5464710 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 3689000 | 3250334 |
| 1.75%, 01/20/2031 | 3098000 | 2708188 |
| 2.10%, 03/22/2028 | 2450000 | 2340611 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.75%, 07/15/2031 <sup>(B)</sup> <br>| 2500000 | 2313740 |
|  |  | 27342510 |
| **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/2029 <sup>(B)</sup> <br>| 2383000 | 2234509 |
| 6.63%, 09/15/2033 <sup>(B)</sup> <br>| 1056000 | 1052869 |
| IHS Netherlands Holdco BV |  |  |
| 8.00%, 09/18/2027 <sup>(B)</sup> <br>| 1357764 | 1358362 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(B)</sup> <br>| 5297000 | 5472172 |
|  |  | 10117912 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(B)</sup> <br>| $6064000 | $5280515 |
| InRetail Consumer |  |  |
| 3.25%, 03/22/2028 <sup>(B)</sup> <br>| 3042000 | 2965343 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 5027000 | 4797072 |
|  |  | 13042930 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(B)</sup> <br>| 3895000 | 3910560 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2027 <sup>(B)</sup> <br>| 2309000 | 2315066 |
| WRKCo, Inc. |  |  |
| 3.90%, 06/01/2028 | 3383000 | 3352418 |
|  |  | 9578044 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 <sup>(A)</sup> <br>| 1703000 | 1816585 |
| **Diversified REITs - 0.9%**  | **Diversified REITs - 0.9%**  | **Diversified REITs - 0.9%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 4376000 | 4373353 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 4090000 | 4313613 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(B)</sup> <br>| 3250000 | 3158133 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 4032000 | 4075323 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 3472000 | 3423158 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 3127000 | 3210882 |
|  |  | 22554462 |
| **Electric Utilities - 1.8%**  | **Electric Utilities - 1.8%**  | **Electric Utilities - 1.8%**  |
| Black Hills Corp. |  |  |
| 3.15%, 01/15/2027 | 2146000 | 2119910 |
| 4.55%, 01/31/2031 | 1854000 | 1850216 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/2031 <sup>(B)</sup> <br>| 6168000 | 5920976 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(B)</sup> <br>| 3930548 | 4043747 |
| Cleveland Electric Illuminating Co. |  |  |
| 3.50%, 04/01/2028 <sup>(B)</sup> <br>| 5099000 | 5015060 |
| Duke Energy Corp. |  |  |
| 4.95%, 09/15/2035 | 5622000 | 5590021 |
| 5.00%, 12/08/2027 | 1288000 | 1310027 |
| Investment Energy Resources Ltd. |  |  |
| 6.25%, 04/26/2029 <sup>(B)</sup> <br>| 1200000 | 1194221 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/2029 <sup>(B)</sup> <br>| 598000 | 568672 |
| 3.63%, 02/15/2031 <sup>(B)</sup> <br>| 854000 | 797197 |
| 6.00%, 02/01/2033 <sup>(B)</sup> <br>| 617000 | 629391 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 2244000 | 2008503 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | $1781000 | $1770703 |
| 4.90%, 10/01/2035 | 2402000 | 2376482 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(B)</sup> <br>| 3530000 | 3506311 |
| 6.88%, 04/15/2032 <sup>(B)</sup> <br>| 2201000 | 2311801 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/2030 <sup>(B)</sup><sup>(F)</sup> <br>| 1113000 | 1131979 |
|  |  | 42145217 |
| **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  | **Electronic Equipment, Instruments & Components - 0.5%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 1674000 | 1749641 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 1680000 | 1694148 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(B)</sup> <br>| 2676000 | 2580458 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 4750000 | 4813864 |
|  |  | 10838111 |
| **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  | **Energy Equipment & Services - 0.1%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(B)</sup> <br>| 1841000 | 1836686 |
| **Financial Services - 2.7%**  | **Financial Services - 2.7%**  | **Financial Services - 2.7%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 3793000 | 3794400 |
| 4.95%, 09/10/2034 | 2097000 | 2087611 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(C)</sup>, 05/15/2029<br>| 1129000 | 1151734 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(C)</sup>, 04/25/2030<br>| 3701000 | 3862572 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(B)</sup> <br>| 2035000 | 2022072 |
| 3.50%, 11/01/2027 <sup>(B)</sup> <br>| 1598000 | 1569473 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(B)</sup> <br>| 5581000 | 5786560 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 <sup>(F)</sup> <br>| 1836000 | 1822476 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(C)</sup>, 09/11/2036<br>| 5581000 | 5543964 |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(C)</sup>, 07/26/2035<br>| 6106000 | 6393845 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(C)</sup>, 01/30/2036<br>| 1067000 | 1111986 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(B)</sup> <br>| 4657000 | 4704336 |
| LPL Holdings, Inc. |  |  |
| 4.00%, 03/15/2029 <sup>(B)</sup> <br>| 2937000 | 2868561 |
| 5.70%, 05/20/2027 | 1901000 | 1936915 |
| Mexico Remittances Funding Fiduciary <br> Estate Management SARL |  |  |
| 12.50%, 10/15/2031 <sup>(B)</sup> <br>| 6194000 | 6441760 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Rocket Cos., Inc. |  |  |
| 6.38%, 08/01/2033 <sup>(B)</sup> <br>| $3180000 | $3312701 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 <sup>(B)</sup> <br>| 4725000 | 4724919 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(B)</sup> <br>| 5243000 | 5233568 |
|  |  | 64369453 |
| **Food Products - 2.2%**  | **Food Products - 2.2%**  | **Food Products - 2.2%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 4.63%, 01/15/2027 <sup>(B)</sup> <br>| 4995000 | 4984580 |
| 6.25%, 03/15/2033 <sup>(B)</sup> <br>| 561000 | 576672 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 3355000 | 3314507 |
| 5.63%, 08/15/2035 | 5675000 | 5895259 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 5475000 | 5547146 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(B)</sup> <br>| 3579000 | 3681794 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(B)</sup> <br>| 4775000 | 4873549 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 2566000 | 2790649 |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(B)</sup> <br>| 6061000 | 6141733 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 3165000 | 3190910 |
| Philip Morris International, Inc. |  |  |
| 4.25%, 11/10/2044 | 4025000 | 3455253 |
| 4.63%, 10/29/2035 | 2234000 | 2178665 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 2899000 | 3209781 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 2545000 | 2632901 |
|  |  | 52473399 |
| **Health Care Equipment & Supplies - 0.3%**  | **Health Care Equipment & Supplies - 0.3%**  | **Health Care Equipment & Supplies - 0.3%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(B)</sup> <br>| 739000 | 760046 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 2774000 | 2830547 |
| 5.50%, 06/15/2035 | 2159000 | 2237496 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(B)</sup> <br>| 1483000 | 1440447 |
| 5.25%, 10/01/2029 <sup>(B)</sup> <br>| 489000 | 487139 |
|  |  | 7755675 |
| **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  | **Health Care Providers & Services - 1.5%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 4221000 | 3882965 |
| Charles River Laboratories International, <br> Inc. |  |  |
| 4.00%, 03/15/2031 <sup>(B)</sup> <br>| 1839000 | 1733722 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/2030 <sup>(B)</sup> <br>| 1927000 | 1806326 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | $2791000 | $2581004 |
| 5.25%, 01/15/2036 | 3989000 | 4051768 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 2650000 | 2636146 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 4587000 | 4532489 |
| 6.00%, 04/01/2054 | 3003000 | 3044223 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(B)</sup> <br>| 1457000 | 1439326 |
| Laboratory Corp. of America Holdings |  |  |
| 2.95%, 12/01/2029 | 1797000 | 1708033 |
| 4.80%, 10/01/2034 | 4308000 | 4270054 |
| Tenet Healthcare Corp. |  |  |
| 5.13%, 11/01/2027 | 2510000 | 2507204 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 2890000 | 2970229 |
|  |  | 37163489 |
| **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 5640000 | 5609184 |
| **Hotels, Restaurants & Leisure - 1.2%**  | **Hotels, Restaurants & Leisure - 1.2%**  | **Hotels, Restaurants & Leisure - 1.2%**  |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/2029 <sup>(B)</sup> <br>| 999000 | 979634 |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(B)</sup> <br>| 1877000 | 1928210 |
| 6.13%, 02/15/2033 <sup>(B)</sup> <br>| 2588000 | 2668667 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.75%, 05/01/2029 <sup>(B)</sup> <br>| 4057000 | 3924162 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 2990000 | 3074963 |
| Light & Wonder International, Inc. |  |  |
| 7.25%, 11/15/2029 <sup>(B)</sup> <br>| 796000 | 816631 |
| Marriott International, Inc. |  |  |
| 2.75%, 10/15/2033 | 2529000 | 2197213 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 <sup>(A)</sup> <br>| 2761000 | 2742447 |
| 6.13%, 09/15/2029 | 3543000 | 3607146 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 3723000 | 3748234 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 10/15/2033 <sup>(B)</sup> <br>| 2666000 | 2710166 |
|  |  | 28397473 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Newell Brands, Inc. |  |  |
| 6.38%, 05/15/2030 <sup>(A)</sup> <br>| 1664000 | 1580800 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 1471000 | 1456550 |
|  |  | 3037350 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 2.4%**  | **Insurance - 2.4%**  | **Insurance - 2.4%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | $6194000 | $6372413 |
| 5.25%, 03/30/2033 | 1943000 | 2015729 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 1820000 | 1893137 |
| Aon North America, Inc. |  |  |
| 5.45%, 03/01/2034 | 2516000 | 2621394 |
| 5.75%, 03/01/2054 | 3770000 | 3807369 |
| AXA SA |  |  |
| 8.60%, 12/15/2030 | 5184000 | 6128128 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 1245000 | 1275159 |
| 5.55%, 06/23/2035 | 4804000 | 4944500 |
| Cloverie PLC for Zurich Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/24/2026, <br>5.63% <sup>(C)</sup>, 06/24/2046 <sup>(G)</sup> <br>| 6682000 | 6725577 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(B)</sup> <br>| 8154000 | 8247047 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 2219000 | 2323133 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(B)</sup> <br>| 1778000 | 1846404 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(C)</sup>, 05/23/2042 <sup>(B)</sup> <br>| 2200000 | 2306519 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 964000 | 1009614 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(B)</sup> <br>| 6123000 | 6241279 |
|  |  | 57757402 |
| **Internet & Catalog Retail - 0.6%**  | **Internet & Catalog Retail - 0.6%**  | **Internet & Catalog Retail - 0.6%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 3809000 | 3912303 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 4986000 | 5111824 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 <sup>(F)</sup> <br>| 4532000 | 4527285 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 1767000 | 1767325 |
|  |  | 15318737 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 583000 | 555500 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 4856000 | 4778767 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 4779000 | 4728587 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/2028 <sup>(B)</sup> <br>| 695000 | 688258 |
| 5.13%, 04/15/2029 <sup>(B)</sup> <br>| 584000 | 577944 |
| Seagate Data Storage Technology Pte. <br> Ltd. |  |  |
| 4.09%, 06/01/2029 <sup>(B)</sup> <br>| 2798000 | 2721974 |
|  |  | 14051030 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | $1955000 | $1973141 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 5843000 | 5494524 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 2846000 | 2963596 |
|  |  | 10431261 |
| **Media - 0.8%**  | **Media - 0.8%**  | **Media - 0.8%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 5.13%, 07/01/2049 | 3926000 | 3165174 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1392000 | 1365897 |
| Comcast Corp. |  |  |
| 4.15%, 10/15/2028 | 5240000 | 5248204 |
| CSC Holdings LLC |  |  |
| 4.50%, 11/15/2031 <sup>(B)</sup> <br>| 2454000 | 1503206 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/2030 <sup>(B)</sup> <br>| 2800000 | 2602280 |
| 5.50%, 05/15/2029 <sup>(B)</sup> <br>| 5224000 | 5128038 |
|  |  | 19012799 |
| **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  | **Metals & Mining - 0.4%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 4541000 | 4722233 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(B)</sup> <br>| 4557000 | 4093494 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/2031 <sup>(B)</sup> <br>| 236000 | 216252 |
|  |  | 9031979 |
| **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  | **Mortgage Real Estate Investment Trusts - 0.5%**  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.25%, 02/01/2027 <sup>(B)</sup> <br>| 8155000 | 8072900 |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(B)</sup> <br>| 1665000 | 1700476 |
| 6.50%, 07/01/2030 <sup>(B)</sup> <br>| 3184000 | 3311532 |
|  |  | 13084908 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 | 2766000 | 2828441 |
| **Oil, Gas & Consumable Fuels - 4.0%**  | **Oil, Gas & Consumable Fuels - 4.0%**  | **Oil, Gas & Consumable Fuels - 4.0%**  |
| Cheniere Energy Partners LP |  |  |
| 4.00%, 03/01/2031 | 5421000 | 5234094 |
| 4.50%, 10/01/2029 | 2900000 | 2900978 |
| 5.95%, 06/30/2033 | 1891000 | 1995638 |
| Diamondback Energy, Inc. |  |  |
| 5.15%, 01/30/2030 | 4729000 | 4852802 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 2195000 | 2268126 |
| 8.38%, 01/19/2036 | 2500000 | 2590765 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | $1751000 | $1791375 |
| 5.63%, 04/05/2034 | 5168000 | 5393776 |
| Energy Transfer LP |  |  |
| 6.00%, 06/15/2048 | 4879000 | 4761767 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 1161000 | 1199711 |
| Expand Energy Corp. |  |  |
| 5.38%, 03/15/2030 | 1472000 | 1493704 |
| Exxon Mobil Corp. |  |  |
| 3.04%, 03/01/2026 | 2580000 | 2571858 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 4187000 | 4324375 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(B)</sup> <br>| 1920000 | 2019938 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(B)</sup> <br>| 2014000 | 2062625 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(B)</sup> <br>| 1934000 | 2004017 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 <sup>(A)</sup> <br>| 2493000 | 2456977 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/2027 | 3036000 | 3061857 |
| 6.00%, 06/01/2026 | 350000 | 351194 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 3143000 | 3208748 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 4665000 | 4990853 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 | 3507000 | 3584855 |
| 6.84%, 01/23/2030 | 2838000 | 2913105 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.98%, 09/16/2035 <sup>(B)</sup> <br>| 4491000 | 4569835 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.90%, 09/15/2037 | 2709078 | 2837892 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(B)</sup> <br>| 749000 | 749483 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 4.00%, 01/15/2032 | 2740000 | 2594001 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(B)</sup> <br>| 4963000 | 5341493 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.75%, 01/15/2036 <sup>(B)</sup> <br>| 2210000 | 2340635 |
| 7.50%, 05/01/2033 <sup>(B)</sup> <br>| 2615000 | 2875713 |
| Vital Energy, Inc. |  |  |
| 7.75%, 07/31/2029 <sup>(B)</sup> <br>| 2937000 | 2887475 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 3673000 | 3869914 |
| YPF SA |  |  |
| 9.50%, 01/17/2031 <sup>(B)</sup> <br>| 1063000 | 1121041 |
|  |  | 97220620 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(B)</sup> <br>| 2457000 | 2519062 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Passenger Airlines - 0.5%**  | **Passenger Airlines - 0.5%**  | **Passenger Airlines - 0.5%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.15%, 08/15/2033 | $1280361 | $1201580 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/2028 <sup>(B)</sup> <br>| 4280000 | 4309454 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 <sup>(F)</sup> <br>| 4921000 | 4909480 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 975238 | 969139 |
|  |  | 11389653 |
| **Pharmaceuticals - 1.6%**  | **Pharmaceuticals - 1.6%**  | **Pharmaceuticals - 1.6%**  |
| Bausch Health Cos., Inc. |  |  |
| 5.00%, 02/15/2029 <sup>(B)</sup> <br>| 970000 | 754975 |
| 5.25%, 01/30/2030 - 02/15/2031 <sup>(B)</sup> <br>| 3724000 | 2666807 |
| 6.25%, 02/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 520000 | 426400 |
| 7.00%, 01/15/2028 <sup>(B)</sup> <br>| 617000 | 567245 |
| Bayer U.S. Finance II LLC |  |  |
| 4.20%, 07/15/2034 <sup>(B)</sup> <br>| 2805000 | 2605778 |
| 4.38%, 12/15/2028 <sup>(B)</sup> <br>| 1757000 | 1750842 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1539000 | 1527760 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 2368000 | 2463457 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 4506000 | 4601057 |
| 6.00%, 06/01/2044 | 2984000 | 3022401 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(C)</sup>, 03/10/2055<br>| 4579000 | 4811068 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1472000 | 1385326 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 6.75%, 05/15/2034 <sup>(B)</sup> <br>| 1876000 | 1680755 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 2735000 | 2655491 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 4298000 | 4373136 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 2254000 | 2168378 |
|  |  | 37460876 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 5199000 | 5368324 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 5722000 | 5746179 |
| **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(B)</sup> <br>| 5567000 | 4824978 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(B)</sup> <br>| 4081000 | 4213595 |
| 5.90%, 01/25/2033 <sup>(B)</sup> <br>| 3633000 | 3824118 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 3452000 | 3110514 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Kioxia Holdings Corp. |  |  |
| 6.63%, 07/24/2033 <sup>(B)</sup> <br>| $5797000 | $6046899 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 3599000 | 3668946 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 4668000 | 4825176 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 5.25%, 08/19/2035 | 5235000 | 5282446 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1513000 | 1069718 |
|  |  | 36866390 |
| **Software - 1.1%**  | **Software - 1.1%**  | **Software - 1.1%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 2285000 | 2290868 |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/2029 <sup>(B)</sup> <br>| 1059000 | 1071779 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(B)</sup> <br>| 1527000 | 1554327 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 3450000 | 3515639 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1261000 | 1266473 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 2955000 | 2845209 |
| 5.95%, 09/26/2055 | 2963000 | 2809204 |
| 6.90%, 11/09/2052 | 2909000 | 3101756 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 3267000 | 3260364 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 2408000 | 2446072 |
| 5.70%, 04/01/2055 | 1725000 | 1742698 |
|  |  | 25904389 |
| **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 4629000 | 4737642 |
| Iron Mountain, Inc. |  |  |
| 5.25%, 03/15/2028 <sup>(B)</sup> <br>| 5152000 | 5149318 |
|  |  | 9886960 |
| **Transportation Infrastructure - 0.7%**  | **Transportation Infrastructure - 0.7%**  | **Transportation Infrastructure - 0.7%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(B)</sup> <br>| 4731000 | 4753425 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 7926000 | 7071796 |
| MV24 Capital BV |  |  |
| 6.75%, 06/01/2034 <sup>(B)</sup> <br>| 2764508 | 2736123 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 2418000 | 2507516 |
|  |  | 17068860 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $1,021,500,743)**<br>|  | 1034125246 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 24.0%**  | **U.S. GOVERNMENT OBLIGATIONS - 24.0%**  | **U.S. GOVERNMENT OBLIGATIONS - 24.0%**  |
| **U.S. Treasury - 23.4%**  | **U.S. Treasury - 23.4%**  | **U.S. Treasury - 23.4%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | $56572000 | $28109212 |
| 1.38%, 11/15/2040 | 28979000 | 19091048 |
| 1.88%, 11/15/2051 | 9652000 | 5524639 |
| 2.00%, 02/15/2050 | 20949000 | 12672508 |
| 2.25%, 05/15/2041 - 08/15/2046 | 41069000 | 29807848 |
| 2.38%, 02/15/2042 | 35044000 | 26198128 |
| 2.50%, 02/15/2045 - 05/15/2046 | 22103000 | 15899430 |
| 2.75%, 08/15/2042 - 11/15/2047 | 49414000 | 37568539 |
| 2.88%, 08/15/2045 - 05/15/2049 | 16144000 | 12151213 |
| 3.00%, 08/15/2048 | 5566000 | 4228855 |
| 3.25%, 05/15/2042 | 2636000 | 2233701 |
| 3.50%, 02/15/2039 | 24995000 | 23001258 |
| 3.63%, 05/15/2053 | 5009000 | 4177623 |
| 3.88%, 02/15/2043 | 2143000 | 1961515 |
| 4.13%, 08/15/2044 - 08/15/2053 | 11097000 | 10299575 |
| 4.25%, 05/15/2039 - 08/15/2054 | 35697000 | 34105072 |
| 4.50%, 02/15/2044 - 11/15/2054 | 26767000 | 26329492 |
| 4.63%, 05/15/2044 - 02/15/2055 | 27345000 | 27279432 |
| 4.75%, 11/15/2043 - 05/15/2055 | 44299800 | 45018737 |
| U.S. Treasury Bonds, Principal Only <br> STRIPS |  |  |
| 08/15/2052 | 9642000 | 2696843 |
| U.S. Treasury Notes |  |  |
| 1.25%, 08/15/2031 | 8622000 | 7492046 |
| 1.38%, 11/15/2031 | 10570000 | 9190119 |
| 1.63%, 05/15/2031 | 5604000 | 5010107 |
| 1.88%, 02/15/2032 | 14399400 | 12832903 |
| 2.75%, 08/15/2032 | 19707500 | 18388021 |
| 2.88%, 05/15/2032 | 30124000 | 28420111 |
| 3.38%, 05/15/2033 | 6995300 | 6744180 |
| 3.63%, 08/31/2029 | 1350000 | 1348365 |
| 3.75%, 12/31/2030 - 08/31/2031 | 10316000 | 10298705 |
| 3.88%, 04/30/2030 - 08/15/2034 | 16801000 | 16857070 |
| 4.00%, 07/31/2032 | 10627000 | 10703797 |
| 4.13%, 02/28/2027 - 11/15/2032 | 43474200 | 44088991 |
| 4.25%, 02/28/2031 - 08/15/2035 | 22246200 | 22663910 |
| 4.50%, 11/15/2033 | 2124000 | 2201991 |
|  |  | 564594984 |
| **U.S. Treasury Inflation-Protected Securities - 0.6%**  | **U.S. Treasury Inflation-Protected Securities - 0.6%**  | **U.S. Treasury Inflation-Protected Securities - 0.6%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 11296867 | 9156627 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 6035644 | 5726919 |
|  |  | 14883546 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $613,616,758)**<br>|  | 579478530 |
| **ASSET-BACKED SECURITIES - 11.6%**  | **ASSET-BACKED SECURITIES - 11.6%**  | **ASSET-BACKED SECURITIES - 11.6%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(B)</sup> <br>| 318876 | 320571 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class B, <br>1.90%, 10/20/2040 <sup>(B)</sup> <br>| $1284189 | $1201266 |
| &nbsp;&nbsp; Series 2021-1H, Class D, <br>3.58%, 10/20/2040 <sup>(B)</sup> <br>| 769114 | 708884 |
| Anchorage Capital CLO 25 Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-25A, Class C, <br>3-Month Term SOFR + 2.35%, <br>6.23% <sup>(C)</sup>, 04/20/2035 <sup>(B)</sup> <br>| 4400000 | 4402548 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(B)</sup> <br>| 863732 | 796050 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(B)</sup> <br>| 4255000 | 4361703 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(B)</sup> <br>| 6610000 | 6814060 |
| Battalion CLO XXI Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-21A, Class AR, <br>3-Month Term SOFR + 1.15%, <br>5.05% <sup>(C)</sup>, 07/15/2034 <sup>(B)</sup> <br>| 3675000 | 3675000 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2020-A, Class A, <br>1.55%, 02/28/2036 <sup>(B)</sup> <br>| 387787 | 376037 |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(B)</sup> <br>| 1655179 | 1686379 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp; Series 2024-3A, Class A1, <br>4.40%, 10/15/2054 <sup>(B)</sup> <br>| 11164300 | 10892141 |
| CARS-DB5 LP |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A3, <br>1.92%, 08/15/2051 <sup>(B)</sup> <br>| 4062492 | 3944895 |
| CARS-DB7 LP |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A1, <br>5.75%, 09/15/2053 <sup>(B)</sup> <br>| 3748333 | 3772949 |
| DataBank Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(B)</sup> <br>| 4727000 | 4683222 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.29% <sup>(C)</sup>, 10/15/2037 <sup>(B)</sup> <br>| 3250000 | 3255811 |
| Diamond Infrastructure Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(B)</sup> <br>| 3375000 | 3250675 |
| Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2024-1, Class C, <br>5.43%, 11/17/2031<br>| 8500000 | 8603486 |
| &nbsp;&nbsp; Series 2024-2, Class C, <br>4.67%, 05/17/2032<br>| 5700000 | 5707233 |
| Dryden 80 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-80A, Class ARR, <br>3-Month Term SOFR + 0.95%, <br>4.83% <sup>(C)</sup>, 01/17/2033 <sup>(B)</sup> <br>| 3059958 | 3060062 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 14450000 | 14513029 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| GSAA Home Equity Trust |  |  |
| &nbsp;&nbsp; Series 2006-1, Class A3, <br>1-Month Term SOFR + 0.77%, <br>4.77% <sup>(C)</sup>, 01/25/2036<br>| $826827 | $338514 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(B)</sup> <br>| 6630000 | 6739630 |
| Hertz Vehicle Financing III LP |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class B, <br>2.12%, 12/27/2027 <sup>(B)</sup> <br>| 6890000 | 6718589 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(B)</sup> <br>| 1208808 | 1234837 |
| &nbsp;&nbsp; Series 2024-1B, Class B, <br>5.99%, 09/15/2039 <sup>(B)</sup> <br>| 539650 | 547827 |
| &nbsp;&nbsp; Series 2024-1B, Class C, <br>6.62%, 09/15/2039 <sup>(B)</sup> <br>| 327785 | 335482 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(B)</sup> <br>| 2081298 | 2123406 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(B)</sup> <br>| 5933366 | 5993327 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.71%, 08/27/2040 <sup>(B)</sup> <br>| 3790762 | 3837450 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(B)</sup> <br>| 5046418 | 5059650 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(B)</sup> <br>| 1169145 | 1189727 |
| &nbsp;&nbsp; Series 2024-A, Class B, <br>5.84%, 03/15/2043 <sup>(B)</sup> <br>| 1343274 | 1364894 |
| &nbsp;&nbsp; Series 2024-A, Class C, <br>6.32%, 03/15/2043 <sup>(B)</sup> <br>| 1497501 | 1519506 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.35% <sup>(C)</sup>, 10/20/2034 <sup>(B)</sup> <br>| 6500000 | 6510244 |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.27%, <br>5.15% <sup>(C)</sup>, 04/17/2034 <sup>(B)</sup> <br>| 4500000 | 4493713 |
| JG Wentworth XXI LLC |  |  |
| &nbsp;&nbsp; Series 2010-2A, Class A, <br>4.07%, 01/15/2048 <sup>(B)</sup> <br>| 88761 | 88260 |
| JGWPT XXIII LLC |  |  |
| &nbsp;&nbsp; Series 2011-1A, Class A, <br>4.70%, 10/15/2056 <sup>(B)</sup> <br>| 823682 | 817388 |
| KKR CLO 15 Ltd. |  |  |
| &nbsp;&nbsp; Series 15, Class A1R2, <br>3-Month Term SOFR + 1.10%, <br>4.98% <sup>(C)</sup>, 01/18/2032 <sup>(B)</sup> <br>| 3342620 | 3341253 |
| MetroNet Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class A2, <br>5.40%, 08/20/2055 <sup>(B)</sup> <br>| 9400000 | 9511307 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2019-2A, Class B, <br>2.44%, 10/20/2038 <sup>(B)</sup> <br>| 215473 | 214249 |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037 <sup>(B)</sup> <br>| 434542 | 425424 |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(B)</sup> <br>| 1454648 | 1396704 |
| &nbsp;&nbsp; Series 2021-1WA, Class C, <br>1.94%, 01/22/2041 <sup>(B)</sup> <br>| 1157018 | 1109082 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| MVW LLC (continued) |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(B)</sup> <br>| $2163149 | $2184186 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>6.18%, 11/20/2040 <sup>(B)</sup> <br>| 1968672 | 2019369 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.51%, 02/20/2043 <sup>(B)</sup> <br>| 2343257 | 2373488 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>4.43%, 03/20/2042 <sup>(B)</sup> <br>| 1630537 | 1631032 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>4.92%, 03/20/2042 <sup>(B)</sup> <br>| 5188072 | 5110047 |
| Octagon 54 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1, <br>3-Month Term SOFR + 1.38%, <br>5.29% <sup>(C)</sup>, 07/15/2034 <sup>(B)</sup> <br>| 2750000 | 2753726 |
| Octagon Investment Partners 40 Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class CRR, <br>3-Month Term SOFR + 1.75%, <br>5.63% <sup>(C)</sup>, 01/20/2035 <sup>(B)</sup> <br>| 7250000 | 7168880 |
| OZLM XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-19A, Class A1RR, <br>3-Month Term SOFR + 1.35%, <br>5.25% <sup>(C)</sup>, 01/15/2035 <sup>(B)</sup> <br>| 10000000 | 10002470 |
| Pikes Peak CLO 4 |  |  |
| &nbsp;&nbsp; Series 2019-4A, Class ARR, <br>3-Month Term SOFR + 1.21%, <br>5.11% <sup>(C)</sup>, 07/15/2034 <sup>(B)</sup> <br>| 4395000 | 4401878 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(B)</sup> <br>| 6275000 | 6365471 |
| Retained Vantage Data Centers <br> Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A2, <br>4.99%, 09/15/2049 <sup>(B)</sup> <br>| 8500000 | 8499682 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class D, <br>5.43%, 03/17/2031<br>| 5900000 | 5953717 |
| &nbsp;&nbsp; Series 2025-3, Class C, <br>4.68%, 09/15/2031<br>| 4165000 | 4171811 |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(B)</sup> <br>| 5100000 | 5214013 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class C, <br>1.79%, 11/20/2037 <sup>(B)</sup> <br>| 569179 | 566351 |
| &nbsp;&nbsp; Series 2021-1A, Class D, <br>3.17%, 11/20/2037 <sup>(B)</sup> <br>| 394490 | 392782 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(B)</sup> <br>| 1571393 | 1591204 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(B)</sup> <br>| 1027020 | 1053617 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(B)</sup> <br>| 2086687 | 2158272 |
| &nbsp;&nbsp; Series 2024-1A, Class C, <br>5.94%, 01/20/2043 <sup>(B)</sup> <br>| 863618 | 876442 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>5.83%, 06/20/2041 <sup>(B)</sup> <br>| 1790034 | 1815795 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.83%, 08/20/2041 <sup>(B)</sup> <br>| 2715182 | 2734624 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; Sierra Timeshare Receivables <br> Funding LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.32%, 08/20/2041 <sup>(B)</sup> <br>| $3375343 | $3390288 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(B)</sup> <br>| 2264545 | 2272040 |
| &nbsp;&nbsp; Series 2025-2A, Class B, <br>4.93%, 04/20/2044 <sup>(B)</sup> <br>| 985497 | 987259 |
| &nbsp;&nbsp; Series 2025-2A, Class C, <br>5.32%, 04/20/2044 <sup>(B)</sup> <br>| 1073562 | 1075401 |
| Symphony CLO XVIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-18A, Class AR4, <br>3-Month Term SOFR + 1.23%, <br>5.51% <sup>(C)</sup>, 10/23/2037 <sup>(B)</sup> <br>| 5000000 | 5005365 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(B)</sup> <br>| 8555000 | 8608028 |
| Venture 38 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-38A, Class ARR, <br>3-Month Term SOFR + 1.00%, <br>4.84% <sup>(C)</sup>, 07/30/2032 <sup>(B)</sup> <br>| 3586005 | 3586994 |
| Venture 43 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-43A, Class A1R, <br>3-Month Term SOFR + 1.35%, <br>5.25% <sup>(C)</sup>, 04/15/2034 <sup>(B)</sup> <br>| 3000000 | 3001281 |
| Venture 44 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-44A, Class A1NR, <br>3-Month Term SOFR + 1.14%, <br>5.02% <sup>(C)</sup>, 10/20/2034 <sup>(B)</sup> <br>| 5400000 | 5373389 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class BRR, <br>3-Month Term SOFR + 1.70%, <br>5.58% <sup>(C)</sup>, 07/20/2032 <sup>(B)</sup> <br>| 5000000 | 5001770 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2025-3A, Class C, <br>4.68%, 07/15/2031 <sup>(B)</sup> <br>| 12500000 | 12478529 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $279,597,795)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $279,597,795)** | 280755665 |
| **MORTGAGE-BACKED SECURITIES - 10.4%**  | **MORTGAGE-BACKED SECURITIES - 10.4%**  | **MORTGAGE-BACKED SECURITIES - 10.4%**  |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp; Series 2018-20TS, Class C, <br>3.10% <sup>(C)</sup>, 05/15/2035 <sup>(B)</sup> <br>| 2550000 | 2390625 |
| 280 Park Avenue Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-280P, Class E, <br>1-Month Term SOFR + 2.42%, <br>6.50% <sup>(C)</sup>, 09/15/2034 <sup>(B)</sup> <br>| 4630000 | 4514250 |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-14, Class 4A1, <br>1-Month Term SOFR + 0.55%, <br>4.55% <sup>(C)</sup>, 05/25/2035<br>| 446703 | 425785 |
| &nbsp;&nbsp; Series 2006-OC1, Class 2A3A, <br>1-Month Term SOFR + 0.75%, <br>4.75% <sup>(C)</sup>, 03/25/2036<br>| 670889 | 645729 |
| American Home Mortgage Assets Trust |  |  |
| &nbsp;&nbsp; Series 2007-2, Class A1, <br>1-Month Term SOFR + 0.24%, <br>4.23% <sup>(C)</sup>, 03/25/2047<br>| 206092 | 187475 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(C)</sup>, 01/25/2070 <sup>(B)</sup> <br>| 6679208 | 6734293 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| BAMLL Commercial Mortgage Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2019-BPR, Class BNM, <br>3.47% , 11/05/2032 <sup>(B)</sup> <br>| $5000000 | $4671473 |
| &nbsp;&nbsp; Series 2019-BPR, Class CNM, <br>3.72% <sup>(C)</sup>, 11/05/2032 <sup>(B)</sup> <br>| 3970000 | 3609899 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-TALL, Class C, <br>1-Month Term SOFR + 1.32%, <br>5.35% <sup>(C)</sup>, 03/15/2037 <sup>(B)</sup> <br>| 7065000 | 6429150 |
| &nbsp;&nbsp; Series 2018-TALL, Class E, <br>1-Month Term SOFR + 2.63%, <br>6.67% <sup>(C)</sup>, 03/15/2037 <sup>(B)</sup> <br>| 850000 | 688566 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM2, Class A1, <br>6.29% <sup>(C)</sup>, 02/25/2064 <sup>(B)</sup> <br>| 6181641 | 6230579 |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(C)</sup>, 03/25/2064 <sup>(B)</sup> <br>| 932082 | 941414 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(C)</sup>, 10/27/2064 <sup>(B)</sup> <br>| 4476201 | 4502203 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(C)</sup>, 12/25/2064 <sup>(B)</sup> <br>| 5784291 | 5825221 |
| BXP Trust |  |  |
| &nbsp;&nbsp; Series 2017-CQHP, Class D, <br>1-Month Term SOFR + 2.05%, <br>6.08% <sup>(C)</sup>, 11/15/2034 <sup>(B)</sup> <br>| 1825000 | 1347367 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp; Series 2005-11, Class 4A1, <br>1-Month Term SOFR + 0.38%, <br>4.38% <sup>(C)</sup>, 04/25/2035<br>| 59435 | 57171 |
| &nbsp;&nbsp; Series 2006-3, Class 3A1, <br>1-Month Term SOFR + 0.61%, <br>4.61% <sup>(C)</sup>, 02/25/2036<br>| 1191608 | 1088320 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(C)</sup>, 07/25/2061 <sup>(B)</sup> <br>| 3596995 | 3259909 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2014-A, Class A, <br>4.00% <sup>(C)</sup>, 01/25/2035 <sup>(B)</sup> <br>| 23680 | 23152 |
| &nbsp;&nbsp; Series 2015-PS1, Class A1, <br>3.75% <sup>(C)</sup>, 09/25/2042 <sup>(B)</sup> <br>| 142410 | 138174 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(C)</sup>, 04/25/2069 <sup>(B)</sup> <br>| 2258639 | 2279664 |
| &nbsp;&nbsp; Series 2024-3, Class A1, <br>6.39% <sup>(C)</sup>, 06/25/2069 <sup>(B)</sup> <br>| 7903569 | 8009844 |
| &nbsp;&nbsp; Series 2024-4, Class A1, <br>5.95% <sup>(C)</sup>, 07/25/2069 <sup>(B)</sup> <br>| 4346283 | 4387537 |
| &nbsp;&nbsp; Series 2024-5, Class A1, <br>5.12% <sup>(C)</sup>, 08/25/2069 <sup>(B)</sup> <br>| 9555375 | 9555816 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-H8, Class A1, <br>5.00% <sup>(C)</sup>, 11/25/2070 <sup>(B)</sup><sup>(F)</sup> <br>| 9750000 | 9749990 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2020-RPL4, Class A1, <br>2.00% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| 8989990 | 8157709 |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| 4411913 | 3760383 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| CSMC Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2021-RPL3, Class A1, <br>2.00% <sup>(C)</sup>, 01/25/2060 <sup>(B)</sup> <br>| $2668634 | $2372437 |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(C)</sup>, 10/25/2060 <sup>(B)</sup> <br>| 2851767 | 2595508 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM1, Class A1, <br>6.01% <sup>(C)</sup>, 01/25/2059 <sup>(B)</sup> <br>| 1765939 | 1779372 |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(C)</sup>, 10/25/2070 <sup>(B)</sup> <br>| 9200000 | 9165568 |
| GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-OA1, Class 2A1, <br>1-Month Term SOFR + 0.24%, <br>4.40% <sup>(C)</sup>, 05/25/2037<br>| 135168 | 60534 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(C)</sup>, 01/13/2040 <sup>(B)</sup> <br>| 7060000 | 7309142 |
| ILPT Trust |  |  |
| &nbsp;&nbsp; Series 2019-SURF, Class C, <br>4.29% <sup>(C)</sup>, 02/11/2041 <sup>(B)</sup> <br>| 1930000 | 1855935 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-AR15, Class 2A1, <br>3.38% <sup>(C)</sup>, 08/25/2037<br>| 503024 | 351500 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust |  |  |
| &nbsp;&nbsp; Series 2020-NNN, Class CFX, <br>3.27% , 01/16/2037 <sup>(B)</sup> <br>| 2675000 | 1792304 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13% , 09/10/2039 <sup>(B)</sup> <br>| 4120000 | 3935085 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2006-A1, Class 1A1, <br>4.52% <sup>(C)</sup>, 03/25/2036<br>| 542822 | 289753 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.00% <sup>(C)</sup>, 04/25/2055 <sup>(B)</sup> <br>| 1455053 | 1403094 |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(C)</sup>, 04/25/2058 <sup>(B)</sup> <br>| 188427 | 186088 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(C)</sup>, 07/25/2060 <sup>(B)</sup> <br>| 2343725 | 2150473 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.25% <sup>(C)</sup>, 10/25/2069 <sup>(B)</sup> <br>| 2376179 | 2320741 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(C)</sup>, 11/26/2035 <sup>(B)</sup> <br>| 202877 | 197226 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(C)</sup>, 02/25/2057 <sup>(B)</sup> <br>| 1028819 | 1003740 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(C)</sup>, 03/25/2057 <sup>(B)</sup> <br>| 3590054 | 3491356 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(C)</sup>, 04/25/2057 <sup>(B)</sup> <br>| 343823 | 333342 |
| &nbsp;&nbsp; Series 2018-2A, Class A1, <br>4.50% <sup>(C)</sup>, 02/25/2058 <sup>(B)</sup> <br>| 212662 | 210617 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 1867212 | 1814634 |
| &nbsp;&nbsp; Series 2019-2A, Class A1, <br>4.25% <sup>(C)</sup>, 12/25/2057 <sup>(B)</sup> <br>| 862113 | 848402 |
| &nbsp;&nbsp; Series 2019-3A, Class A1A, <br>3.75% <sup>(C)</sup>, 11/25/2058 <sup>(B)</sup> <br>| 2547351 | 2464960 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; New Residential Mortgage Loan <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(C)</sup>, 12/25/2058 <sup>(B)</sup> <br>| $3029597 | $2850208 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(C)</sup>, 08/25/2059 <sup>(B)</sup> <br>| 3367051 | 3210828 |
| &nbsp;&nbsp; Series 2019-6A, Class A1B, <br>3.50% <sup>(C)</sup>, 09/25/2059 <sup>(B)</sup> <br>| 2388130 | 2267855 |
| &nbsp;&nbsp; Series 2019-RPL2, Class A1, <br>3.25% <sup>(C)</sup>, 02/25/2059 <sup>(B)</sup> <br>| 2441720 | 2378573 |
| &nbsp;&nbsp; Series 2020-1A, Class A1B, <br>3.50% <sup>(C)</sup>, 10/25/2059 <sup>(B)</sup> <br>| 3254792 | 3071035 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(C)</sup>, 03/25/2063 <sup>(B)</sup> <br>| 6386193 | 6403345 |
| &nbsp;&nbsp; Series 2024-NQM14, Class A1, <br>4.94% <sup>(C)</sup>, 09/25/2064 <sup>(B)</sup> <br>| 4813452 | 4801047 |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.13% <sup>(C)</sup>, 12/25/2063 <sup>(B)</sup> <br>| 6161560 | 6224764 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 1078339 | 1090200 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(C)</sup>, 01/25/2064 <sup>(B)</sup> <br>| 1338570 | 1351278 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(C)</sup>, 02/25/2064 <sup>(B)</sup> <br>| 2773383 | 2817771 |
| &nbsp;&nbsp; Series 2024-NQM8, Class A1, <br>6.23% <sup>(C)</sup>, 05/25/2064 <sup>(B)</sup> <br>| 4253521 | 4305337 |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(C)</sup>, 09/25/2065 <sup>(B)</sup> <br>| 8248633 | 8246728 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(C)</sup>, 11/25/2064 <sup>(B)</sup> <br>| 4241041 | 4273844 |
| RALI Trust |  |  |
| &nbsp;&nbsp; Series 2006-QO1, Class 3A1, <br>1-Month Term SOFR + 0.65%, <br>4.65% <sup>(C)</sup>, 02/25/2046<br>| 2101177 | 796692 |
| &nbsp;&nbsp; Series 2007-QH5, Class AI1, <br>1-Month Term SOFR + 0.53%, <br>4.53% <sup>(C)</sup>, 06/25/2037<br>| 91246 | 55975 |
| Residential Asset Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2004-A4, Class A11, <br>5.50% , 08/25/2034<br>| 996690 | 968096 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(C)</sup>, 06/25/2057 <sup>(B)</sup> <br>| 783676 | 767476 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(C)</sup>, 10/25/2057 <sup>(B)</sup> <br>| 3156006 | 3107773 |
| &nbsp;&nbsp; Series 2018-2, Class A1, <br>3.25% <sup>(C)</sup>, 03/25/2058 <sup>(B)</sup> <br>| 418783 | 414379 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(C)</sup>, 06/25/2058 <sup>(B)</sup> <br>| 2328885 | 2215537 |
| &nbsp;&nbsp; Series 2018-5, Class A1A, <br>3.25% <sup>(C)</sup>, 07/25/2058 <sup>(B)</sup> <br>| 291706 | 288779 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(C)</sup>, 03/25/2058 <sup>(B)</sup> <br>| 4521378 | 4406749 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(C)</sup>, 10/25/2059 <sup>(B)</sup> <br>| 1513516 | 1455466 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(B)</sup> <br>| 7554031 | 6900989 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(C)</sup>, 07/25/2062 <sup>(B)</sup> <br>| 3091398 | 2971016 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75% , 01/25/2063 <sup>(B)</sup> <br>| 5983744 | 5809872 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| VEGAS Trust |  |  |
| 5.52% , 11/10/2039 <sup>(B)</sup> <br>| $11400000 | $11538252 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2024-7, Class A1, <br>5.10% <sup>(C)</sup>, 09/25/2069 <sup>(B)</sup> <br>| 8185091 | 8187270 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $256,999,320)**<br>|  | 250720643 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.9%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.9%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.9%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.50%, 04/01/2053 - 07/01/2053 | 18703233 | 18943314 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.19%, 07/25/2027 | 5857000 | 5784349 |
| Federal Home Loan Mortgage Corp., <br> Interest Only STRIPS |  |  |
| 5.00%, 08/01/2035 | 247873 | 31440 |
| Federal National Mortgage Association |  |  |
| 4.50%, 08/01/2052 | 6227163 | 6097674 |
| 5.00%, 03/01/2053 - 02/01/2054 | 28807389 | 28823525 |
| 5.50%, 03/01/2053 | 6474438 | 6580578 |
| 6.00%, 06/01/2054 | 9086747 | 9321256 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 11/01/2055 <sup>(F)</sup> <br>| 61000000 | 49455596 |
| 2.50%, 11/01/2055 <sup>(F)</sup> <br>| 31316000 | 26583102 |
| 5.50%, 11/01/2054 <sup>(F)</sup> <br>| 61224000 | 61854403 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $212,001,296)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $212,001,296)** | 213475237 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 1.0%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 1.0%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 1.0%**  |
| **Colombia - 0.2%**  | **Colombia - 0.2%**  | **Colombia - 0.2%**  |
| Colombia Government International Bonds |  |  |
| 7.75%, 11/07/2036 | 4518000 | 4812845 |
| **Cote d'Ivoire - 0.3%**  | **Cote d'Ivoire - 0.3%**  | **Cote d'Ivoire - 0.3%**  |
| Ivory Coast Government International Bonds |  |  |
| 8.25%, 01/30/2037 <sup>(B)</sup> <br>| 5813000 | 6173996 |
| **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  |
| Dominican Republic International Bonds |  |  |
| 4.88%, 09/23/2032 <sup>(B)</sup> <br>| 782000 | 748413 |
| 6.60%, 06/01/2036 <sup>(B)</sup> <br>| 5006000 | 5278326 |
|  |  | 6026739 |
| **Ecuador - 0.0% \*** | **Ecuador - 0.0% \*** | **Ecuador - 0.0% \*** |
| Ecuador Government International Bonds |  |  |
| Zero Coupon, 07/31/2030 <sup>(B)</sup> <br>| 119808 | 93450 |
| 5.00% <sup>(H)</sup>, 07/31/2040 <sup>(B)</sup> <br>| 435840 | 296371 |
| 6.90%, 07/31/2035 <sup>(B)</sup> <br>| 740626 | 566579 |
|  |  | 956400 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corporacion Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(B)</sup> <br>| 2400000 | 2465136 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Uzbekistan - 0.1%**  | **Uzbekistan - 0.1%**  | **Uzbekistan - 0.1%**  |
| Republic of Uzbekistan International Bonds |  |  |
| 3.90%, 10/19/2031 <sup>(B)</sup> <br>| $3049000 | $2830874 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $22,618,573)**<br>|  | 23265990 |
| **LOAN ASSIGNMENT - 0.0% \*** | **LOAN ASSIGNMENT - 0.0% \*** | **LOAN ASSIGNMENT - 0.0% \*** |
| **Software - 0.0% \*** | **Software - 0.0% \*** | **Software - 0.0% \*** |
| &nbsp;&nbsp; Rackspace Finance LLC <br>1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.41% <sup>(C)</sup>, 05/15/2028<br>| 919555 | 929326 |
| &nbsp;&nbsp; **Total Loan Assignment** <br>**(Cost $896,093)**<br>|  | 929326 |
| **COMMERCIAL PAPER - 5.4%**  | **COMMERCIAL PAPER - 5.4%**  | **COMMERCIAL PAPER - 5.4%**  |
| **Banks - 0.4%**  | **Banks - 0.4%**  | **Banks - 0.4%**  |
| Lloyds Bank PLC |  |  |
| 4.32% <sup>(I)</sup>, 12/12/2025 | 2950000 | 2936392 |
| 4.49% <sup>(I)</sup>, 12/15/2025 | 6000000 | 5970300 |
|  |  | 8906692 |
| **Capital Markets - 0.9%**  | **Capital Markets - 0.9%**  | **Capital Markets - 0.9%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.41% <sup>(I)</sup>, 11/21/2025 <sup>(B)</sup> <br>| 21000000 | 20951372 |
| Verto Capital I Compartment A |  |  |
| 4.39% <sup>(I)</sup>, 12/03/2025 <sup>(B)</sup> <br>| 1000000 | 996315 |
|  |  | 21947687 |
| **Financial Services - 4.1%**  | **Financial Services - 4.1%**  | **Financial Services - 4.1%**  |
| Anglesea Funding LLC |  |  |
| 4.38% <sup>(I)</sup>, 11/07/2025 <sup>(B)</sup> <br>| 12250000 | 12240472 |
| Atlantic Asset Securitization LLC |  |  |
| 4.06% <sup>(I)</sup>, 01/23/2026 <sup>(B)</sup> <br>| 10550000 | 10452715 |
| Bedford Row Funding Corp. |  |  |
| 3.97% <sup>(I)</sup>, 01/26/2026 <sup>(B)</sup> <br>| 10000000 | 9904783 |
| Glencove Funding LLC |  |  |
| 4.32% <sup>(I)</sup>, 12/01/2025 <sup>(B)</sup> <br>| 5000000 | 4982993 |
| Gotham Funding Corp. |  |  |
| 4.17% <sup>(I)</sup>, 01/16/2026 <sup>(B)</sup> <br>| 2850000 | 2825887 |
| GTA Funding LLC |  |  |
| 4.43% <sup>(I)</sup>, 11/07/2025 <sup>(B)</sup> <br>| 8700000 | 8693233 |
| Liberty Street Funding LLC |  |  |
| 4.32% <sup>(I)</sup>, 12/02/2025 <sup>(B)</sup> <br>| 5000000 | 4982445 |
| LMA-Americas LLC |  |  |
| 4.08% <sup>(I)</sup>, 02/05/2026 <sup>(B)</sup> <br>| 1200000 | 1187198 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| MUFG Securities Canada Ltd. |  |  |
| 4.31% <sup>(I)</sup>, 01/22/2026 <sup>(B)</sup> <br>| $24000000 | $23778574 |
| Versailles Commercial Paper LLC |  |  |
| 4.14% <sup>(I)</sup>, 12/12/2025 | 19000000 | 18912442 |
| 4.14% <sup>(I)</sup>, 12/15/2025 | 740000 | 736346 |
| Verto Capital I Compartment A |  |  |
| 4.10% <sup>(I)</sup>, 01/30/2026 <sup>(B)</sup> <br>| 500000 | 494945 |
|  |  | 99192033 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $130,037,492)**<br>|  | 130046412 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>4.27% <sup>(I)</sup>, 01/15/2026<br>| 11133000 | 11047950 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $11,043,333)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $11,043,333)** | 11047950 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(I)</sup> <br>| 5852360 | 5852360 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,852,360)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,852,360)** | 5852360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(I)</sup>, dated 10/31/2025, to be <br> repurchased at $23,512,590 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $23,979,950.<br>| $23509651 | 23509651 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $23,509,651)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $23,509,651)** | 23509651 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,577,673,414)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,577,673,414)** | 2553207010 |
| **Net Other Assets (Liabilities) - (5.9)%** | **Net Other Assets (Liabilities) - (5.9)%** | (142775379) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$2410431631** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(J)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $1034125246 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1034125246 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 579478530 | &nbsp;&nbsp; — | &nbsp;&nbsp; 579478530 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 280755665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 280755665 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 250720643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 250720643 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 213475237 | &nbsp;&nbsp; — | &nbsp;&nbsp; 213475237 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 23265990 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23265990 |
| Loan Assignment |  | &nbsp;&nbsp; 929326 | &nbsp;&nbsp; — | &nbsp;&nbsp; 929326 |
| Commercial Paper |  | &nbsp;&nbsp; 130046412 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130046412 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 11047950 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11047950 |
| Other Investment Company | 5852360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5852360 |
| Repurchase Agreement |  | &nbsp;&nbsp; 23509651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23509651 |
| **Total Investments** | **$5852360** | &nbsp;&nbsp; **$2547354650** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2553207010** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $6,132,428, collateralized by cash collateral of $5,852,360 and* *non-cash collateral, such as U.S. government securities of $410,023. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(B)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $981,564,359, representing 40.7% of the* *Fund's net assets.* 

<sup>(C)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(D)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(E)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(F)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(G)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $6,725,577, representing* *0.3% of the Fund's net assets.* 

<sup>(H)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2025; the maturity date disclosed is the ultimate* *maturity date.* 

<sup>(I)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(J)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $2,554,163,763) (including securities loaned of $6,132,428) | $2529697359 |
| Repurchase agreement, at value (cost $23,509,651) | 23509651 |
| Cash | 138479 |
| Cash collateral pledged at broker for: |  |
| TBA commitments  | 13000 |
| Foreign currency, at value (cost $84) | 85 |
| Receivables and other assets: |  |
| When-issued, delayed-delivery, forward and TBA commitments sold | 2420992 |
| Net income from securities lending | 6085 |
| Shares of beneficial interest sold  | 3815404 |
| Interest | 22366397 |
| Total assets | 2581967452 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 5852360 |
| Cash collateral at broker for: |  |
| TBA commitments | 359964 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 160063329 |
| Dividends and/or distributions | 902637 |
| Shares of beneficial interest redeemed | 3220580 |
| Investment management fees | 746725 |
| Distribution and service fees | 51382 |
| Transfer agent fees | 178486 |
| Trustee and CCO fees | 810 |
| Audit and tax fees  | 28622 |
| Custody fees | 31175 |
| Legal fees | 28765 |
| Printing and shareholder reports fees | 37292 |
| Registration fees | 95 |
| Other accrued expenses | 33599 |
| Total liabilities | 171535821 |
| **Net assets**  | $2410431631 |
| **Net assets consist of:** |  |
| Paid-in capital | $2588387835 |
| Total distributable earnings (accumulated losses) | (177956204)<br>|
| **Net assets** | $2410431631 |
| **Net assets by class:** |  |
| Class A | $106706960 |
| Class C | 33392551 |
| Class I | 1759054695 |
| Class I2 | 395528684 |
| Class R | 397443 |
| Class R6 | 115351298 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 13060502 |
| Class C | 4116551 |
| Class I | 214803166 |
| Class I2 | 48297492 |
| Class R | 48653 |
| Class R6 | 14105871 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.17 |
| Class C | 8.11 |
| Class I | 8.19 |
| Class I2 | 8.19 |
| Class R | 8.17 |
| Class R6 | 8.18 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $8.58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net* *asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Bond**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $115564821 |
| Net income from securities lending | 73656 |
| Withholding taxes on foreign income | 236 |
| Total investment income  | 115638713 |
| **Expenses:** |  |
| Investment management fees | 9097753 |
| Distribution and service fees: |  |
| Class A | 262497 |
| Class C | 349275 |
| Class R | 1679 |
| Transfer agent fees: |  |
| Class A | 166248 |
| Class C | 33048 |
| Class I | 1742901 |
| Class I2 | 29173 |
| Class R | 902 |
| Class R6 | 11220 |
| Trustee and CCO fees | 99527 |
| Audit and tax fees | 62453 |
| Custody fees | 199840 |
| Legal fees | 178390 |
| Printing and shareholder reports fees | 193761 |
| Registration fees | 112781 |
| Other | 136141 |
| Total expenses before waiver and/or reimbursement and recapture | 12677589 |
| Expenses waived and/or reimbursed: |  |
| Class A | (8331)<br>|
| Class I | (531381)<br>|
| Class R | (632)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 1189 |
| Class I | 7272 |
| Class R | 2 |
| Net expenses | 12145708 |
| **Net investment income (loss)** | 103493005 |
| **Net realized gain (loss) on:** |  |
| Investments | (20149335)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 59681232 |
| Translation of assets and liabilities denominated in foreign currencies | 1 |
| Net change in unrealized appreciation (depreciation) | 59681233 |
| Net realized and change in unrealized gain (loss) | 39531898 |
| **Net increase (decrease) in net assets resulting from operations** | $143024903 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $103493005 | &nbsp;&nbsp;&nbsp;&nbsp; $93791911 |
| Net realized gain (loss) | (20149335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18755477)<br>|
| Net change in unrealized appreciation (depreciation) | 59681233 | &nbsp;&nbsp;&nbsp;&nbsp; 121830136 |
| Net increase (decrease) in net assets resulting from operations | 143024903 | &nbsp;&nbsp;&nbsp;&nbsp; 196866570 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (4326521)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3999901)<br>|
| Class C | (1194307)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1176609)<br>|
| Class I | (74342701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (63689259)<br>|
| Class I2 | (17537462)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17497338)<br>|
| Class R | (13230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10407)<br>|
| Class R6 | (6745870)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8221842)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (104160091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94595356)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 49381129 | &nbsp;&nbsp;&nbsp;&nbsp; 33007660 |
| Class C | 6366948 | &nbsp;&nbsp;&nbsp;&nbsp; 13422185 |
| Class I | 727627257 | &nbsp;&nbsp;&nbsp;&nbsp; 1137995308 |
| Class I2 | 149851636 | &nbsp;&nbsp;&nbsp;&nbsp; 166432572 |
| Class R | 199003 | &nbsp;&nbsp;&nbsp;&nbsp; 201710 |
| Class R6 | 68752370 | &nbsp;&nbsp;&nbsp;&nbsp; 156810853 |
|  | 1002178343 | &nbsp;&nbsp;&nbsp;&nbsp; 1507870288 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 3832588 | &nbsp;&nbsp;&nbsp;&nbsp; 3550163 |
| Class C | 1033292 | &nbsp;&nbsp;&nbsp;&nbsp; 1017205 |
| Class I | 65549485 | &nbsp;&nbsp;&nbsp;&nbsp; 56147997 |
| Class I2 | 17537462 | &nbsp;&nbsp;&nbsp;&nbsp; 17496649 |
| Class R | 13227 | &nbsp;&nbsp;&nbsp;&nbsp; 10407 |
| Class R6 | 6698371 | &nbsp;&nbsp;&nbsp;&nbsp; 8180512 |
|  | 94664425 | &nbsp;&nbsp;&nbsp;&nbsp; 86402933 |
| Cost of shares redeemed: |  |  |
| Class A | (48639375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40026727)<br>|
| Class C | (8438024)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10476193)<br>|
| Class I | (804598606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (569239564)<br>|
| Class I2 | (171955314)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174038102)<br>|
| Class R | (239947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8829)<br>|
| Class R6 | (152891508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64475393)<br>|
|  | (1186762774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (858264808)<br>|
| Automatic conversions: |  |  |
| Class A | 2972317 | &nbsp;&nbsp;&nbsp;&nbsp; 1805523 |
| Class C | (2972317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1805523)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (89920006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 736008413 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 2332 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 164 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
| **Net increase (decrease) in net assets** | (51055194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 838282123 |
| **Net assets:** |  |  |
| Beginning of year | 2461486825 | &nbsp;&nbsp;&nbsp;&nbsp; 1623204702 |
| End of year | $2410431631 | &nbsp;&nbsp;&nbsp;&nbsp; $2461486825 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 6171440 | &nbsp;&nbsp;&nbsp;&nbsp; 4104665 |
| Class C | 796560 | &nbsp;&nbsp;&nbsp;&nbsp; 1678156 |
| Class I | 90333453 | &nbsp;&nbsp;&nbsp;&nbsp; 141441884 |
| Class I2 | 18651062 | &nbsp;&nbsp;&nbsp;&nbsp; 20534378 |
| Class R | 24771 | &nbsp;&nbsp;&nbsp;&nbsp; 24682 |
| Class R6 | 8600875 | &nbsp;&nbsp;&nbsp;&nbsp; 19624056 |
|  | 124578161 | &nbsp;&nbsp;&nbsp;&nbsp; 187407821 |
| Shares reinvested: |  |  |
| Class A | 476086 | &nbsp;&nbsp;&nbsp;&nbsp; 443034 |
| Class C | 129317 | &nbsp;&nbsp;&nbsp;&nbsp; 127847 |
| Class I | 8123372 | &nbsp;&nbsp;&nbsp;&nbsp; 6984700 |
| Class I2 | 2173653 | &nbsp;&nbsp;&nbsp;&nbsp; 2177348 |
| Class R | 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| Class R6 | 832095 | &nbsp;&nbsp;&nbsp;&nbsp; 1019903 |
|  | 11736166 | &nbsp;&nbsp;&nbsp;&nbsp; 10754128 |
| Shares redeemed: |  |  |
| Class A | (6072489)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5004937)<br>|
| Class C | (1056102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1318393)<br>|
| Class I | (99947050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70874785)<br>|
| Class I2 | (21437391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21879679)<br>|
| Class R | (29967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1078)<br>|
| Class R6 | (19035465)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7992175)<br>|
|  | (147578464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107071047)<br>|
| Automatic conversions: |  |  |
| Class A | 370077 | &nbsp;&nbsp;&nbsp;&nbsp; 224966 |
| Class C | (372800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (226604)<br>|
|  | (2723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1638)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 945114 | &nbsp;&nbsp;&nbsp;&nbsp; (232272)<br>|
| Class C | (503025)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 261006 |
| Class I | (1490225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77551799 |
| Class I2 | (612676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 832047 |
| Class R | (3553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24900 |
| Class R6 | (9602495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12651784 |
|  | (11266860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91089264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Bond**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.04 | $7.55 | $7.78 | $9.53 | $9.57 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.33 | 0.32 | 0.28 | 0.22 | 0.20 |
| Net realized and unrealized gain (loss) | 0.13 | 0.50 | (0.22)<br>| (1.69)<br>| 0.03 |
| Total investment operations | 0.46 | 0.82 | 0.06 | (1.47)<br>| 0.23 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.33)<br>| (0.33)<br>| (0.29)<br>| (0.23)<br>| (0.21)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.33)<br>| (0.33)<br>| (0.29)<br>| (0.28)<br>| (0.27)<br>|
| **Net asset value, end of year** | $8.17 | $8.04 | $7.55 | $7.78 | $9.53 |
| **Total return** <sup>(E)</sup> <br>| 5.87<br> %<br>| 10.91 %<sup>(C)</sup><br>| 0.58<br> %<br>| (15.75 )%<sup>(D)</sup><br>| 2.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $106707 | $97351 | $93194 | $107307 | $142958 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.84<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.90<br> %<br>| 0.88<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.83 %<sup>(F)</sup><br>| 0.84<br> %<br>| 0.89 %<sup>(G)</sup><br>| 0.90 %<sup>(G)</sup><br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | 4.09<br> %<br>| 4.03<br> %<br>| 3.51<br> %<br>| 2.51<br> %<br>| 2.07<br> %<br>|
| Portfolio turnover rate <sup>(H)</sup> <br>| 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(H)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $7.98 | $7.49 | $7.72 | $9.47 | $9.50 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.27 | 0.23 | 0.16 | 0.14 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.23)<br>| (1.69)<br>| 0.04 |
| Total investment operations | 0.40 | 0.76 |  | (1.53)<br>| 0.18 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.27)<br>| (0.23)<br>| (0.17)<br>| (0.15)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.27)<br>| (0.23)<br>| (0.22)<br>| (0.21)<br>|
| **Net asset value, end of year** | $8.11 | $7.98 | $7.49 | $7.72 | $9.47 |
| **Total return** <sup>(E)</sup> <br>| 5.15<br> %<br>| 10.19 %<sup>(C)</sup><br>| (0.10)%<br>| (16.40 )%<sup>(D)</sup><br>| 1.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $33393 | $36856 | $32667 | $39109 | $71237 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.53<br> %<br>| 1.55<br> %<br>| 1.53<br> %<br>| 1.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.53<br> %<br>| 1.55 %<sup>(F)</sup><br>| 1.53 %<sup>(F)</sup><br>| 1.50<br> %<br>|
| Net investment income (loss) to average net assets | 3.40<br> %<br>| 3.33<br> %<br>| 2.85<br> %<br>| 1.85<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate <sup>(G)</sup> <br>| 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.05 | $7.57 | $7.79 | $9.55 | $9.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.35 | 0.31 | 0.25 | 0.24 |
| Net realized and unrealized gain (loss) | 0.14 | 0.48 | (0.21)<br>| (1.70)<br>| 0.02 |
| Total investment operations | 0.50 | 0.83 | 0.10 | (1.45)<br>| 0.26 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.35)<br>| (0.32)<br>| (0.26)<br>| (0.24)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.35)<br>| (0.32)<br>| (0.31)<br>| (0.30)<br>|
| **Net asset value, end of year** | $8.19 | $8.05 | $7.57 | $7.79 | $9.55 |
| **Total return** | 6.35<br> %<br>| 11.11<br> %<br>| 1.11<br> %<br>| (15.48 )%<sup>(C)</sup><br>| 2.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1759055 | $1742186 | $1049832 | $704476 | $1144560 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.53<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.53<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 4.41<br> %<br>| 4.36<br> %<br>| 3.93<br> %<br>| 2.89<br> %<br>| 2.45<br> %<br>|
| Portfolio turnover rate <sup>(D)</sup> <br>| 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.06 | $7.57 | $7.80 | $9.56 | $9.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.36 | 0.32 | 0.26 | 0.24 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.23)<br>| (1.70)<br>| 0.04 |
| Total investment operations | 0.49 | 0.85 | 0.09 | (1.44)<br>| 0.28 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.27)<br>| (0.25)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.32)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.19 | $8.06 | $7.57 | $7.80 | $9.56 |
| **Total return** | 6.28<br> %<br>| 11.32<br> %<br>| 1.03<br> %<br>| (15.42)%<br>| 2.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $395529 | $393975 | $363743 | $283641 | $376686 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>|
| Net investment income (loss) to average net assets | 4.48<br> %<br>| 4.43<br> %<br>| 3.97<br> %<br>| 2.95<br> %<br>| 2.52<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.03 | $7.55 | $7.79 | $9.14 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.31 | 0.31 | 0.28 | 0.16 |
| Net realized and unrealized gain (loss) | 0.15 | 0.48 | (0.23)<br>| (1.36)<br>|
| Total investment operations | 0.46 | 0.79 | 0.05 | (1.20)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.32)<br>| (0.31)<br>| (0.29)<br>| (0.15)<br>|
| **Net asset value, end of year** | $8.17 | $8.03 | $7.55 | $7.79 |
| **Total return** | 5.81<br> %<br>| 10.60<br> %<br>| 0.52<br> %<br>| (13.24 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $397 | $419 | $206 | $9 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.20<br> %<br>| 1.14<br> %<br>| 0.96<br> %<br>| 1.20 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.01<br> %<br>| 0.99<br> %<br>| 0.95<br> %<br>| 0.76 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.91<br> %<br>| 3.88<br> %<br>| 3.57<br> %<br>| 2.89 %<sup>(D)</sup><br>|
| Portfolio turnover rate <sup>(E)</sup> <br>| 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102% and 80%, for the years ended October 31,* *2025, October 31, 2024, October 31, 2023 and October 31, 2022, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.04 | $7.56 | $7.79 | $9.55 | $9.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.36 | 0.32 | 0.26 | 0.24 |
| Net realized and unrealized gain (loss) | 0.14 | 0.48 | (0.23)<br>| (1.70)<br>| 0.04 |
| Total investment operations | 0.50 | 0.84 | 0.09 | (1.44)<br>| 0.28 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.27)<br>| (0.25)<br>|
| Net realized gains |  |  |  | (0.05)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.36)<br>| (0.36)<br>| (0.32)<br>| (0.32)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.18 | $8.04 | $7.56 | $7.79 | $9.55 |
| **Total return** | 6.42<br> %<br>| 11.19<br> %<br>| 1.03<br> %<br>| (15.43)%<br>| 2.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $115351 | $190700 | $83563 | $79972 | $26448 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.44<br> %<br>| 0.44<br> %<br>| 0.45<br> %<br>| 0.45<br> %<br>| 0.43 %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 4.48<br> %<br>| 4.45<br> %<br>| 3.97<br> %<br>| 3.05<br> %<br>| 2.52<br> %<br>|
| Portfolio turnover rate <sup>(C)</sup> <br>| 59<br> %<br>| 55<br> %<br>| 47<br> %<br>| 40<br> %<br>| 42<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 127%, 118%, 102%, 80% and 81%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers six classes of shares, Class A, Class C, Class I, Class I2, Class R and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Fund held no unfunded loan participations at October 31, 2025. Open funded loan participations and assignments at October 31, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $5852360 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5852360 |
| **Total Borrowings** | **$5852360** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5852360** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Bank obligations risk:** Investments in bank obligations may expose the Fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $452679060 | 18.78<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.410<br> % <br>|
| Over $500 million up to $1 billion  | 0.390 |
| Over $1 billion up to $1.5 billion  | 0.380 |
| Over $1.5 billion | 0.375 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.90<br> % <br>| March 1, 2026 |
| Class C | 1.59 | March 1, 2026 |
| Class I | 0.50 | March 1, 2026 |
| Class I2, Class R6 | 0.49 | March 1, 2026 |
| Class R | 1.01 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 0.93 |  |
| Class C | 1.59 |  |
| Class I, Class I2, Class R6 | 0.50 |  |
| Class R | 1.01 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class I | $388643 | $479137 | $531381 | $1399161 |
| Class R |  | 397 | 632 | 1029 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $47561 | &nbsp;&nbsp;&nbsp;&nbsp; $18619 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 5228 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1954072 | &nbsp;&nbsp; $173457 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $708633215 | &nbsp;&nbsp; $571350671 | &nbsp;&nbsp; $671967115 | &nbsp;&nbsp; $693939267 |

---

**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, interest written off, premium amortization adjustments and dividends payable. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $2582175104 | &nbsp;&nbsp; $30615164 | &nbsp;&nbsp; $(59583258)<br>| &nbsp;&nbsp; $(28968094)<br>|

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $42993677 | &nbsp;&nbsp;&nbsp;&nbsp; $105506301 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $104160091 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $94595356 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $429335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(148499978)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(917468)<br>| &nbsp;&nbsp; $(28968093)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Bond

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Bond (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img70555c463.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica Bond** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Bond** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Bond** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

**Transamerica Bond** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Bond (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

------

**Transamerica Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3- and 10-year periods, in line with the median for the past 5-year period and below the median for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 39**

------

**Transamerica Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion** 

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 40**

------

![](g67628img243021b14.gif)

![](g67628imgd96fc31b5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886773 TA BOND 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img90e2c8266.gif)

------

![](g67628img1983b3761.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Capital Growth**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img6891dd4b2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_SOI-RunningFooter-179_1) | 2 |
| [Statement of Assets and Liabilities](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_FS-RunningFooter-179_1) | 4 |
| [Statement of Operations](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_FS-RunningFooter-179_3) | 6 |
| [Statement of Changes in Net Assets](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_FS-RunningFooter-179_4) | 7 |
| [Financial Highlights](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_FIHI-RunningFooter-179_1) | 9 |
| [Notes to Financial Statements](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_NTF-RunningFooter-179_1) | 12 |
| **[Report of Independent Registered Public Accounting Firm](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_AUD-RunningFooter-179_1)** | 25 |
| **[Supplemental Information](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_STI-RunningFooter-179_1)** | 26 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_DWA-RunningFooter-179_1)**<br> **[Companies](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_DWA-RunningFooter-179_1)**<br>| 27 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_PD-RunningFooter-179_1)** | 28 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_REMU-RunningFooter-179_1)**<br> **[Companies](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_REMU-RunningFooter-179_1)**<br>| 29 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_16a0a055-f21c-4e09-9ccb-9cfeac35046b_AIAC-RunningFooter-179_1)** | 30 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Capital Growth**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 92.1%**  | **COMMON STOCKS - 92.1%**  | **COMMON STOCKS - 92.1%**  |
| **Automobiles - 8.8%**  | **Automobiles - 8.8%**  | **Automobiles - 8.8%**  |
| Tesla, Inc. <sup>(A)</sup> <br>| 334874 | $152890074 |
| **Biotechnology - 2.7%**  | **Biotechnology - 2.7%**  | **Biotechnology - 2.7%**  |
| Roivant Sciences Ltd. <sup>(A)</sup> <br>| 2309608 | 46169064 |
| **Broadline Retail - 2.7%**  | **Broadline Retail - 2.7%**  | **Broadline Retail - 2.7%**  |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 20305 | 47255014 |
| **Capital Markets - 1.4%**  | **Capital Markets - 1.4%**  | **Capital Markets - 1.4%**  |
| Coinbase Global, Inc., Class A <sup>(A)</sup> <br>| 25571 | 8790798 |
| Intercontinental Exchange, Inc. | 110140 | 16112381 |
|  |  | 24903179 |
| **Entertainment - 5.8%**  | **Entertainment - 5.8%**  | **Entertainment - 5.8%**  |
| ROBLOX Corp., Class A <sup>(A)</sup> <br>| 885108 | 100654482 |
| **Financial Services - 8.0%**  | **Financial Services - 8.0%**  | **Financial Services - 8.0%**  |
| Affirm Holdings, Inc. <sup>(A)</sup> <br>| 1459714 | 104924242 |
| Federal National Mortgage Association <sup>(A)(B)</sup> <br>| 3276122 | 33449206 |
|  |  | 138373448 |
| **Hotels, Restaurants & Leisure - 5.8%**  | **Hotels, Restaurants & Leisure - 5.8%**  | **Hotels, Restaurants & Leisure - 5.8%**  |
| Airbnb, Inc., Class A <sup>(A)</sup> <br>| 202860 | 25669904 |
| DoorDash, Inc., Class A <sup>(A)</sup> <br>| 297234 | 75607413 |
|  |  | 101277317 |
| **IT Services - 24.5%**  | **IT Services - 24.5%**  | **IT Services - 24.5%**  |
| Cloudflare, Inc., Class A <sup>(A)</sup> <br>| 1011762 | 256279315 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 470669 | 81830512 |
| Snowflake, Inc., Class A <sup>(A)</sup> <br>| 315412 | 86700451 |
|  |  | 424810278 |
| **Pharmaceuticals - 4.7%**  | **Pharmaceuticals - 4.7%**  | **Pharmaceuticals - 4.7%**  |
| Royalty Pharma PLC, Class A | 2189373 | 82189062 |
| **Software - 19.5%**  | **Software - 19.5%**  | **Software - 19.5%**  |
| AppLovin Corp., Class A <sup>(A)</sup> <br>| 179214 | 114218459 |
| Aurora Innovation, Inc. <sup>(A)</sup> <br>| 10787833 | 56528245 |
| BitMine Immersion Technologies, Inc. <sup>(A)</sup> <br>| 491060 | 22907949 |
| Crowdstrike Holdings, Inc., Class A <sup>(A)</sup> <br>| 49430 | 26840984 |
| Samsara, Inc., Class A <sup>(A)</sup> <br>| 1089961 | 43783733 |
| Strategy, Inc., Class A <sup>(A)</sup> <br>| 279447 | 75313761 |
|  |  | 339593131 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Technology Hardware, Storage & Peripherals - 3.2%**  | **Technology Hardware, Storage & Peripherals - 3.2%**  | **Technology Hardware, Storage & Peripherals - 3.2%**  |
| IonQ, Inc. <sup>(A)</sup> <br>| 884682 | $55186463 |
| **Trading Companies & Distributors - 5.0%**  | **Trading Companies & Distributors - 5.0%**  | **Trading Companies & Distributors - 5.0%**  |
| Core & Main, Inc., Class A <sup>(A)</sup> <br>| 469364 | 24491413 |
| QXO, Inc. <sup>(A)(B)</sup> <br>| 3513437 | 62082432 |
|  |  | 86573845 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $927,531,542)**<br>|  | 1599875357 |
| **OTHER INVESTMENT COMPANY - 0.6%**  | **OTHER INVESTMENT COMPANY - 0.6%**  | **OTHER INVESTMENT COMPANY - 0.6%**  |
| **Securities Lending Collateral - 0.6%**  | **Securities Lending Collateral - 0.6%**  | **Securities Lending Collateral - 0.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(C)</sup> <br>| 10939896 | 10939896 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $10,939,896)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $10,939,896)** | 10939896 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 8.0%**  | **REPURCHASE AGREEMENT - 8.0%**  | **REPURCHASE AGREEMENT - 8.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(C)</sup>, dated 10/31/2025, to be <br> repurchased at $139,103,147 on <br> 11/03/2025. Collateralized by a <br> U.S. Government Obligation, 0.00%, due <br> 10/29/2026, and with a value of <br> $141,867,609.<br>| $139085762 | 139085762 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $139,085,762)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $139,085,762)** | 139085762 |
| &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $1,077,557,200)** | &nbsp;&nbsp; **Total Investments Excluding Options Purchased** <br>**(Cost $1,077,557,200)** | 1749901015 |
| &nbsp;&nbsp; **Total Options Purchased - 0.0% \*** <br>**(Cost $7,316,595)** | &nbsp;&nbsp; **Total Options Purchased - 0.0% \*** <br>**(Cost $7,316,595)** | 675190 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,084,873,795)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,084,873,795)** | 1750576205 |
| **Net Other Assets (Liabilities) - (0.7)%** | **Net Other Assets (Liabilities) - (0.7)%** | (13340365) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1737235840** |

---

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | &nbsp;&nbsp; **Notional Amount/** <br>**Number of** <br>**Contracts** | **Premiums** <br>**Paid**<br>| **Value** |
| Put – USD vs. CNH | SCB | USD | 7.58 | 08/11/2026 | USD | 505213026 | &nbsp;&nbsp; $1653020 | &nbsp;&nbsp; $528453 |
| Put – USD vs. CNH | GSI | USD | 7.71 | 05/13/2026 | USD | 353765109 | &nbsp;&nbsp; 1472585 | &nbsp;&nbsp; 109314 |
| Put – USD vs. CNH | JPM | USD | 7.82 | 02/25/2026 | USD | 360004316 | &nbsp;&nbsp; 1486457 | &nbsp;&nbsp; 19800 |
| Put – USD vs. CNH | SCB | USD | 7.90 | 04/01/2026 | USD | 230522470 | &nbsp;&nbsp; 1120113 | &nbsp;&nbsp; 17289 |
| Put – USD vs. CNH | GSI | USD | 8.02 | 12/02/2025 | USD | 334239765 | &nbsp;&nbsp; 1584420 | &nbsp;&nbsp; 334 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **$7316595** | &nbsp;&nbsp; **$675190** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Capital Growth**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $1599875357 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1599875357 |
| Other Investment Company | 10939896 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10939896 |
| Repurchase Agreement |  | &nbsp;&nbsp; 139085762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139085762 |
| Over-the-Counter Foreign Exchange Options Purchased |  | &nbsp;&nbsp; 675190 | &nbsp;&nbsp; — | &nbsp;&nbsp; 675190 |
| **Total Investments** | **$1610815253** | &nbsp;&nbsp; **$139760952** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1750576205** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $10,592,326, collateralized by cash collateral of $10,939,896. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATION(S):** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Capital Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $945,788,033) (including securities loaned of $10,592,326) | $1611490443 |
| Repurchase agreement, at value (cost $139,085,762) | 139085762 |
| Foreign currency, at value (cost $1,089) | 1102 |
| Receivables and other assets: |  |
| Net income from securities lending | 13075 |
| Shares of beneficial interest sold  | 1071853 |
| Interest | 5795 |
| Total assets | 1751668030 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 10939896 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 780000 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 1175219 |
| Investment management fees | 1035451 |
| Distribution and service fees | 249203 |
| Transfer agent fees | 144070 |
| Trustee and CCO fees | 588 |
| Audit and tax fees  | 19713 |
| Custody fees | 17016 |
| Legal fees | 17714 |
| Printing and shareholder reports fees | 28071 |
| Registration fees | 141 |
| Other accrued expenses | 25108 |
| Total liabilities | 14432190 |
| **Net assets**  | $1737235840 |
| **Net assets consist of:** |  |
| Paid-in capital | $1492677732 |
| Total distributable earnings (accumulated losses) | 244558108 |
| **Net assets** | $1737235840 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Capital Growth**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $560460508 |
| Class C | 154939088 |
| Class I | 883371782 |
| Class I2 | 113258879 |
| Class R | 14890 |
| Class R6 | 25190693 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 11426417 |
| Class C | 4773804 |
| Class I | 16451919 |
| Class I2 | 7438921 |
| Class R | 306 |
| Class R6 | 1653986 |
| **Net asset value per share:** <sup>(B)</sup> <br>|  |
| Class A | $49.05 |
| Class C | 32.46 |
| Class I | 53.69 |
| Class I2 | 15.23 |
| Class R | 48.66 |
| Class R6 | 15.23 |
| **Maximum offering price per share:** <sup>(C)</sup> <br>|  |
| Class A | $51.90 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.*

<sup>(B)</sup> *Net asset value per share for Class C, I, I2, R and R6 shares represents offering price. The redemption price for Class A and C shares equals net* *asset value less any applicable contingent deferred sales charge.* 

<sup>(C)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Capital Growth**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $2128574 |
| Interest income | 1543179 |
| Net income from securities lending | 143561 |
| Withholding taxes on foreign income | (13067)<br>|
| Total investment income  | 3802247 |
| **Expenses:** |  |
| Investment management fees | 10372960 |
| Distribution and service fees: |  |
| Class A | 1201296 |
| Class C | 1444904 |
| Class R | 61 |
| Transfer agent fees: |  |
| Class A | 546723 |
| Class C | 209151 |
| Class I | 801603 |
| Class I2 | 7480 |
| Class R | 26 |
| Class R6 | 2224 |
| Trustee and CCO fees | 67143 |
| Audit and tax fees | 41467 |
| Custody fees | 95465 |
| Legal fees | 107832 |
| Printing and shareholder reports fees | 125242 |
| Registration fees | 107704 |
| Other | 90200 |
| Total expenses before waiver and/or reimbursement and recapture | 15221481 |
| Expenses waived and/or reimbursed: |  |
| Class A | (6824)<br>|
| Class C | (4936)<br>|
| Class I | (48792)<br>|
| Class R | (4)<br>|
| Class R6 | (496)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 126543 |
| Class C | 25105 |
| Class I | 6466 |
| Class R | 1 |
| Class R6 | 3877 |
| Net expenses | 15322421 |
| **Net investment income (loss)** | (11520174)<br>|
| **Net realized gain (loss) on:** |  |
| Investments | 240199572 |
| Foreign currency transactions | (11259)<br>|
| Net realized gain (loss) | 240188313 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 454706051 |
| Translation of assets and liabilities denominated in foreign currencies | 9 |
| Net change in unrealized appreciation (depreciation) | 454706060 |
| Net realized and change in unrealized gain (loss) | 694894373 |
| **Net increase (decrease) in net assets resulting from operations** | $683374199 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Capital Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $(11520174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(10011130)<br>|
| Net realized gain (loss) | 240188313 | &nbsp;&nbsp;&nbsp;&nbsp; 29010959 |
| Net change in unrealized appreciation (depreciation) | 454706060 | &nbsp;&nbsp;&nbsp;&nbsp; 616113124 |
| Net increase (decrease) in net assets resulting from operations | 683374199 | &nbsp;&nbsp;&nbsp;&nbsp; 635112953 |
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 116023061 | &nbsp;&nbsp;&nbsp;&nbsp; 26997256 |
| Class C | 7294639 | &nbsp;&nbsp;&nbsp;&nbsp; 6658199 |
| Class I | 234704618 | &nbsp;&nbsp;&nbsp;&nbsp; 158026350 |
| Class I2 | 3169190 | &nbsp;&nbsp;&nbsp;&nbsp; 42970557 |
| Class R6 | 14066584 | &nbsp;&nbsp;&nbsp;&nbsp; 3887761 |
|  | 375258092 | &nbsp;&nbsp;&nbsp;&nbsp; 238540123 |
| Cost of shares redeemed: |  |  |
| Class A | (170362340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142456518)<br>|
| Class C | (35184634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58094690)<br>|
| Class I | (367157543)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (508865252)<br>|
| Class I2 | (36586509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11243929)<br>|
| Class R6 | (26897042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7861239)<br>|
|  | (636188068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (728521628)<br>|
| Automatic conversions: |  |  |
| Class A | 10622816 | &nbsp;&nbsp;&nbsp;&nbsp; 8118102 |
| Class C | (10622816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8118102)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (260929976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (489981505)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1468 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 642 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| **Net increase (decrease) in net assets** | 422444223 | &nbsp;&nbsp;&nbsp;&nbsp; 145133558 |
| **Net assets:** |  |  |
| Beginning of year | 1314791617 | &nbsp;&nbsp;&nbsp;&nbsp; 1169658059 |
| End of year | $1737235840 | &nbsp;&nbsp;&nbsp;&nbsp; $1314791617 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Capital Growth**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 2937498 | &nbsp;&nbsp;&nbsp;&nbsp; 1064151 |
| Class C | 272505 | &nbsp;&nbsp;&nbsp;&nbsp; 393362 |
| Class I | 5276170 | &nbsp;&nbsp;&nbsp;&nbsp; 5780012 |
| Class I2 | 255380 | &nbsp;&nbsp;&nbsp;&nbsp; 5656007 |
| Class R6 | 1192342 | &nbsp;&nbsp;&nbsp;&nbsp; 527492 |
|  | 9933895 | &nbsp;&nbsp;&nbsp;&nbsp; 13421024 |
| Shares redeemed: |  |  |
| Class A | (4314321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5553970)<br>|
| Class C | (1334985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3395218)<br>|
| Class I | (8532944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18405028)<br>|
| Class I2 | (3030438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1345163)<br>|
| Class R6 | (2110140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (996200)<br>|
|  | (19322828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29695579)<br>|
| Automatic conversions: |  |  |
| Class A | 260204 | &nbsp;&nbsp;&nbsp;&nbsp; 316957 |
| Class C | (391937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (473327)<br>|
|  | (131733)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156370)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (1116619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4172862)<br>|
| Class C | (1454417)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3475183)<br>|
| Class I | (3256774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12625016)<br>|
| Class I2 | (2775058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4310844 |
| Class R6 | (917798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (468708)<br>|
|  | (9520666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16430925)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Capital Growth**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $31.18 | $19.12 | $19.80 | $60.69 | $46.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.35)<br>| (0.22)<br>| (0.18)<br>| (0.28)<br>| (0.53)<br>|
| Net realized and unrealized gain (loss) | 18.22 | 12.28 | (0.50)<br>| (31.69)<br>| 17.94 |
| Total investment operations | 17.87 | 12.06 | (0.68)<br>| (31.97)<br>| 17.41 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $49.05 | $31.18 | $19.12 | $19.80 | $60.69 |
| **Total return** <sup>(E)</sup> <br>| 57.31<br> %<br>| 63.08 %<sup>(C)</sup><br>| (3.48)%<br>| (60.80 )%<sup>(D)</sup><br>| 38.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $560460 | $391125 | $319552 | $396598 | $1213394 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.09<br> %<br>| 1.14<br> %<br>| 1.20<br> %<br>| 1.10<br> %<br>| 1.01<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.11<br> %<br>| 1.11<br> %<br>| 1.16<br> %<br>| 1.10 %<sup>(F)</sup><br>| 1.01<br> %<br>|
| Net investment income (loss) to average net assets | (0.86)%<br>| (0.85)%<br>| (0.91)%<br>| (0.94)%<br>| (0.95)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $20.79 | $12.85 | $13.40 | $44.66 | $34.77 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.43)<br>| (0.28)<br>| (0.23)<br>| (0.36)<br>| (0.70)<br>|
| Net realized and unrealized gain (loss) | 12.10 | 8.22 | (0.32)<br>| (21.98)<br>| 13.42 |
| Total investment operations | 11.67 | 7.94 | (0.55)<br>| (22.34)<br>| 12.72 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $32.46 | $20.79 | $12.85 | $13.40 | $44.66 |
| **Total return** <sup>(E)</sup> <br>| 56.13<br> %<br>| 61.79 %<sup>(C)</sup><br>| (4.18)%<br>| (61.12 )%<sup>(D)</sup><br>| 37.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $154939 | $129506 | $124654 | $167725 | $594592 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.87<br> %<br>| 1.92<br> %<br>| 1.98<br> %<br>| 1.86<br> %<br>| 1.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.88<br> %<br>| 1.88<br> %<br>| 1.90<br> %<br>| 1.86 %<sup>(F)</sup><br>| 1.77<br> %<br>|
| Net investment income (loss) to average net assets | (1.63)%<br>| (1.62)%<br>| (1.64)%<br>| (1.70)%<br>| (1.70)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Capital Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $34.04 | $20.81 | $21.48 | $64.85 | $49.02 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.25)<br>| (0.16)<br>| (0.13)<br>| (0.22)<br>| (0.44)<br>|
| Net realized and unrealized gain (loss) | 19.90 | 13.39 | (0.54)<br>| (34.23)<br>| 19.10 |
| Total investment operations | 19.65 | 13.23 | (0.67)<br>| (34.45)<br>| 18.66 |
| **Contributions from affiliate** |  |  |  | 0.04 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| Return of capital |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders |  |  |  | (8.96)<br>| (2.83)<br>|
| **Net asset value, end of year** | $53.69 | $34.04 | $20.81 | $21.48 | $64.85 |
| **Total return** | 57.73<br> %<br>| 63.58<br> %<br>| (3.16)%<br>| (60.63 )%<sup>(B)</sup><br>| 38.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $883372 | $670845 | $672765 | $978757 | $3792557 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.83<br> %<br>| 0.86<br> %<br>| 0.82<br> %<br>| 0.78<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>|
| Net investment income (loss) to average net assets | (0.57)%<br>| (0.56)%<br>| (0.57)%<br>| (0.65)%<br>| (0.73)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.64 | $5.89 | $6.07 | $25.60 | $20.68 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.06)<br>| (0.04)<br>| (0.03)<br>| (0.08)<br>| (0.15)<br>|
| Net realized and unrealized gain (loss) | 5.65 | 3.79 | (0.15)<br>| (10.53)<br>| 7.90 |
| Total investment operations | 5.59 | 3.75 | (0.18)<br>| (10.61)<br>| 7.75 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $15.23 | $9.64 | $5.89 | $6.07 | $25.60 |
| **Total return** | 57.99<br> %<br>| 63.67<br> %<br>| (3.12)%<br>| (60.64)%<br>| 38.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $113259 | $98497 | $34765 | $27957 | $473580 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.74 %<sup>(B)</sup><br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.48)%<br>| (0.47)%<br>| (0.50)%<br>| (0.60)%<br>| (0.63)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Capital Growth**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $31.03 | $19.08 | $19.81 | $32.68 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| (0.47)<br>| (0.30)<br>| (0.24)<br>| (0.14)<br>|
| Net realized and unrealized gain (loss) | 18.10 | 12.25 | (0.49)<br>| (12.73)<br>|
| Total investment operations | 17.63 | 11.95 | (0.73)<br>| (12.87)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Net asset value, end of year** | $48.66 | $31.03 | $19.08 | $19.81 |
| **Total return** | 56.82<br> %<br>| 62.63<br> %<br>| (3.78)%<br>| (39.32 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of year (000's) | $15 | $9 | $6 | $6 |
| Expenses to average net assets |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.44<br> %<br>| 1.54<br> %<br>| 1.63<br> %<br>| 1.56 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.41<br> %<br>| 1.41<br> %<br>| 1.41<br> %<br>| 1.11 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | (1.17)%<br>| (1.16)%<br>| (1.16)%<br>| (0.92 )%<sup>(D)</sup><br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on March 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.65 | $5.89 | $6.08 | $25.60 | $20.68 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.06)<br>| (0.04)<br>| (0.03)<br>| (0.05)<br>| (0.15)<br>|
| Net realized and unrealized gain (loss) | 5.64 | 3.80 | (0.16)<br>| (10.55)<br>| 7.90 |
| Total investment operations | 5.58 | 3.76 | (0.19)<br>| (10.60)<br>| 7.75 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net realized gains |  |  |  | (8.92)<br>| (2.83)<br>|
| **Net asset value, end of year** | $15.23 | $9.65 | $5.89 | $6.08 | $25.60 |
| **Total return** | 57.82<br> %<br>| 63.84<br> %<br>| (3.12)%<br>| (60.64)%<br>| 38.69<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $25191 | $24810 | $17916 | $18793 | $47106 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.74 %<sup>(B)</sup><br>| 0.74<br> %<br>| 0.72<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | (0.48)%<br>| (0.48)%<br>| (0.49)%<br>| (0.55)%<br>| (0.63)%<br>|
| Portfolio turnover rate | 74<br> %<br>| 20<br> %<br>| 26<br> %<br>| 46<br> %<br>| 63<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Capital Growth (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers six classes of shares, Class A, Class C, Class I, Class I2, Class R and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $10939896 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10939896 |
| **Total Borrowings** | **$10939896** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10939896** |

---

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Fund is subject to equity risk, credit risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund may enter into option contracts to manage exposure to various market fluctuations. The Fund may purchase or write call and put options on securities and derivative instruments in which the Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Options on foreign currency:* The Fund may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Fund the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Fund pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Open option contracts at October 31, 2025, are included within the Schedule of Investments.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions: <br>Investments, at value <sup>(A)</sup> <br>| $— | $675190 | $— | $— | $— | $675190 |
| **Total** | **$—** | **$675190** | **$—** | **$—** | **$—** | **$675190** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(A)</sup> <br>| $— | $(5456992)<br>| $— | $— | $— | $(5456992)<br>|
| **Total** | **$—** | **$(5456992)**<br>| **$—** | **$—** | **$—** | **$(5456992)**<br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Purchased options and swaptions <sup>(B)</sup> <br>| $— | $(3350625)<br>| $— | $— | $— | $(3350625)<br>|
| **Total** | **$—** | **$(3350625)**<br>| **$—** | **$—** | **$—** | **$(3350625)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Included within Net realized gain (loss) on Investments in the Statement of Operations.*

<sup>(B)</sup> *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.*

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Options:** |  |
| Average value of option contracts purchased | $2249227 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of October 31, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Goldman Sachs International | $109648 | $— | $(109648)<br>| $— | $— | $— | $— | $— |
| JPMorgan Chase Bank, N.A. | 19800 |  | (19800)<br>|  |  |  |  |  |
| Standard Chartered Bank | 545742 |  | (545742)<br>|  |  |  |  |  |
| **Total** | **$675190** | **$—** | **$(675190)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $105450215 | 6.07<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1.5 billion | 0.6825<br> % <br>|
| Over $1.5 billion up to $3 billion | 0.6415 |
| Over $3 billion up to $4 billion | 0.5900 |
| Over $4 billion up to $5 billion | 0.5750 |
| Over $5 billion | 0.5500 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.11<br> % <br>| March 1, 2026 |
| Class C | 1.88 | March 1, 2026 |
| Class I | 0.82 | March 1, 2026 |
| Class I2, Class R6 | 0.74 | March 1, 2026 |
| Class R | 1.41 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $127976 | $6824 | $134800 |
| Class C | 80690 | 68954 | 4936 | 154580 |
| Class I | 238404 | 99032 | 48792 | 386228 |
| Class R | 6 | 10 | 4 | 20 |
| Class R6 | 222 | 364 | 496 | 1082 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $611037 | &nbsp;&nbsp;&nbsp;&nbsp; $90 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 8378 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1544528 | &nbsp;&nbsp; $139956 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**Cross-trades:** The Fund is authorized to purchase or sell securities from and to other funds within the Transamerica family of funds or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of the Fund participating in the transaction. For the year ended October 31, 2025, the Fund engaged in the following cross-trade transactions, which resulted in net realized gains/(losses) as follows:

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5460419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(35245228)<br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $1041796851 | &nbsp;&nbsp; $23942172 | &nbsp;&nbsp; $1454916229 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, passive foreign investment companies and late year loss deferral. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(13817788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13817788 |

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $1111740310 | &nbsp;&nbsp; $670167828 | &nbsp;&nbsp; $(31331933)<br>| &nbsp;&nbsp; $638835895 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $274483873 | &nbsp;&nbsp;&nbsp;&nbsp; $109959731 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $247,664,820.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Capital Growth**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
|  $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(384443604)<br>| &nbsp;&nbsp; $(9834196)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $638835908 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Capital Growth

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Capital Growth (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img8531162c3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Capital Growth** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Capital Growth** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Capital Growth** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Capital Growth** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Capital Growth (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Morgan Stanley 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 the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Capital Growth** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-year period, 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 the benchmark that TAM utilizes to measure performance of the Fund for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was in line with the median for its peer group and 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.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Capital Growth** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

![](g67628img10834b074.gif)

![](g67628imgf920e6b95.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 TA CAP GROWTH 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img0f66d36f6.gif)

------

![](g67628imgacf7812d1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Core Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgd0da4a7e2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_SOI-RunningFooter-173_1) | 2 |
| [Statement of Assets and Liabilities](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_FS-RunningFooter-173_1) | 13 |
| [Statement of Operations](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_FS-RunningFooter-173_3) | 15 |
| [Statement of Changes in Net Assets](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_FS-RunningFooter-173_4) | 16 |
| [Financial Highlights](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_FIHI-RunningFooter-173_1) | 18 |
| [Notes to Financial Statements](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_NTF-RunningFooter-173_1) | 22 |
| **[Report of Independent Registered Public Accounting Firm](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_AUD-RunningFooter-173_1)** | 33 |
| **[Supplemental Information](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_STI-RunningFooter-173_1)** | 34 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_DWA-RunningFooter-173_1)**<br> **[Companies](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_DWA-RunningFooter-173_1)**<br>| 35 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_PD-RunningFooter-173_1)** | 36 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_REMU-RunningFooter-173_1)**<br> **[Companies](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_REMU-RunningFooter-173_1)**<br>| 37 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_12a32de7-9713-4359-8df9-2eb8bcae23c5_AIAC-RunningFooter-173_1)** | 38 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 34.6%**  | **CORPORATE DEBT SECURITIES - 34.6%**  | **CORPORATE DEBT SECURITIES - 34.6%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| Boeing Co. |  |  |
| 3.50%, 03/01/2039 | $2319000 | $1887436 |
| 5.81%, 05/01/2050 | 696000 | 691272 |
| 6.53%, 05/01/2034 | 3849000 | 4258803 |
| 6.86%, 05/01/2054 | 1578000 | 1796091 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 1735000 | 1508682 |
| 4.30%, 07/29/2030 | 2140000 | 2156138 |
| 4.50%, 03/11/2044 | 2189000 | 1996750 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 3008000 | 3129237 |
|  |  | 17424409 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 1988000 | 1838928 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 2225000 | 2030847 |
|  |  | 3869775 |
| **Automobiles - 0.5%**  | **Automobiles - 0.5%**  | **Automobiles - 0.5%**  |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 1356000 | 1388677 |
| 6.25%, 10/02/2043 | 922000 | 942042 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(A)</sup> <br>| 4233000 | 4376430 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(A)</sup> <br>| 2668000 | 2686792 |
|  |  | 9393941 |
| **Banks - 5.8%**  | **Banks - 5.8%**  | **Banks - 5.8%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 2400000 | 2438483 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(B)</sup>, 05/09/2036<br>| 4869000 | 5093880 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 9016000 | 9409887 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 1085000 | 1133792 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/25/2035, <br>5.79% <sup>(B)</sup>, 02/25/2036<br>| 1602000 | 1675420 |
| &nbsp;&nbsp; Fixed until 11/02/2025, <br>7.33% <sup>(B)</sup>, 11/02/2026<br>| 3834000 | 3834000 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| 6634000 | 7398066 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 2971000 | 3066419 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| 1395000 | 1481489 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| $4206000 | $3783472 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(B)</sup>, 10/21/2036<br>| 2756000 | 2742541 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 3561000 | 4206093 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.81% <sup>(B)</sup>, 10/22/2036<br>| 1475000 | 1470293 |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 7430000 | 7610650 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(B)</sup>, 07/23/2036<br>| 3663000 | 3798036 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 1329000 | 1417356 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(B)</sup>, 10/23/2029<br>| 1485000 | 1565047 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(B)</sup>, 07/08/2031<br>| 2801000 | 2862009 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(B)</sup>, 01/16/2036<br>| 1032000 | 1045329 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 1403000 | 1518842 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(B)</sup>, 10/22/2036<br>| 1632000 | 1623025 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 2464000 | 2534038 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(B)</sup>, 01/18/2035<br>| 1815000 | 1887717 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 6931000 | 7230154 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(B)</sup>, 03/01/2035<br>| 3830000 | 4053296 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(B)</sup>, 07/21/2036<br>| 1869000 | 1919940 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 3444000 | 3695608 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(B)</sup>, 10/23/2036<br>| 1480000 | 1473993 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.40% <sup>(B)</sup>, 09/23/2031 <sup>(A)</sup> <br>| 2273000 | 2264777 |
| &nbsp;&nbsp; Fixed until 08/12/2032, <br>6.54% <sup>(B)</sup>, 08/12/2033 <sup>(A)</sup> <br>| 2904000 | 3211389 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| 3036000 | 3142205 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(B)</sup>, 04/23/2036<br>| 3090000 | 3247184 |
|  |  | 103834430 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Beverages - 0.2%**  | **Beverages - 0.2%**  | **Beverages - 0.2%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | $2669000 | $2341474 |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 2172000 | 2138120 |
|  |  | 4479594 |
| **Biotechnology - 0.6%**  | **Biotechnology - 0.6%**  | **Biotechnology - 0.6%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 1754000 | 1293509 |
| 5.60%, 03/02/2043 | 1781000 | 1807985 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 1755000 | 1609321 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 2852000 | 2938094 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 1832000 | 1652106 |
| 5.20%, 09/25/2035 | 1948000 | 1951572 |
|  |  | 11252587 |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 <sup>(A)</sup> <br>| 799000 | 711282 |
| 5.40%, 04/07/2035 <sup>(A)</sup> <br>| 1849000 | 1909344 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 1155000 | 1175035 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 2665000 | 2215698 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 2156000 | 2229464 |
|  |  | 8240823 |
| **Chemicals - 0.2%**  | **Chemicals - 0.2%**  | **Chemicals - 0.2%**  |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 1903000 | 1935645 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 2093000 | 2273016 |
|  |  | 4208661 |
| **Commercial Services & Supplies - 1.3%**  | **Commercial Services & Supplies - 1.3%**  | **Commercial Services & Supplies - 1.3%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 1958000 | 1896111 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| 2700000 | 2781013 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(A)</sup> <br>| 4663000 | 4762834 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 5330000 | 4758052 |
| 6.50%, 05/06/2034 | 1701000 | 1825604 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 1663000 | 1740627 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2647000 | 2475548 |
| 5.25%, 08/09/2034 | 629000 | 647162 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 1710000 | 1791243 |
|  |  | 22678194 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  |
| America Movil SAB de CV |  |  |
| 4.38%, 07/16/2042 | $2100000 | $1855433 |
| NTT Finance Corp. |  |  |
| 4.62%, 07/16/2028 <sup>(A)</sup> <br>| 2043000 | 2065604 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 2683000 | 2551170 |
| 3.88%, 04/15/2030 | 2406000 | 2356675 |
| 4.95%, 11/15/2035 | 1877000 | 1863940 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/2030 | 1937000 | 1706668 |
| 2.99%, 10/30/2056 | 4629000 | 2812173 |
|  |  | 15211663 |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| 2021000 | 2087835 |
| **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 3054000 | 2659415 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 3993000 | 3810366 |
|  |  | 6469781 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 1751000 | 1867787 |
| **Diversified REITs - 1.4%**  | **Diversified REITs - 1.4%**  | **Diversified REITs - 1.4%**  |
| American Tower Trust #1 |  |  |
| 3.65%, 03/15/2048 <sup>(A)</sup> <br>| 2395000 | 2356235 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 3272000 | 3270020 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 2189000 | 2308680 |
| SBA Tower Trust |  |  |
| 1.63%, 05/15/2051 <sup>(A)</sup> <br>| 5961000 | 5792502 |
| 1.88%, 07/15/2050 <sup>(A)</sup> <br>| 1044000 | 1038387 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 4298000 | 4344181 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 3034000 | 2991320 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 2367000 | 2430495 |
|  |  | 24531820 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| Black Hills Corp. |  |  |
| 4.55%, 01/31/2031 | 1382000 | 1379179 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 3244339 | 3337776 |
| Cleveland Electric Illuminating Co. |  |  |
| 5.95%, 12/15/2036 | 436000 | 462150 |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | 694000 | 630991 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 5187000 | 4508724 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | $4164000 | $3210324 |
| 4.95%, 09/15/2035 | 4181000 | 4157218 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 1939000 | 1479322 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 641000 | 653873 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.30%, 06/01/2042 | 502000 | 496784 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 2121000 | 1898411 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 1320000 | 1312368 |
| 4.90%, 10/01/2035 | 1780000 | 1761090 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(A)</sup> <br>| 2619000 | 2601425 |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 2225000 | 2337009 |
|  |  | 30226644 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 1923000 | 2009892 |
| Hubbell, Inc. |  |  |
| 4.80%, 11/15/2035 <sup>(C)</sup> <br>| 3282000 | 3268388 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 1211000 | 1221198 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 1965000 | 1894843 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 3353000 | 3398081 |
|  |  | 11792402 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Schlumberger Holdings Corp. |  |  |
| 3.90%, 05/17/2028 <sup>(A)</sup> <br>| 2857000 | 2850306 |
| **Financial Services - 1.9%**  | **Financial Services - 1.9%**  | **Financial Services - 1.9%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 3092000 | 3093141 |
| 4.95%, 09/10/2034 | 1115000 | 1110008 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(B)</sup>, 05/15/2029<br>| 786000 | 801827 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 2793000 | 2914932 |
| Aviation Capital Group LLC |  |  |
| 1.95%, 01/30/2026 <sup>(A)</sup> <br>| 1638000 | 1627594 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 4309000 | 4467710 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 <sup>(C)</sup> <br>| 1363000 | 1352961 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(B)</sup>, 09/11/2036<br>| 4088000 | 4060871 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Capital One Financial Corp. (continued) |  |  |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(B)</sup>, 07/26/2035<br>| $4314000 | $4517368 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 944000 | 983800 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(A)</sup> <br>| 3466000 | 3501230 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 1474000 | 1501848 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(A)</sup> <br>| 2120000 | 2186786 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(A)</sup> <br>| 2362000 | 2357751 |
|  |  | 34477827 |
| **Food Products - 1.9%**  | **Food Products - 1.9%**  | **Food Products - 1.9%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(A)</sup><sup>(C)</sup> <br>| 209000 | 210652 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 416000 | 427621 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 2480000 | 2450067 |
| 5.63%, 08/15/2035 | 3988000 | 4142783 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 4075000 | 4128698 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| 2503000 | 2574890 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(A)</sup> <br>| 3370000 | 3439552 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 1464000 | 1592171 |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(A)</sup> <br>| 4216000 | 4272157 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 1802000 | 1816752 |
| Philip Morris International, Inc. |  |  |
| 4.63%, 10/29/2035 | 4201000 | 4096944 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 2135000 | 2363878 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 1773000 | 1834237 |
|  |  | 33350402 |
| **Health Care Equipment & Supplies - 0.2%**  | **Health Care Equipment & Supplies - 0.2%**  | **Health Care Equipment & Supplies - 0.2%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 871000 | 895805 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 1527000 | 1558127 |
| 5.50%, 06/15/2035 | 1566000 | 1622936 |
|  |  | 4076868 |
| **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  | **Health Care Providers & Services - 1.1%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 2033000 | 1870189 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | $1671000 | $1545273 |
| 5.25%, 01/15/2036 | 2911000 | 2956805 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 1972000 | 1961691 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 3408000 | 3367500 |
| 6.00%, 04/01/2054 | 2334000 | 2366040 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1100000 | 1086656 |
| Laboratory Corp. of America Holdings |  |  |
| 4.80%, 10/01/2034 | 3234000 | 3205514 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 1920000 | 1973301 |
|  |  | 20332969 |
| **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 4217000 | 4193959 |
| **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(A)</sup> <br>| 1414000 | 1452578 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 1946000 | 2006656 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 2285000 | 2349930 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 3144000 | 3200922 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 2768000 | 2786761 |
|  |  | 11796847 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 1031000 | 1020872 |
| **Insurance - 2.1%**  | **Insurance - 2.1%**  | **Insurance - 2.1%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 4683000 | 4817890 |
| 5.25%, 03/30/2033 | 1484000 | 1539548 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 1278000 | 1329356 |
| Aon North America, Inc. |  |  |
| 5.45%, 03/01/2034 | 1892000 | 1971255 |
| 5.75%, 03/01/2054 | 2570000 | 2595474 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 874000 | 895172 |
| 5.55%, 06/23/2035 | 3372000 | 3470619 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 7344000 | 7427804 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 1697000 | 1776637 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 1254000 | 1302244 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| $2000000 | $2096836 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(B)</sup>, 10/01/2050<br>| 3601000 | 3354467 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 671000 | 702750 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| 4215000 | 4296422 |
|  |  | 37576474 |
| **Internet & Catalog Retail - 0.6%**  | **Internet & Catalog Retail - 0.6%**  | **Internet & Catalog Retail - 0.6%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 2593000 | 2663324 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 3447000 | 3533987 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 <sup>(C)</sup> <br>| 3506000 | 3502352 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 1356000 | 1356250 |
|  |  | 11055913 |
| **IT Services - 0.4%**  | **IT Services - 0.4%**  | **IT Services - 0.4%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 570000 | 543113 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 3521000 | 3465000 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 3582000 | 3544214 |
|  |  | 7552327 |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | 1379000 | 1391796 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 5383000 | 5061958 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 2200000 | 2290904 |
|  |  | 8744658 |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 2295000 | 1795997 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 1032000 | 597982 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 2137000 | 1830520 |
|  |  | 4224499 |
| **Metals & Mining - 0.5%**  | **Metals & Mining - 0.5%**  | **Metals & Mining - 0.5%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(A)</sup> <br>| 3182000 | 3194287 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 3782000 | 3932941 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| $2582000 | $2319377 |
|  |  | 9446605 |
| **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  | **Mortgage Real Estate Investment Trusts - 0.1%**  |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 1423000 | 1453320 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 | 2047000 | 2093210 |
| **Oil, Gas & Consumable Fuels - 2.8%**  | **Oil, Gas & Consumable Fuels - 2.8%**  | **Oil, Gas & Consumable Fuels - 2.8%**  |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/2033 | 4010000 | 4231893 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 3192000 | 3254075 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 1496000 | 1545839 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 1907000 | 1950972 |
| 5.63%, 04/05/2034 | 3190000 | 3329362 |
| Energy Transfer LP |  |  |
| 5.15%, 03/15/2045 | 1064000 | 946341 |
| 5.55%, 02/15/2028 | 857000 | 881322 |
| 5.95%, 10/01/2043 | 824000 | 810451 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 1216000 | 1256545 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 1972000 | 2074645 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(A)</sup> <br>| 1518000 | 1554650 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 1923000 | 1992618 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 1484000 | 1515044 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 3739000 | 4000172 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/2030 | 3109000 | 3191277 |
| 7.69%, 01/23/2050 | 641000 | 581259 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.98%, 09/16/2035 <sup>(A)</sup> <br>| 3337000 | 3395577 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 1840000 | 1840626 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 1821000 | 1447499 |
| Shell International Finance BV |  |  |
| 2.50%, 09/12/2026 | 1988000 | 1966096 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(A)</sup> <br>| 557000 | 557359 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 4089000 | 4614081 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 2637000 | 2778373 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | $698000 | $676681 |
|  |  | 50392757 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(A)</sup> <br>| 1697000 | 1739865 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 136 | 132 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 <sup>(C)</sup> <br>| 3656000 | 3647441 |
| United Airlines Pass-Through Trust |  |  |
| 3.75%, 03/03/2028 | 1832913 | 1821450 |
|  |  | 5469023 |
| **Pharmaceuticals - 1.4%**  | **Pharmaceuticals - 1.4%**  | **Pharmaceuticals - 1.4%**  |
| Bayer U.S. Finance II LLC |  |  |
| 4.38%, 12/15/2028 <sup>(A)</sup> <br>| 2554000 | 2545049 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1129000 | 1120754 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/2034 | 1855000 | 1929778 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 3368000 | 3439050 |
| 6.00%, 06/01/2044 | 2614000 | 2647639 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 3638000 | 3822378 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1087000 | 1022995 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 2808000 | 2726368 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 3555000 | 3617147 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 2493000 | 2398300 |
|  |  | 25269458 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 2961000 | 3057435 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 4044000 | 4061089 |
| **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 3062000 | 2653868 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 2528000 | 2610137 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 2594000 | 2730460 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 2563000 | 2309457 |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/2030 <sup>(A)</sup> <br>| 4949000 | 5109753 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | $2816000 | $2870729 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 3014000 | 3115484 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 1240000 | 831202 |
| 5.25%, 08/19/2035 | 2931000 | 2957565 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1824000 | 1289601 |
|  |  | 26478256 |
| **Software - 1.0%**  | **Software - 1.0%**  | **Software - 1.0%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 1750000 | 1754494 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(A)</sup> <br>| 1071000 | 1090166 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 2134000 | 2174601 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1146000 | 1150974 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 2200000 | 2118261 |
| 5.95%, 09/26/2055 | 849000 | 804932 |
| 6.90%, 11/09/2052 | 2702000 | 2881040 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 2531000 | 2525859 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 1688000 | 1714688 |
| 5.70%, 04/01/2055 | 1209000 | 1221404 |
|  |  | 17436419 |
| **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 3468000 | 3549393 |
| **Transportation Infrastructure - 0.6%**  | **Transportation Infrastructure - 0.6%**  | **Transportation Infrastructure - 0.6%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(A)</sup> <br>| 3563000 | 3579889 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 5648000 | 5039301 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 1778000 | 1843823 |
|  |  | 10463013 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $608,382,495)**<br>|  | 619734110 |
| **U.S. GOVERNMENT OBLIGATIONS - 28.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 28.2%**  | **U.S. GOVERNMENT OBLIGATIONS - 28.2%**  |
| **U.S. Treasury - 26.1%**  | **U.S. Treasury - 26.1%**  | **U.S. Treasury - 26.1%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 7666300 | 3809193 |
| 1.38%, 11/15/2040 | 16615700 | 10946241 |
| 1.88%, 11/15/2051 | 8786000 | 5028955 |
| 2.00%, 02/15/2050 | 8520000 | 5153934 |
| 2.25%, 08/15/2046 - 02/15/2052 | 7473000 | 4854611 |
| 2.38%, 05/15/2051 | 8091000 | 5264207 |
| 2.50%, 02/15/2045 - 05/15/2046 | 23894600 | 17104420 |
| 2.75%, 08/15/2047 - 11/15/2047 | 16156000 | 11820109 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 2.88%, 08/15/2045 - 05/15/2049 | $9726500 | $7337850 |
| 3.00%, 08/15/2048 - 08/15/2052 | 20288400 | 15163090 |
| 3.13%, 05/15/2048 | 6559000 | 5110640 |
| 3.50%, 02/15/2039 | 3774000 | 3472965 |
| 3.63%, 02/15/2044 - 05/15/2053 | 11446500 | 9689315 |
| 4.00%, 11/15/2052 | 5195000 | 4642828 |
| 4.13%, 08/15/2053 | 3453000 | 3150862 |
| 4.25%, 05/15/2039 - 08/15/2054 | 8683600 | 8235951 |
| 4.50%, 11/15/2054 | 4260000 | 4143016 |
| 4.63%, 05/15/2044 - 02/15/2055 | 21189000 | 21093274 |
| 4.75%, 02/15/2045 - 08/15/2055 | 20626800 | 20895488 |
| 5.00%, 05/15/2045 | 4408000 | 4613247 |
| 5.25%, 02/15/2029 | 945100 | 994755 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 41155000 | 35751667 |
| 1.13%, 10/31/2026 | 3314000 | 3230244 |
| 1.25%, 11/30/2026 - 08/15/2031 | 24709000 | 23276767 |
| 1.50%, 01/31/2027 - 02/15/2030 | 11330000 | 10672544 |
| 1.63%, 05/15/2031 | 7182900 | 6421681 |
| 1.88%, 02/15/2032 | 3951000 | 3521174 |
| 2.63%, 01/31/2026 - 02/15/2029 | 15094400 | 14804089 |
| 2.75%, 08/15/2032 | 7685000 | 7170465 |
| 2.88%, 05/15/2032 | 13000000 | 12264687 |
| 3.13%, 08/31/2027 | 6623000 | 6566342 |
| 3.50%, 01/31/2028 | 6854000 | 6840078 |
| 3.75%, 12/31/2030 - 08/31/2031 | 15773000 | 15756011 |
| 3.88%, 11/30/2027 - 07/31/2030 | 15762100 | 15868288 |
| 4.00%, 01/15/2027 - 07/31/2032 | 59470000 | 59983645 |
| 4.13%, 02/28/2027 - 11/15/2032 | 58545000 | 59285955 |
| 4.25%, 05/15/2035 - 08/15/2035 | 5355000 | 5422580 |
| 4.50%, 05/31/2029 | 2871000 | 2952980 |
| 4.63%, 04/30/2029 | 3982000 | 4110482 |
|  |  | 466424630 |
| **U.S. Treasury Inflation-Protected Securities - 2.1%**  | **U.S. Treasury Inflation-Protected Securities - 2.1%**  | **U.S. Treasury Inflation-Protected Securities - 2.1%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 8380562 | 6792828 |
| 2.50%, 01/15/2029 | 22429663 | 23321486 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 8394561 | 7965177 |
|  |  | 38079491 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $521,071,908)**<br>|  | 504504121 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.2%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.2%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 5.00%, 12/01/2035 | 130695 | 134071 |
| 5.50%, 04/01/2053 - 07/01/2053 | 12998541 | 13165394 |
| 6.00%, 05/01/2031 | 72698 | 75812 |
| 6-Month RFUCC Treasury + 1.36%, |  |  |
| 5.98% <sup>(B)</sup>, 05/01/2037 | 7129 | 7180 |
| 6-Month RFUCC Treasury + 1.57%, |  |  |
| 6.14% <sup>(B)</sup>, 04/01/2037 | 9088 | 9188 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal Home Loan Mortgage <br> Corp. (continued)<br>|  |  |
| 6.32% <sup>(B)</sup>, 02/01/2037 | $1411 | $1416 |
| 1-Year RFUCC Treasury + 1.66%, |  |  |
| 6.46% <sup>(B)</sup>, 01/01/2038 | 39395 | 40409 |
| 1-Year RFUCC Treasury + 1.73%, |  |  |
| 6.48% <sup>(B)</sup>, 09/01/2035 | 95875 | 98667 |
| 1-Year RFUCC Treasury + 1.81%, |  |  |
| 6.56% <sup>(B)</sup>, 09/01/2037 | 5979 | 6166 |
| 1-Year RFUCC Treasury + 1.75%, |  |  |
| 6.63% <sup>(B)</sup>, 12/01/2034 | 4076 | 4182 |
| 1-Year RFUCC Treasury + 1.90%, |  |  |
| 6.78% <sup>(B)</sup>, 02/01/2041 | 8445 | 8676 |
| 6-Month RFUCC Treasury + 2.12%, |  |  |
| 6.86% <sup>(B)</sup>, 05/01/2037 | 3732 | 3732 |
| Federal National Mortgage Association |  |  |
| 3.50%, 07/01/2028 - 01/01/2029 | 290157 | 286465 |
| 4.50%, 08/01/2052 | 10109404 | 9899186 |
| 5.00%, 04/01/2039 - 02/01/2054 | 46323691 | 46407048 |
| 5.50%, 04/01/2036 - 03/01/2053 | 11204870 | 11416920 |
| 6.00%, 02/01/2034 - 06/01/2054 | 11802578 | 12127987 |
| 6.50%, 06/01/2038 - 05/01/2040 | 553900 | 588403 |
| 6-Month RFUCC Treasury + 0.92%, |  |  |
| 5.53% <sup>(B)</sup>, 08/01/2037 | 340 | 338 |
| 6-Month RFUCC Treasury + 1.52%, |  |  |
| 6.12% <sup>(B)</sup>, 01/01/2035 | 2110 | 2162 |
| 1-Year RFUCC Treasury + 1.75%, |  |  |
| 6.54% <sup>(B)</sup>, 08/01/2035 | 9907 | 10186 |
| 6.63% <sup>(B)</sup>, 03/01/2041 | 7397 | 7604 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| 0.65% <sup>(B)</sup>, 02/16/2053 | 1860815 | 27839 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/2036 | 2768000 | 3109564 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 11/01/2040 - 11/01/2055 <sup>(C)</sup> <br>| 35697000 | 29888384 |
| 2.50%, 11/01/2040 - 11/01/2055 <sup>(C)</sup> <br>| 91853000 | 78496864 |
| 3.00%, 11/01/2040 - 11/01/2055 <sup>(C)</sup> <br>| 66199000 | 59014688 |
| 3.50%, 11/01/2040 - 11/01/2055 <sup>(C)</sup> <br>| 35255000 | 32892918 |
| 4.00%, 11/01/2055 <sup>(C)</sup> <br>| 35432000 | 33614603 |
| 4.50%, 11/01/2055 <sup>(C)</sup> <br>| 34302000 | 33431466 |
| 5.00%, 11/01/2055 <sup>(C)</sup> <br>| 14818000 | 14742235 |
| 5.50%, 11/01/2054 <sup>(C)</sup> <br>| 36139000 | 36511111 |
| 6.00%, 11/01/2054 <sup>(C)</sup> <br>| 16297000 | 16664611 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $432,062,245)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $432,062,245)** | 432695475 |
| **MORTGAGE-BACKED SECURITIES - 6.3%**  | **MORTGAGE-BACKED SECURITIES - 6.3%**  | **MORTGAGE-BACKED SECURITIES - 6.3%**  |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-36, Class 2A1A, <br>1-Month Term SOFR + 0.73%, <br>4.73% <sup>(B)</sup>, 08/25/2035<br>| 220294 | 206435 |
| &nbsp;&nbsp; Series 2005-50CB, Class 1A1, <br>5.50% , 11/25/2035<br>| 330576 | 271295 |
| &nbsp;&nbsp; Series 2005-51, Class 3A3A, <br>1-Month Term SOFR + 0.75%, <br>4.78% <sup>(B)</sup>, 11/20/2035<br>| 267504 | 241566 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Alternative Loan Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2007-22, Class 2A16, <br>6.50% , 09/25/2037<br>| $4505575 | $1589030 |
| &nbsp;&nbsp; Series 2007-5CB, Class 1A31, <br>5.50% , 04/25/2037<br>| 642828 | 290281 |
| Bear Stearns Alt-A Trust |  |  |
| &nbsp;&nbsp; Series 2004-11, Class 2A2, <br>5.30% <sup>(B)</sup>, 11/25/2034<br>| 19449 | 18698 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-V18, Class A3, <br>5.18% , 10/15/2058<br>| 6300000 | 6484348 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 2481266 | 2506110 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp; Series 2003-60, Class 1A1, <br>6.74% <sup>(B)</sup>, 02/25/2034<br>| 3692 | 3699 |
| &nbsp;&nbsp; Series 2005-3, Class 1A2, <br>1-Month Term SOFR + 0.69%, <br>4.69% <sup>(B)</sup>, 04/25/2035<br>| 46492 | 44814 |
| CIM Trust |  |  |
| &nbsp;&nbsp; Series 2021-R6, Class A1, <br>1.43% <sup>(B)</sup>, 07/25/2061 <sup>(A)</sup> <br>| 3482284 | 3155949 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2014-A, Class A, <br>4.00% <sup>(B)</sup>, 01/25/2035 <sup>(A)</sup> <br>| 143441 | 140246 |
| &nbsp;&nbsp; Series 2015-PS1, Class A1, <br>3.75% <sup>(B)</sup>, 09/25/2042 <sup>(A)</sup> <br>| 111338 | 108027 |
| &nbsp;&nbsp; Series 2018-RP1, Class A1, <br>3.00% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 347907 | 342645 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 2315858 | 2337416 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-H8, Class A1, <br>5.00% <sup>(B)</sup>, 11/25/2070 <sup>(A)</sup><sup>(C)</sup> <br>| 4550000 | 4549995 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL6, Class A1, <br>2.00% <sup>(B)</sup>, 10/25/2060 <sup>(A)</sup> <br>| 2802599 | 2550758 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(B)</sup>, 10/25/2070 <sup>(A)</sup> <br>| 4100000 | 4084655 |
| GMACM Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR1, Class 3A, <br>4.06% <sup>(B)</sup>, 03/18/2035<br>| 2248 | 2044 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 5150000 | 5331739 |
| Impac CMB Trust |  |  |
| &nbsp;&nbsp; Series 2004-6, Class 1A1, <br>1-Month Term SOFR + 0.91%, <br>4.91% <sup>(B)</sup>, 10/25/2034<br>| 1145 | 1143 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2007-AR15, Class 2A1, <br>3.38% <sup>(B)</sup>, 08/25/2037<br>| 241133 | 168498 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2004-A1, Class 1A1, <br>5.37% <sup>(B)</sup>, 02/25/2034<br>| 9956 | 9132 |
| &nbsp;&nbsp; Series 2006-S3, Class 1A12, <br>6.50% , 08/25/2036<br>| 150014 | 47868 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13% , 09/10/2039 <sup>(A)</sup> <br>| $3989042 | $3810004 |
| &nbsp;&nbsp; Series 2020-1MW, Class B, <br>2.34% <sup>(B)</sup>, 09/10/2039 <sup>(A)</sup> <br>| 5024000 | 4803061 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp; Series 2007-R5, Class A1, <br>5.56% <sup>(B)</sup>, 11/25/2035 <sup>(A)</sup> <br>| 131445 | 54821 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2003-F, Class A1, <br>1-Month Term SOFR + 0.75%, <br>4.75% <sup>(B)</sup>, 10/25/2028<br>| 1424 | 1398 |
| &nbsp;&nbsp; Series 2004-A1, Class 2A1, <br>6.18% <sup>(B)</sup>, 02/25/2034<br>| 25068 | 23829 |
| &nbsp;&nbsp; Series 2005-A4, Class 2A2, <br>5.70% <sup>(B)</sup>, 07/25/2035<br>| 24574 | 22878 |
| Nationstar Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2013-A, Class A, <br>3.75% <sup>(B)</sup>, 12/25/2052 <sup>(A)</sup> <br>| 496660 | 477151 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A, <br>3.75% <sup>(B)</sup>, 01/25/2054 <sup>(A)</sup> <br>| 204856 | 199543 |
| &nbsp;&nbsp; Series 2014-2A, Class A3, <br>3.75% <sup>(B)</sup>, 05/25/2054 <sup>(A)</sup> <br>| 167155 | 160404 |
| &nbsp;&nbsp; Series 2014-3A, Class AFX3, <br>3.75% <sup>(B)</sup>, 11/25/2054 <sup>(A)</sup> <br>| 554879 | 534028 |
| &nbsp;&nbsp; Series 2015-2A, Class A1, <br>3.75% <sup>(B)</sup>, 08/25/2055 <sup>(A)</sup> <br>| 667381 | 649994 |
| &nbsp;&nbsp; Series 2016-2A, Class A1, <br>3.75% <sup>(B)</sup>, 11/26/2035 <sup>(A)</sup> <br>| 584660 | 568374 |
| &nbsp;&nbsp; Series 2016-3A, Class A1B, <br>3.25% <sup>(B)</sup>, 09/25/2056 <sup>(A)</sup> <br>| 1243334 | 1181479 |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> <br>| 1038792 | 1013469 |
| &nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00% <sup>(B)</sup>, 03/25/2057 <sup>(A)</sup> <br>| 1222748 | 1189132 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 1687151 | 1635721 |
| &nbsp;&nbsp; Series 2017-4A, Class A1, <br>4.00% <sup>(B)</sup>, 05/25/2057 <sup>(A)</sup> <br>| 878273 | 847396 |
| &nbsp;&nbsp; Series 2018-1A, Class A1A, <br>4.00% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 522791 | 511606 |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 4797385 | 4662298 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 948289 | 892138 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 838065 | 799180 |
| &nbsp;&nbsp; Series 2019-6A, Class A1B, <br>3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> <br>| 1252238 | 1189170 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 2525409 | 2532192 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 2851388 | 2882751 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 1089109 | 1099449 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 1930429 | 1961326 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>6.24% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 3261542 | 3301649 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(B)</sup>, 09/25/2065 <sup>(A)</sup> <br>| $5962867 | $5961490 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 2312839 | 2330728 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-5, Class A2, <br>5.50% <sup>(B)</sup>, 11/25/2055 <sup>(A)</sup> <br>| 4754000 | 4767742 |
| RALI Trust |  |  |
| &nbsp;&nbsp; Series 2007-QO4, Class A1A, <br>1-Month Term SOFR + 0.49%, <br>4.49% <sup>(B)</sup>, 05/25/2047<br>| 216852 | 203183 |
| Structured Adjustable Rate Mortgage Loan <br> Trust |  |  |
| &nbsp;&nbsp; Series 2005-15, Class 1A1, <br>4.16% <sup>(B)</sup>, 07/25/2035<br>| 169951 | 85730 |
| &nbsp;&nbsp; Series 2007-3, Class 3A1, <br>4.82% <sup>(B)</sup>, 04/25/2047<br>| 452560 | 168963 |
| Structured Asset Mortgage Investments II <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR4, Class A1, <br>1-Month Term SOFR + 0.81%, <br>4.85% <sup>(B)</sup>, 01/19/2034<br>| 6337 | 6100 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 530569 | 519601 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 696189 | 685549 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> <br>| 556808 | 552400 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 1712672 | 1629315 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 4472816 | 4359418 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 6123655 | 5888788 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75% , 10/25/2060 <sup>(A)</sup> <br>| 2000573 | 1827624 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> <br>| 2551183 | 2406774 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75% , 09/25/2062 <sup>(A)</sup> <br>| 4511130 | 4341100 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75% , 01/25/2063 <sup>(A)</sup> <br>| 5792911 | 5624584 |
| WaMu Mortgage Pass-Through Certificates <br> Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR8, Class 2A1A, <br>1-Month Term SOFR + 0.69%, <br>4.69% <sup>(B)</sup>, 07/25/2045<br>| 14511 | 14007 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $115,177,325)**<br>|  | 112863928 |
| **ASSET-BACKED SECURITIES - 4.5%**  | **ASSET-BACKED SECURITIES - 4.5%**  | **ASSET-BACKED SECURITIES - 4.5%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 1488065 | 1495974 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> <br>| 314634 | 294078 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| $1935000 | $1983524 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(A)</sup> <br>| 3469000 | 3576093 |
| Barings Equipment Finance LLC |  |  |
| &nbsp;&nbsp; Series 2025-B, Class A3, <br>4.13%, 10/13/2032 <sup>(A)</sup> <br>| 5170000 | 5170474 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 2589311 | 2638119 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 5200000 | 5252599 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2013-2A, Class A1L2, <br>3-Month Term SOFR + 1.26%, <br>5.15% <sup>(B)</sup>, 10/18/2030 <sup>(A)</sup> <br>| 2123462 | 2127272 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.29% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> <br>| 4000000 | 4007152 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 5315000 | 5389501 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(A)</sup> <br>| 999334 | 1015363 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 1432354 | 1461333 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(A)</sup> <br>| 3780418 | 3790330 |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(A)</sup> <br>| 2828337 | 2878128 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.35% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 7305000 | 7316513 |
| JG Wentworth XXI LLC |  |  |
| &nbsp;&nbsp; Series 2010-2A, Class A, <br>4.07%, 01/15/2048 <sup>(A)</sup> <br>| 97995 | 97442 |
| JG Wentworth XXII LLC |  |  |
| &nbsp;&nbsp; Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(A)</sup> <br>| 147498 | 146339 |
| JGWPT XXVIII LLC |  |  |
| &nbsp;&nbsp; Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(A)</sup> <br>| 703961 | 655816 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2022-1A, Class A, <br>4.15%, 11/21/2039 <sup>(A)</sup> <br>| 2531927 | 2517661 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 2119934 | 2140550 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(A)</sup> <br>| 4335000 | 4397501 |
| RAAC Trust |  |  |
| &nbsp;&nbsp; Series 2007-RP4, Class A, <br>1-Month Term SOFR + 0.46%, <br>4.81% <sup>(B)</sup>, 11/25/2046 <sup>(A)</sup> <br>| 308819 | 287176 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| SCF Equipment Trust LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| $3800000 | $3884951 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>0.99%, 11/20/2037 <sup>(A)</sup> <br>| 656523 | 653146 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 1964242 | 1989005 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 1222185 | 1253837 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 1915317 | 1981022 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(A)</sup> <br>| 2744206 | 2782336 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(A)</sup> <br>| 1092832 | 1098761 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(A)</sup> <br>| 1593569 | 1598843 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(A)</sup> <br>| 5880000 | 5916447 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $78,912,831)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $78,912,831)** | 79797286 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  |
| **Colombia - 0.2%**  | **Colombia - 0.2%**  | **Colombia - 0.2%**  |
| Colombia Government International Bonds |  |  |
| 7.75%, 11/07/2036 | 2528000 | 2692977 |
| **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| 4856000 | 5120166 |
| **Mexico - 0.1%**  | **Mexico - 0.1%**  | **Mexico - 0.1%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 2481000 | 2452469 |
| **Panama - 0.0% \*** | **Panama - 0.0% \*** | **Panama - 0.0% \*** |
| Panama Government International Bonds |  |  |
| 3.88%, 03/17/2028 | 735000 | 720116 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corporacion Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup> <br>| 1705000 | 1751274 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $12,354,034)**<br>|  | 12737002 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% \*** |
| **Georgia - 0.0% \*** | **Georgia - 0.0% \*** | **Georgia - 0.0% \*** |
| Municipal Electric Authority of Georgia, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 6.64%, 04/01/2057 | 260000 | 285626 |
| &nbsp;&nbsp; **Total Municipal Government Obligation** <br>**(Cost $304,208)**<br>|  | 285626 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER - 15.6%**  | **COMMERCIAL PAPER - 15.6%**  | **COMMERCIAL PAPER - 15.6%**  |
| **Banks - 3.5%**  | **Banks - 3.5%**  | **Banks - 3.5%**  |
| DNB Bank ASA |  |  |
| 3.90% <sup>(D)</sup>, 01/29/2026 <sup>(A)</sup> <br>| $17000000 | $16835868 |
| Lloyds Bank PLC |  |  |
| 4.49% <sup>(D)</sup>, 12/15/2025 | 12700000 | 12637135 |
| Sheffield Receivables Co. LLC |  |  |
| 4.42% <sup>(D)</sup>, 11/21/2025 <sup>(A)</sup> <br>| 16000000 | 15962858 |
| Toronto-Dominion Bank |  |  |
| 4.21% <sup>(D)</sup>, 12/19/2025 <sup>(A)</sup> <br>| 17000000 | 16906995 |
|  |  | 62342856 |
| **Capital Markets - 1.9%**  | **Capital Markets - 1.9%**  | **Capital Markets - 1.9%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.41% <sup>(D)</sup>, 11/21/2025 <sup>(A)</sup> <br>| 1950000 | 1945485 |
| 4.46% <sup>(D)</sup>, 11/03/2025 <sup>(A)</sup> <br>| 16000000 | 15994704 |
| Verto Capital I Compartment A |  |  |
| 4.39% <sup>(D)</sup>, 12/03/2025 <sup>(A)</sup> <br>| 15000000 | 14944725 |
|  |  | 32884914 |
| **Financial Services - 10.2%**  | **Financial Services - 10.2%**  | **Financial Services - 10.2%**  |
| Anglesea Funding LLC |  |  |
| 4.38% <sup>(D)</sup>, 11/07/2025 <sup>(A)</sup> <br>| 8100000 | 8093700 |
| Atlantic Asset Securitization LLC |  |  |
| 4.11% <sup>(D)</sup>, 12/16/2025 <sup>(A)</sup> <br>| 8000000 | 7959520 |
| Barton Capital SA |  |  |
| 4.39% <sup>(D)</sup>, 11/12/2025 <sup>(A)</sup> <br>| 16000000 | 15978725 |
| Bedford Row Funding Corp. |  |  |
| 3.97% <sup>(D)</sup>, 01/26/2026 <sup>(A)</sup> <br>| 13500000 | 13371457 |
| Britannia Funding Co. LLC |  |  |
| 4.16% <sup>(D)</sup>, 01/08/2026 <sup>(A)</sup> <br>| 18000000 | 17863034 |
| Cancara Asset Securitisation LLC |  |  |
| 4.04% <sup>(D)</sup>, 02/20/2026 | 3000000 | 2962947 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.36% <sup>(D)</sup>, 12/03/2025 <sup>(A)</sup> <br>| 16000000 | 15941333 |
| Glencove Funding LLC |  |  |
| 4.32% <sup>(D)</sup>, 12/01/2025 <sup>(A)</sup> <br>| 15000000 | 14948979 |
| GTA Funding LLC |  |  |
| 4.38% <sup>(D)</sup>, 11/20/2025 <sup>(A)</sup> <br>| 10000000 | 9977935 |
| Liberty Street Funding LLC |  |  |
| 4.38% <sup>(D)</sup>, 11/12/2025 <sup>(A)</sup> <br>| 13750000 | 13731716 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| LMA-Americas LLC |  |  |
| 4.08% <sup>(D)</sup>, 02/05/2026 <sup>(A)</sup> <br>| $6500000 | $6430657 |
| Mainbeach Funding LLC |  |  |
| 4.38% <sup>(D)</sup>, 12/02/2025 <sup>(A)</sup> <br>| 13700000 | 13651637 |
| Manhattan Asset Funding Co. LLC |  |  |
| 4.22% <sup>(D)</sup>, 12/09/2025 <sup>(A)</sup> <br>| 11200000 | 11152073 |
| Ranger Funding Co. LLC |  |  |
| 4.14% <sup>(D)</sup>, 03/12/2026 <sup>(A)</sup> <br>| 6400000 | 6306931 |
| Versailles Commercial Paper LLC |  |  |
| 4.14% <sup>(D)</sup>, 12/12/2025 | 13500000 | 13437788 |
| 4.14% <sup>(D)</sup>, 12/15/2025 | 3150000 | 3134447 |
| Victory Receivables Corp. |  |  |
| 4.42% <sup>(D)</sup>, 11/03/2025 <sup>(A)</sup> <br>| 8000000 | 7997352 |
|  |  | 182940231 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $278,164,099)**<br>|  | 278168001 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 3.2%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 3.2%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 3.2%**  |
| U.S. Treasury Bills |  |  |
| 3.94% <sup>(D)</sup>, 01/08/2026 | 21600000 | 21450213 |
| 4.27% <sup>(D)</sup>, 01/15/2026 | 36382000 | 36104062 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $57,532,077)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $57,532,077)** | 57554275 |
| **REPURCHASE AGREEMENT - 1.7%**  | **REPURCHASE AGREEMENT - 1.7%**  | **REPURCHASE AGREEMENT - 1.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(D)</sup>, dated 10/31/2025, to be <br> repurchased at $30,630,725 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $31,239,530.<br>| 30626896 | 30626896 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $30,626,896)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $30,626,896)** | 30626896 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,134,588,118)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,134,588,118)** | 2128966720 |
| **Net Other Assets (Liabilities) - (19.0)%** | **Net Other Assets (Liabilities) - (19.0)%** | (339296557) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1789670163** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Core Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $619734110 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $619734110 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 504504121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 504504121 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 432695475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 432695475 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 112863928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112863928 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 79797286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79797286 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 12737002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12737002 |
| Municipal Government Obligation |  | &nbsp;&nbsp; 285626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 285626 |
| Commercial Paper |  | &nbsp;&nbsp; 278168001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278168001 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 57554275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57554275 |
| Repurchase Agreement |  | &nbsp;&nbsp; 30626896 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30626896 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$2128966720** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2128966720** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $587,360,496, representing 32.8% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Core Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $2,103,961,222) | $2098339824 |
| Repurchase agreement, at value (cost $30,626,896) | 30626896 |
| Receivables and other assets: |  |
| Investments sold  | 714 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 8552423 |
| Net income from securities lending | 590 |
| Shares of beneficial interest sold  | 439798 |
| Interest | 14053997 |
| Total assets | 2152014242 |
| **Liabilities:** |  |
| Cash collateral at broker for: |  |
| TBA commitments | 955854 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 360313053 |
| Dividends and/or distributions | 300 |
| Shares of beneficial interest redeemed | 333646 |
| Investment management fees | 572850 |
| Distribution and service fees | 34793 |
| Transfer agent fees | 12390 |
| Trustee and CCO fees | 600 |
| Audit and tax fees  | 28163 |
| Custody fees | 26644 |
| Legal fees | 21619 |
| Printing and shareholder reports fees | 10015 |
| Registration fees | 985 |
| Other accrued expenses | 33167 |
| Total liabilities | 362344079 |
| **Net assets**  | $1789670163 |
| **Net assets consist of:** |  |
| Paid-in capital | $2010102472 |
| Total distributable earnings (accumulated losses) | (220432309)<br>|
| **Net assets** | $1789670163 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Core Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $1178833 |
| Class C | 260896 |
| Class I | 11478031 |
| Class I2 | 1413220462 |
| Class I3 | 163905700 |
| Class R | 12895187 |
| Class R4 | 137897293 |
| Class R6 | 48833761 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 135022 |
| Class C | 29975 |
| Class I | 1322661 |
| Class I2 | 162224002 |
| Class I3 | 18785534 |
| Class R | 1474771 |
| Class R4 | 15792590 |
| Class R6 | 5594081 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.73 |
| Class C | 8.70 |
| Class I | 8.68 |
| Class I2 | 8.71 |
| Class I3 | 8.73 |
| Class R | 8.74 |
| Class R4 | 8.73 |
| Class R6 | 8.73 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Core Bond**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $82573164 |
| Net income from securities lending | 32037 |
| Withholding taxes on foreign income | 161 |
| Total investment income  | 82605362 |
| **Expenses:** |  |
| Investment management fees | 6628367 |
| Distribution and service fees: |  |
| Class A | 3458 |
| Class C | 2532 |
| Class R | 68211 |
| Class R4 | 325444 |
| Transfer agent fees: |  |
| Class A | 1200 |
| Class C | 374 |
| Class I | 10701 |
| Class I2 | 103732 |
| Class I3 | 13702 |
| Class R | 239 |
| Class R4 | 9763 |
| Class R6 | 1709 |
| Trustee and CCO fees | 73987 |
| Audit and tax fees | 58957 |
| Custody fees | 160674 |
| Legal fees | 124742 |
| Printing and shareholder reports fees | 62572 |
| Registration fees | 98163 |
| Other | 145497 |
| Total expenses before waiver and/or reimbursement and recapture | 7894024 |
| Expenses waived and/or reimbursed: |  |
| Class C | (119)<br>|
| Class I | (9251)<br>|
| Class R4 | (34893)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 3 |
| Class R4 | 1456 |
| Net expenses | 7851220 |
| **Net investment income (loss)** | 74754142 |
| **Net realized gain (loss) on:** |  |
| Investments | (24528620)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 49630823 |
| Net realized and change in unrealized gain (loss) | 25102203 |
| **Net increase (decrease) in net assets resulting from operations** | $99856345 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Core Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $74754142 | &nbsp;&nbsp;&nbsp;&nbsp; $94371815 |
| Net realized gain (loss) | (24528620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10229176)<br>|
| Net change in unrealized appreciation (depreciation) | 49630823 | &nbsp;&nbsp;&nbsp;&nbsp; 141565617 |
| Net increase (decrease) in net assets resulting from operations | 99856345 | &nbsp;&nbsp;&nbsp;&nbsp; 225708256 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (55247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47371)<br>|
| Class C | (8197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8942)<br>|
| Class I | (444100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (385537)<br>|
| Class I2 | (59881583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77237871)<br>|
| Class I3 | (7881890)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11165342)<br>|
| Class R | (521687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (803044)<br>|
| Class R4 | (5348799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4996071)<br>|
| Class R6 | (990433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407508)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (75131936)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95051686)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 704938 | &nbsp;&nbsp;&nbsp;&nbsp; 1235294 |
| Class C | 78335 | &nbsp;&nbsp;&nbsp;&nbsp; 296064 |
| Class I | 4351043 | &nbsp;&nbsp;&nbsp;&nbsp; 10158298 |
| Class I2 | 218946809 | &nbsp;&nbsp;&nbsp;&nbsp; 61109540 |
| Class I3 | 25874940 | &nbsp;&nbsp;&nbsp;&nbsp; 27873703 |
| Class R | 5563233 | &nbsp;&nbsp;&nbsp;&nbsp; 1334365 |
| Class R4 | 21388508 | &nbsp;&nbsp;&nbsp;&nbsp; 17689827 |
| Class R6 | 37367915 | &nbsp;&nbsp;&nbsp;&nbsp; 12764292 |
|  | 314275721 | &nbsp;&nbsp;&nbsp;&nbsp; 132461383 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 41167 | &nbsp;&nbsp;&nbsp;&nbsp; 41150 |
| Class C | 8190 | &nbsp;&nbsp;&nbsp;&nbsp; 8870 |
| Class I | 444035 | &nbsp;&nbsp;&nbsp;&nbsp; 383021 |
| Class I2 | 59881567 | &nbsp;&nbsp;&nbsp;&nbsp; 77237616 |
| Class I3 | 7881890 | &nbsp;&nbsp;&nbsp;&nbsp; 11165342 |
| Class R | 519683 | &nbsp;&nbsp;&nbsp;&nbsp; 803044 |
| Class R4 | 5348799 | &nbsp;&nbsp;&nbsp;&nbsp; 4996071 |
| Class R6 | 990412 | &nbsp;&nbsp;&nbsp;&nbsp; 407520 |
|  | 75115743 | &nbsp;&nbsp;&nbsp;&nbsp; 95042634 |
| Cost of shares redeemed: |  |  |
| Class A | (1145034)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (538901)<br>|
| Class C | (123569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (359224)<br>|
| Class I | (2978570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3308848)<br>|
| Class I2 | (409027138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (524131034)<br>|
| Class I3 | (136512995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20950151)<br>|
| Class R | (13352590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3254252)<br>|
| Class R4 | (17374801)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10496460)<br>|
| Class R6 | (4282175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3436696)<br>|
|  | (584796872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (566475566)<br>|
| Automatic conversions: |  |  |
| Class A | 1514 | &nbsp;&nbsp;&nbsp;&nbsp; 6508 |
| Class C | (1514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6508)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (195405408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (338971549)<br>|
| **Net increase (decrease) in net assets** | (170680999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (208314979)<br>|
| **Net assets:** |  |  |
| Beginning of year | 1960351162 | &nbsp;&nbsp;&nbsp;&nbsp; 2168666141 |
| End of year | $1789670163 | &nbsp;&nbsp;&nbsp;&nbsp; $1960351162 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Core Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 82288 | &nbsp;&nbsp;&nbsp;&nbsp; 143096 |
| Class C | 9002 | &nbsp;&nbsp;&nbsp;&nbsp; 33925 |
| Class I | 508775 | &nbsp;&nbsp;&nbsp;&nbsp; 1212073 |
| Class I2 | 25658059 | &nbsp;&nbsp;&nbsp;&nbsp; 7133859 |
| Class I3 | 3016542 | &nbsp;&nbsp;&nbsp;&nbsp; 3233745 |
| Class R | 644387 | &nbsp;&nbsp;&nbsp;&nbsp; 154324 |
| Class R4 | 2488138 | &nbsp;&nbsp;&nbsp;&nbsp; 2054201 |
| Class R6 | 4325670 | &nbsp;&nbsp;&nbsp;&nbsp; 1490158 |
|  | 36732861 | &nbsp;&nbsp;&nbsp;&nbsp; 15455381 |
| Shares reinvested: |  |  |
| Class A | 4783 | &nbsp;&nbsp;&nbsp;&nbsp; 4785 |
| Class C | 955 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| Class I | 51920 | &nbsp;&nbsp;&nbsp;&nbsp; 44844 |
| Class I2 | 6974351 | &nbsp;&nbsp;&nbsp;&nbsp; 9008633 |
| Class I3 | 916713 | &nbsp;&nbsp;&nbsp;&nbsp; 1299384 |
| Class R | 60310 | &nbsp;&nbsp;&nbsp;&nbsp; 93306 |
| Class R4 | 621447 | &nbsp;&nbsp;&nbsp;&nbsp; 581080 |
| Class R6 | 114766 | &nbsp;&nbsp;&nbsp;&nbsp; 47332 |
|  | 8745245 | &nbsp;&nbsp;&nbsp;&nbsp; 11080400 |
| Shares redeemed: |  |  |
| Class A | (133095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62124)<br>|
| Class C | (14354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41619)<br>|
| Class I | (349630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (391134)<br>|
| Class I2 | (47941834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (61016293)<br>|
| Class I3 | (15972324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2443486)<br>|
| Class R | (1559494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (377946)<br>|
| Class R4 | (2025955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1221973)<br>|
| Class R6 | (499404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (397839)<br>|
|  | (68496090)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65952414)<br>|
| Automatic conversions: |  |  |
| Class A | 177 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| Class C | (178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (779)<br>|
|  | (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (45847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86533 |
| Class C | (4575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7437)<br>|
| Class I | 211065 | &nbsp;&nbsp;&nbsp;&nbsp; 865783 |
| Class I2 | (15309424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44873801)<br>|
| Class I3 | (12039069)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2089643 |
| Class R | (854797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130316)<br>|
| Class R4 | 1083630 | &nbsp;&nbsp;&nbsp;&nbsp; 1413308 |
| Class R6 | 3941032 | &nbsp;&nbsp;&nbsp;&nbsp; 1139651 |
|  | (23017985)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39416636)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Core Bond**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.60 | $8.12 | $8.41 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.34 | 0.35 | 0.33 |
| Net realized and unrealized gain (loss) | 0.13 | 0.48 | (0.31)<br>|
| Total investment operations | 0.47 | 0.83 | 0.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.34)<br>| (0.35)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.73 | $8.60 | $8.12 |
| **Total return** <sup>(C)</sup> <br>| 5.64<br> %<br>| 10.32<br> %<br>| 0.09 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $1179 | $1555 | $766 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.74<br> %<br>| 0.81 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.74<br> %<br>| 0.81 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.97<br> %<br>| 4.05<br> %<br>| 3.93 %<sup>(E)</sup><br>|
| Portfolio turnover rate <sup>(G)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305% and 310%, for the years ended October 31, 2025,* *October 31, 2024 and October 31, 2023, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.57 | $8.09 | $8.42 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.28 | 0.28 | 0.27 |
| Net realized and unrealized gain (loss) | 0.13 | 0.48 | (0.34)<br>|
| Total investment operations | 0.41 | 0.76 | (0.07)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.28)<br>| (0.28)<br>| (0.26)<br>|
| **Net asset value, end of year** | $8.70 | $8.57 | $8.09 |
| **Total return** <sup>(C)</sup> <br>| 4.84<br> %<br>| 9.49<br> %<br>| (0.99 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $261 | $296 | $340 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.57<br> %<br>| 1.53<br> %<br>| 1.47 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.52<br> %<br>| 1.51<br> %<br>| 1.47 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.21<br> %<br>| 3.27<br> %<br>| 3.14 %<sup>(E)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305% and 310%, for the years ended October 31, 2025,* *October 31, 2024 and October 31, 2023, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Core Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.54 | $8.08 | $8.39 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.37 | 0.37 | 0.35 |
| Net realized and unrealized gain (loss) | 0.14 | 0.46 | (0.32)<br>|
| Total investment operations | 0.51 | 0.83 | 0.03 |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.37)<br>| (0.37)<br>| (0.34)<br>|
| **Net asset value, end of year** | $8.68 | $8.54 | $8.08 |
| **Total return** | 6.11<br> %<br>| 10.38<br> %<br>| 0.23 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $11478 | $9498 | $1985 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.53<br> %<br>| 0.53 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.44 %<sup>(E)</sup><br>| 0.44 %<sup>(E)</sup><br>| 0.44 %<sup>(D)(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.30<br> %<br>| 4.35<br> %<br>| 4.19 %<sup>(D)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on November 1, 2022.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.09% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305% and 310%, for the years ended October 31, 2025,* *October 31, 2024 and October 31, 2023, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.58 | $8.10 | $8.37 | $10.34 | $10.85 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.37 | 0.37 | 0.34 | 0.23 | 0.19 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.27)<br>| (1.80)<br>| (0.14)<br>|
| Total investment operations | 0.50 | 0.86 | 0.07 | (1.57)<br>| 0.05 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.23)<br>| (0.20)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.40)<br>| (0.56)<br>|
| **Net asset value, end of year** | $8.71 | $8.58 | $8.10 | $8.37 | $10.34 |
| **Total return** | 5.99<br> %<br>| 10.67<br> %<br>| 0.74<br> %<br>| (15.67)%<br>| 0.45<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1413220 | $1523300 | $1800512 | $1974697 | $1131283 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 4.31<br> %<br>| 4.36<br> %<br>| 3.96<br> %<br>| 2.49<br> %<br>| 1.81<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Core Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.59 | $8.11 | $8.38 | $10.36 | $10.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.37 | 0.37 | 0.34 | 0.22 | 0.19 |
| Net realized and unrealized gain (loss) | 0.14 | 0.49 | (0.27)<br>| (1.80)<br>| (0.14)<br>|
| Total investment operations | 0.51 | 0.86 | 0.07 | (1.58)<br>| 0.05 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.23)<br>| (0.20)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.38)<br>| (0.34)<br>| (0.40)<br>| (0.56)<br>|
| **Net asset value, end of year** | $8.73 | $8.59 | $8.11 | $8.38 | $10.36 |
| **Total return** | 6.11<br> %<br>| 10.66<br> %<br>| 0.74<br> %<br>| (15.74)%<br>| 0.45<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $163906 | $264926 | $233018 | $248167 | $369100 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) to average net assets | 4.29<br> %<br>| 4.36<br> %<br>| 3.97<br> %<br>| 2.36<br> %<br>| 1.81<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.61 | $8.13 | $8.39 | $10.37 | $10.88 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.33 | 0.33 | 0.30 | 0.18 | 0.14 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.26)<br>| (1.81)<br>| (0.15)<br>|
| Total investment operations | 0.46 | 0.82 | 0.04 | (1.63)<br>| (0.01)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.33)<br>| (0.34)<br>| (0.30)<br>| (0.18)<br>| (0.14)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.33)<br>| (0.34)<br>| (0.30)<br>| (0.35)<br>| (0.50)<br>|
| **Net asset value, end of year** | $8.74 | $8.61 | $8.13 | $8.39 | $10.37 |
| **Total return** | 5.46<br> %<br>| 10.10<br> %<br>| 0.33<br> %<br>| (16.15)%<br>| (0.05)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $12895 | $20060 | $19987 | $23157 | $31469 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.93<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>| 0.91<br> %<br>|
| Net investment income (loss) to average net assets | 3.80<br> %<br>| 3.86<br> %<br>| 3.47<br> %<br>| 1.88<br> %<br>| 1.32<br> %<br>|
| Portfolio turnover rate <sup>(B)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Core Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.60 | $8.11 | $8.39 | $10.36 | $10.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.35 | 0.36 | 0.32 | 0.20 | 0.16 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.28)<br>| (1.79)<br>| (0.14)<br>|
| Total investment operations | 0.48 | 0.85 | 0.04 | (1.59)<br>| 0.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.36)<br>| (0.32)<br>| (0.21)<br>| (0.17)<br>|
| Net realized gains |  |  |  | (0.17)<br>| (0.36)<br>|
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.36)<br>| (0.32)<br>| (0.38)<br>| (0.53)<br>|
| **Net asset value, end of year** | $8.73 | $8.60 | $8.11 | $8.39 | $10.36 |
| **Total return** | 5.75<br> %<br>| 10.54<br> %<br>| 0.38<br> %<br>| (15.85)%<br>| 0.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $137897 | $126506 | $107894 | $102515 | $152590 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.68<br> %<br>| 0.69<br> %<br>| 0.68<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.65<br> %<br>| 0.66 % <sup>(B)</sup><br>| 0.66 %<sup>(B)</sup><br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income (loss) to average net assets | 4.09<br> %<br>| 4.13<br> %<br>| 3.76<br> %<br>| 2.14<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate <sup>(C)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Includes interest expense outside the operating expense limit.*

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.60 | $8.11 | $8.38 | $10.36 | $10.35 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.37 | 0.38 | 0.35 | 0.26 | 0.08 |
| Net realized and unrealized gain (loss) | 0.13 | 0.49 | (0.27)<br>| (1.84)<br>| 0.01 <br><sup>(C)</sup><br>|
| Total investment operations | 0.50 | 0.87 | 0.08 | (1.58)<br>| 0.09 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.38)<br>| (0.35)<br>| (0.23)<br>| (0.08)<br>|
| Net realized gains |  |  |  | (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.38)<br>| (0.35)<br>| (0.40)<br>| (0.08)<br>|
| **Net asset value, end of year** | $8.73 | $8.60 | $8.11 | $8.38 | $10.36 |
| **Total return** | 5.99<br> %<br>| 10.81<br> %<br>| 0.76<br> %<br>| (15.74)%<br>| 0.89 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $48834 | $14210 | $4164 | $693 | $10 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.43<br> %<br>| 0.44<br> %<br>| 0.43<br> %<br>| 0.42<br> %<br>| 0.41 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.32<br> %<br>| 4.37<br> %<br>| 4.12<br> %<br>| 2.99<br> %<br>| 1.78 %<sup>(E)</sup><br>|
| Portfolio turnover rate <sup>(F)</sup> <br>| 75<br> %<br>| 56<br> %<br>| 57<br> %<br>| 64<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 300%, 305%, 310%, 286% and 258%, for the years ended* *October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021, respectively.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Core Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2025, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1686406195 | 94.23<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2 billion | 0.380<br> % <br>|
| Over $2 billion up to $3.5 billion | 0.365 |
| Over $3.5 billion up to $5 billion | 0.360 |
| Over $5 billion | 0.355 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.79<br> % <br>| March 1, 2026 |
| Class C | 1.52 | March 1, 2026 |
| Class I | 0.56 | March 1, 2026 |
| Class I2 | 0.47 | March 1, 2026 |
| Class I3, Class R6 | 0.46 | March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Class R4 | 0.65 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 0.85 |  |
| Class C | 1.52 |  |
| Class I | 0.56 |  |
| Class I2 | 0.47 |  |
| Class I3, Class R6 | 0.46 |  |
| Class R | 1.00 |  |
| Class R4 | 0.65 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class C | $— | $57 | $119 | $176 |
| Class R4 | 29293 | 26801 | 34893 | 90987 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $8533 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 315 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2026.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $141015 | &nbsp;&nbsp; $12322 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $445697568 | &nbsp;&nbsp; $602736330 | &nbsp;&nbsp; $566002113 | &nbsp;&nbsp; $641550948 |

---

**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, dividends payable, interest written off and premium amortization adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to basis adjustments related to a prior year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $110199 | &nbsp;&nbsp;&nbsp;&nbsp; $(110199)<br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Core Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $2137263580 | &nbsp;&nbsp; $23463929 | &nbsp;&nbsp; $(31760789)<br>| &nbsp;&nbsp; $(8296860)<br>|

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $95063239 | &nbsp;&nbsp;&nbsp;&nbsp; $117354932 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $75131936 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $95051686 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $339691 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(212418171)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(56969)<br>| &nbsp;&nbsp; $(8296860)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Core Bond

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Core Bond (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imgd3bc027b3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica Core Bond** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Core Bond** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Core Bond** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

**Transamerica Core Bond** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Core Bond (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the 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 the period ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

------

**Transamerica Core Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1-year period. The Trustees also noted recent changes in the portfolio management team at Aegon USA Investment Management, LLC. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 39**

------

**Transamerica Core Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion** 

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 40**

------

![](g67628img5f0fdd8b4.gif)

![](g67628img724893cf5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886784 TA CORE BOND 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img14d989cd6.gif)

------

![](g67628img9da961631.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Emerging Markets Debt**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgc6a72b362.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_SOI-RunningFooter-159_1) | 2 |
| [Statement of Assets and Liabilities](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_FS-RunningFooter-159_1) | 11 |
| [Statement of Operations](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_FS-RunningFooter-159_3) | 13 |
| [Statement of Changes in Net Assets](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_FS-RunningFooter-159_4) | 14 |
| [Financial Highlights](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_FIHI-RunningFooter-159_1) | 16 |
| [Notes to Financial Statements](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_NTF-RunningFooter-159_1) | 19 |
| **[Report of Independent Registered Public Accounting Firm](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_AUD-RunningFooter-159_1)** | 35 |
| **[Supplemental Information](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_STI-RunningFooter-159_1)** | 36 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_DWA-RunningFooter-159_1)**<br> **[Companies](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_DWA-RunningFooter-159_1)**<br>| 37 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_PD-RunningFooter-159_1)** | 38 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_REMU-RunningFooter-159_1)**<br> **[Companies](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_REMU-RunningFooter-159_1)**<br>| 39 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_8987ea5e-686c-4d91-8880-9affce5eda26_AIAC-RunningFooter-159_1)** | 40 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS - 60.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 60.8%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 60.8%**  |
| **Angola - 0.7%**  | **Angola - 0.7%**  | **Angola - 0.7%**  |
| Angola Government International <br> Bonds |  |  |
| 8.00%, 11/26/2029 <sup>(A)</sup> <br>| $500000 | $478002 |
| 8.75%, 04/14/2032 <sup>(A)</sup> <br>| 700000 | 656231 |
| 9.38%, 05/08/2048 <sup>(A)</sup> <br>| 605000 | 519135 |
|  |  | 1653368 |
| **Argentina - 2.6%**  | **Argentina - 2.6%**  | **Argentina - 2.6%**  |
| Argentina Republic Government <br> International Bonds |  |  |
| 3.50% <sup>(B)</sup>, 07/09/2041 | 200000 | 129900 |
| 4.13% <sup>(B)</sup>, 07/09/2035 | 6360000 | 4455180 |
| 5.00%, 01/09/2038 | 630000 | 462105 |
| Provincia de Buenos Aires Government <br> Bonds |  |  |
| 6.63%, 09/01/2037 <sup>(C)</sup> <br>| 1666896 | 1221001 |
|  |  | 6268186 |
| **Brazil - 4.6%**  | **Brazil - 4.6%**  | **Brazil - 4.6%**  |
| Brazil Government International Bonds |  |  |
| 6.63%, 03/15/2035 | 500000 | 520650 |
| Brazil Notas do Tesouro Nacional |  |  |
| 10.00%, 01/01/2027 - 01/01/2035 | BRL 62,987,000 | 10403399 |
|  |  | 10924049 |
| **Colombia - 2.4%**  | **Colombia - 2.4%**  | **Colombia - 2.4%**  |
| Colombia Government International <br> Bonds |  |  |
| 8.38%, 11/07/2054 | $550000 | 605413 |
| 8.50%, 04/25/2035 | 1040000 | 1172028 |
| Colombia TES |  |  |
| 7.00%, 03/26/2031 | COP 3,047,000,000 | 653077 |
| 11.50%, 07/25/2046 | 7382300000 | 1828021 |
| 13.25%, 02/09/2033 | 4866000000 | 1353604 |
|  |  | 5612143 |
| **Cote d'Ivoire - 1.8%**  | **Cote d'Ivoire - 1.8%**  | **Cote d'Ivoire - 1.8%**  |
| Ivory Coast Government International <br> Bonds |  |  |
| 4.88%, 01/30/2032 <sup>(C)</sup> <br>| EUR 593,000 | 660957 |
| 6.88%, 10/17/2040 <sup>(C)</sup> <br>| 620000 | 694424 |
| 8.08%, 04/01/2036 <sup>(A)</sup> <br>| $1470000 | 1547820 |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| 1005000 | 1067412 |
| 8.25%, 01/30/2037 <sup>(C)</sup> <br>| 240000 | 254904 |
|  |  | 4225517 |
| **Dominican Republic - 1.2%**  | **Dominican Republic - 1.2%**  | **Dominican Republic - 1.2%**  |
| Dominican Republic International <br> Bonds |  |  |
| 5.88%, 10/28/2035 <sup>(A)</sup> <br>| 960000 | 958032 |
| 6.95%, 03/15/2037 <sup>(A)</sup> <br>| 1800000 | 1919970 |
|  |  | 2878002 |
| **Ecuador - 0.9%**  | **Ecuador - 0.9%**  | **Ecuador - 0.9%**  |
| Ecuador Government International <br> Bonds |  |  |
| 6.90%, 07/31/2035 <sup>(C)</sup> <br>| 2740000 | 2096100 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Egypt - 2.5%**  | **Egypt - 2.5%**  | **Egypt - 2.5%**  |
| Egypt Government Bonds |  |  |
| 23.38%, 08/26/2028 | EGP 137,000,000 | $2950136 |
| Egypt Government International Bonds |  |  |
| 7.05%, 01/15/2032 <sup>(A)</sup> <br>| $350000 | 348301 |
| 7.30%, 09/30/2033 <sup>(A)</sup> <br>| 140000 | 136793 |
| 7.30%, 09/30/2033 <sup>(C)</sup> <br>| 530000 | 517861 |
| 8.15%, 11/20/2059 <sup>(A)</sup> <br>| 2100000 | 1827665 |
| 8.70%, 03/01/2049 <sup>(A)</sup> <br>| 300000 | 279519 |
|  |  | 6060275 |
| **El Salvador - 0.8%**  | **El Salvador - 0.8%**  | **El Salvador - 0.8%**  |
| El Salvador Government International <br> Bonds |  |  |
| 9.65%, 11/21/2054 <sup>(A)</sup> <br>| 1780000 | 1996958 |
| **Ghana - 0.9%**  | **Ghana - 0.9%**  | **Ghana - 0.9%**  |
| Ghana Government International <br> Bonds |  |  |
| 5.00% <sup>(B)</sup>, 07/03/2035 <sup>(C)</sup> <br>| 2486280 | 2139692 |
| **Guatemala - 0.1%**  | **Guatemala - 0.1%**  | **Guatemala - 0.1%**  |
| Guatemala Government Bonds |  |  |
| 6.25%, 08/15/2036 <sup>(A)</sup> <br>| 260000 | 273954 |
| **Hungary - 2.9%**  | **Hungary - 2.9%**  | **Hungary - 2.9%**  |
| Hungary Government Bonds |  |  |
| 3.00%, 10/27/2038 | HUF 875,880,000 | 1737525 |
| 7.00%, 10/24/2035 | 699620000 | 2101820 |
| Hungary Government International <br> Bonds |  |  |
| 5.38%, 09/26/2030 <sup>(A)</sup> <br>| $670000 | 690474 |
| 6.25%, 09/22/2032 <sup>(A)</sup> <br>| 1215000 | 1308870 |
| 6.75%, 09/23/2055 <sup>(A)</sup> <br>| 965000 | 1049637 |
|  |  | 6888326 |
| **Indonesia - 2.1%**  | **Indonesia - 2.1%**  | **Indonesia - 2.1%**  |
| Indonesia Government International <br> Bonds |  |  |
| 4.55%, 01/11/2028 | 500000 | 504433 |
| Indonesia Treasury Bonds |  |  |
| 6.75%, 07/15/2035 | IDR 12,256,000,000 | 772342 |
| 7.13%, 08/15/2040 | 34830000000 | 2239948 |
| 8.38%, 03/15/2034 | 23396000000 | 1615070 |
|  |  | 5131793 |
| **Kenya - 0.4%**  | **Kenya - 0.4%**  | **Kenya - 0.4%**  |
| Republic of Kenya Government <br> International Bonds |  |  |
| 8.80%, 10/09/2038 <sup>(A)</sup> <br>| $1000000 | 976278 |
| **Kuwait - 0.7%**  | **Kuwait - 0.7%**  | **Kuwait - 0.7%**  |
| Kuwait International Government <br> Bonds |  |  |
| 4.14%, 10/09/2030 <sup>(A)</sup> <br>| 1000000 | 997256 |
| 4.65%, 10/09/2035 <sup>(A)</sup> <br>| 550000 | 552407 |
|  |  | 1549663 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Lebanon - 0.4%**  | **Lebanon - 0.4%**  | **Lebanon - 0.4%**  |
| Lebanon Government International <br> Bonds |  |  |
| 6.65%, 11/03/2028 <sup>(C)</sup><sup>(D)</sup><sup>(E)</sup> <br>| $2070000 | $472581 |
| 6.85%, 05/25/2029 <sup>(C)</sup><sup>(D)</sup><sup>(E)</sup> <br>| 2105000 | 479980 |
|  |  | 952561 |
| **Malaysia - 0.9%**  | **Malaysia - 0.9%**  | **Malaysia - 0.9%**  |
| Malaysia Government Bonds |  |  |
| 4.23%, 06/30/2031 | MYR 8,423,000 | 2099194 |
| **Mexico - 6.1%**  | **Mexico - 6.1%**  | **Mexico - 6.1%**  |
| Mexico Bonos |  |  |
| 8.00%, 02/21/2036 | MXN 23,270,000 | 1180578 |
| 8.50%, 03/02/2028 - 02/28/2030 | 80080000 | 4379350 |
| 10.00%, 11/20/2036 | 56275800 | 3274074 |
| Mexico Government International <br> Bonds |  |  |
| 5.38%, 03/22/2033 | $840000 | 839328 |
| 6.63%, 01/29/2038 | 2220000 | 2344320 |
| 7.38%, 05/13/2055 | 2290000 | 2569020 |
|  |  | 14586670 |
| **Morocco - 0.5%**  | **Morocco - 0.5%**  | **Morocco - 0.5%**  |
| Morocco Government International <br> Bonds |  |  |
| 3.00%, 12/15/2032 <sup>(A)</sup> <br>| 1335000 | 1181305 |
| **Nigeria - 0.4%**  | **Nigeria - 0.4%**  | **Nigeria - 0.4%**  |
| Nigeria Government International <br> Bonds |  |  |
| 7.14%, 02/23/2030 <sup>(A)</sup> <br>| 500000 | 498017 |
| 8.25%, 09/28/2051 <sup>(A)</sup> <br>| 600000 | 555913 |
|  |  | 1053930 |
| **Pakistan - 0.5%**  | **Pakistan - 0.5%**  | **Pakistan - 0.5%**  |
| Pakistan Global Sukuk Programme Co. <br> Ltd. |  |  |
| 7.95%, 01/31/2029 <sup>(A)</sup> <br>| 420000 | 425580 |
| Pakistan Government International <br> Bonds |  |  |
| 8.88%, 04/08/2051 <sup>(A)</sup> <br>| 900000 | 859233 |
|  |  | 1284813 |
| **Papua New Guinea - 0.4%**  | **Papua New Guinea - 0.4%**  | **Papua New Guinea - 0.4%**  |
| Papua New Guinea Government <br> International Bonds |  |  |
| 8.38%, 10/04/2028 <sup>(C)</sup> <br>| 1015000 | 1046881 |
| **Peru - 0.6%**  | **Peru - 0.6%**  | **Peru - 0.6%**  |
| Peru Government Bonds |  |  |
| 7.60%, 08/12/2039 <sup>(C)</sup><sup>(F)</sup> <br>| PEN 4,068,000 | 1315269 |
| **Philippines - 1.8%**  | **Philippines - 1.8%**  | **Philippines - 1.8%**  |
| Philippines Government Bonds |  |  |
| 6.25%, 01/25/2034 | PHP 30,450,000 | 528692 |
| 6.38%, 07/27/2030 | 90010000 | 1571000 |
| Philippines Government International <br> Bonds |  |  |
| 5.50%, 02/04/2035 | $2150000 | 2289701 |
|  |  | 4389393 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Poland - 2.4%**  | **Poland - 2.4%**  | **Poland - 2.4%**  |
| Republic of Poland Government Bonds |  |  |
| 2.50%, 07/25/2026 | PLN 8,899,000 | $2394280 |
| Republic of Poland Government <br> International Bonds |  |  |
| 5.50%, 03/18/2054 | $3390000 | 3341632 |
|  |  | 5735912 |
| **Republic of South Africa - 3.1%**  | **Republic of South Africa - 3.1%**  | **Republic of South Africa - 3.1%**  |
| Republic of South Africa Government <br> Bonds |  |  |
| 8.25%, 03/31/2032 | ZAR 14,673,570 | 843077 |
| 8.75%, 01/31/2044 | 8373000 | 432044 |
| 8.88%, 02/28/2035 | 28033000 | 1618179 |
| 11.63%, 03/31/2053 | 25475000 | 1709262 |
| Republic of South Africa Government <br> International Bonds |  |  |
| 5.75%, 09/30/2049 | $2650000 | 2239001 |
| 7.95%, 11/19/2054 <sup>(A)</sup> <br>| 450000 | 481197 |
|  |  | 7322760 |
| **Romania - 3.5%**  | **Romania - 3.5%**  | **Romania - 3.5%**  |
| Romania Government Bonds |  |  |
| 4.85%, 07/25/2029 | RON 6,815,000 | 1440271 |
| 7.35%, 04/28/2031 | 3070000 | 706456 |
| Romania Government International <br> Bonds |  |  |
| 5.38%, 06/07/2033 <sup>(A)</sup> <br>| EUR 480,000 | 558241 |
| 6.13%, 10/07/2037 <sup>(A)</sup> <br>| 700000 | 806935 |
| 6.63%, 05/16/2036 <sup>(A)</sup> <br>| $2775000 | 2853500 |
| 7.13%, 01/17/2033 <sup>(A)</sup> <br>| 1315000 | 1418405 |
| 7.63%, 01/17/2053 <sup>(A)</sup> <br>| 540000 | 599475 |
|  |  | 8383283 |
| **Saudi Arabia - 1.6%**  | **Saudi Arabia - 1.6%**  | **Saudi Arabia - 1.6%**  |
| Saudi Government International Bonds |  |  |
| 5.13%, 01/13/2028 <sup>(A)</sup> <br>| 640000 | 653424 |
| 5.63%, 01/13/2035 <sup>(A)</sup> <br>| 1750000 | 1873955 |
| 5.75%, 01/16/2054 <sup>(A)</sup> <br>| 1283000 | 1312465 |
|  |  | 3839844 |
| **Sri Lanka - 0.8%**  | **Sri Lanka - 0.8%**  | **Sri Lanka - 0.8%**  |
| Sri Lanka Government International <br> Bonds |  |  |
| 3.10% <sup>(B)</sup>, 01/15/2030 <sup>(A)</sup> <br>| 425184 | 400204 |
| 3.35% <sup>(B)</sup>, 03/15/2033 <sup>(C)</sup> <br>| 1160000 | 1012670 |
| 3.60% <sup>(B)</sup>, 02/15/2038 <sup>(A)</sup> <br>| 420000 | 387448 |
|  |  | 1800322 |
| **Supranational - 6.0%**  | **Supranational - 6.0%**  | **Supranational - 6.0%**  |
| Asian Development Bank |  |  |
| Zero Coupon, 10/06/2040 | ZAR 137,400,000 | 1720204 |
| Asian Infrastructure Investment Bank |  |  |
| 6.00%, 12/08/2031 <sup>(C)</sup> <br>| INR 171,100,000 | 1836856 |
| 6.96%, 01/14/2035 <sup>(C)</sup> <br>| 92000000 | 1043042 |
| 7.00%, 01/23/2032 <sup>(C)</sup> <br>| 121700000 | 1380605 |
| 7.20%, 07/02/2031 <sup>(C)</sup> <br>| 57000000 | 652309 |
| Corp. Andina de Fomento |  |  |
| 7.65%, 03/05/2031 <sup>(C)</sup> <br>| 160000000 | 1835928 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Supranational (continued)** | **Supranational (continued)** | **Supranational (continued)** |
| European Bank for Reconstruction & <br> Development |  |  |
| Zero Coupon, 04/05/2036 | TRY 2,028,900,000 | $1678930 |
| Inter-American Development Bank |  |  |
| 7.00%, 04/17/2033 | INR 61,000,000 | 697810 |
| 7.35%, 10/06/2030 | 232000000 | 2684022 |
| International Finance Corp. |  |  |
| 17.50%, 07/19/2028 | UZS 8,600,000,000 | 772360 |
|  |  | 14302066 |
| **Suriname - 0.9%**  | **Suriname - 0.9%**  | **Suriname - 0.9%**  |
| Suriname Government International <br> Bonds |  |  |
| 7.70%, 11/06/2030 <sup>(A)</sup><sup>(G)</sup> <br>| $1100000 | 1106600 |
| &nbsp;&nbsp; PIK Rate 3.00%, Cash Rate 4.95%, <br> 07/15/2033 <sup>(A)</sup><sup>(H)</sup> <br>| 1090000 | 1084550 |
|  |  | 2191150 |
| **Trinidad and Tobago - 0.3%**  | **Trinidad and Tobago - 0.3%**  | **Trinidad and Tobago - 0.3%**  |
| Trinidad & Tobago Government <br> International Bonds |  |  |
| 6.40%, 06/26/2034 <sup>(A)</sup> <br>| 795000 | 784069 |
| **Turkey - 2.5%**  | **Turkey - 2.5%**  | **Turkey - 2.5%**  |
| Istanbul Metropolitan Municipality |  |  |
| 10.50%, 12/06/2028 <sup>(A)</sup> <br>| 1195000 | 1309412 |
| Republic of Turkiye |  |  |
| 6.50%, 01/03/2035 | 800000 | 791491 |
| Turkiye Government Bonds |  |  |
| 37.84%, 07/14/2027 | TRY 91,619,000 | 2200327 |
| Turkiye Government International <br> Bonds |  |  |
| 5.75%, 05/11/2047 | $2130000 | 1731217 |
|  |  | 6032447 |
| **Ukraine - 0.6%**  | **Ukraine - 0.6%**  | **Ukraine - 0.6%**  |
| Ukraine Government International <br> Bonds |  |  |
| 3.00% <sup>(B)</sup>, 02/01/2035 <sup>(C)</sup> <br>| 540000 | 274792 |
| 4.50% <sup>(B)</sup>, 02/01/2035 <sup>(A)</sup> <br>| 1330071 | 737791 |
| 7.75%, 08/01/2041 <sup>(C)</sup> <br>| 390000 | 330380 |
|  |  | 1342963 |
| **Uzbekistan - 0.5%**  | **Uzbekistan - 0.5%**  | **Uzbekistan - 0.5%**  |
| Republic of Uzbekistan International <br> Bonds |  |  |
| 15.50%, 02/25/2028 <sup>(A)</sup> <br>| UZS 14,790,000,000 | 1271435 |
| **Venezuela - 0.3%**  | **Venezuela - 0.3%**  | **Venezuela - 0.3%**  |
| Venezuela Government International <br> Bonds |  |  |
| 9.00%, 05/07/2023 <sup>(C)</sup><sup>(D)</sup><sup>(E)</sup> <br>| $1440000 | 367344 |
| 9.25%, 09/15/2027 <sup>(I)</sup> <br>| 860000 | 262386 |
|  |  | 629730 |
| **Zambia - 2.1%**  | **Zambia - 2.1%**  | **Zambia - 2.1%**  |
| Zambia Government Bonds |  |  |
| 14.00%, 06/01/2035 - 12/26/2038 | ZMW 31,605,000 | 1146779 |
| 18.00%, 09/29/2030 | 13000000 | 610126 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Zambia (continued)** | **Zambia (continued)** | **Zambia (continued)** |
| Zambia Government Bonds (continued) |  |  |
| 20.00%, 06/23/2040 | ZMW 11,500,000 | $540736 |
| 23.29%, 11/25/2039 | 5000000 | 266211 |
| Zambia Government International <br> Bonds |  |  |
| 0.50%, 12/31/2053 <sup>(A)</sup> <br>| $700000 | 488661 |
| 0.50%, 12/31/2053 <sup>(C)</sup> <br>| 402384 | 280899 |
| 5.75% <sup>(B)</sup>, 06/30/2033 <sup>(C)</sup> <br>| 1569963 | 1507212 |
| 5.75% <sup>(B)</sup>, 06/30/2033 <sup>(A)</sup> <br>| 268683 | 257944 |
|  |  | 5098568 |
| &nbsp;&nbsp; **Total Foreign Government** <br> **Obligations** <br>**(Cost $136,804,116)**<br>|  | 145318869 |
| **CORPORATE DEBT SECURITIES - 34.0%**  | **CORPORATE DEBT SECURITIES - 34.0%**  | **CORPORATE DEBT SECURITIES - 34.0%**  |
| **Argentina - 1.4%**  | **Argentina - 1.4%**  | **Argentina - 1.4%**  |
| Pluspetrol SA |  |  |
| 8.50%, 05/30/2032 <sup>(A)</sup> <br>| 710000 | 722141 |
| Tecpetrol SA |  |  |
| 7.63%, 11/03/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 1345000 | 1346345 |
| Telecom Argentina SA |  |  |
| 9.25%, 05/28/2033 <sup>(A)</sup> <br>| 1130000 | 1149690 |
|  |  | 3218176 |
| **Australia - 0.1%**  | **Australia - 0.1%**  | **Australia - 0.1%**  |
| Nickel Industries Ltd. |  |  |
| 9.00%, 09/30/2030 <sup>(A)</sup> <br>| 320000 | 331463 |
| **Brazil - 0.7%**  | **Brazil - 0.7%**  | **Brazil - 0.7%**  |
| Samarco Mineracao SA |  |  |
| &nbsp;&nbsp; PIK Rate 9.00%, Cash Rate 0.00%, <br>06/30/2031 <sup>(C)</sup><sup>(H)</sup> <br>| 1677952 | 1677931 |
| **Canada - 0.9%**  | **Canada - 0.9%**  | **Canada - 0.9%**  |
| CI Financial Corp. |  |  |
| 7.50%, 05/30/2029 <sup>(A)</sup> <br>| 770000 | 818405 |
| First Quantum Minerals Ltd. |  |  |
| 7.25%, 02/15/2034 <sup>(A)</sup> <br>| 1320000 | 1370834 |
|  |  | 2189239 |
| **Cayman Islands - 3.2%**  | **Cayman Islands - 3.2%**  | **Cayman Islands - 3.2%**  |
| Al Rajhi Sukuk Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2030 <sup>(J)</sup>, <br>6.25% <sup>(C)</sup><sup>(K)</sup> <br>| 670000 | 680205 |
| Alibaba Group Holding Ltd. |  |  |
| 5.25%, 05/26/2035 | 740000 | 779122 |
| DP World Crescent Ltd. |  |  |
| 3.88%, 07/18/2029 <sup>(C)</sup> <br>| 1260000 | 1232681 |
| FWD Group Holdings Ltd. |  |  |
| 5.25%, 09/22/2030 <sup>(A)</sup> <br>| 200000 | 202040 |
| 5.84%, 09/22/2035 <sup>(A)</sup> <br>| 400000 | 408424 |
| Health & Happiness H&H International <br> Holdings Ltd. |  |  |
| 9.13%, 07/24/2028 <sup>(C)</sup> <br>| 500000 | 530830 |
| IHS Holding Ltd. |  |  |
| 5.63%, 11/29/2026 <sup>(A)</sup> <br>| 490000 | 486739 |
| 8.25%, 11/29/2031 <sup>(A)</sup><sup>(F)</sup> <br>| 850000 | 884260 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |
| Liberty Costa Rica Senior Secured <br> Finance |  |  |
| 10.88%, 01/15/2031 <sup>(A)</sup> <br>| $700000 | $740600 |
| Longfor Group Holdings Ltd. |  |  |
| 4.50%, 01/16/2028 <sup>(C)</sup> <br>| 400000 | 363222 |
| Melco Resorts Finance Ltd. |  |  |
| 6.50%, 09/24/2033 <sup>(A)</sup> <br>| 720000 | 723506 |
| Montego Bay Airport Revenue Finance <br> Ltd. |  |  |
| 6.60%, 06/15/2035 <sup>(A)</sup> <br>| 690000 | 683645 |
|  |  | 7715274 |
| **Chile - 1.7%**  | **Chile - 1.7%**  | **Chile - 1.7%**  |
| AES Andes SA |  |  |
| 6.25%, 03/14/2032 <sup>(A)</sup> <br>| 1060000 | 1105508 |
| Alfa Desarrollo SpA |  |  |
| 4.55%, 09/27/2051 <sup>(A)</sup> <br>| 984478 | 806027 |
| Chile Electricity PEC SpA |  |  |
| Zero Coupon, 01/25/2028 <sup>(C)</sup> <br>| 542501 | 486189 |
| Inversiones CMPC SA |  |  |
| &nbsp;&nbsp; Fixed until 06/09/2032, <br>6.70% <sup>(K)</sup>, 12/09/2057 <sup>(A)</sup> <br>| 390000 | 394017 |
| Telefonica Moviles Chile SA |  |  |
| 3.54%, 11/18/2031 <sup>(A)</sup> <br>| 1000000 | 640000 |
| WOM Mobile SA |  |  |
| &nbsp;&nbsp; PIK Rate 12.50%, Cash Rate 5.50%, <br>04/01/2031 <sup>(A)</sup><sup>(H)</sup> <br>| 666719 | 636716 |
|  |  | 4068457 |
| **Colombia - 0.4%**  | **Colombia - 0.4%**  | **Colombia - 0.4%**  |
| Grupo Nutresa SA |  |  |
| 9.00%, 05/12/2035 <sup>(A)</sup> <br>| 860000 | 976315 |
| **El Salvador - 0.4%**  | **El Salvador - 0.4%**  | **El Salvador - 0.4%**  |
| Comision Ejecutiva Hidroelectrica del <br> Rio Lempa |  |  |
| 8.65%, 01/24/2033 <sup>(A)</sup> <br>| 840000 | 889560 |
| **India - 1.0%**  | **India - 1.0%**  | **India - 1.0%**  |
| Adani Ports & Special Economic Zone <br> Ltd. |  |  |
| 3.10%, 02/02/2031 <sup>(A)</sup> <br>| 600000 | 537807 |
| IIFL Finance Ltd. |  |  |
| 8.75%, 07/24/2028 <sup>(A)</sup> <br>| 850000 | 871363 |
| Muthoot Finance Ltd. |  |  |
| 6.38%, 03/02/2030 <sup>(A)</sup> <br>| 720000 | 731564 |
| SAEL Ltd. |  |  |
| 7.80%, 07/31/2031 <sup>(C)</sup> <br>| 282720 | 286237 |
|  |  | 2426971 |
| **Ireland - 0.0% \*** | **Ireland - 0.0% \*** | **Ireland - 0.0% \*** |
| Sovcombank Via SovCom Capital DAC |  |  |
| &nbsp;&nbsp; Fixed until 02/17/2027 <sup>(J)</sup>, <br>7.60% <sup>(A)</sup><sup>(D)</sup><sup>(E)</sup> <br>| 640000 | 23120 |
| **Kazakhstan - 0.3%**  | **Kazakhstan - 0.3%**  | **Kazakhstan - 0.3%**  |
| ForteBank JSC |  |  |
| &nbsp;&nbsp; Fixed until 11/03/2030 <sup>(J)</sup>, <br>9.75% <sup>(A)</sup><sup>(G)</sup><sup>(K)</sup> <br>| 625000 | 621756 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Luxembourg - 3.5%**  | **Luxembourg - 3.5%**  | **Luxembourg - 3.5%**  |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.67%, 10/20/2035 <sup>(A)</sup> <br>| $610000 | $633144 |
| Chile Electricity Lux MPC SARL |  |  |
| 6.01%, 01/20/2033 <sup>(A)</sup> <br>| 671250 | 702463 |
| EIG Pearl Holdings SARL |  |  |
| 4.39%, 11/30/2046 <sup>(A)</sup> <br>| 1400000 | 1172797 |
| MC Brazil Downstream Trading SARL |  |  |
| 7.25%, 06/30/2031 <sup>(A)</sup> <br>| 1176749 | 966876 |
| Raizen Fuels Finance SA |  |  |
| 6.25%, 07/08/2032 <sup>(A)</sup> <br>| 300000 | 255000 |
| 6.70%, 02/25/2037 <sup>(A)</sup> <br>| 1735000 | 1449384 |
| Saavi Energia SARL |  |  |
| 8.88%, 02/10/2035 <sup>(A)</sup> <br>| 1250000 | 1343750 |
| Simpar Europe SA |  |  |
| 5.20%, 01/26/2031 <sup>(A)</sup> <br>| 760000 | 584389 |
| Vamos Europe SA |  |  |
| 9.20%, 01/26/2031 <sup>(A)</sup> <br>| 1330000 | 1241608 |
|  |  | 8349411 |
| **Mexico - 4.8%**  | **Mexico - 4.8%**  | **Mexico - 4.8%**  |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp; Fixed until 05/20/2035 <sup>(J)</sup>, <br>8.75% <sup>(A)</sup><sup>(K)</sup> <br>| 1380000 | 1475419 |
| Banco Nacional de Comercio Exterior <br> SNC |  |  |
| 5.88%, 05/07/2030 <sup>(A)</sup> <br>| 750000 | 778282 |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2030, <br>7.63% <sup>(K)</sup>, 02/11/2035 <sup>(A)</sup> <br>| 810000 | 857822 |
| Comision Federal de Electricidad |  |  |
| 3.35%, 02/09/2031 <sup>(A)</sup> <br>| 1325000 | 1195448 |
| Orbia Advance Corp. SAB de CV |  |  |
| 7.50%, 05/13/2035 <sup>(A)</sup> <br>| 900000 | 895500 |
| Petroleos Mexicanos |  |  |
| 6.70%, 02/16/2032 | 2630000 | 2627746 |
| 6.75%, 09/21/2047 | 2330000 | 1929597 |
| 6.95%, 01/28/2060 | 1430000 | 1177605 |
| Trust Fibra Uno |  |  |
| 8.25%, 01/23/2037 <sup>(A)</sup> <br>| 550000 | 623221 |
|  |  | 11560640 |
| **Morocco - 0.5%**  | **Morocco - 0.5%**  | **Morocco - 0.5%**  |
| OCP SA |  |  |
| 7.50%, 05/02/2054 <sup>(A)</sup> <br>| 960000 | 1073313 |
| **Multi-National - 0.5%**  | **Multi-National - 0.5%**  | **Multi-National - 0.5%**  |
| &nbsp;&nbsp; ATP Tower Holdings/Andean Telecom <br> Partners Chile SpA/Andean Tower <br>Partners C |  |  |
| 7.88%, 02/03/2030 <sup>(A)</sup> <br>| 430000 | 441389 |
| Digicel International Finance Ltd./Difl <br> U.S. LLC |  |  |
| 8.63%, 08/01/2032 <sup>(A)</sup> <br>| 700000 | 696847 |
|  |  | 1138236 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Netherlands - 3.1%**  | **Netherlands - 3.1%**  | **Netherlands - 3.1%**  |
| Braskem Netherlands Finance BV |  |  |
| 4.50%, 01/31/2030 <sup>(A)</sup><sup>(F)</sup> <br>| $1940000 | $778289 |
| 8.00%, 10/15/2034 <sup>(A)</sup> <br>| 1125000 | 462656 |
| IHS Netherlands Holdco BV |  |  |
| 8.00%, 09/18/2027 <sup>(A)</sup> <br>| 515606 | 515834 |
| Prosus NV |  |  |
| 3.83%, 02/08/2051 <sup>(A)</sup> <br>| 1850000 | 1266609 |
| 4.99%, 01/19/2052 <sup>(A)</sup> <br>| 1220000 | 997646 |
| Veon Midco BV |  |  |
| 3.38%, 11/25/2027 <sup>(C)</sup> <br>| 1400000 | 1311194 |
| 9.00%, 07/15/2029 <sup>(C)</sup> <br>| 200000 | 207889 |
| Yinson Bergenia Production BV |  |  |
| 8.50%, 01/31/2045 <sup>(A)</sup> <br>| 800000 | 840047 |
| Yinson Boronia Production BV |  |  |
| 8.95%, 07/31/2042 <sup>(A)</sup> <br>| 1030145 | 1123899 |
|  |  | 7504063 |
| **Nigeria - 0.4%**  | **Nigeria - 0.4%**  | **Nigeria - 0.4%**  |
| SEPLAT Energy PLC |  |  |
| 9.13%, 03/21/2030 <sup>(A)</sup> <br>| 1040000 | 1060800 |
| **Northern Mariana Islands - 0.2%**  | **Northern Mariana Islands - 0.2%**  | **Northern Mariana Islands - 0.2%**  |
| HTA Group Ltd. |  |  |
| 7.50%, 06/04/2029 <sup>(A)</sup> <br>| 500000 | 518458 |
| **Peru - 0.3%**  | **Peru - 0.3%**  | **Peru - 0.3%**  |
| Orazul Energy Peru SA |  |  |
| 6.25%, 09/17/2032 <sup>(A)</sup> <br>| 380000 | 386254 |
| Peru LNG SRL |  |  |
| 5.38%, 03/22/2030 <sup>(C)</sup> <br>| 450060 | 434471 |
|  |  | 820725 |
| **Poland - 0.4%**  | **Poland - 0.4%**  | **Poland - 0.4%**  |
| ORLEN SA |  |  |
| 6.00%, 01/30/2035 <sup>(A)</sup> <br>| 900000 | 950676 |
| **Republic of South Africa - 0.4%**  | **Republic of South Africa - 0.4%**  | **Republic of South Africa - 0.4%**  |
| Eskom Holdings |  |  |
| 7.50%, 09/15/2033 | ZAR 20,000,000 | 1024575 |
| **Saudi Arabia - 1.4%**  | **Saudi Arabia - 1.4%**  | **Saudi Arabia - 1.4%**  |
| Saudi Arabian Oil Co. |  |  |
| 6.38%, 06/02/2055 <sup>(A)</sup> <br>| $2995000 | 3228891 |
| **Singapore - 0.4%**  | **Singapore - 0.4%**  | **Singapore - 0.4%**  |
| LLPL Capital Pte. Ltd. |  |  |
| 6.88%, 02/04/2039 <sup>(A)</sup> <br>| 912990 | 956662 |
| **Spain - 0.3%**  | **Spain - 0.3%**  | **Spain - 0.3%**  |
| AL Candelaria Spain SA |  |  |
| 5.75%, 06/15/2033 <sup>(A)</sup> <br>| 875000 | 793660 |
| **Thailand - 0.8%**  | **Thailand - 0.8%**  | **Thailand - 0.8%**  |
| Bangkok Bank PCL |  |  |
| &nbsp;&nbsp; Fixed until 03/25/2035, <br>6.06% <sup>(K)</sup>, 03/25/2040 <sup>(A)</sup> <br>| 900000 | 932601 |
| Muangthai Capital PCL |  |  |
| 7.55%, 07/21/2030 <sup>(A)</sup> <br>| 820000 | 847491 |
|  |  | 1780092 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Togo - 0.4%**  | **Togo - 0.4%**  | **Togo - 0.4%**  |
| Ecobank Transnational, Inc. |  |  |
| 10.13%, 10/15/2029 <sup>(A)</sup> <br>| $780000 | $847614 |
| **Turkey - 2.2%**  | **Turkey - 2.2%**  | **Turkey - 2.2%**  |
| Akbank TAS |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2029 <sup>(J)</sup>, <br>9.37% <sup>(A)</sup><sup>(K)</sup> <br>| 1080000 | 1124074 |
| Aydem Yenilenebilir Enerji AS |  |  |
| 9.88%, 09/30/2030 <sup>(A)</sup> <br>| 770000 | 759647 |
| GDZ Elektrik Dagitim AS |  |  |
| 9.00%, 10/15/2029 <sup>(A)</sup> <br>| 500000 | 488870 |
| Limak Yenilenebilir Enerji AS |  |  |
| 9.63%, 08/12/2030 <sup>(A)</sup> <br>| 710000 | 700308 |
| TAV Havalimanlari Holding AS |  |  |
| 8.50%, 12/07/2028 <sup>(A)</sup> <br>| 600000 | 625549 |
| Turkiye Garanti Bankasi AS |  |  |
| &nbsp;&nbsp; Fixed until 10/08/2030, <br>8.13% <sup>(K)</sup>, 01/08/2036 <sup>(A)</sup><sup>(F)</sup> <br>| 740000 | 760919 |
| Turkiye Sinai Kalkinma Bankasi AS |  |  |
| 7.38%, 07/02/2030 <sup>(A)</sup> <br>| 850000 | 875373 |
|  |  | 5334740 |
| **Ukraine - 0.3%**  | **Ukraine - 0.3%**  | **Ukraine - 0.3%**  |
| VF Ukraine PAT via VFU Funding PLC |  |  |
| 9.63%, 02/11/2027 <sup>(A)</sup> <br>| 767480 | 736738 |
| **United Arab Emirates - 0.3%**  | **United Arab Emirates - 0.3%**  | **United Arab Emirates - 0.3%**  |
| NBK Tier 1 Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 01/10/2031 <sup>(J)</sup>, <br>6.38% <sup>(A)</sup><sup>(K)</sup> <br>| 640000 | 659550 |
| **United Kingdom - 1.7%**  | **United Kingdom - 1.7%**  | **United Kingdom - 1.7%**  |
| Biocon Biologics Global PLC |  |  |
| 6.67%, 10/09/2029 <sup>(A)</sup> <br>| 950000 | 939369 |
| Energean PLC |  |  |
| 6.50%, 04/30/2027 <sup>(A)</sup><sup>(F)</sup> <br>| 880000 | 877800 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/08/2030 <sup>(J)</sup>, <br>7.88% <sup>(A)</sup><sup>(K)</sup> <br>| 1100000 | 1178761 |
| Vedanta Resources Finance II PLC |  |  |
| 9.85%, 04/24/2033 <sup>(A)</sup> <br>| 985000 | 996218 |
|  |  | 3992148 |
| **United States - 1.1%**  | **United States - 1.1%**  | **United States - 1.1%**  |
| Kosmos Energy Ltd. |  |  |
| 8.75%, 10/01/2031 <sup>(A)</sup><sup>(F)</sup> <br>| 795000 | 534280 |
| Momentive Performance Materials, Inc. |  |  |
| 4.13%, 10/22/2028 <sup>(A)</sup> <br>| 1100000 | 1094554 |
| Sasol Financing USA LLC |  |  |
| 5.50%, 03/18/2031 | 410000 | 348309 |
| Stillwater Mining Co. |  |  |
| 4.50%, 11/16/2029 <sup>(A)</sup> <br>| 740000 | 691861 |
|  |  | 2669004 |
| **Uzbekistan - 0.2%**  | **Uzbekistan - 0.2%**  | **Uzbekistan - 0.2%**  |
| Uzbek Industrial & Construction Bank <br> ATB |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2030 <sup>(J)</sup>, <br>9.45% <sup>(A)</sup><sup>(K)</sup> <br>| 380000 | 385258 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Venezuela - 0.7%**  | **Venezuela - 0.7%**  | **Venezuela - 0.7%**  |
| Petroleos de Venezuela SA |  |  |
| 6.00%, 11/15/2026 <sup>(C)</sup><sup>(D)</sup><sup>(E)</sup> <br>| $4500000 | $994500 |
| 9.75%, 05/17/2035 <sup>(C)</sup><sup>(D)</sup><sup>(E)</sup> <br>| 2530000 | 609730 |
|  |  | 1604230 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $80,944,217)**<br>|  | 81127746 |
| **CONVERTIBLE BOND - 0.3%**  | **CONVERTIBLE BOND - 0.3%**  | **CONVERTIBLE BOND - 0.3%**  |
| **Chile - 0.3%**  | **Chile - 0.3%**  | **Chile - 0.3%**  |
| &nbsp;&nbsp; WOM Chile Holdco SpA <br>PIK Rate 5.00%, Cash Rate 0.00%, <br>04/01/2032 <sup>(A)</sup><sup>(H)</sup> <br>| 796038 | 712788 |
| &nbsp;&nbsp; **Total Convertible Bond** <br>**(Cost $803,999)**<br>|  | 712788 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK - 0.1%**  | **COMMON STOCK - 0.1%**  | **COMMON STOCK - 0.1%**  |
| **United States - 0.1%**  | **United States - 0.1%**  | **United States - 0.1%**  |
| Wom New Holdco <sup>(E)(L)(M)</sup> <br>| 2467 | 123350 |
| &nbsp;&nbsp; **Total Common Stock** <br>**(Cost $391,217)**<br>|  | 123350 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.8%**  | **OTHER INVESTMENT COMPANY - 1.8%**  | **OTHER INVESTMENT COMPANY - 1.8%**  |
| **Securities Lending Collateral - 1.8%**  | **Securities Lending Collateral - 1.8%**  | **Securities Lending Collateral - 1.8%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(N)</sup> <br>| 4253594 | $4253594 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,253,594)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,253,594)** | 4253594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.8%**  | **REPURCHASE AGREEMENT - 3.8%**  | **REPURCHASE AGREEMENT - 3.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(N)</sup>, dated 10/31/2025, to be <br> repurchased at $9,155,603 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $9,337,636.<br>| $9154458 | 9154458 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,154,458)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,154,458)** | 9154458 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $232,351,601)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $232,351,601)** | 240690805 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (1853265) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$238837540** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| BCLY | 11/04/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1175776 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 6330728 | &nbsp;&nbsp;&nbsp; $597 | &nbsp;&nbsp;&nbsp; $— |
| BCLY | 11/04/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 6330728 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1158307 | &nbsp;&nbsp;&nbsp; 16871 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 11/28/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2924340 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 2507716 | &nbsp;&nbsp;&nbsp; 29242 | &nbsp;&nbsp;&nbsp; — |
| BCLY | 11/28/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2564546 | &nbsp;&nbsp;&nbsp; HUF | &nbsp;&nbsp; 857491960 | &nbsp;&nbsp;&nbsp; 20600 | &nbsp;&nbsp;&nbsp; — |
| GSB | 11/04/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5423499 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 29100250 | &nbsp;&nbsp;&nbsp; 21595 | &nbsp;&nbsp;&nbsp; — |
| GSB | 11/04/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 29100250 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5409324 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7420)<br>|
| GSB | 12/02/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 14550125 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2703153 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20528)<br>|
| HSBC | 11/04/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1168570 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 6330728 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6608)<br>|
| HSBC | 11/04/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1063775 | &nbsp;&nbsp;&nbsp; CLP | &nbsp;&nbsp; 1007767404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5466)<br>|
| HSBC | 11/04/2025 | &nbsp;&nbsp;&nbsp; BRL | &nbsp;&nbsp; 6330728 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1175775 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (597)<br>|
| HSBC | 11/04/2025 | &nbsp;&nbsp;&nbsp; CLP | &nbsp;&nbsp; 1007767404 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1067901 | &nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 11/17/2025 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp; 238913600 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21113)<br>|
| JPM | 11/24/2025 | &nbsp;&nbsp;&nbsp; KZT | &nbsp;&nbsp; 1011293760 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1860022 | &nbsp;&nbsp;&nbsp; 32034 | &nbsp;&nbsp;&nbsp; — |
| JPM | 11/28/2025 | &nbsp;&nbsp;&nbsp; CZK | &nbsp;&nbsp; 33925766 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1623211 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15245)<br>|
| MSC | 11/24/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1894696 | &nbsp;&nbsp;&nbsp; KZT | &nbsp;&nbsp; 1011293760 | &nbsp;&nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp; — |
| RBC | 11/04/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1067901 | &nbsp;&nbsp;&nbsp; CLP | &nbsp;&nbsp; 1007767404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1340)<br>|
| RBC | 11/04/2025 | &nbsp;&nbsp;&nbsp; CLP | &nbsp;&nbsp; 1007767404 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1050929 | &nbsp;&nbsp;&nbsp; 18312 | &nbsp;&nbsp;&nbsp; — |
| RBC | 11/17/2025 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2712769 | &nbsp;&nbsp;&nbsp; INR | &nbsp;&nbsp; 238913600 | &nbsp;&nbsp;&nbsp; 23882 | &nbsp;&nbsp;&nbsp; — |
| RBC | 11/25/2025 | &nbsp;&nbsp;&nbsp; MYR | &nbsp;&nbsp; 11366948 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2685825 | &nbsp;&nbsp;&nbsp; 30640 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$197753** | &nbsp;&nbsp;&nbsp; **$(78317)**<br>|

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Foreign Government Obligations | 60.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $145318869 |
| Oil, Gas & Consumable Fuels | 8.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21132299 |
| Electric Utilities | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11764642 |
| Banks | 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10325381 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Communications Equipment | 2.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6119674 |
| Metals & Mining | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5068307 |
| Financial Services | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4856984 |
| Chemicals | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4652621 |
| Construction & Engineering | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4155874 |
| Internet & Catalog Retail | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3043377 |
| Commercial Services & Supplies | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1770488 |
| Transportation Infrastructure | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1424436 |
| Distributors | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1241608 |
| Energy Equipment & Services | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1123899 |
| Food Products | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976315 |
| Biotechnology | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939369 |
| Hotels, Restaurants & Leisure | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723506 |
| Diversified REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623221 |
| Insurance | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610464 |
| Pharmaceuticals | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530830 |
| Paper & Forest Products | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394017 |
| Real Estate Management & Development | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363222 |
| Wireless Telecommunication Services | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123350 |
| **Investments** | **94.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **227282753** |
| Short-Term Investments | 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13408052 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$240690805** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(O)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(P)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Foreign Government Obligations | $— | &nbsp;&nbsp; $145318869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145318869 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 81127746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 81127746 |
| Convertible Bond |  | &nbsp;&nbsp; 712788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 712788 |
| Common Stock |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 123350 | &nbsp;&nbsp; 123350 |
| Other Investment Company | 4253594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4253594 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9154458 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9154458 |
| **Total Investments** | **$4253594** | &nbsp;&nbsp; **$236313861** | &nbsp;&nbsp; **$123350** | &nbsp;&nbsp; **$240690805** |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(Q)</sup> <br>| $— | &nbsp;&nbsp; $197753 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197753 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$197753** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$197753** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(Q)</sup> <br>| $— | &nbsp;&nbsp; $(78317)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(78317)<br>|
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$(78317)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(78317)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $104,628,974, representing 43.8% of the* *Fund's net assets.* 

<sup>(B)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2025; the maturity date disclosed is the ultimate* *maturity date.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(C)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $30,236,766, representing* *12.7% of the Fund's net assets.* 

<sup>(D)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2025, the value of this security* *is $2,947,255, representing 1.2% of the Fund's net assets.* 

<sup>(E)</sup> *Non-income producing security.*

<sup>(F)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $4,376,296, collateralized by cash collateral of $4,253,594 and* *non-cash collateral, such as U.S. government securities of $215,500. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(G)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(H)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(I)</sup> *Security in default; partial receipt of interest payments and/or dividends declared at last payment date. At October 31, 2025, the value of this security is* *$262,386, representing 0.1% of the Fund's net assets.* 

<sup>(J)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(K)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(L)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At October 31, 2025, the total value of the* *securities is $123,350, representing less than 0.1% of the Fund's net assets.* 

<sup>(M)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $123,350,* *representing 0.1% of the Fund's net assets.* 

<sup>(N)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(O)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(P)</sup> *Level 3 security was not considered significant to the Fund.*

<sup>(Q)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BRL* | *Brazilian Real* |
| *CLP* | *Chile Peso* |
| *COP* | *Colombian Peso* |
| *CZK* | *Czech Republic Koruna* |
| *EGP* | *Egypt Pound* |
| *EUR* | *Euro* |
| *HUF* | *Hungary Forint* |
| *IDR* | *Indonesia Rupiah* |
| *INR* | *Indian Rupee* |
| *KZT* | *Kazakhstan Tenge* |
| *MXN* | *Mexico Peso* |
| *MYR* | *Malaysia Ringgit* |
| *PEN* | *Peruvian Sol* |
| *PHP* | *Philippines Peso* |
| *PLN* | *Poland Zloty* |
| *RON* | *Romania New Leu* |
| *TRY* | *Turkish New Lira* |
| *USD* | *United States Dollar* |
| *UZS* | *Uzbekistan Som* |
| *ZAR* | *South Africa Rand* |
| *ZMW* | *Zambian Kwacha* |

---

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BCLY* | *Barclays Bank PLC* |
| *GSB* | *Goldman Sachs Bank* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Emerging Markets Debt**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**COUNTERPARTY ABBREVIATION(S) (continued):**

*MSC* *Morgan Stanley & Co.* <br> *RBC* *Royal Bank of Canada*

**PORTFOLIO ABBREVIATION(S):** 

*JSC* *Joint Stock Company*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $223,197,143) (including securities loaned of $4,376,296) | $231536347 |
| Repurchase agreement, at value (cost $9,154,458) | 9154458 |
| Cash collateral pledged at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| 10000 |
| Foreign currency, at value (cost $2,068,905) | 1979494 |
| Receivables and other assets: |  |
| Investments sold  | 267899 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 404768 |
| Net income from securities lending | 1902 |
| Shares of beneficial interest sold  | 208847 |
| Interest | 4090501 |
| Tax reclaims | 28315 |
| Unrealized appreciation on forward foreign currency contracts | 197753 |
| Total assets | 247880284 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 4253594 |
| Payables and other liabilities: |  |
| Investments purchased | 662497 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 3457966 |
| Shares of beneficial interest redeemed | 94353 |
| Foreign capital gains tax | 13825 |
| Due to custodian  | 271296 |
| Investment management fees | 129974 |
| Distribution and service fees | 2664 |
| Transfer agent fees | 13622 |
| Trustee and CCO fees | 85 |
| Audit and tax fees  | 27072 |
| Custody fees | 17579 |
| Legal fees | 3156 |
| Printing and shareholder reports fees | 4866 |
| Registration fees | 829 |
| Other accrued expenses | 11049 |
| Unrealized depreciation on forward foreign currency contracts | 78317 |
| Total liabilities | 9042744 |
| **Net assets**  | $238837540 |
| **Net assets consist of:** |  |
| Paid-in capital | $377546854 |
| Total distributable earnings (accumulated losses) | (138709314)<br>|
| **Net assets** | $238837540 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $9284598 |
| Class C | 871704 |
| Class I | 120822477 |
| Class I2 | 84543033 |
| Class R6 | 23315728 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 960011 |
| Class C | 90594 |
| Class I | 12438206 |
| Class I2 | 8721469 |
| Class R6 | 2398458 |
| **Net asset value per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.67 |
| Class C | 9.62 |
| Class I | 9.71 |
| Class I2 | 9.69 |
| Class R6 | 9.72 |
| **Maximum offering price per share:** <sup>(C)</sup> <br>|  |
| Class A | $10.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.*

<sup>(B)</sup> *Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class A and C shares equals net asset* *value less any applicable contingent deferred sales charge.* 

<sup>(C)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $21374861 |
| Net income from securities lending | 36894 |
| Withholding taxes on foreign income | (130317)<br>|
| Total investment income  | 21281438 |
| **Expenses:** |  |
| Investment management fees | 1594025 |
| Distribution and service fees: |  |
| Class A | 21499 |
| Class C | 11213 |
| Transfer agent fees: |  |
| Class A | 24241 |
| Class C | 1965 |
| Class I | 131531 |
| Class I2 | 6867 |
| Class R6 | 1899 |
| Trustee and CCO fees | 10733 |
| Audit and tax fees | 48698 |
| Custody fees | 111371 |
| Legal fees | 19340 |
| Printing and shareholder reports fees | 21956 |
| Registration fees | 81904 |
| Other | 43431 |
| Total expenses before waiver and/or reimbursement and recapture | 2130673 |
| Expenses waived and/or reimbursed: |  |
| Class A | (8482)<br>|
| Class I | (20113)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 4911 |
| Class I | 4247 |
| Net expenses | 2111236 |
| **Net investment income (loss)** | 19170202 |
| **Net realized gain (loss) on:** |  |
| Investments | (1475467 ) <sup>(A)</sup><br>|
| Forward foreign currency contracts | (1022984)<br>|
| Foreign currency transactions | (220551)<br>|
| Net realized gain (loss) | (2719002)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 7912281 <br><sup>(B)</sup><br>|
| Forward foreign currency contracts | 460530 |
| Translation of assets and liabilities denominated in foreign currencies | 71581 |
| Net change in unrealized appreciation (depreciation) | 8444392 |
| Net realized and change in unrealized gain (loss) | 5725390 |
| **Net increase (decrease) in net assets resulting from operations** | $24895592 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Includes net realized foreign capital gains tax of $77,640.*

<sup>(B)</sup> *Includes net change in foreign capital gains tax of $(10933).*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $19170202 | &nbsp;&nbsp;&nbsp;&nbsp; $21260658 |
| Net realized gain (loss) | (2719002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 720956 |
| Net change in unrealized appreciation (depreciation) | 8444392 | &nbsp;&nbsp;&nbsp;&nbsp; 19522145 |
| Net increase (decrease) in net assets resulting from operations | 24895592 | &nbsp;&nbsp;&nbsp;&nbsp; 41503759 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (495083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (444384)<br>|
| Class C | (59885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69899)<br>|
| Class I | (8023297)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8820104)<br>|
| Class I2 | (5952764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5518279)<br>|
| Class R6 | (1579341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1254326)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (16110370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16106992)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 9177277 | &nbsp;&nbsp;&nbsp;&nbsp; 13580868 |
| Class C | 43457 | &nbsp;&nbsp;&nbsp;&nbsp; 155805 |
| Class I | 61653721 | &nbsp;&nbsp;&nbsp;&nbsp; 65427121 |
| Class I2 | 5236928 | &nbsp;&nbsp;&nbsp;&nbsp; 25251866 |
| Class R6 | 9972661 | &nbsp;&nbsp;&nbsp;&nbsp; 1592168 |
|  | 86084044 | &nbsp;&nbsp;&nbsp;&nbsp; 106007828 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 473730 | &nbsp;&nbsp;&nbsp;&nbsp; 423457 |
| Class C | 46337 | &nbsp;&nbsp;&nbsp;&nbsp; 54688 |
| Class I | 6629403 | &nbsp;&nbsp;&nbsp;&nbsp; 7708970 |
| Class I2 | 5935858 | &nbsp;&nbsp;&nbsp;&nbsp; 5498763 |
| Class R6 | 1560421 | &nbsp;&nbsp;&nbsp;&nbsp; 1253264 |
|  | 14645749 | &nbsp;&nbsp;&nbsp;&nbsp; 14939142 |
| Cost of shares redeemed: |  |  |
| Class A | (9734185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14544228)<br>|
| Class C | (222175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (411384)<br>|
| Class I | (96190711)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109861320)<br>|
| Class I2 | (31697836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7315464)<br>|
| Class R6 | (11771188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2494842)<br>|
|  | (149616095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134627238)<br>|
| Automatic conversions: |  |  |
| Class A | 344280 | &nbsp;&nbsp;&nbsp;&nbsp; 434633 |
| Class C | (344280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434633)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (48886302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13680268)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 110 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| **Net increase (decrease) in net assets** | (40101080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11716609 |
| **Net assets:** |  |  |
| Beginning of year | 278938620 | &nbsp;&nbsp;&nbsp;&nbsp; 267222011 |
| End of year | $238837540 | &nbsp;&nbsp;&nbsp;&nbsp; $278938620 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Emerging Markets Debt**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 989522 | &nbsp;&nbsp;&nbsp;&nbsp; 1495433 |
| Class C | 4755 | &nbsp;&nbsp;&nbsp;&nbsp; 17318 |
| Class I | 6642829 | &nbsp;&nbsp;&nbsp;&nbsp; 7122893 |
| Class I2 | 581099 | &nbsp;&nbsp;&nbsp;&nbsp; 2764703 |
| Class R6 | 1099082 | &nbsp;&nbsp;&nbsp;&nbsp; 175420 |
|  | 9317287 | &nbsp;&nbsp;&nbsp;&nbsp; 11575767 |
| Shares reinvested: |  |  |
| Class A | 51890 | &nbsp;&nbsp;&nbsp;&nbsp; 45983 |
| Class C | 5111 | &nbsp;&nbsp;&nbsp;&nbsp; 5973 |
| Class I | 723865 | &nbsp;&nbsp;&nbsp;&nbsp; 834674 |
| Class I2 | 650205 | &nbsp;&nbsp;&nbsp;&nbsp; 595723 |
| Class R6 | 170210 | &nbsp;&nbsp;&nbsp;&nbsp; 135536 |
|  | 1601281 | &nbsp;&nbsp;&nbsp;&nbsp; 1617889 |
| Shares redeemed: |  |  |
| Class A | (1051735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1597242)<br>|
| Class C | (24430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45397)<br>|
| Class I | (10426986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11907490)<br>|
| Class I2 | (3595846)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (793788)<br>|
| Class R6 | (1282683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (273341)<br>|
|  | (16381680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14617258)<br>|
| Automatic conversions: |  |  |
| Class A | 37038 | &nbsp;&nbsp;&nbsp;&nbsp; 46991 |
| Class C | (37265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47273)<br>|
|  | (227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (282)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 26715 | &nbsp;&nbsp;&nbsp;&nbsp; (8835)<br>|
| Class C | (51829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69379)<br>|
| Class I | (3060292)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3949923)<br>|
| Class I2 | (2364542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2566638 |
| Class R6 | (13391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37615 |
|  | (5463339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1423884)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Emerging Markets Debt**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.24 | $8.45 | $7.91 | $10.57 | $10.33 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.66 | 0.61 | 0.53 | 0.50 | 0.46 |
| Net realized and unrealized gain (loss) | 0.31 | 0.65 | 0.46 | (2.81)<br>| 0.07 |
| Total investment operations | 0.97 | 1.26 | 0.99 | (2.31)<br>| 0.53 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.54)<br>| (0.47)<br>| (0.43)<br>| (0.35)<br>| (0.29)<br>|
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.54)<br>| (0.47)<br>| (0.45)<br>| (0.35)<br>| (0.29)<br>|
| **Net asset value, end of year** | $9.67 | $9.24 | $8.45 | $7.91 | $10.57 |
| **Total return** <sup>(E)</sup> <br>| 10.93<br> %<br>| 15.07 %<sup>(C)</sup><br>| 11.94<br> %<br>| (21.97 )%<sup>(D)</sup><br>| 5.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $9285 | $8627 | $7964 | $7220 | $11114 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.30<br> %<br>| 1.34<br> %<br>| 1.45<br> %<br>| 1.36<br> %<br>| 1.21<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.26 %<sup>(F)</sup><br>| 1.26 %<sup>(F)</sup><br>| 1.30 %<sup>(F)</sup><br>| 1.25<br> %<br>| 1.21<br> %<br>|
| Net investment income (loss) to average net assets | 7.12<br> %<br>| 6.71<br> %<br>| 6.08<br> %<br>| 5.39<br> %<br>| 4.26<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.20 | $8.41 | $7.87 | $10.51 | $10.22 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.60 | 0.55 | 0.47 | 0.44 | 0.39 |
| Net realized and unrealized gain (loss) | 0.29 | 0.65 | 0.46 | (2.79)<br>| 0.07 |
| Total investment operations | 0.89 | 1.20 | 0.93 | (2.35)<br>| 0.46 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.47)<br>| (0.41)<br>| (0.37)<br>| (0.29)<br>| (0.17)<br>|
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.47)<br>| (0.41)<br>| (0.39)<br>| (0.29)<br>| (0.17)<br>|
| **Net asset value, end of year** | $9.62 | $9.20 | $8.41 | $7.87 | $10.51 |
| **Total return** <sup>(D)</sup> <br>| 10.06<br> %<br>| 14.37<br> %<br>| 11.32<br> %<br>| (22.56 )%<sup>(C)</sup><br>| 4.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $872 | $1310 | $1781 | $2178 | $4203 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.94<br> %<br>| 1.89<br> %<br>| 1.95<br> %<br>| 1.92<br> %<br>| 1.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.94<br> %<br>| 1.89<br> %<br>| 1.95 %<sup>(E)</sup><br>| 1.92 %<sup>(E)</sup><br>| 1.86<br> %<br>|
| Net investment income (loss) to average net assets | 6.53<br> %<br>| 6.09<br> %<br>| 5.40<br> %<br>| 4.71<br> %<br>| 3.61<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Emerging Markets Debt**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.28 | $8.49 | $7.94 | $10.63 | $10.40 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.70 | 0.66 | 0.56 | 0.54 | 0.51 |
| Net realized and unrealized gain (loss) | 0.30 | 0.64 | 0.47 | (2.84)<br>| 0.07 |
| Total investment operations | 1.00 | 1.30 | 1.03 | (2.30)<br>| 0.58 |
| **Contributions from affiliate** |  |  |  | 0.04 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.51)<br>| (0.46)<br>| (0.43)<br>| (0.35)<br>|
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.51)<br>| (0.48)<br>| (0.43)<br>| (0.35)<br>|
| **Net asset value, end of year** | $9.71 | $9.28 | $8.49 | $7.94 | $10.63 |
| **Total return** | 11.33<br> %<br>| 15.60<br> %<br>| 12.42<br> %<br>| (21.42 )%<sup>(B)</sup><br>| 5.66<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $120822 | $143882 | $165110 | $149943 | $251616 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.81<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.86 %<sup>(C)</sup><br>| 0.85<br> %<br>| 0.90 %<sup>(C)</sup><br>| 0.85<br> %<br>| 0.81<br> %<br>|
| Net investment income (loss) to average net assets | 7.55<br> %<br>| 7.13<br> %<br>| 6.44<br> %<br>| 5.76<br> %<br>| 4.67<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.36%.* 

<sup>(C)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.27 | $8.47 | $7.93 | $10.63 | $10.41 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.71 | 0.66 | 0.57 | 0.54 | 0.52 |
| Net realized and unrealized gain (loss) | 0.29 | 0.66 | 0.46 | (2.84)<br>| 0.07 |
| Total investment operations | 1.00 | 1.32 | 1.03 | (2.30)<br>| 0.59 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.58)<br>| (0.52)<br>| (0.46)<br>| (0.40)<br>| (0.37)<br>|
| Return of capital |  |  | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.58)<br>| (0.52)<br>| (0.49)<br>| (0.40)<br>| (0.37)<br>|
| **Net asset value, end of year** | $9.69 | $9.27 | $8.47 | $7.93 | $10.63 |
| **Total return** | 11.33<br> %<br>| 15.62<br> %<br>| 12.43<br> %<br>| (21.83)%<br>| 5.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $84543 | $102716 | $72198 | $7318 | $140018 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.80<br> %<br>| 0.77<br> %<br>| 0.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.80 %<sup>(B)</sup><br>| 0.77<br> %<br>| 0.71<br> %<br>|
| Net investment income (loss) to average net assets | 7.65<br> %<br>| 7.23<br> %<br>| 6.49<br> %<br>| 5.54<br> %<br>| 4.76<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Emerging Markets Debt**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.29 | $8.50 | $7.95 | $10.63 | $10.40 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.71 | 0.67 | 0.57 | 0.55 | 0.52 |
| Net realized and unrealized gain (loss) | 0.30 | 0.64 | 0.47 | (2.83)<br>| 0.08 |
| Total investment operations | 1.01 | 1.31 | 1.04 | (2.28)<br>| 0.60 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.58)<br>| (0.52)<br>| (0.46)<br>| (0.40)<br>| (0.37)<br>|
| Return of capital |  |  | (0.03)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.58)<br>| (0.52)<br>| (0.49)<br>| (0.40)<br>| (0.37)<br>|
| **Net asset value, end of year** | $9.72 | $9.29 | $8.50 | $7.95 | $10.63 |
| **Total return** | 11.41<br> %<br>| 15.58<br> %<br>| 13.10<br> %<br>| (21.55)%<br>| 5.71<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $23316 | $22404 | $20169 | $25467 | $12395 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.75<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.71<br> %<br>|
| Net investment income (loss) to average net assets | 7.63<br> %<br>| 7.25<br> %<br>| 6.55<br> %<br>| 5.95<br> %<br>| 4.78<br> %<br>|
| Portfolio turnover rate | 199<br> %<br>| 151<br> %<br>| 152<br> %<br>| 135<br> %<br>| 185<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Emerging Markets Debt (the "Fund") is a series of the Trust and is classified as non-diversified under the 1940 Act. The Fund currently offers five classes of shares, Class A, Class C, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Cash overdraft:** The Fund may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Convertible bonds:* The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $2879383 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2879383 |
| Foreign Government Obligations | 1374211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1374211 |
| Total Securities Lending Transactions | $4253594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4253594 |
| **Total Borrowings** | **$4253594** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4253594** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Forward foreign currency contracts:** The Fund is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2025, are listed within the Schedule of Investments.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized appreciation on forward <br> foreign currency contracts<br>| $— | $197753 | $— | $— | $— | $197753 |
| **Total** | **$—** | **$197753** | **$—** | **$—** | **$—** | **$197753** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized depreciation on forward <br> foreign currency contracts<br>| $— | $(78317)<br>| $— | $— | $— | $(78317)<br>|
| **Total** | **$—** | **$(78317)**<br>| **$—** | **$—** | **$—** | **$(78317)**<br>|

---

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts  | $— | $(1022984)<br>| $— | $— | $— | $(1022984)<br>|
| **Total** | **$—** | **$(1022984)**<br>| **$—** | **$—** | **$—** | **$(1022984)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts  | $— | $460530 | $— | $— | $— | $460530 |
| **Total** | **$—** | **$460530** | **$—** | **$—** | **$—** | **$460530** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | $23822784 |
| Average contract amounts sold — in USD | 24569405 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of October 31, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Goldman Sachs Bank | $21595 | $(21595)<br>| $— | $— | $27948 | $(21595)<br>| $— | $6353 |
| HSBC Bank USA | 1340 | (1340)<br>|  |  | 33784 | (1340)<br>|  | 32444 |
| JPMorgan Chase Bank, N.A. | 32034 | (15245)<br>|  | 16789 | 15245 | (15245)<br>|  |  |
| Morgan Stanley Captial Services, <br> Inc.<br>| 2640 |  |  | 2640 |  |  |  |  |
| Royal Bank of Canada | 72834 | (1340)<br>|  | 71494 | 1340 | (1340)<br>|  |  |
| Other Derivatives <sup>(C)</sup> <br>| 67310 |  |  | 67310 |  |  |  |  |
| **Total** | **$197753** | **$(39520)**<br>| **$—** | **$158233** | **$78317** | **$(39520)**<br>| **$—** | **$38797** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

<sup>(C)</sup> *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward* *positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit* *reconciliation to the amount presented within the Schedule of Investments.* 

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Sovereign debt risk:** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker,

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Privately placed and other restricted securities risk:** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by the Fund could adversely affect the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting the Fund's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. The Fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the Fund.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $91976337 | 38.51<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $400 million | 0.63<br> % <br>|
| Over $400 million | 0.61 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.25<br> % <br>| March 1, 2026 |
| Class C | 1.96 | March 1, 2026 |
| Class I | 0.85 | March 1, 2026 |
| Class I2, Class R6 | 0.80 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $10990 | $8393 | $8482 | $27865 |
| Class I |  |  | 15866 | 15866 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $3653 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class A of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $164393 | &nbsp;&nbsp; $13269 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $467959031 | &nbsp;&nbsp; $5889587 | &nbsp;&nbsp; $514267341 | &nbsp;&nbsp; $5846945 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal year

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the year ended October 31, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, defaulted bonds, premium amortization adjustments and forward contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $233469889 | &nbsp;&nbsp; $11524896 | &nbsp;&nbsp; $(4238666)<br>| &nbsp;&nbsp; $7286230 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $81296861 | &nbsp;&nbsp;&nbsp;&nbsp; $65703943 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $1,013,247.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $16110370 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16106992 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $1397210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(147000804)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(297124)<br>| &nbsp;&nbsp; $7191404 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**Transamerica Emerging Markets Debt**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**11. OPERATING SEGMENTS (continued)**

information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Emerging Markets Debt

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Emerging Markets Debt (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img9c227d223.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 39**

------

**Transamerica Emerging Markets Debt** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Emerging Markets Debt (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 MetLife Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 40**

------

**Transamerica Emerging Markets Debt** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 3-, 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 the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability. The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 41**

------

**Transamerica Emerging Markets Debt** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion** 

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 42**

------

![](g67628imgad34c5374.gif)

![](g67628img79dcb1905.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886794 TA EMD 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img6944efb06.gif)

------

![](g67628img20397c851.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Emerging Markets Equity**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img02c821c02.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_SOI-RunningFooter-160_1) | 2 |
| [Statement of Assets and Liabilities](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_FS-RunningFooter-160_1) | 5 |
| [Statement of Operations](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_FS-RunningFooter-160_2) | 6 |
| [Statement of Changes in Net Assets](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_FS-RunningFooter-160_3) | 7 |
| [Financial Highlights](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_FIHI-RunningFooter-160_1) | 8 |
| [Notes to Financial Statements](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_NTF-RunningFooter-160_1) | 10 |
| **[Report of Independent Registered Public Accounting Firm](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_AUD-RunningFooter-160_1)** | 20 |
| **[Supplemental Information](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_STI-RunningFooter-160_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_DWA-RunningFooter-160_1)**<br> **[Companies](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_DWA-RunningFooter-160_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_PD-RunningFooter-160_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_REMU-RunningFooter-160_1)**<br> **[Companies](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_REMU-RunningFooter-160_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_5b8e48b3-0d29-416b-98df-a1d0ddba2b77_AIAC-RunningFooter-160_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Emerging Markets Equity**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.7%**  | **COMMON STOCKS - 98.7%**  | **COMMON STOCKS - 98.7%**  |
| **Brazil - 2.7%**  | **Brazil - 2.7%**  | **Brazil - 2.7%**  |
| Banco BTG Pactual SA | 288800 | $2620697 |
| Vale SA | 228700 | 2774183 |
|  |  | 5394880 |
| **Canada - 1.6%**  | **Canada - 1.6%**  | **Canada - 1.6%**  |
| Fairfax India Holdings Corp. <sup>(A)(B)(C)</sup> <br>| 186400 | 3168800 |
| **China - 15.2%**  | **China - 15.2%**  | **China - 15.2%**  |
| Fu Shou Yuan International Group Ltd. <sup>(C)</sup> <br>| 5669800 | 2145178 |
| &nbsp;&nbsp; Kingdee International Software Group Co. <br> Ltd. <sup>(B)</sup> <br>| 1290000 | 2433727 |
| Kweichow Moutai Co. Ltd., Class A | 12910 | 2595303 |
| Lenovo Group Ltd. | 1602500 | 2342744 |
| NetEase, Inc. | 168600 | 4708315 |
| Tencent Holdings Ltd. | 138078 | 11176952 |
| Zijin Mining Group Co. Ltd., H Shares | 1204400 | 4997054 |
|  |  | 30399273 |
| **Greece - 1.9%**  | **Greece - 1.9%**  | **Greece - 1.9%**  |
| Motor Oil Hellas Corinth Refineries SA | 64700 | 1940480 |
| OPAP SA | 90600 | 1874520 |
|  |  | 3815000 |
| **Hong Kong - 8.1%**  | **Hong Kong - 8.1%**  | **Hong Kong - 8.1%**  |
| AIA Group Ltd. | 445553 | 4326203 |
| Alibaba Group Holding Ltd. | 422173 | 8969862 |
| SITC International Holdings Co. Ltd. | 777700 | 2864375 |
|  |  | 16160440 |
| **Hungary - 1.0%**  | **Hungary - 1.0%**  | **Hungary - 1.0%**  |
| Richter Gedeon Nyrt | 61700 | 1901750 |
| **India - 8.5%**  | **India - 8.5%**  | **India - 8.5%**  |
| 360 ONE WAM Ltd. | 168800 | 2061244 |
| Coal India Ltd. | 500900 | 2196097 |
| HDFC Bank Ltd. | 329262 | 3664411 |
| HEG Ltd. | 333300 | 2211456 |
| ICICI Bank Ltd. | 254600 | 3858955 |
| Reliance Industries Ltd. | 185126 | 3101031 |
|  |  | 17093194 |
| **Japan - 0.9%**  | **Japan - 0.9%**  | **Japan - 0.9%**  |
| Nexon Co. Ltd. | 90600 | 1851859 |
| **Kazakhstan - 1.4%**  | **Kazakhstan - 1.4%**  | **Kazakhstan - 1.4%**  |
| &nbsp;&nbsp; Halyk Savings Bank of Kazakhstan JSC, <br> GDR <sup>(D)</sup> <br>| 103600 | 2766120 |
| **Luxembourg - 1.3%**  | **Luxembourg - 1.3%**  | **Luxembourg - 1.3%**  |
| Millicom International Cellular SA | 55900 | 2633449 |
| **Mexico - 4.3%**  | **Mexico - 4.3%**  | **Mexico - 4.3%**  |
| Fibra Uno Administracion SA de CV, REIT | 1309871 | 1908561 |
| &nbsp;&nbsp; Fomento Economico Mexicano SAB de <br> CV <sup>(C)</sup> <br>| 260400 | 2453257 |
| &nbsp;&nbsp; Promotora y Operadora de Infraestructura <br> SAB de CV <sup>(C)</sup> <br>| 141900 | 1833164 |
| Wal-Mart de Mexico SAB de CV <sup>(C)</sup> <br>| 701277 | 2321422 |
|  |  | 8516404 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Philippines - 1.5%**  | **Philippines - 1.5%**  | **Philippines - 1.5%**  |
| &nbsp;&nbsp; International Container Terminal Services, <br> Inc.<br>| 337700 | $3045846 |
| **Poland - 1.0%**  | **Poland - 1.0%**  | **Poland - 1.0%**  |
| Allegro.eu SA <sup>(A)(B)</sup> <br>| 210700 | 1968359 |
| **Republic of Korea - 13.5%**  | **Republic of Korea - 13.5%**  | **Republic of Korea - 13.5%**  |
| Hugel, Inc. <sup>(B)</sup> <br>| 7900 | 1452746 |
| Hyundai Motor Co. | 17364 | 3534346 |
| KINX, Inc. | 45900 | 2996105 |
| Krafton, Inc. <sup>(B)</sup> <br>| 14800 | 2867029 |
| Park Systems Corp. | 13300 | 2273066 |
| Samsung Electronics Co. Ltd. | 129347 | 9759468 |
| Shinhan Financial Group Co. Ltd. | 80077 | 4119771 |
|  |  | 27002531 |
| **Republic of South Africa - 5.0%**  | **Republic of South Africa - 5.0%**  | **Republic of South Africa - 5.0%**  |
| Investec PLC | 383100 | 2883785 |
| Naspers Ltd., N Shares | 101570 | 7147423 |
|  |  | 10031208 |
| **Russian Federation - 0.0%**  | **Russian Federation - 0.0%**  | **Russian Federation - 0.0%**  |
| Gazprom PJSC, ADR <sup>(B)(E)(F)(G)</sup> <br>| 2525844 | 0 |
| GMK Norilskiy Nickel PAO <sup>(B)(E)(F)(G)</sup> <br>| 737100 | 0 |
| Lukoil PJSC, ADR <sup>(B)(E)(F)(G)</sup> <br>| 192700 | 0 |
| Mobile TeleSystems PJSC, ADR <sup>(B)(E)(F)(G)</sup> <br>| 382338 | 0 |
| Novatek PJSC, GDR <sup>(B)(D)(E)(F)(G)</sup> <br>| 2914 | 0 |
| Sberbank of Russia PJSC <sup>(B)(E)(F)(G)</sup> <br>| 1980987 | 0 |
|  |  | 0 |
| **Saudi Arabia - 1.4%**  | **Saudi Arabia - 1.4%**  | **Saudi Arabia - 1.4%**  |
| Saudi Awwal Bank | 322879 | 2785952 |
| **Taiwan - 17.8%**  | **Taiwan - 17.8%**  | **Taiwan - 17.8%**  |
| Accton Technology Corp. | 99721 | 3503423 |
| Acter Group Corp. Ltd. | 112800 | 2825412 |
| E Ink Holdings, Inc. | 461000 | 3179207 |
| Fusheng Precision Co. Ltd. | 272600 | 2150402 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 490763 | 23946667 |
|  |  | 35605111 |
| **Turkey - 2.1%**  | **Turkey - 2.1%**  | **Turkey - 2.1%**  |
| Coca-Cola Icecek AS | 1992000 | 2434698 |
| KOC Holding AS | 456700 | 1863550 |
|  |  | 4298248 |
| **United Arab Emirates - 1.1%**  | **United Arab Emirates - 1.1%**  | **United Arab Emirates - 1.1%**  |
| Emaar Properties PJSC | 570975 | 2207448 |
| **United Kingdom - 3.9%**  | **United Kingdom - 3.9%**  | **United Kingdom - 3.9%**  |
| Airtel Africa PLC <sup>(A)</sup> <br>| 545579 | 1982467 |
| Anglo American PLC | 72500 | 2738243 |
| Georgia Capital PLC <sup>(B)</sup> <br>| 87800 | 2987379 |
|  |  | 7708089 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Emerging Markets Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States - 2.8%**  | **United States - 2.8%**  | **United States - 2.8%**  |
| ACM Research, Inc., Class A <sup>(B)</sup> <br>| 107700 | $4465243 |
| Tecnoglass, Inc. | 20600 | 1228378 |
|  |  | 5693621 |
| **Uruguay - 1.7%**  | **Uruguay - 1.7%**  | **Uruguay - 1.7%**  |
| Arcos Dorados Holdings, Inc., Class A | 281400 | 2017638 |
| MercadoLibre, Inc. <sup>(B)</sup> <br>| 600 | 1396356 |
|  |  | 3413994 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $198,331,863)**<br>|  | 197461576 |
| **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  | **OTHER INVESTMENT COMPANY - 0.2%**  |
| **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  | **Securities Lending Collateral - 0.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(H)</sup> <br>| 436592 | 436592 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $436,592)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $436,592)** | 436592 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(H)</sup>, dated 10/31/2025, to be <br> repurchased at $3,006,932 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $3,066,781.<br>| $3006556 | $3006556 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,006,556)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,006,556)** | 3006556 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $201,775,011)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $201,775,011)** | 200904724 |
| **Net Other Assets (Liabilities) - (0.4)%** | **Net Other Assets (Liabilities) - (0.4)%** | (804564) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$200100160** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Semiconductors & Semiconductor Equipment | 14.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28411910 |
| Broadline Retail | 9.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19482000 |
| Banks | 8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17195209 |
| Capital Markets | 6.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13721905 |
| Technology Hardware, Storage & Peripherals | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12102212 |
| Interactive Media & Services | 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11176952 |
| Metals & Mining | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10509480 |
| Entertainment | 4.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9427203 |
| Beverages | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7483258 |
| Oil, Gas & Consumable Fuels | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7237608 |
| Electronic Equipment, Instruments & Components | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5452273 |
| Transportation Infrastructure | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4879010 |
| Wireless Telecommunication Services | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4615916 |
| Insurance | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4326203 |
| Hotels, Restaurants & Leisure | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3892158 |
| Automobiles | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3534346 |
| Communications Equipment | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3503423 |
| Diversified Telecommunication Services | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2996105 |
| Marine Transportation | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2864375 |
| Construction & Engineering | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2825412 |
| Software | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2433727 |
| Consumer Staples Distribution & Retail | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321422 |
| Electrical Equipment | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2211456 |
| Real Estate Management & Development | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2207448 |
| Leisure Products | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150402 |
| Diversified Consumer Services | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145178 |
| Diversified REITs | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1908561 |
| Pharmaceuticals | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1901750 |
| Industrial Conglomerates | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863550 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Emerging Markets Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Biotechnology | 0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1452746 |
| Building Products | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228378 |
| **Investments** | **98.3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **197461576** |
| Short-Term Investments | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3443148 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$200904724** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(I)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(J)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $31587268 | &nbsp;&nbsp; $165874308 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $197461576 |
| Other Investment Company | 436592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 436592 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3006556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3006556 |
| **Total Investments** | **$32023860** | &nbsp;&nbsp; **$168880864** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$200904724** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $7,119,626, representing 3.6% of the* *Fund's net assets.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $6,992,573, collateralized by cash collateral of $436,592 and* *non-cash collateral, such as U.S. government securities of $6,947,701. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(D)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $2,766,120, representing* *1.4% of the Fund's net assets.* 

<sup>(E)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $0, representing* *0.0% of the Fund's net assets.* 

<sup>(F)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At October 31, 2025, the total value of the* *securities is $0, representing 0.0% of the Fund's net assets.* 

<sup>(G)</sup> *Security deemed worthless.*

<sup>(H)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(I)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(J)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *GDR* | *Global Depositary Receipt* |
| *JSC* | *Joint Stock Company* |
| *PJSC* | *Private Joint Stock Co.* |
| *REIT* | *Real Estate Investment Trust* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Emerging Markets Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $198,768,455) (including securities loaned of $6,992,573) | $197898168 |
| Repurchase agreement, at value (cost $3,006,556) | 3006556 |
| Foreign currency, at value (cost $172,601) | 166376 |
| Receivables and other assets: |  |
| Net income from securities lending | 4109 |
| Shares of beneficial interest sold  | 43 |
| Dividends  | 114406 |
| Interest | 125 |
| Tax reclaims | 7093 |
| Total assets | 201196876 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 436592 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 9370 |
| Foreign capital gains tax | 343707 |
| Investment management fees | 259257 |
| Transfer agent fees | 1309 |
| Trustee and CCO fees | 67 |
| Audit and tax fees  | 19684 |
| Custody fees | 10749 |
| Legal fees | 1629 |
| Printing and shareholder reports fees | 831 |
| Registration fees | 3343 |
| Other accrued expenses | 10178 |
| Total liabilities | 1096716 |
| **Net assets**  | $200100160 |
| **Net assets consist of:** |  |
| Paid-in capital | $457581152 |
| Total distributable earnings (accumulated losses) | (257480992)<br>|
| **Net assets** | $200100160 |
| **Net assets by class:** |  |
| Class I | $607265 |
| Class I2 | 191780979 |
| Class R6 | 7711916 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I | 56231 |
| Class I2 | 17769153 |
| Class R6 | 710647 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I | $10.80 |
| Class I2 | 10.79 |
| Class R6 | 10.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Emerging Markets Equity**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $4256836 |
| Interest income | 48864 |
| Net income from securities lending | 19928 |
| Withholding taxes on foreign income | (385573)<br>|
| Total investment income  | 3940055 |
| **Expenses:** |  |
| Investment management fees | 1137303 |
| Transfer agent fees: |  |
| Class I | 817 |
| Class I2 | 10119 |
| Class R6 | 619 |
| Trustee and CCO fees | 6300 |
| Audit and tax fees | 87830 |
| Custody fees | 41093 |
| Legal fees | 28213 |
| Printing and shareholder reports fees | 9001 |
| Registration fees | 53128 |
| Interest | 558 |
| Other | 25983 |
| Total expenses before waiver and/or reimbursement and recapture | 1400964 |
| Expenses waived and/or reimbursed: |  |
| Class I | (1790)<br>|
| Class I2 | (184721)<br>|
| Class R6 | (12245)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class I | 1125 |
| Class I2 | 160090 |
| Class R6 | 10738 |
| Net expenses | 1374161 |
| **Net investment income (loss)** | 2565894 |
| **Net realized gain (loss) on:** |  |
| Investments | 4202948 <br><sup>(A)</sup><br>|
| Foreign currency transactions | (61871)<br>|
| Net realized gain (loss) | 4141077 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 37727311 <br><sup>(B)</sup><br>|
| Translation of assets and liabilities denominated in foreign currencies | 13583 |
| Net change in unrealized appreciation (depreciation) | 37740894 |
| Net realized and change in unrealized gain (loss) | 41881971 |
| **Net increase (decrease) in net assets resulting from operations** | $44447865 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Includes net realized foreign capital gains tax of $(5528).*

<sup>(B)</sup> *Includes net change in foreign capital gains tax of $(339996).*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Emerging Markets Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $2565894 | &nbsp;&nbsp;&nbsp;&nbsp; $5704962 |
| Net realized gain (loss) | 4141077 | &nbsp;&nbsp;&nbsp;&nbsp; 16160973 |
| Net change in unrealized appreciation (depreciation) | 37740894 | &nbsp;&nbsp;&nbsp;&nbsp; 35062611 |
| Net increase (decrease) in net assets resulting from operations | 44447865 | &nbsp;&nbsp;&nbsp;&nbsp; 56928546 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; (140842)<br>|
| Class I2 | (169875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9948466)<br>|
| Class R6 | (10804)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169326)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (180679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10258634)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | 40 | &nbsp;&nbsp;&nbsp;&nbsp; 3325494 |
| Class I2 | 50885215 | &nbsp;&nbsp;&nbsp;&nbsp; 4691982 |
| Class R6 | 3337656 | &nbsp;&nbsp;&nbsp;&nbsp; 661397 |
|  | 54222911 | &nbsp;&nbsp;&nbsp;&nbsp; 8678873 |
| Dividends and/or distributions reinvested: |  |  |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 103097 |
| Class I2 | 169875 | &nbsp;&nbsp;&nbsp;&nbsp; 9948466 |
| Class R6 | 10804 | &nbsp;&nbsp;&nbsp;&nbsp; 169326 |
|  | 180679 | &nbsp;&nbsp;&nbsp;&nbsp; 10220889 |
| Cost of shares redeemed: |  |  |
| Class I | (3624805)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5682116)<br>|
| Class I2 | (16023872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (292773154)<br>|
| Class R6 | (4701265)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (895988)<br>|
|  | (24349942)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (299351258)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 30053648 | &nbsp;&nbsp;&nbsp;&nbsp; (280451496)<br>|
| **Net increase (decrease) in net assets** | 74320834 | &nbsp;&nbsp;&nbsp;&nbsp; (233781584)<br>|
| **Net assets:** |  |  |
| Beginning of year | 125779326 | &nbsp;&nbsp;&nbsp;&nbsp; 359560910 |
| End of year | $200100160 | &nbsp;&nbsp;&nbsp;&nbsp; $125779326 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I | 6 | &nbsp;&nbsp;&nbsp;&nbsp; 450869 |
| Class I2 | 5481254 | &nbsp;&nbsp;&nbsp;&nbsp; 631872 |
| Class R6 | 412704 | &nbsp;&nbsp;&nbsp;&nbsp; 88793 |
|  | 5893964 | &nbsp;&nbsp;&nbsp;&nbsp; 1171534 |
| Shares reinvested: |  |  |
| Class I |  | &nbsp;&nbsp;&nbsp;&nbsp; 14171 |
| Class I2 | 21129 | &nbsp;&nbsp;&nbsp;&nbsp; 1367059 |
| Class R6 | 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 23143 |
|  | 22464 | &nbsp;&nbsp;&nbsp;&nbsp; 1404373 |
| Shares redeemed: |  |  |
| Class I | (449242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (758365)<br>|
| Class I2 | (1928891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37491036)<br>|
| Class R6 | (515023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (116142)<br>|
|  | (2893156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38365543)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I | (449236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (293325)<br>|
| Class I2 | 3573492 | &nbsp;&nbsp;&nbsp;&nbsp; (35492105)<br>|
| Class R6 | (100984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4206)<br>|
|  | 3023272 | &nbsp;&nbsp;&nbsp;&nbsp; (35789636)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Emerging Markets Equity**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.10 | $7.00 | $6.59 | $11.81 | $9.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.12 | 0.13 | 0.25 | 0.19 |
| Net realized and unrealized gain (loss) | 2.56 | 1.18 | 0.48 | (4.30)<br>| 1.78 |
| Total investment operations | 2.70 | 1.30 | 0.61 | (4.05)<br>| 1.97 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income |  | (0.20)<br>| (0.20)<br>| (0.14)<br>| (0.06)<br>|
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders |  | (0.20)<br>| (0.20)<br>| (1.18)<br>| (0.06)<br>|
| **Net asset value, end of year** | $10.80 | $8.10 | $7.00 | $6.59 | $11.81 |
| **Total return** | 33.33<br> %<br>| 18.94<br> %<br>| 9.13<br> %<br>| (37.56 )%<sup>(B)</sup><br>| 19.96<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $607 | $4094 | $5593 | $5366 | $8503 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.07<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 0.97<br> %<br>| 0.97 %<sup>(C)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.97 %<sup>(C)(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.58<br> %<br>| 1.62<br> %<br>| 1.67<br> %<br>| 2.80<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.11 | $7.01 | $6.60 | $11.82 | $9.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.14 | 0.13 | 0.26 | 0.12 |
| Net realized and unrealized gain (loss) | 2.53 | 1.17 | 0.49 | (4.30)<br>| 1.87 |
| Total investment operations | 2.69 | 1.31 | 0.62 | (4.04)<br>| 1.99 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.21)<br>| (0.21)<br>| (0.14)<br>| (0.07)<br>|
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.01)<br>| (0.21)<br>| (0.21)<br>| (1.18)<br>| (0.07)<br>|
| **Net asset value, end of year** | $10.79 | $8.11 | $7.01 | $6.60 | $11.82 |
| **Total return** | 33.24<br> %<br>| 19.02<br> %<br>| 9.23<br> %<br>| (37.55)%<br>| 20.11<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $191781 | $115068 | $348221 | $749653 | $1323558 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(B)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 1.78<br> %<br>| 1.78<br> %<br>| 1.74<br> %<br>| 2.90<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Emerging Markets Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $8.15 | $7.04 | $6.64 | $11.82 | $12.58 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.16 | 0.12 | 0.12 | 0.24 | 0.09 |
| Net realized and unrealized gain (loss) | 2.55 | 1.20 | 0.49 | (4.30)<br>| (0.85 )<sup>(C)</sup><br>|
| Total investment operations | 2.71 | 1.32 | 0.61 | (4.06)<br>| (0.76)<br>|
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.01)<br>| (0.21)<br>| (0.21)<br>| (0.08)<br>|  |
| Net realized gains |  |  |  | (1.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.01)<br>| (0.21)<br>| (0.21)<br>| (1.12)<br>|  |
| **Net asset value, end of year** | $10.85 | $8.15 | $7.04 | $6.64 | $11.82 |
| **Total return** | 33.34<br> %<br>| 19.03<br> %<br>| 9.17<br> %<br>| (37.58)%<br>| (5.96 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7712 | $6617 | $5747 | $49613 | $9 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.97<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(E)(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.95<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.87<br> %<br>| 0.87 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 1.79<br> %<br>| 1.59<br> %<br>| 1.58<br> %<br>| 2.92<br> %<br>| 1.73 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 35<br> %<br>| 71<br> %<br>| 68<br> %<br>| 66<br> %<br>| 85<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 28, 2021.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Emerging Markets Equity (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $7,997.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using Net Asset Value ("NAV") per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025. For the period December 31, 2024 to October 31, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $436592 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $436592 |
| **Total Borrowings** | **$436592** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$436592** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**China A–shares risk:** The Fund may invest in equity securities of certain Chinese companies, referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the "Programs").The Programs are subject to daily quota limitations, which may restrict the Fund's ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the Fund's investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future. Investments in China A-shares are subject to risks specific to the China market. Any significant change in mainland China's political, social or economic policies may have a negative impact on investments in the China market. In addition, uncertainties in mainland China tax legislation could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the Fund.

**Frontier markets risk:** Frontier market countries generally have smaller economies and even less developed capital markets than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $182051126 | 90.98<br> % <br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.79<br> % <br>|
| Over $250 million up to $500 million | 0.75 |
| Over $500 million | 0.70 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class I | 0.98<br> % <br>| March 1, 2026 |
| Class I2, Class R6 | 0.95 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class I | $— | $2415 | $1790 | $4205 |
| Class I2 |  |  | 24630 | 24630 |
| Class R6 |  |  | 1508 | 1508 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $11545 | &nbsp;&nbsp; $1307 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $82048935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48944268 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, passive foreign investment companies and QEF - 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 distributions in excess of current earnings. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $144383 | &nbsp;&nbsp;&nbsp;&nbsp; $(144383)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $213162045 | &nbsp;&nbsp; $50667973 | &nbsp;&nbsp; $(62925294)<br>| &nbsp;&nbsp; $(12257321)<br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Emerging Markets Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $89631120 | &nbsp;&nbsp;&nbsp;&nbsp; $158320957 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $3,171,179.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $180679 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10258634 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $3083222 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(247952077)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12612137)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Emerging Markets Equity

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Emerging Markets Equity (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img98fa20be3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $553,292 of qualified dividend income.

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2875800 | $372613 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Emerging Markets Equity** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Emerging Markets Equity (the "Fund").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Emerging Markets Equity** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I Shares of the Fund was below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3- and 5-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on August 30, 2024 pursuant to its current investment strategies. The Trustees observed that the performance of the Fund had improved during the first quarter of 2025.

**Management Fee and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Fund's sub-adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee 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. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on August 30, 2024 and was not fully reflected in the comparative data.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Emerging Markets Equity** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Fund**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Fund's sub-adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Management Agreement.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

![](g67628imge1fc59094.gif)

![](g67628img78de83ef5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 TA EME 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img6d41f3136.gif)

------

![](g67628imgab4de3221.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Energy Infrastructure**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgd527abe42.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_SOI-RunningFooter-168_1) | 2 |
| [Statement of Assets and Liabilities](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_FS-RunningFooter-168_1) | 4 |
| [Statement of Operations](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_FS-RunningFooter-168_2) | 5 |
| [Statement of Changes in Net Assets](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_FS-RunningFooter-168_3) | 6 |
| [Financial Highlights](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_FIHI-RunningFooter-168_1) | 8 |
| [Notes to Financial Statements](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_NTF-RunningFooter-168_1) | 10 |
| **[Report of Independent Registered Public Accounting Firm](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_AUD-RunningFooter-168_1)** | 19 |
| **[Supplemental Information](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_STI-RunningFooter-168_1)** | 20 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_DWA-RunningFooter-168_1)**<br> **[Companies](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_DWA-RunningFooter-168_1)**<br>| 21 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_PD-RunningFooter-168_1)** | 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_REMU-RunningFooter-168_1)**<br> **[Companies](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_REMU-RunningFooter-168_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_12e21ae1-42ed-4095-8c6d-65509b2c0619_AIAC-RunningFooter-168_1)** | 24 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Energy Infrastructure**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 69.8%**  | **COMMON STOCKS - 69.8%**  | **COMMON STOCKS - 69.8%**  |
| **Chemicals - 1.1%**  | **Chemicals - 1.1%**  | **Chemicals - 1.1%**  |
| Linde PLC | 3062 | $1280835 |
| **Construction & Engineering - 1.3%**  | **Construction & Engineering - 1.3%**  | **Construction & Engineering - 1.3%**  |
| Quanta Services, Inc. | 3521 | 1581387 |
| **Electric Utilities - 2.9%**  | **Electric Utilities - 2.9%**  | **Electric Utilities - 2.9%**  |
| Entergy Corp. | 29528 | 2837346 |
| PPL Corp. | 17141 | 625989 |
|  |  | 3463335 |
| **Energy Equipment & Services - 3.0%**  | **Energy Equipment & Services - 3.0%**  | **Energy Equipment & Services - 3.0%**  |
| Archrock, Inc. | 83105 | 2100063 |
| Kodiak Gas Services, Inc. | 41035 | 1513371 |
|  |  | 3613434 |
| **Gas Utilities - 0.5%**  | **Gas Utilities - 0.5%**  | **Gas Utilities - 0.5%**  |
| National Fuel Gas Co. | 7319 | 577542 |
| **Multi-Utilities - 2.4%**  | **Multi-Utilities - 2.4%**  | **Multi-Utilities - 2.4%**  |
| Sempra | 31665 | 2911280 |
| **Oil, Gas & Consumable Fuels - 58.6%**  | **Oil, Gas & Consumable Fuels - 58.6%**  | **Oil, Gas & Consumable Fuels - 58.6%**  |
| Antero Midstream Corp. | 250206 | 4316053 |
| Cheniere Energy, Inc. | 48155 | 10208860 |
| DT Midstream, Inc. | 53080 | 5811729 |
| Enbridge, Inc. <sup>(A)</sup> <br>| 119564 | 5574074 |
| Excelerate Energy, Inc., Class A | 52012 | 1347631 |
| Hess Midstream LP, Class A | 77021 | 2614863 |
| Kinder Morgan, Inc. | 333440 | 8732794 |
| ONEOK, Inc. | 81786 | 5479662 |
| Pembina Pipeline Corp. <sup>(A)</sup> <br>| 100738 | 3810919 |
| Rockpoint Gas Storage, Inc., Class A <sup>(A)(B)</sup> <br>| 29240 | 540373 |
| Targa Resources Corp. | 23202 | 3574036 |
| TC Energy Corp. | 136232 | 6833397 |
| Williams Cos., Inc. | 208743 | 12079957 |
|  |  | 70924348 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $61,733,635)**<br>|  | 84352161 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MASTER LIMITED PARTNERSHIPS - 26.2%** <sup>(C)</sup> | **MASTER LIMITED PARTNERSHIPS - 26.2%** <sup>(C)</sup> | **MASTER LIMITED PARTNERSHIPS - 26.2%** <sup>(C)</sup> |
| **Oil, Gas & Consumable Fuels - 26.2%**  | **Oil, Gas & Consumable Fuels - 26.2%**  | **Oil, Gas & Consumable Fuels - 26.2%**  |
| Energy Transfer LP | 520556 | $8760957 |
| Enterprise Products Partners LP | 318779 | 9815205 |
| MPLX LP | 111597 | 5664664 |
| Plains GP Holdings LP, Class A <sup>(B)</sup> <br>| 174633 | 3015912 |
| Western Midstream Partners LP | 118844 | 4453085 |
| &nbsp;&nbsp; **Total Master Limited Partnerships** <br>**(Cost $22,875,367)**<br>|  | 31709823 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.7%**  | **REPURCHASE AGREEMENT - 3.7%**  | **REPURCHASE AGREEMENT - 3.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(D)</sup>, dated 10/31/2025, to be <br> repurchased at $4,524,313 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $4,614,393.<br>| $4523748 | 4523748 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $4,523,748)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $4,523,748)** | 4523748 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $89,132,750)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $89,132,750)** | 120585732 |
| **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 336374 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$120922106** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $84352161 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $84352161 |
| Master Limited Partnerships | 31709823 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31709823 |
| Repurchase Agreement |  | &nbsp;&nbsp; 4523748 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4523748 |
| **Total Investments** | **$116061984** | &nbsp;&nbsp; **$4523748** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$120585732** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Energy Infrastructure**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $9,660,978, collateralized by non-cash collateral, such as U.S.* *government securities of $9,905,610. The amount on loan indicated may not correspond with the securities on loan identified because a security with* *pending sales are in the process of recall from the brokers.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *The Fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of master limited partnerships and other entities* *that are treated as qualified publicly traded partnerships for federal income tax purposes. This limit does not apply to master limited partnerships, which* *are not treated as publicly traded partnerships for federal income tax purposes.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Energy Infrastructure**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $84,609,002) (including securities loaned of $9,660,978) | $116061984 |
| Repurchase agreement, at value (cost $4,523,748) | 4523748 |
| Cash | 90794 |
| Receivables and other assets: |  |
| Investments sold  | 66361 |
| Net income from securities lending | 867 |
| Shares of beneficial interest sold  | 121011 |
| Dividends  | 353916 |
| Interest | 188 |
| Total assets | 121218869 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 130348 |
| Investment management fees | 111812 |
| Distribution and service fees | 10139 |
| Transfer agent fees | 6785 |
| Trustee and CCO fees | 45 |
| Audit and tax fees  | 23361 |
| Custody fees | 1528 |
| Legal fees | 1695 |
| Printing and shareholder reports fees | 2346 |
| Registration fees | 540 |
| Other accrued expenses | 8164 |
| Total liabilities | 296763 |
| **Net assets**  | $120922106 |
| **Net assets consist of:** |  |
| Paid-in capital | $227700946 |
| Total distributable earnings (accumulated losses) | (106778840)<br>|
| **Net assets** | $120922106 |
| **Net assets by class:** |  |
| Class A | $32243142 |
| Class C | 3467232 |
| Class I | 33467568 |
| Class I2 | 51744164 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 3787681 |
| Class C | 407595 |
| Class I | 3934650 |
| Class I2 | 6079253 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.51 |
| Class C | 8.51 |
| Class I | 8.51 |
| Class I2 | 8.51 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.01 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Energy Infrastructure**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $5453713 |
| Interest income | 90357 |
| Net income from securities lending | 41392 |
| Withholding taxes on foreign income | (142561)<br>|
| Total investment income  | 5442901 |
| **Expenses:** |  |
| Investment management fees | 1442042 |
| Distribution and service fees: |  |
| Class A | 82544 |
| Class C | 44233 |
| Transfer agent fees: |  |
| Class A | 31529 |
| Class C | 5988 |
| Class I | 46262 |
| Class I2 | 4120 |
| Trustee and CCO fees | 5782 |
| Audit and tax fees | 38176 |
| Custody fees | 6187 |
| Legal fees | 16482 |
| Printing and shareholder reports fees | 23661 |
| Registration fees | 56234 |
| Other | 29957 |
| Total expenses before waiver and/or reimbursement and recapture | 1833197 |
| Expenses waived and/or reimbursed: |  |
| Class C | (557)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 1956 |
| Net expenses | 1834596 |
| **Net investment income (loss)** | 3608305 |
| **Net realized gain (loss) on:** |  |
| Investments | 17180263 |
| Foreign currency transactions | (1530)<br>|
| Net realized gain (loss) | 17178733 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (11195883)<br>|
| Translation of assets and liabilities denominated in foreign currencies | 748 |
| Net change in unrealized appreciation (depreciation) | (11195135)<br>|
| Net realized and change in unrealized gain (loss) | 5983598 |
| **Net increase (decrease) in net assets resulting from operations** | $9591903 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Energy Infrastructure**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $3608305 | &nbsp;&nbsp;&nbsp;&nbsp; $3526244 |
| Net realized gain (loss) | 17178733 | &nbsp;&nbsp;&nbsp;&nbsp; 19317848 |
| Net change in unrealized appreciation (depreciation) | (11195135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17904152 |
| Net increase (decrease) in net assets resulting from operations | 9591903 | &nbsp;&nbsp;&nbsp;&nbsp; 40748244 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (794740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1358899)<br>|
| Class C | (83704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177680)<br>|
| Class I | (1175163)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1619642)<br>|
| Class I2 | (1464472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2728665)<br>|
| Return of capital: |  |  |
| Class A | (476695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (675631)<br>|
| Class C | (50206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88339)<br>|
| Class I | (704878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (805269)<br>|
| Class I2 | (878414)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1356661)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5628272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8810786)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 4780871 | &nbsp;&nbsp;&nbsp;&nbsp; 2101492 |
| Class C | 477949 | &nbsp;&nbsp;&nbsp;&nbsp; 513683 |
| Class I | 33228257 | &nbsp;&nbsp;&nbsp;&nbsp; 10090768 |
| Class I2 | 1307720 | &nbsp;&nbsp;&nbsp;&nbsp; 125962 |
|  | 39794797 | &nbsp;&nbsp;&nbsp;&nbsp; 12831905 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1196548 | &nbsp;&nbsp;&nbsp;&nbsp; 1915163 |
| Class C | 131857 | &nbsp;&nbsp;&nbsp;&nbsp; 262743 |
| Class I | 1869890 | &nbsp;&nbsp;&nbsp;&nbsp; 2408840 |
| Class I2 | 2342886 | &nbsp;&nbsp;&nbsp;&nbsp; 4085326 |
|  | 5541181 | &nbsp;&nbsp;&nbsp;&nbsp; 8672072 |
| Cost of shares redeemed: |  |  |
| Class A | (8201725)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6497428)<br>|
| Class C | (1279368)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1258748)<br>|
| Class I | (37410173)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22724187)<br>|
| Class I2 | (6848631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19111463)<br>|
|  | (53739897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49591826)<br>|
| Automatic conversions: |  |  |
| Class A | 599338 | &nbsp;&nbsp;&nbsp;&nbsp; 521209 |
| Class C | (599338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (521209)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (8403919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28087849)<br>|
| **Net increase (decrease) in net assets** | (4440288)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3849609 |
| **Net assets:** |  |  |
| Beginning of year | 125362394 | &nbsp;&nbsp;&nbsp;&nbsp; 121512785 |
| End of year | $120922106 | &nbsp;&nbsp;&nbsp;&nbsp; $125362394 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Energy Infrastructure**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 539225 | &nbsp;&nbsp;&nbsp;&nbsp; 284361 |
| Class C | 53337 | &nbsp;&nbsp;&nbsp;&nbsp; 69229 |
| Class I | 3803298 | &nbsp;&nbsp;&nbsp;&nbsp; 1367269 |
| Class I2 | 149378 | &nbsp;&nbsp;&nbsp;&nbsp; 18403 |
|  | 4545238 | &nbsp;&nbsp;&nbsp;&nbsp; 1739262 |
| Shares reinvested: |  |  |
| Class A | 134560 | &nbsp;&nbsp;&nbsp;&nbsp; 273956 |
| Class C | 14822 | &nbsp;&nbsp;&nbsp;&nbsp; 37893 |
| Class I | 210541 | &nbsp;&nbsp;&nbsp;&nbsp; 346448 |
| Class I2 | 263462 | &nbsp;&nbsp;&nbsp;&nbsp; 586602 |
|  | 623385 | &nbsp;&nbsp;&nbsp;&nbsp; 1244899 |
| Shares redeemed: |  |  |
| Class A | (930178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (907329)<br>|
| Class C | (145740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (174148)<br>|
| Class I | (4247304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3147160)<br>|
| Class I2 | (746424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2558850)<br>|
|  | (6069646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6787487)<br>|
| Automatic conversions: |  |  |
| Class A | 66873 | &nbsp;&nbsp;&nbsp;&nbsp; 76812 |
| Class C | (66952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76888)<br>|
|  | (79)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (189520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272200)<br>|
| Class C | (144533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143914)<br>|
| Class I | (233465)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1433443)<br>|
| Class I2 | (333584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1953845)<br>|
|  | (901102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3803402)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Energy Infrastructure**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.30 | $6.43 | $7.03 | $6.84 | $4.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.22 | 0.19 | 0.22 | 0.05 | 0.11 |
| Net realized and unrealized gain (loss) | 0.34 | 2.17 | (0.55)<br>| 0.43 | 2.27 |
| Total investment operations | 0.56 | 2.36 | (0.33)<br>| 0.48 | 2.38 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.22)<br>| (0.33)<br>| (0.27)<br>|  |  |
| Return of capital | (0.13)<br>| (0.16)<br>|  | (0.29)<br>| (0.27)<br>|
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.49)<br>| (0.27)<br>| (0.29)<br>| (0.27)<br>|
| **Net asset value, end of year** | $8.51 | $8.30 | $6.43 | $7.03 | $6.84 |
| **Total return** <sup>(D)</sup> <br>| 6.60<br> %<br>| 38.40<br> %<br>| (4.73)%<br>| 7.30 %<sup>(C)</sup><br>| 51.20<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $32243 | $33007 | $27310 | $32347 | $20495 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.53<br> %<br>| 1.55<br> %<br>| 1.57<br> %<br>| 1.54<br> %<br>| 1.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.53<br> %<br>| 1.55<br> %<br>| 1.59<br> %<br>| 1.60<br> %<br>| 1.60 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.46<br> %<br>| 2.59<br> %<br>| 3.31<br> %<br>| 0.73<br> %<br>| 1.72<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.29 | $6.42 | $7.02 | $6.83 | $4.71 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.13 | 0.17 | 0.03 | 0.07 |
| Net realized and unrealized gain (loss) | 0.34 | 2.17 | (0.55)<br>| 0.40 | 2.28 |
| Total investment operations | 0.49 | 2.30 | (0.38)<br>| 0.43 | 2.35 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.17)<br>| (0.29)<br>| (0.22)<br>|  |  |
| Return of capital | (0.10)<br>| (0.14)<br>|  | (0.24)<br>| (0.23)<br>|
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.43)<br>| (0.22)<br>| (0.24)<br>| (0.23)<br>|
| **Net asset value, end of year** | $8.51 | $8.29 | $6.42 | $7.02 | $6.83 |
| **Total return** <sup>(D)</sup> <br>| 5.83<br> %<br>| 37.32<br> %<br>| (5.51)%<br>| 6.42 %<sup>(C)</sup><br>| 50.48<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $3467 | $4578 | $4469 | $6753 | $7313 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 2.32<br> %<br>| 2.33<br> %<br>| 2.35<br> %<br>| 2.33<br> %<br>| 2.39<br> %<br>|
| Including waiver and/or reimbursement and recapture | 2.35<br> %<br>| 2.35<br> %<br>| 2.35 %<sup>(E)</sup><br>| 2.35<br> %<br>| 2.35<br> %<br>|
| Net investment income (loss) to average net assets | 1.65<br> %<br>| 1.81<br> %<br>| 2.56<br> %<br>| 0.38<br> %<br>| 1.13<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Energy Infrastructure**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.29 | $6.42 | $7.03 | $6.84 | $4.72 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.24 | 0.21 | 0.25 | 0.08 | 0.11 |
| Net realized and unrealized gain (loss) | 0.35 | 2.17 | (0.57)<br>| 0.43 | 2.30 |
| Total investment operations | 0.59 | 2.38 | (0.32)<br>| 0.51 | 2.41 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.34)<br>| (0.29)<br>|  |  |
| Return of capital | (0.14)<br>| (0.17)<br>|  | (0.32)<br>| (0.29)<br>|
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.51)<br>| (0.29)<br>| (0.32)<br>| (0.29)<br>|
| **Net asset value, end of year** | $8.51 | $8.29 | $6.42 | $7.03 | $6.84 |
| **Total return** | 7.00<br> %<br>| 38.81<br> %<br>| (4.56)%<br>| 7.75 %<sup>(C)</sup><br>| 51.99<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $33468 | $34564 | $35971 | $51296 | $36098 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>|
| Net investment income (loss) to average net assets | 2.68<br> %<br>| 2.90<br> %<br>| 3.65<br> %<br>| 1.18<br> %<br>| 1.70<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.30 | $6.43 | $7.03 | $6.84 | $4.72 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.22 | 0.25 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) | 0.34 | 2.17 | (0.55)<br>| 0.36 | 2.28 |
| Total investment operations | 0.59 | 2.39 | (0.30)<br>| 0.51 | 2.42 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.35)<br>| (0.30)<br>|  |  |
| Return of capital | (0.14)<br>| (0.17)<br>|  | (0.32)<br>| (0.30)<br>|
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.52)<br>| (0.30)<br>| (0.32)<br>| (0.30)<br>|
| **Net asset value, end of year** | $8.51 | $8.30 | $6.43 | $7.03 | $6.84 |
| **Total return** | 6.97<br> %<br>| 38.90<br> %<br>| (4.32)%<br>| 7.78<br> %<br>| 52.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $51744 | $53213 | $53763 | $57944 | $154852 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.19<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.19<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Net investment income (loss) to average net assets | 2.79<br> %<br>| 3.01<br> %<br>| 3.69<br> %<br>| 2.23<br> %<br>| 2.25<br> %<br>|
| Portfolio turnover rate | 53<br> %<br>| 55<br> %<br>| 15<br> %<br>| 20<br> %<br>| 18<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Energy Infrastructure (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities and Master limited partnerships:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Energy sector risk:** Under normal circumstances, the Fund concentrates its investments in industries in the energy sector, which means the Fund will be more affected by the performance of the energy sector than a fund that is more diversified. Investing in the energy sector involves a number of risks. Please refer to the Prospectus for additional details.

**Industry concentration risk:** The Fund concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the Fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Master limited partnerships ("MLP") risk:** Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. The MLP entities in which the Fund invests are typically focused in the energy sector. A downturn in the energy sector could have an adverse impact on the Fund. Energy MLPs may be adversely affected by changes in and volatility of commodity prices. At times, the performance of securities of companies in the energy sector of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the Fund's investments in such securities may decline if interest rates rise. The value of the Fund's investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $49384588 | 40.84<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 1.054<br> % <br>|
| Over $250 million up to $500 million | 1.040 |
| Over $500 million up to $1 billion | 0.960 |
| Over $1 billion up to $2 billion | 0.850 |
| Over $2 billion | 0.800 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.60<br> % <br>| March 1, 2026 |
| Class C | 2.35 | March 1, 2026 |
| Class I | 1.31 | March 1, 2026 |
| Class I2 | 1.21 | March 1, 2026 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class C | $1528 | $612 | $557 | $2697 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $22251 | &nbsp;&nbsp;&nbsp;&nbsp; $50 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 492 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $86581 | &nbsp;&nbsp; $6564 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $70325385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78359437 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and partnership basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to partnership basis 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:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(6333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6333 |

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $84208701 | &nbsp;&nbsp; $36874192 | &nbsp;&nbsp; $(497161)<br>| &nbsp;&nbsp; $36377031 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $61863388 | &nbsp;&nbsp;&nbsp;&nbsp; $74908814 |

---

During the year ended October 31, 2025, the capital loss carryforwards utilized are $17,230,964.

The Fund attempts to pay quarterly dividends at a relatively consistent level, but there can be no assurance the Fund can continue to do so. This dividend practice can be expected to result in the Fund returning capital to its shareholders from time to time. When the Fund

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Energy Infrastructure**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

returns capital, the net asset value of your shares in the Fund goes down to reflect that. When a distribution includes what the Fund estimates to be a return of capital, the Fund will send shareholders a written notice. The tax status of certain distributions may be recharacterized at year-end.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $3518079 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2110193 | &nbsp;&nbsp;&nbsp; $5884886 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2925900 |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(136772202)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6383669)<br>| &nbsp;&nbsp; $36377031 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Energy Infrastructure

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Energy Infrastructure (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img5116cb593.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $2,761,306 of qualified dividend income.

For corporate shareholders, 36% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Energy Infrastructure** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Energy Infrastructure (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 Kayne Anderson Capital Advisors, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Energy Infrastructure** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1- and 10- year periods 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 below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10- year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio** 

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee 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 in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Energy Infrastructure** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Advisers from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates to a limited extent in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting to some degree the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

![](g67628imgfe4474804.gif)

![](g67628img9ab812c95.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886784 TA ENGY INFRA 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img69a836616.gif)

------

![](g67628img7536c5051.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Floating Rate**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imge51134b72.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_SOI-RunningFooter-170_1) | 2 |
| [Statement of Assets and Liabilities](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_FS-RunningFooter-170_1) | 14 |
| [Statement of Operations](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_FS-RunningFooter-170_2) | 15 |
| [Statement of Changes in Net Assets](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_FS-RunningFooter-170_3) | 16 |
| [Financial Highlights](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_FIHI-RunningFooter-170_1) | 18 |
| [Notes to Financial Statements](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_NTF-RunningFooter-170_1) | 20 |
| **[Report of Independent Registered Public Accounting Firm](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_AUD-RunningFooter-170_1)** | 33 |
| **[Supplemental Information](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_STI-RunningFooter-170_1)** | 34 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_DWA-RunningFooter-170_1)**<br> **[Companies](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_DWA-RunningFooter-170_1)**<br>| 35 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_PD-RunningFooter-170_1)** | 36 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_REMU-RunningFooter-170_1)**<br> **[Companies](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_REMU-RunningFooter-170_1)**<br>| 37 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_07bb70ed-be0f-4565-9705-c552bc1933b1_AIAC-RunningFooter-170_1)** | 38 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS - 85.9%**  | **LOAN ASSIGNMENTS - 85.9%**  | **LOAN ASSIGNMENTS - 85.9%**  |
| **Aerospace & Defense - 1.6%**  | **Aerospace & Defense - 1.6%**  | **Aerospace & Defense - 1.6%**  |
| &nbsp;&nbsp; Air Comm Corp. LLC <br>Term Loan, <br>1-Month Term SOFR + 2.75%, 3-Month <br> Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 12/11/2031<br>| $949160 | $949160 |
| &nbsp;&nbsp; Barnes Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 01/27/2032<br>| 995000 | 992979 |
| &nbsp;&nbsp; BG MS U.S. Holding LLC <br>Term Loan B, <br>8.65%, 10/18/2032 <sup>(B)</sup> <br>| 750000 | 749062 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp; Term Loan J, <br>3-Month Term SOFR + 2.50%, <br>6.50% <sup>(A)</sup>, 02/28/2031<br>| 492515 | 493082 |
| &nbsp;&nbsp; Term Loan K, <br>3-Month Term SOFR + 2.25%, <br>6.25% <sup>(A)</sup>, 03/22/2030<br>| 997475 | 998334 |
|  |  | 4182617 |
| **Automobile Components - 0.8%**  | **Automobile Components - 0.8%**  | **Automobile Components - 0.8%**  |
| &nbsp;&nbsp; American Axle and Manufacturing, Inc. <br>Term Loan C, <br>TBD, 02/24/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 950000 | 943469 |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 01/28/2032<br>| 500000 | 498333 |
| First Brands Group LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 7.00%, <br>11.13% <sup>(A)</sup>, 11/03/2025<br>| 598468 | 239932 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 10.00%, <br>14.13% <sup>(A)</sup>, 06/29/2026<br>| $344342 | 365002 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 5.00%, <br>9.10% <sup>(A)</sup>, 03/30/2027<br>| 1316908 | 144860 |
|  |  | 2191596 |
| **Beverages - 0.6%**  | **Beverages - 0.6%**  | **Beverages - 0.6%**  |
| &nbsp;&nbsp; Naked Juice LLC <br>FLFO Term Loan, <br>3-Month Term SOFR + 5.50%, <br>9.50% <sup>(A)</sup>, 01/24/2029<br>| 1000000 | 1006250 |
| &nbsp;&nbsp; Sazerac Co., Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.58% <sup>(A)</sup>, 07/09/2032<br>| 500000 | 502110 |
|  |  | 1508360 |
| **Building Products - 2.5%**  | **Building Products - 2.5%**  | **Building Products - 2.5%**  |
| &nbsp;&nbsp; Chamberlain Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 09/08/2032<br>| 919203 | 920736 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.53% <sup>(A)</sup>, 05/15/2031<br>| $1237500 | $1085906 |
| &nbsp;&nbsp; EMRLD Borrower LP <br>Term Loan B, <br>6-Month Term SOFR + 2.25%, <br>6.12% <sup>(A)</sup>, 08/04/2031<br>| 990019 | 985206 |
| Groundworks LLC |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>1-Month Term SOFR + 3.25%, <br>3.00% <sup>(A)</sup>, 03/14/2031<br>| 23972 | 23972 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.99% <sup>(A)</sup>, 03/14/2031<br>| 814061 | 814061 |
| &nbsp;&nbsp; Hobbs & Associates LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 07/23/2031<br>| 498410 | 497320 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(A)</sup>, 02/10/2032<br>| 248750 | 248940 |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(A)</sup>, 03/19/2029<br>| 337855 | 338129 |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(A)</sup>, 04/14/2031<br>| 1600967 | 1602469 |
|  |  | 6516739 |
| **Chemicals - 1.5%**  | **Chemicals - 1.5%**  | **Chemicals - 1.5%**  |
| &nbsp;&nbsp; M2S Group Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.59% <sup>(A)</sup>, 08/25/2031<br>| 983621 | 969358 |
| &nbsp;&nbsp; Minerals Technologies, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>5.97% <sup>(A)</sup>, 11/26/2031<br>| 397000 | 396752 |
| &nbsp;&nbsp; Olympus Water U.S. Holding Corp. <br>Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.00% <sup>(A)</sup>, 06/20/2031<br>| 396007 | 391411 |
| &nbsp;&nbsp; SCIH Salt Holdings, Inc. <br>Term Loan B, <br>6-Month Term SOFR + 3.00%, <br>7.20% <sup>(A)</sup>, 01/31/2029<br>| 1423113 | 1427782 |
| &nbsp;&nbsp; USALCO LLC <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(A)</sup>, 09/30/2031<br>| 765345 | 765824 |
|  |  | 3951127 |
| **Commercial Services & Supplies - 14.2%**  | **Commercial Services & Supplies - 14.2%**  | **Commercial Services & Supplies - 14.2%**  |
| &nbsp;&nbsp; American Auto Auction Group LLC <br>Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.50% <sup>(A)</sup>, 05/28/2032<br>| 1518662 | 1523218 |
| &nbsp;&nbsp; Ankura Consulting Group LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.37% <sup>(A)</sup>, 12/29/2031<br>| 1525051 | 1493788 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Avis Budget Car Rental LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 07/16/2032<br>| $498750 | $491892 |
| &nbsp;&nbsp; Belron Finance LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.74% <sup>(A)</sup>, 10/16/2031<br>| 1237523 | 1242680 |
| &nbsp;&nbsp; BIFM U.S. Finance LLC <br>Repriced Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 05/31/2028<br>| 1992886 | 1997037 |
| &nbsp;&nbsp; Cleanova U.S. Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.81% <sup>(A)</sup>, 06/14/2032<br>| 600000 | 579000 |
| &nbsp;&nbsp; Corporation Service Co. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(A)</sup>, 11/02/2029<br>| 422266 | 419802 |
| &nbsp;&nbsp; Creative Artists Agency LLC <br>Repriced Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 10/01/2031<br>| 1200971 | 1202222 |
| &nbsp;&nbsp; Filtration Group Corp. <br>Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 10/21/2028<br>| 1930000 | 1936635 |
| &nbsp;&nbsp; First Advantage Holdings LLC <br>Repriced Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 10/31/2031<br>| 1223992 | 1184722 |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.05% <sup>(A)</sup>, 02/01/2029<br>| 1559430 | 1557481 |
| Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 06/02/2031<br>| 275000 | 275275 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 06/02/2031<br>| 892540 | 889193 |
| &nbsp;&nbsp; Hertz Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.74% <sup>(A)</sup>, 06/30/2028<br>| 1081394 | 889446 |
| &nbsp;&nbsp; Homeserve USA Holding Corp. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.03% <sup>(A)</sup>, 10/21/2030<br>| 985000 | 983769 |
| &nbsp;&nbsp; Imagefirst Holdings LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.31% <sup>(A)</sup>, 03/12/2032<br>| 748125 | 747190 |
| &nbsp;&nbsp; ION Platform Finance U.S., Inc. <br>Term Loan, <br>3-Month Term SOFR + 3.75%, <br>7.69% <sup>(A)</sup>, 10/07/2032<br>| 1000000 | 978958 |
| &nbsp;&nbsp; Jadex, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>8.83% <sup>(A)</sup>, 02/18/2028<br>| 1989197 | 1531682 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; LRS Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.33% <sup>(A)</sup>, 08/31/2028<br>| $1400536 | $1372525 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan B, <br>6-Month Term SOFR + 3.25%, <br>7.45% <sup>(A)</sup>, 05/06/2032<br>| 997500 | 998747 |
| &nbsp;&nbsp; Mavis Tire Express Services Corp. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.20% <sup>(A)</sup>, 05/04/2028<br>| 1854866 | 1857764 |
| &nbsp;&nbsp; NAB Holdings LLC <br>Repriced Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.50% <sup>(A)</sup>, 11/23/2028<br>| 288868 | 281863 |
| &nbsp;&nbsp; PG Investment Co. 59 SARL <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 03/26/2031<br>| 346507 | 347373 |
| &nbsp;&nbsp; Plastipak Packaging, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 09/10/2032<br>| 500000 | 500104 |
| &nbsp;&nbsp; Pre-Paid Legal Services, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 12/15/2028<br>| 1305830 | 1201598 |
| &nbsp;&nbsp; Prime Security Services Borrower LLC <br>1st Lien Term Loan B, <br>6-Month Term SOFR + 2.00%, <br>6.13% <sup>(A)</sup>, 10/13/2030<br>| 889469 | 887245 |
| &nbsp;&nbsp; Ryan LLC <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(A)</sup>, 11/14/2030<br>| 1183485 | 1177568 |
| &nbsp;&nbsp; Spin Holdco, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.39% <sup>(A)</sup>, 03/04/2028<br>| 696148 | 579543 |
| &nbsp;&nbsp; Technimark Holdings LLC <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 04/14/2031<br>| 1482525 | 1478819 |
| &nbsp;&nbsp; Trans Union LLC <br>Term Loan B9, <br>1-Month Term SOFR + 1.75%, <br>5.71% <sup>(A)</sup>, 06/24/2031<br>| 248125 | 247698 |
| &nbsp;&nbsp; TruGreen LP <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.06% <sup>(A)</sup>, 11/02/2027<br>| 1095615 | 1072334 |
| &nbsp;&nbsp; Upbound Group, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.63% <sup>(A)</sup>, 08/13/2032<br>| 1627759 | 1615551 |
| &nbsp;&nbsp; Veritiv Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.00% <sup>(A)</sup>, 12/02/2030 <sup>(B)</sup> <br>| 1480000 | 1417717 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| &nbsp;&nbsp; Vestis Corp. <br>Term Loan, <br>3-Month Term SOFR + 2.25%, <br>6.45% <sup>(A)</sup>, 02/22/2031<br>| $250000 | $236875 |
| &nbsp;&nbsp; VM Consolidated, Inc. <br>Term Loan, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(A)</sup>, 10/01/2032<br>| 491948 | 494408 |
| &nbsp;&nbsp; VT Topco, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 08/09/2030<br>| 988781 | 969005 |
| &nbsp;&nbsp; Wash Multifamily Parent, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 09/10/2032<br>| 500000 | 500000 |
|  |  | 37160727 |
| **Communications Equipment - 1.1%**  | **Communications Equipment - 1.1%**  | **Communications Equipment - 1.1%**  |
| &nbsp;&nbsp; Aventiv Technologies LLC <br>Term Loan, <br>3-Month Term SOFR + 7.50%, <br>11.76% <sup>(A)</sup>, 03/25/2026<br>| 421521 | 421521 |
| &nbsp;&nbsp; CommScope, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>8.71% <sup>(A)</sup>, 12/17/2029<br>| 594421 | 599474 |
| &nbsp;&nbsp; GoTo Group, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.75%, <br>8.79% <sup>(A)</sup>,04/28/2028<br>| 902196 | 602358  |
| &nbsp;&nbsp; Level 3 Financing, Inc. <br>Repriced Term Loan B4, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 03/29/2032<br>| 500000 | 498437 |
| &nbsp;&nbsp; Zayo Group Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.58% <sup>(A)</sup>, 03/11/2030 <sup>(B)</sup> <br>| 888477 | 845164 |
|  |  | 2966954 |
| **Construction & Engineering - 1.3%**  | **Construction & Engineering - 1.3%**  | **Construction & Engineering - 1.3%**  |
| &nbsp;&nbsp; Chromalloy Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.23% <sup>(A)</sup>, 03/27/2031<br>| 1731847 | 1737666 |
| &nbsp;&nbsp; Cube Industrials Buyer, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.91% <sup>(A)</sup>, 10/17/2031<br>| 796000 | 796000 |
| &nbsp;&nbsp; Osmose Utilities Services, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.33% <sup>(A)</sup>, 06/23/2028<br>| 992248 | 950904 |
|  |  | 3484570 |
| **Consumer Staples Distribution & Retail - 6.3%**  | **Consumer Staples Distribution & Retail - 6.3%**  | **Consumer Staples Distribution & Retail - 6.3%**  |
| &nbsp;&nbsp; Boots Group Bidco Ltd. <br>Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.71% <sup>(A)</sup>, 08/30/2032<br>| 795000 | 797981 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** | **Consumer Staples Distribution & Retail (continued)** |
| &nbsp;&nbsp; BW Gas & Convenience Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.58% <sup>(A)</sup>, 03/31/2028<br>| $1067516 | $1065514 |
| &nbsp;&nbsp; Dave & Buster's, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 06/29/2029<br>| 1267797 | 1160713 |
| &nbsp;&nbsp; EG America LLC <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.50%, <br>7.70% <sup>(A)</sup>, 02/07/2028<br>| 1201370 | 1207003 |
| &nbsp;&nbsp; Flynn Restaurant Group LP <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>7.71% <sup>(A)</sup>, 01/28/2032<br>| 2021309 | 2026362 |
| &nbsp;&nbsp; Great Outdoors Group LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 01/23/2032<br>| 1425295 | 1424939 |
| &nbsp;&nbsp; Highline Aftermarket Acquisition LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.50%, <br>7.70% <sup>(A)</sup>, 02/19/2030<br>| 1339875 | 1338200 |
| &nbsp;&nbsp; IRB Holding Corp. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 12/15/2027<br>| 1492481 | 1494450 |
| &nbsp;&nbsp; LBM Acquisition LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.88% <sup>(A)</sup>, 06/06/2031<br>| 628409 | 606258 |
| &nbsp;&nbsp; Michaels Cos., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.51% <sup>(A)</sup>, 04/17/2028<br>| 590746 | 564162 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.51% <sup>(A)</sup>, 03/03/2028<br>| 895237 | 881025 |
| &nbsp;&nbsp; PetSmart, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.03% <sup>(A)</sup>, 08/18/2032<br>| 2224370 | 2195638 |
| &nbsp;&nbsp; Staples, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.75%, <br>10.05% <sup>(A)</sup>, 09/04/2029<br>| 643500 | 601270 |
| &nbsp;&nbsp; White Cap Buyer LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 10/19/2029<br>| 1064250 | 1066065 |
|  |  | 16429580 |
| **Containers & Packaging - 5.2%**  | **Containers & Packaging - 5.2%**  | **Containers & Packaging - 5.2%**  |
| &nbsp;&nbsp; Anchor Glass Container Corp. <br>Exit Term Loan, <br>3-Month Term SOFR + 5.25%, <br>9.21% <sup>(A)</sup>, 10/08/2030 <sup>(D)</sup> <br>| 315641 | 312485 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
| &nbsp;&nbsp; Berlin Packaging LLC <br>Term Loan B7, <br>1-Month Term SOFR + 3.25%, 3-Month <br> Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 06/07/2031<br>| $954184 | $953214 |
| &nbsp;&nbsp; Canister International Group, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 03/22/2029<br>| 1485013 | 1490118 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>7.14% <sup>(A)</sup>, 04/13/2029<br>| 1179333 | 1178515 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 04/01/2032<br>| 833744 | 831555 |
| Klockner-Pentaplast of America, Inc. |  |  |
| &nbsp;&nbsp; Bridge Facility, <br>1-Month Term SOFR + 10.00%, <br>13.99% <sup>(A)</sup>, 12/01/2025 <sup>(E)</sup> <br>| 1428972 | 1427596 |
| &nbsp;&nbsp; Term Loan B, <br>6-Month Term SOFR + 4.73%, <br>9.02% <sup>(A)</sup>, 02/12/2026<br>| 574500 | 244163 |
| &nbsp;&nbsp; Owens-Illinois, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.84% <sup>(A)</sup>, 09/30/2032<br>| 875000 | 872448 |
| &nbsp;&nbsp; Plaze, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>7.83% <sup>(A)</sup>, 08/03/2026<br>| 238125 | 223242 |
| &nbsp;&nbsp; Pregis TopCo Corp. <br>Refinancing Term Loan, <br>1-Month Term SOFR + 4.00%, <br>7.96% <sup>(A)</sup>, 02/01/2029<br>| 1882941 | 1893533 |
| &nbsp;&nbsp; Proampac PG Borrower LLC <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.19% <sup>(A)</sup>, 09/15/2028<br>| 1929677 | 1928069 |
| &nbsp;&nbsp; TricorBraun Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 03/03/2031<br>| 488406 | 485444 |
| &nbsp;&nbsp; Trident TPI Holdings, Inc. <br>Term Loan B7, <br>3-Month Term SOFR + 3.75%, <br>7.75% <sup>(A)</sup>, 09/15/2028<br>| 1831581 | 1784156 |
|  |  | 13624538 |
| **Distributors - 0.6%**  | **Distributors - 0.6%**  | **Distributors - 0.6%**  |
| &nbsp;&nbsp; Core & Main LP <br>Term Loan E, <br>1-Month Term SOFR + 2.00%, <br>5.99% <sup>(A)</sup>, 02/09/2031<br>| 196515 | 196024 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Distributors (continued)** | **Distributors (continued)** | **Distributors (continued)** |
| &nbsp;&nbsp; Gloves Buyer, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>7.96% <sup>(A)</sup>, 05/21/2032<br>| $1000000 | $982917 |
| &nbsp;&nbsp; Resideo Funding, Inc. <br>Term Loan, <br>3-Month Term SOFR + 2.00%, <br>6.04% <sup>(A)</sup>, 08/13/2032<br>| 500000 | 498750 |
|  |  | 1677691 |
| **Electric Utilities - 1.8%**  | **Electric Utilities - 1.8%**  | **Electric Utilities - 1.8%**  |
| &nbsp;&nbsp; Cornerstone Generation LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.48% <sup>(A)</sup>, 08/11/2032<br>| 1100000 | 1107975 |
| &nbsp;&nbsp; Kohler Energy Co. LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.75% <sup>(A)</sup>, 05/01/2031<br>| 1190733 | 1193710 |
| MRP Buyer LLC |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 06/04/2032<br>| 34032 | 33405 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 06/04/2032<br>| 443549 | 435370 |
| &nbsp;&nbsp; Pike Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.08% <sup>(A)</sup>, 01/21/2028<br>| 1801059 | 1811754 |
|  |  | 4582214 |
| **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  | **Electrical Equipment - 0.2%**  |
| &nbsp;&nbsp; Energizer Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>6.00% <sup>(A)</sup>, 03/19/2032<br>| 586229 | 585863 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| &nbsp;&nbsp; LSF12 Crown U.S. Commercial Bidco LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.66% <sup>(A)</sup>, 12/02/2031<br>| 1246875 | 1253629 |
| &nbsp;&nbsp; TCP Sunbelt Acquisition Co. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.45% <sup>(A)</sup>, 10/24/2031<br>| 521062 | 521714 |
|  |  | 1775343 |
| **Energy Equipment & Services - 0.8%**  | **Energy Equipment & Services - 0.8%**  | **Energy Equipment & Services - 0.8%**  |
| &nbsp;&nbsp; C&D Technologies, Inc. <br>Term Loan, <br>1-Month Term SOFR + 5.75%, <br>9.83% <sup>(A)</sup>, 12/20/2026<br>| 1383502 | 1369667 |
| &nbsp;&nbsp; Star Holding LLC <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.46% <sup>(A)</sup>, 07/31/2031 <sup>(B)</sup> <br>| 738121 | 712286 |
|  |  | 2081953 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Financial Services - 1.0%**  | **Financial Services - 1.0%**  | **Financial Services - 1.0%**  |
| Chicago U.S. Midco III LP |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>TBD, 10/30/2032 <sup>(B)</sup><sup>(C)</sup> <br>| $74353 | $73982 |
| &nbsp;&nbsp; Term Loan, <br>6.37% <sup>(A)</sup>, 10/30/2032 <sup>(B)</sup> <br>| 500647 | 498143 |
| &nbsp;&nbsp; Focus Financial Partners LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 09/15/2031<br>| 498744 | 499679 |
| &nbsp;&nbsp; Guggenheim Partners LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.50% <sup>(A)</sup>, 11/26/2031<br>| 148875 | 149293 |
| &nbsp;&nbsp; June Purchaser LLC <br>Term Loan, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(A)</sup>, 11/28/2031<br>| 383786 | 385225 |
| &nbsp;&nbsp; Russell Investments U.S. Institutional <br> Holdco, Inc. <br>Term Loan, <br>3-Month Term SOFR + 5.00%, PIK Rate <br> 1.50%, Cash Rate 0.00%, <br>05/30/2027 <sup>(F)</sup> <br>| 1048506 | 1010171 |
|  |  | 2616493 |
| **Food Products - 6.9%**  | **Food Products - 6.9%**  | **Food Products - 6.9%**  |
| &nbsp;&nbsp; Aspire Bakeries Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.47% <sup>(A)</sup>, 12/23/2030<br>| 992487 | 993728 |
| &nbsp;&nbsp; B&G Foods, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(A)</sup>, 10/10/2029<br>| 1241241 | 1185385 |
| &nbsp;&nbsp; BCPE North Star U.S. HoldCo 2, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>10.25% <sup>(A)</sup>, 06/09/2028<br>| 2219868 | 2210989 |
| &nbsp;&nbsp; Chef's Warehouse Leasing Co. LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 08/23/2029<br>| 148800 | 149049 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp; DIP Term Loan, <br>1-Month Term SOFR + 9.50%, <br>13.65% <sup>(A)</sup>, 04/02/2026 <sup>(D)</sup> <br>| 674653 | 644294 |
| &nbsp;&nbsp;&nbsp; Term Loan, <br>TBD, 08/02/2028 <sup>(B)</sup><sup>(C)</sup><sup>(D)</sup><sup>(G)</sup><sup>(H)</sup> <br>| 1037746 | 229032  |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 8.00%, PIK Rate <br> 3.00%, Cash Rate 0.00%, <br>08/02/2028 <sup>(D)</sup><sup>(F)</sup> <br>| 112572 | 50657 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 9.50%, 1-Month <br> Term SOFR + 9.60%, <br>13.65% <sup>(A)</sup>, 04/02/2026 <sup>(D)</sup> <br>| 986666 | 774533 |
| &nbsp;&nbsp; Fiesta Purchaser, Inc. <br>Repriced Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 02/12/2031<br>| 1185053 | 1178915 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| &nbsp;&nbsp; Froneri Lux Finco SARL <br>Term Loan, <br>6-Month Term SOFR + 2.50%, <br>6.44% <sup>(A)</sup>, 08/02/2032<br>| $500000 | $499409 |
| &nbsp;&nbsp; Max U.S. Bidco, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.00%, <br>9.00% <sup>(A)</sup>, 10/02/2030<br>| 1136730 | 1100923 |
| &nbsp;&nbsp; Monogram Food Solutions LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.00%, <br>8.08% <sup>(A)</sup>, 08/28/2028<br>| 1733918 | 1736086 |
| &nbsp;&nbsp; Nomad Foods U.S. LLC <br>Term Loan B5, <br>1-Month Term SOFR + 2.50%, <br>6.58% <sup>(A)</sup>, 11/12/2029<br>| 1940400 | 1939187 |
| &nbsp;&nbsp; Quirch Foods Holdings LLC <br>Term Loan, <br>1-Month Term SOFR + 4.75%, <br>8.86% <sup>(A)</sup>, 10/27/2027<br>| 954758 | 923728 |
| &nbsp;&nbsp; Snacking Investments Bidco Pty. Ltd. <br>Term Loan B, <br>6.84% <sup>(A)</sup>, 10/08/2032 <sup>(B)</sup> <br>| 1500000 | 1505625 |
| &nbsp;&nbsp; Solina Bidco <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.31% <sup>(A)</sup>, 03/12/2029<br>| 990025 | 992500 |
| &nbsp;&nbsp; Upfield BV <br>Term Loan B12, <br>6-Month Term SOFR + 3.75%, <br>8.30% <sup>(A)</sup>, 12/31/2027<br>| 1973495 | 1845218 |
|  |  | 17959258 |
| **Health Care Equipment & Supplies - 1.3%**  | **Health Care Equipment & Supplies - 1.3%**  | **Health Care Equipment & Supplies - 1.3%**  |
| &nbsp;&nbsp; Antylia Scientific <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>7.99% <sup>(A)</sup>, 05/27/2032<br>| 1250000 | 1246094 |
| &nbsp;&nbsp; Bausch & Lomb Corp. <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.21% <sup>(A)</sup>, 01/15/2031<br>| 2217075 | 2226314 |
|  |  | 3472408 |
| **Health Care Providers & Services - 5.4%**  | **Health Care Providers & Services - 5.4%**  | **Health Care Providers & Services - 5.4%**  |
| ADMI Corp. |  |  |
| &nbsp;&nbsp; Term Loan B3, <br>1-Month Term SOFR + 3.75%, <br>7.83% <sup>(A)</sup>, 12/23/2027<br>| 1127200 | 1062856 |
| &nbsp;&nbsp; Term Loan B5, <br>1-Month Term SOFR + 5.75%, <br>9.71% <sup>(A)</sup>, 12/23/2027<br>| 491250 | 473442 |
| &nbsp;&nbsp; AHP Health Partners, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(A)</sup>, 09/20/2032<br>| 500000 | 501875 |
| &nbsp;&nbsp; Charlotte Buyer, Inc. <br>Repriced Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.30% <sup>(A)</sup>, 02/11/2028<br>| 1763969 | 1756618 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.09% <sup>(A)</sup>, 03/30/2029<br>| $967794 | $913759 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 5.50%, <br>9.34% <sup>(A)</sup>, 03/30/2029<br>| 695166 | 652297 |
| &nbsp;&nbsp; Heartland Dental LLC <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>7.71% <sup>(A)</sup>, 08/25/2032<br>| 1743228 | 1745407 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan B, <br>1-Month Term SOFR + 3.75%, 3-Month <br> Term SOFR + 3.75%, <br>7.65% <sup>(A)</sup>, 05/19/2031<br>| 736708 | 736593 |
| &nbsp;&nbsp; Term Loan B1, <br>3-Month Term SOFR + 3.50%, <br>7.66% <sup>(A)</sup>, 05/19/2031<br>| 495009 | 494205 |
| &nbsp;&nbsp; Quorum Health Corp. <br>Delayed Draw Term Loan, <br>3-Month Term SOFR + 6.50%, <br>10.53% <sup>(A)</sup>,01/28/2028 <sup>(E)</sup> <br>| 1659049 | 1642459  |
| &nbsp;&nbsp; Sound Inpatient Physicians <br>Term Loan A, <br>3-Month Term SOFR + 5.50%, PIK Rate <br> 1.00%, Cash Rate 0.00%, <br>06/28/2028 <sup>(F)</sup> <br>| 1001039 | 1036076 |
| &nbsp;&nbsp; Star Parent, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.00% <sup>(A)</sup>, 09/27/2030<br>| 1479987 | 1481501 |
| &nbsp;&nbsp; Surgery Center Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 12/19/2030<br>| 1477547 | 1480419 |
|  |  | 13977507 |
| **Hotels, Restaurants & Leisure - 5.9%**  | **Hotels, Restaurants & Leisure - 5.9%**  | **Hotels, Restaurants & Leisure - 5.9%**  |
| &nbsp;&nbsp; 19th Holdings Golf LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.46% <sup>(A)</sup>, 02/07/2029<br>| 493623 | 489509 |
| &nbsp;&nbsp; Bally's Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.37% <sup>(A)</sup>, 10/02/2028<br>| 541381 | 496987 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(A)</sup>, 02/06/2030<br>| 448250 | 443767 |
| &nbsp;&nbsp; Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(A)</sup>, 02/06/2031<br>| 485075 | 480225 |
| &nbsp;&nbsp; EOC Borrower LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 03/24/2032<br>| 1097250 | 1097936 |
| &nbsp;&nbsp; GSM Holdings, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 5.00%, <br>9.00% <sup>(A)</sup>, 09/30/2031<br>| 742500 | 734611 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 1.75%, <br>5.74% <sup>(A)</sup>, 11/08/2030<br>| $250000 | $250000 |
| &nbsp;&nbsp; Hilton Grand Vacations Borrower LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, <br>5.96% <sup>(A)</sup>, 08/02/2028<br>| 489774 | 488462 |
| &nbsp;&nbsp; Kingpin Intermediate Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.19% <sup>(A)</sup>, 09/22/2032<br>| 1450000 | 1405292 |
| &nbsp;&nbsp; Light & Wonder International, Inc. <br>Term Loan B2, <br>1-Month Term SOFR + 2.25%, <br>6.29% <sup>(A)</sup>, 04/14/2029<br>| 495000 | 489741 |
| &nbsp;&nbsp; Peninsula Pacific Entertainment LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.74% <sup>(A)</sup>, 10/01/2032<br>| 1012658 | 1010126 |
| &nbsp;&nbsp; PENN Entertainment, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 05/03/2029<br>| 1306125 | 1307874 |
| &nbsp;&nbsp; Recess Holdings, Inc. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.75%, <br>7.62% <sup>(A)</sup>, 02/20/2030<br>| 1700456 | 1706408 |
| &nbsp;&nbsp; Scientific Games Holdings LP <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.93% <sup>(A)</sup>, 04/04/2029<br>| 1726657 | 1705074 |
| &nbsp;&nbsp; SRAM LLC <br>Term Loan B, <br>1-Month Term SOFR + 2.00%, 6-Month <br> Term SOFR + 2.00%, <br>5.70% <sup>(A)</sup>, 02/27/2032<br>| 496250 | 493148 |
| &nbsp;&nbsp; Travel & Leisure Co. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 12/14/2029<br>| 1208369 | 1210311 |
| &nbsp;&nbsp; Voyager Parent LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.75% <sup>(A)</sup>, 07/01/2032<br>| 1625000 | 1622462 |
|  |  | 15431933 |
| **Household Durables - 0.5%**  | **Household Durables - 0.5%**  | **Household Durables - 0.5%**  |
| &nbsp;&nbsp; AI Aqua Merger Sub, Inc. <br>1st Lien Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.13% <sup>(A)</sup>, 07/31/2028<br>| 1086049 | 1087577 |
| &nbsp;&nbsp; Hunter Douglas, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 01/20/2032<br>| 320888 | 320587 |
|  |  | 1408164 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Household Products - 0.6%**  | **Household Products - 0.6%**  | **Household Products - 0.6%**  |
| &nbsp;&nbsp; Kronos Acquisition Holdings, Inc. <br>Term Loan, <br>3-Month Term SOFR + 4.00%, <br>8.00% <sup>(A)</sup>, 07/08/2031<br>| $627024 | $456160 |
| &nbsp;&nbsp; Lavender Dutch BorrowerCo BV <br>Term Loan, <br>TBD, 09/27/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 1000000 | 1000000 |
|  |  | 1456160 |
| **Insurance - 2.4%**  | **Insurance - 2.4%**  | **Insurance - 2.4%**  |
| &nbsp;&nbsp; Acrisure LLC <br>1st Lien Term Loan B6, <br>1-Month Term SOFR + 3.00%, <br>6.96% <sup>(A)</sup>, 11/06/2030<br>| 1479899 | 1477124 |
| &nbsp;&nbsp; Alera Group, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 05/31/2032<br>| 750000 | 753541 |
| Asurion LLC |  |  |
| &nbsp;&nbsp; Term Loan B10, <br>1-Month Term SOFR + 4.00%, <br>8.06% <sup>(A)</sup>, 08/19/2028<br>| 485000 | 485505 |
| &nbsp;&nbsp; Term Loan B13, <br>1-Month Term SOFR + 4.25%, <br>8.21% <sup>(A)</sup>, 09/19/2030<br>| 662449 | 659551 |
| &nbsp;&nbsp; Term Loan B9, <br>1-Month Term SOFR + 3.25%, <br>7.33% <sup>(A)</sup>, 07/31/2027<br>| 1052893 | 1053442 |
| &nbsp;&nbsp; Broadstreet Partners, Inc. <br>Term Loan B4, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 06/13/2031<br>| 968429 | 970366 |
| &nbsp;&nbsp; Trucordia Insurance Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 06/17/2032<br>| 750000 | 751875 |
|  |  | 6151404 |
| **Internet & Catalog Retail - 1.7%**  | **Internet & Catalog Retail - 1.7%**  | **Internet & Catalog Retail - 1.7%**  |
| &nbsp;&nbsp; Arches Buyer, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.31% <sup>(A)</sup>, 12/06/2027<br>| 1444313 | 1446520 |
| &nbsp;&nbsp; Cablevision Lightpath LLC <br>Repriced Term Loan, <br>1-Month Term SOFR + 3.00%, <br>7.03% <sup>(A)</sup>, 11/30/2027<br>| 744375 | 744375 |
| &nbsp;&nbsp; MH Sub I LLC <br>Term Loan, <br>3-Month Term SOFR + 4.25%, <br>8.25% <sup>(A)</sup>, 05/03/2028<br>| 1569267 | 1421028 |
| &nbsp;&nbsp; TripAdvisor, Inc. <br>Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 07/08/2031<br>| 742500 | 720225 |
|  |  | 4332148 |
| **IT Services - 2.0%**  | **IT Services - 2.0%**  | **IT Services - 2.0%**  |
| &nbsp;&nbsp; Bingo Holdings I LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.75%, <br>8.75% <sup>(A)</sup>, 06/30/2032<br>| 1150000 | 1135266 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Magenta Security Holdings LLC |  |  |
| &nbsp;&nbsp; Super Priority Term Loan, <br>3-Month Term SOFR + 6.25%, <br>10.09% <sup>(A)</sup>, 07/27/2028 <sup>(B)</sup> <br>| $1681152 | $1693761 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 6.75%, <br>10.85% <sup>(A)</sup>, 07/27/2028 <sup>(B)</sup> <br>| 417047 | 338850 |
| &nbsp;&nbsp; NCR Atleos LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.03% <sup>(A)</sup>, 04/16/2029<br>| 750000 | 748829 |
| &nbsp;&nbsp; Peraton Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.69% <sup>(A)</sup>, 02/01/2028<br>| 491678 | 423282 |
| &nbsp;&nbsp; Sandisk Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.86% <sup>(A)</sup>, 02/20/2032<br>| 875000 | 875000 |
|  |  | 5214988 |
| **Machinery - 1.9%**  | **Machinery - 1.9%**  | **Machinery - 1.9%**  |
| &nbsp;&nbsp; CPM Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.63% <sup>(A)</sup>, 09/28/2028<br>| 1084757 | 1080011 |
| &nbsp;&nbsp; GrafTech Finance, Inc. <br>Term Loan, <br>3-Month Term SOFR + 6.00%, <br>9.86% <sup>(A)</sup>, 12/21/2029<br>| 1272727 | 1291818 |
| Ranpak Corp. |  |  |
| &nbsp;&nbsp; Dutch Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.46% <sup>(A)</sup>, 12/19/2031<br>| 580976 | 582428 |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 4.50%, <br>8.46% <sup>(A)</sup>, 12/19/2031<br>| 907775 | 910044 |
| &nbsp;&nbsp; Roper Industrial Products Investment <br> Co. LLC <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.75%, <br>6.75% <sup>(A)</sup>, 11/22/2029<br>| 992500 | 994775 |
|  |  | 4859076 |
| **Media - 3.6%**  | **Media - 3.6%**  | **Media - 3.6%**  |
| &nbsp;&nbsp; Century De Buyer LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.84% <sup>(A)</sup>, 10/30/2030<br>| 445511 | 447043 |
| &nbsp;&nbsp; Charter Communications Operating LLC <br>Term Loan B5, <br>3-Month Term SOFR + 2.25%, <br>6.24% <sup>(A)</sup>, 12/15/2031<br>| 338113 | 337310 |
| Cogeco Communications Finance LP |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.58% <sup>(A)</sup>, 09/01/2028<br>| 472802 | 461927 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.21% <sup>(A)</sup>, 09/18/2030<br>| 393484 | 388873 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Coral-U.S. Co-Borrower LLC |  |  |
| &nbsp;&nbsp; Term Loan B6, <br>1-Month Term SOFR + 3.00%, <br>7.15% <sup>(A)</sup>, 10/15/2029<br>| $706917 | $690128 |
| &nbsp;&nbsp; Term Loan B7, <br>3-Month Term SOFR + 3.25%, <br>7.15% <sup>(A)</sup>, 01/31/2032<br>| 275000 | 265817 |
| &nbsp;&nbsp; LCPR Loan Financing LLC <br>Term Loan B, <br>8.22% <sup>(A)</sup>, 10/16/2028 <sup>(B)</sup> <br>| 102000 | 62411 |
| &nbsp;&nbsp; Mission Broadcasting, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.74% <sup>(A)</sup>, 06/02/2028<br>| 625993 | 624819 |
| &nbsp;&nbsp; NEP Group, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 4.50%, <br>8.46% <sup>(A)</sup>, 10/17/2031 <sup>(B)</sup> <br>| 1294433 | 1241847 |
| &nbsp;&nbsp; Sinclair Television Group, Inc. <br>Term Loan B7, <br>1-Month Term SOFR + 4.10%, <br>8.16% <sup>(A)</sup>, 12/31/2030<br>| 242531 | 219491 |
| &nbsp;&nbsp; Sunrise Financing Partnership <br>Term Loan AAA, <br>6-Month Term SOFR + 2.50%, <br>6.69% <sup>(A)</sup>, 02/15/2032<br>| 898777 | 895781 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.58% <sup>(A)</sup>, 01/31/2029<br>| 1061562 | 1048956 |
| &nbsp;&nbsp; Term Loan B, <br>1-Month Term SOFR + 3.25%, <br>7.33% <sup>(A)</sup>, 01/31/2029<br>| 144750 | 142217 |
| &nbsp;&nbsp; Virgin Media Bristol LLC <br>Term Loan Q, <br>1-Month Term SOFR + 3.25%, <br>7.40% <sup>(A)</sup>, 01/31/2029<br>| 1482278 | 1479414 |
| Ziggo Financing Partnership |  |  |
| &nbsp;&nbsp; Term Loan B, <br>6-Month Term SOFR + 3.25%, <br>7.03% <sup>(A)</sup>, 01/15/2033<br>| 1000000 | 974583 |
| &nbsp;&nbsp; Term Loan I, <br>6-Month Term SOFR + 2.50%, <br>6.71% <sup>(A)</sup>, 04/30/2028<br>| 233607 | 233223 |
|  |  | 9513840 |
| **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  | **Oil, Gas & Consumable Fuels - 2.0%**  |
| &nbsp;&nbsp; Apro LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.68% <sup>(A)</sup>, 07/09/2031<br>| 1980000 | 1970100 |
| &nbsp;&nbsp; Delek U.S. Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.56% <sup>(A)</sup>, 11/19/2029<br>| 1206669 | 1204406 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| &nbsp;&nbsp; Liquid Tech Solutions LLC <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.58% <sup>(A)</sup>, 10/08/2032<br>| $476238 | $476238 |
| &nbsp;&nbsp; Par Petroleum LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.69% <sup>(A)</sup>, 02/28/2030<br>| 1463848 | 1464763 |
|  |  | 5115507 |
| **Paper & Forest Products - 0.8%**  | **Paper & Forest Products - 0.8%**  | **Paper & Forest Products - 0.8%**  |
| &nbsp;&nbsp; Domtar Corp. <br>Term Loan B, <br>1-Month Term SOFR + 5.50%, <br>9.58% <sup>(A)</sup>, 11/30/2028<br>| 859975 | 649281 |
| &nbsp;&nbsp; Glatfelter Corp. <br>Term Loan B, <br>3-Month Term SOFR + 4.25%, <br>8.45% <sup>(A)</sup>, 11/04/2031<br>| 1396959 | 1309649 |
|  |  | 1958930 |
| **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  | **Passenger Airlines - 0.4%**  |
| &nbsp;&nbsp; American Airlines, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.13% <sup>(A)</sup>, 05/28/2032<br>| 746250 | 748737 |
| &nbsp;&nbsp; United Airlines, Inc. <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 2.00%, <br>6.20% <sup>(A)</sup>, 02/22/2031<br>| 413304 | 413821 |
|  |  | 1162558 |
| **Personal Care Products - 1.2%**  | **Personal Care Products - 1.2%**  | **Personal Care Products - 1.2%**  |
| &nbsp;&nbsp; Conair Holdings LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.75%, <br>7.83% <sup>(A)</sup>, 05/17/2028<br>| 982097 | 559796 |
| &nbsp;&nbsp; kdc/one Development Corp., Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(A)</sup>, 08/15/2028<br>| 1495003 | 1502478 |
| &nbsp;&nbsp; Opal Bidco SAS <br>1st Lien Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>6.90% <sup>(A)</sup>, 04/28/2032<br>| 1000000 | 1003910 |
|  |  | 3066184 |
| **Pharmaceuticals - 2.4%**  | **Pharmaceuticals - 2.4%**  | **Pharmaceuticals - 2.4%**  |
| &nbsp;&nbsp; Amneal Pharmaceuticals LLC <br>Term Loan B, <br>1-Month Term SOFR + 3.50%, <br>7.46% <sup>(A)</sup>, 08/01/2032<br>| 750000 | 754687 |
| &nbsp;&nbsp; Curium Bidco SARL <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.00% <sup>(A)</sup>, 08/04/2031<br>| 1763017 | 1771832 |
| &nbsp;&nbsp; Elanco Animal Health, Inc. <br>Term Loan B, <br>5.73% <sup>(A)</sup>, 10/31/2032 <sup>(B)</sup> <br>| 250000 | 250312 |
| &nbsp;&nbsp; IVC Acquisition Ltd. <br>Repriced Term Loan B, <br>3-Month Term SOFR + 3.75%, <br>7.75% <sup>(A)</sup>, 12/12/2028<br>| 1476909 | 1481832 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp; Paradigm Parent LLC <br>1st Lien Term Loan, <br>3-Month Term SOFR + 4.50%, <br>8.38% <sup>(A)</sup>, 04/16/2032<br>| $1250000 | $1112969 |
| &nbsp;&nbsp; Southern Veterinary Partners LLC <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.37% <sup>(A)</sup>, 12/04/2031 <sup>(B)</sup> <br>| 988663 | 987196 |
|  |  | 6358828 |
| **Real Estate Management & Development - 0.8%**  | **Real Estate Management & Development - 0.8%**  | **Real Estate Management & Development - 0.8%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| &nbsp;&nbsp; Term Loan, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 01/31/2030<br>| 624262 | 625042 |
| &nbsp;&nbsp; Term Loan B3, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 01/31/2030<br>| 871465 | 873644 |
| &nbsp;&nbsp; RE/MAX International, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.58% <sup>(A)</sup>, 07/21/2028<br>| 492288 | 480596 |
|  |  | 1979282 |
| **Software - 3.9%**  | **Software - 3.9%**  | **Software - 3.9%**  |
| &nbsp;&nbsp; Avaya, Inc. <br>Term Loan, <br>1-Month Term SOFR + 7.50%, <br>11.46% <sup>(A)</sup>, 08/01/2028<br>| 775002 | 678127 |
| &nbsp;&nbsp; Aventiv Technologies LLC <br>Bridge Term Loan, <br>3-Month Term SOFR + 10.00%, <br>14.26% <sup>(A)</sup>, 03/25/2026<br>| 497026 | 522499 |
| &nbsp;&nbsp; Boxer Parent Co., Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>7.20% <sup>(A)</sup>, 07/30/2031<br>| 995000 | 987848 |
| &nbsp;&nbsp; Central Parent, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 07/06/2029<br>| 976375 | 801116 |
| &nbsp;&nbsp; Cornerstone OnDemand, Inc. <br>Term Loan, <br>1-Month Term SOFR + 3.75%, <br>7.83% <sup>(A)</sup>, 10/16/2028<br>| 723750 | 691181 |
| &nbsp;&nbsp; Cotiviti Corp. <br>Term Loan B, <br>7.63% <sup>(I)</sup>, 05/01/2031<br>| 1000000 | 980000 |
| &nbsp;&nbsp; Dayforce, Inc. <br>Term Loan, <br>TBD, 10/07/2032 <sup>(B)</sup><sup>(C)</sup> <br>| 500000 | 497500 |
| &nbsp;&nbsp; Drake Software LLC <br>Term Loan B, <br>1-Month Term SOFR + 4.25%, <br>8.21% <sup>(A)</sup>, 06/26/2031<br>| 669251 | 666742 |
| &nbsp;&nbsp; Epicor Software Corp. <br>Term Loan F, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(A)</sup>, 05/30/2031<br>| 1287000 | 1289212 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp; Modena Buyer LLC <br>Term Loan, <br>3-Month Term SOFR + 4.25%, <br>8.09% <sup>(A)</sup>, 07/01/2031<br>| $990000 | $962156 |
| &nbsp;&nbsp; Polaris Newco LLC <br>Term Loan B, <br>3-Month Term SOFR + 4.00%, <br>8.10% <sup>(A)</sup>, 06/02/2028<br>| 1488372 | 1420465 |
| Rackspace Finance LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.91% <sup>(A)</sup>, 05/15/2028<br>| 797860 | 354050 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.41% <sup>(A)</sup>, 05/15/2028<br>| 339033 | 342635 |
|  |  | 10193531 |
| **Textiles, Apparel & Luxury Goods - 1.0%**  | **Textiles, Apparel & Luxury Goods - 1.0%**  | **Textiles, Apparel & Luxury Goods - 1.0%**  |
| &nbsp;&nbsp; Beach Acquisition Bidco LLC <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.27% <sup>(A)</sup>, 09/12/2032<br>| 250000 | 251042 |
| &nbsp;&nbsp; Hanesbrands, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 2.75%, <br>6.71% <sup>(A)</sup>, 03/07/2032<br>| 1092939 | 1095672 |
| &nbsp;&nbsp; Varsity Brands, Inc. <br>1st Lien Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.03% <sup>(A)</sup>, 08/26/2031<br>| 1246875 | 1249057 |
|  |  | 2595771 |
| **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  |
| First Student Bidco, Inc. |  |  |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.71% <sup>(A)</sup>, 08/15/2030<br>| 1348775 | 1350124 |
| &nbsp;&nbsp; Term Loan C, <br>3-Month Term SOFR + 2.50%, <br>6.71% <sup>(A)</sup>, 08/15/2030<br>| 108483 | 108585 |
| &nbsp;&nbsp; SIRVA Worldwide, Inc. <br>Super Priority Delayed Draw Term Loan, <br>3-Month Term SOFR + 8.00%, <br>12.00% <sup>(A)</sup>, 02/20/2029<br>| 290607 | 270264 |
| &nbsp;&nbsp; Student Transportation of America Holdings, <br> Inc. <br>Term Loan B, <br>3-Month Term SOFR + 3.25%, <br>7.25% <sup>(A)</sup>, 06/24/2032<br>| 997667 | 1005149 |
|  |  | 2734122 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $229,526,041)**<br>|  | 224277964 |
| **CORPORATE DEBT SECURITIES - 7.3%**  | **CORPORATE DEBT SECURITIES - 7.3%**  | **CORPORATE DEBT SECURITIES - 7.3%**  |
| **Building Products - 0.6%**  | **Building Products - 0.6%**  | **Building Products - 0.6%**  |
| Smyrna Ready Mix Concrete LLC |  |  |
| 6.00%, 11/01/2028 <sup>(J)</sup> <br>| 1500000 | 1495147 |
| **Chemicals - 0.4%**  | **Chemicals - 0.4%**  | **Chemicals - 0.4%**  |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.13%, 10/01/2027 <sup>(J)</sup> <br>| 1000000 | 1017810 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(J)</sup> <br>| $2250000 | $2342736 |
| **Communications Equipment - 0.7%**  | **Communications Equipment - 0.7%**  | **Communications Equipment - 0.7%**  |
| CommScope LLC |  |  |
| 9.50%, 12/15/2031 <sup>(J)</sup> <br>| 1000000 | 1018612 |
| Sable International Finance Ltd. |  |  |
| 7.13%, 10/15/2032 <sup>(J)</sup> <br>| 750000 | 750293 |
|  |  | 1768905 |
| **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  | **Containers & Packaging - 0.5%**  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/2032 <sup>(J)</sup> <br>| 313000 | 314063 |
| Graham Packaging Co., Inc. |  |  |
| 7.13%, 08/15/2028 <sup>(J)</sup> <br>| 1000000 | 995301 |
|  |  | 1309364 |
| **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  | **Energy Equipment & Services - 0.2%**  |
| Star Holding LLC |  |  |
| 8.75%, 08/01/2031 <sup>(J)</sup> <br>| 500000 | 483271 |
| **Health Care Providers & Services - 1.6%**  | **Health Care Providers & Services - 1.6%**  | **Health Care Providers & Services - 1.6%**  |
| LifePoint Health, Inc. |  |  |
| 8.38%, 02/15/2032 <sup>(J)</sup> <br>| 500000 | 539895 |
| 11.00%, 10/15/2030 <sup>(J)</sup> <br>| 500000 | 551301 |
| Tenet Healthcare Corp. |  |  |
| 6.13%, 06/15/2030 | 3000000 | 3055620 |
|  |  | 4146816 |
| **Hotels, Restaurants & Leisure - 0.8%**  | **Hotels, Restaurants & Leisure - 0.8%**  | **Hotels, Restaurants & Leisure - 0.8%**  |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/2030 <sup>(J)</sup> <br>| 1000000 | 1028919 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 6.63%, 01/15/2032 <sup>(J)</sup> <br>| 1000000 | 1014779 |
|  |  | 2043698 |
| **Insurance - 0.2%**  | **Insurance - 0.2%**  | **Insurance - 0.2%**  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 7.50%, 11/06/2030 <sup>(J)</sup> <br>| 500000 | 517139 |
| **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  | **Internet & Catalog Retail - 0.5%**  |
| ION Platform Finance U.S., Inc./ION <br> Platform Finance SARL |  |  |
| 8.75%, 05/01/2029 <sup>(J)</sup> <br>| 1214000 | 1235333 |
| 9.50%, 05/30/2029 <sup>(J)</sup> <br>| 200000 | 204369 |
|  |  | 1439702 |
| **Media - 0.3%**  | **Media - 0.3%**  | **Media - 0.3%**  |
| CSC Holdings LLC |  |  |
| 5.38%, 02/01/2028 <sup>(J)</sup> <br>| 750000 | 621954 |
| LCPR Senior Secured Financing DAC |  |  |
| 5.13%, 07/15/2029 <sup>(J)</sup> <br>| 250000 | 151228 |
|  |  | 773182 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software - 0.6%**  | **Software - 0.6%**  | **Software - 0.6%**  |
| Ellucian Holdings, Inc. |  |  |
| 6.50%, 12/01/2029 <sup>(J)</sup> <br>| $1577000 | $1596030 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $18,816,469)**<br>|  | 18933800 |
| **ASSET-BACKED SECURITIES - 1.3%**  | **ASSET-BACKED SECURITIES - 1.3%**  | **ASSET-BACKED SECURITIES - 1.3%**  |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class AR1, <br>3-Month Term SOFR + 1.25%, <br>5.15% <sup>(A)</sup>, 02/15/2038 <sup>(J)</sup> <br>| 1500000 | 1499192 |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-19A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.12% <sup>(A)</sup>, 04/16/2031 <sup>(J)</sup> <br>| 325967 | 326237 |
| Venture 43 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-43A, Class A1R, <br>3-Month Term SOFR + 1.35%, <br>5.25% <sup>(A)</sup>, 04/15/2034 <sup>(J)</sup> <br>| 1500000 | 1500640 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $3,324,272)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $3,324,272)** | 3326069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 1.0%**  | **EXCHANGE-TRADED FUNDS - 1.0%**  | **EXCHANGE-TRADED FUNDS - 1.0%**  |
| **U.S. Fixed Income Funds - 1.0%**  | **U.S. Fixed Income Funds - 1.0%**  | **U.S. Fixed Income Funds - 1.0%**  |
| Invesco Senior Loan ETF <sup>(K)(L)</sup> <br>| 63000 | 1316700 |
| &nbsp;&nbsp; State Street Blackstone Senior Loan <br> ETF <sup>(L)(M)</sup> <br>| 32000 | 1328320 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $2,644,640)**<br>|  | 2645020 |
| **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  |
| **Containers & Packaging - 0.1%**  | **Containers & Packaging - 0.1%**  | **Containers & Packaging - 0.1%**  |
| Anchor Glass Container Corp. <sup>(H)</sup> <br>| 43195 | 204164 |
| **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** | **Household Durables - 0.0% \*** |
| API Heat Transfer Intermediate Corp. <sup>(E)(H)(N)</sup> <br>| 889572 | 1 |
| **Software - 0.1%**  | **Software - 0.1%**  | **Software - 0.1%**  |
| Avaya Holdings Corp. <sup>(E)</sup><sup>(H)</sup><sup>(N)</sup><sup>(O)</sup> <br>| 41536 | 436128 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $997,072)**<br>|  | 640293 |
| **PREFERRED STOCK - 0.0%**  | **PREFERRED STOCK - 0.0%**  | **PREFERRED STOCK - 0.0%**  |
| **Household Durables - 0.0%**  | **Household Durables - 0.0%**  | **Household Durables - 0.0%**  |
| API Heat Transfer Intermediate Corp., |  |  |
| 0.00% <sup>(E)</sup><sup>(H)</sup><sup>(N)</sup><sup>(P)</sup> <br>| 189500 | 0 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $189,500)**<br>|  | 0 |
| **OTHER INVESTMENT COMPANY - 1.0%**  | **OTHER INVESTMENT COMPANY - 1.0%**  | **OTHER INVESTMENT COMPANY - 1.0%**  |
| **Securities Lending Collateral - 1.0%**  | **Securities Lending Collateral - 1.0%**  | **Securities Lending Collateral - 1.0%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(Q)</sup> <br>| 2714500 | 2714500 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,714,500)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $2,714,500)** | 2714500 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.1%**  | **REPURCHASE AGREEMENT - 4.1%**  | **REPURCHASE AGREEMENT - 4.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(Q)</sup>, dated 10/31/2025, to be <br> repurchased at $10,614,178 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $10,825,283.<br>| $10612851 | $10612851 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,612,851)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,612,851)** | 10612851 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $268,825,345)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $268,825,345)** | 263150497 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (2116551) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$261033946** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(R)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(S)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Loan Assignments | $— | &nbsp;&nbsp; $224277964 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224277964 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 18933800 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18933800 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 3326069 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3326069 |
| Exchange-Traded Funds | 2645020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2645020 |
| Common Stocks |  | &nbsp;&nbsp; 204164 | &nbsp;&nbsp; 436129 | &nbsp;&nbsp; 640293 |
| Preferred Stock |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Other Investment Company | 2714500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2714500 |
| Repurchase Agreement |  | &nbsp;&nbsp; 10612851 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10612851 |
| **Total Investments** | **$5359520** | &nbsp;&nbsp; **$257354848** | &nbsp;&nbsp; **$436129** | &nbsp;&nbsp; **$263150497** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transfers** |  |  |  |  |
| **Investments** | **Transfer from** <br>**Level 1 to Level 3**<br>| **Transfer from** <br>**Level 3 to Level 1**<br>| **Transfer from** <br>**Level 2 to Level 3**<br>| **Transfer from** <br>**Level 3 to Level 2**<br>|
| Common Stocks<sup>(O)</sup> <br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $436128 | &nbsp;&nbsp; $— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(B)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(C)</sup> *All or a portion of the security represents an unsettled loan commitment at October 31, 2025 where the rate will be determined at time of settlement.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Floating Rate**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(D)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
|  | Del Monte Foods, Inc. |  |  |  |  |
| Loan Assignments | <br>Term Loan, 3-Month Term <br> SOFR + 8.00%, PIK Rate <br> 3.00%, Cash Rate 0.00%, <br> 08/02/2028<br>| 08/16/2024 - 09/03/2024 | &nbsp;&nbsp; $96564 | &nbsp;&nbsp; $50657 | 0.0<br> %\*<br>|
| Loan Assignments | <br>Term Loan, TBD, 08/02/2028 | 08/02/2024 - 04/17/2025 | &nbsp;&nbsp; 1015620 | &nbsp;&nbsp; 229032 | 0.1<br> %<br>|
| Loan Assignments | <br>DIP Term Loan, 1-Month Term <br> SOFR + 9.50%, 13.65%, <br> 04/02/2026<br>| 07/14/2025 - 10/14/2025 | &nbsp;&nbsp; 648242 | &nbsp;&nbsp; 644294 | 0.3<br> %<br>|
| Loan Assignments | <br>Term Loan, 1-Month Term <br> SOFR + 9.50%, 1-Month <br> Term SOFR + 9.60%, <br> 13.65%, 04/02/2026<br>| 07/02/2025 - 10/15/2025 | &nbsp;&nbsp; 777214 | &nbsp;&nbsp; 774533 | 0.3 |
| Loan Assignments | Anchor Glass Container Corp. <br>Exit Term Loan, 3-Month <br> Term SOFR + 5.25%, <br> 9.21%, 10/08/2030<br>| 10/10/2025 | &nbsp;&nbsp; 81414 | &nbsp;&nbsp; 312485 | 0.1<br> %<br>|
|  |  |  | &nbsp;&nbsp; **$2619054** | &nbsp;&nbsp; **$2011001** | **0.8%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $3,506,184,* *representing 1.3% of the Fund's net assets.* 

<sup>(F)</sup> *Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If the security makes a cash payment in addition* *to in-kind, the cash rate is disclosed separately.* 

<sup>(G)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2025, the value of this security* *is $229,032, representing 0.1% of the Fund's net assets.* 

<sup>(H)</sup> *Non-income producing security.*

<sup>(I)</sup> *Fixed rate loan commitment at October 31, 2025.*

<sup>(J)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $19,204,249, representing 7.4% of the* *Fund's net assets.* 

<sup>(K)</sup> *The shareholder reports for Invesco ETFs can be found at the following location: Invesco \| Performance.*

<sup>(L)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $2,645,020, collateralized by cash collateral of $2,714,500. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(M)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(N)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At October 31, 2025, the total value of the* *securities is $436,129, representing 0.2% of the Fund's net assets.* 

<sup>(O)</sup> *Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable* *inputs.* 

<sup>(P)</sup> *Security deemed worthless.*

<sup>(Q)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(R)</sup> *The Fund recognized transfers in and out of Level 3 as of October 31, 2025. Please reference the Investment Valuation section of the Notes to Financial* *Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(S)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate* <br> *TBD* *To Be Determined*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Floating Rate**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $258,212,494) (including securities loaned of $2,645,020) | $252537646 |
| Repurchase agreement, at value (cost $10,612,851) | 10612851 |
| Cash | 788822 |
| Receivables and other assets: |  |
| Investments sold  | 187058 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 5920179 |
| Net income from securities lending | 1115 |
| Shares of beneficial interest sold  | 56559 |
| Interest | 1420770 |
| Unrealized appreciation on unfunded commitments | 957 |
| Other assets | 17146 |
| Total assets | 271543103 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 2714500 |
| Payables and other liabilities: |  |
| Investments purchased | 220292 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 7041009 |
| Dividends and/or distributions | 7442 |
| Shares of beneficial interest redeemed | 335451 |
| Investment management fees | 96336 |
| Distribution and service fees | 16415 |
| Transfer agent fees | 11199 |
| Trustee and CCO fees | 89 |
| Audit and tax fees  | 26818 |
| Custody fees | 22723 |
| Legal fees | 3265 |
| Printing and shareholder reports fees | 3052 |
| Registration fees | 541 |
| Other accrued expenses | 10025 |
| Total liabilities | 10509157 |
| **Net assets**  | $261033946 |
| **Net assets consist of:** |  |
| Paid-in capital | $320286994 |
| Total distributable earnings (accumulated losses) | (59253048)<br>|
| **Net assets** | $261033946 |
| **Net assets by class:** |  |
| Class A | $14981863 |
| Class C | 15716590 |
| Class I | 80524029 |
| Class I2 | 149811464 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 1685192 |
| Class C | 1766984 |
| Class I | 9105834 |
| Class I2 | 16861121 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.89 |
| Class C | 8.89 |
| Class I | 8.84 |
| Class I2 | 8.89 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $9.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Floating Rate**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $171072 |
| Interest income | 22224528 |
| Net income from securities lending | 8148 |
| Total investment income  | 22403748 |
| **Expenses:** |  |
| Investment management fees | 1293411 |
| Distribution and service fees: |  |
| Class A | 37519 |
| Class C | 164764 |
| Transfer agent fees: |  |
| Class A | 19385 |
| Class C | 13283 |
| Class I | 81815 |
| Class I2 | 11717 |
| Trustee and CCO fees | 11423 |
| Audit and tax fees | 50215 |
| Custody fees | 183580 |
| Legal fees | 20070 |
| Printing and shareholder reports fees | 15845 |
| Registration fees | 57458 |
| Other | 25367 |
| Total expenses before waiver and/or reimbursement and recapture | 1985852 |
| Expenses waived and/or reimbursed: |  |
| Class A | (6031)<br>|
| Class I | (79423)<br>|
| Net expenses | 1900398 |
| **Net investment income (loss)** | 20503350 |
| **Net realized gain (loss) on:** |  |
| Investments | (1667471)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | (3103567)<br>|
| Unfunded commitments | 919 |
| Net change in unrealized appreciation (depreciation) | (3102648)<br>|
| Net realized and change in unrealized gain (loss) | (4770119)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $15733231 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Floating Rate**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $20503350 | &nbsp;&nbsp;&nbsp;&nbsp; $21254396 |
| Net realized gain (loss) | (1667471)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2608253)<br>|
| Net change in unrealized appreciation (depreciation) | (3102648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4683180 |
| Net increase (decrease) in net assets resulting from operations | 15733231 | &nbsp;&nbsp;&nbsp;&nbsp; 23329323 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (1106891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1092831)<br>|
| Class C | (1093541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1232293)<br>|
| Class I | (6054415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7361595)<br>|
| Class I2 | (12044442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11742085)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (20299289)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21428804)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 9215809 | &nbsp;&nbsp;&nbsp;&nbsp; 2284201 |
| Class C | 3949502 | &nbsp;&nbsp;&nbsp;&nbsp; 4632980 |
| Class I | 47048536 | &nbsp;&nbsp;&nbsp;&nbsp; 55658264 |
| Class I2 | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 91900000 |
|  | 72713847 | &nbsp;&nbsp;&nbsp;&nbsp; 154475445 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 1097850 | &nbsp;&nbsp;&nbsp;&nbsp; 1082412 |
| Class C | 1089633 | &nbsp;&nbsp;&nbsp;&nbsp; 1226797 |
| Class I | 6021892 | &nbsp;&nbsp;&nbsp;&nbsp; 7340384 |
| Class I2 | 12044442 | &nbsp;&nbsp;&nbsp;&nbsp; 11742085 |
|  | 20253817 | &nbsp;&nbsp;&nbsp;&nbsp; 21391678 |
| Cost of shares redeemed: |  |  |
| Class A | (9941667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3590447)<br>|
| Class C | (4410410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4084437)<br>|
| Class I | (43303019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78955449)<br>|
| Class I2 | (18695832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13600000)<br>|
|  | (76350928)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100230333)<br>|
| Automatic conversions: |  |  |
| Class A | 1394733 | &nbsp;&nbsp;&nbsp;&nbsp; 806292 |
| Class C | (1394733)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (806292)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 16616736 | &nbsp;&nbsp;&nbsp;&nbsp; 75636790 |
| **Net increase (decrease) in net assets** | 12050678 | &nbsp;&nbsp;&nbsp;&nbsp; 77537309 |
| **Net assets:** |  |  |
| Beginning of year | 248983268 | &nbsp;&nbsp;&nbsp;&nbsp; 171445959 |
| End of year | $261033946 | &nbsp;&nbsp;&nbsp;&nbsp; $248983268 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Floating Rate**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1023693 | &nbsp;&nbsp;&nbsp;&nbsp; 252563 |
| Class C | 438923 | &nbsp;&nbsp;&nbsp;&nbsp; 511723 |
| Class I | 5291821 | &nbsp;&nbsp;&nbsp;&nbsp; 6181820 |
| Class I2 | 1381032 | &nbsp;&nbsp;&nbsp;&nbsp; 10210853 |
|  | 8135469 | &nbsp;&nbsp;&nbsp;&nbsp; 17156959 |
| Shares reinvested: |  |  |
| Class A | 122327 | &nbsp;&nbsp;&nbsp;&nbsp; 119729 |
| Class C | 121291 | &nbsp;&nbsp;&nbsp;&nbsp; 135604 |
| Class I | 674394 | &nbsp;&nbsp;&nbsp;&nbsp; 816032 |
| Class I2 | 1342460 | &nbsp;&nbsp;&nbsp;&nbsp; 1298925 |
|  | 2260472 | &nbsp;&nbsp;&nbsp;&nbsp; 2370290 |
| Shares redeemed: |  |  |
| Class A | (1107622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (397362)<br>|
| Class C | (492291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (451521)<br>|
| Class I | (4866621)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8782282)<br>|
| Class I2 | (2089680)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1513362)<br>|
|  | (8556214)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11144527)<br>|
| Automatic conversions: |  |  |
| Class A | 155485 | &nbsp;&nbsp;&nbsp;&nbsp; 89152 |
| Class C | (155391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89071)<br>|
|  | 94 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 193883 | &nbsp;&nbsp;&nbsp;&nbsp; 64082 |
| Class C | (87468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106735 |
| Class I | 1099594 | &nbsp;&nbsp;&nbsp;&nbsp; (1784430)<br>|
| Class I2 | 633812 | &nbsp;&nbsp;&nbsp;&nbsp; 9996416 |
|  | 1839821 | &nbsp;&nbsp;&nbsp;&nbsp; 8382803 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Floating Rate**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.67 | 0.73 | 0.70 | 0.34 | 0.27 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 0.10 | 0.04 | (0.58)<br>| 0.27 |
| Total investment operations | 0.51 | 0.83 | 0.74 | (0.24)<br>| 0.54 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.66)<br>| (0.74)<br>| (0.70)<br>| (0.35)<br>| (0.31)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.66)<br>| (0.74)<br>| (0.70)<br>| (0.35)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.89 | $9.04 | $8.95 | $8.91 | $9.50 |
| **Total return** <sup>(C)</sup> <br>| 5.85<br> %<br>| 9.55<br> %<br>| 8.51<br> %<br>| (2.61)%<br>| 5.85<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $14982 | $13486 | $12779 | $15531 | $13805 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.00<br> %<br>| 0.99<br> %<br>| 1.05<br> %<br>| 1.09<br> %<br>| 1.15<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.96<br> %<br>| 0.97<br> %<br>| 1.00<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Net investment income (loss) to average net assets | 7.46<br> %<br>| 8.09<br> %<br>| 7.78<br> %<br>| 3.71<br> %<br>| 2.90<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.05 | $8.96 | $8.92 | $9.51 | $9.28 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.60 | 0.67 | 0.64 | 0.27 | 0.20 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 0.09 | 0.03 | (0.58)<br>| 0.27 |
| Total investment operations | 0.44 | 0.76 | 0.67 | (0.31)<br>| 0.47 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.60)<br>| (0.67)<br>| (0.63)<br>| (0.28)<br>| (0.24)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.60)<br>| (0.67)<br>| (0.63)<br>| (0.28)<br>| (0.24)<br>|
| **Net asset value, end of year** | $8.89 | $9.05 | $8.96 | $8.92 | $9.51 |
| **Total return** <sup>(D)</sup> <br>| 4.96<br> %<br>| 8.78<br> %<br>| 7.71<br> %<br>| (3.33 )%<sup>(C)</sup><br>| 5.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15717 | $16780 | $15661 | $15790 | $14222 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.70<br> %<br>| 1.69<br> %<br>| 1.77<br> %<br>| 1.83<br> %<br>| 1.88<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.70<br> %<br>| 1.69<br> %<br>| 1.73<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>|
| Net investment income (loss) to average net assets | 6.70<br> %<br>| 7.37<br> %<br>| 7.08<br> %<br>| 2.96<br> %<br>| 2.15<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Floating Rate**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.00 | $8.91 | $8.87 | $9.45 | $9.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.70 | 0.76 | 0.72 | 0.36 | 0.29 |
| Net realized and unrealized gain (loss) | (0.17)<br>| 0.10 | 0.04 | (0.57)<br>| 0.26 |
| Total investment operations | 0.53 | 0.86 | 0.76 | (0.21)<br>| 0.55 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| **Net asset value, end of year** | $8.84 | $9.00 | $8.91 | $8.87 | $9.45 |
| **Total return** | 6.08<br> %<br>| 9.95<br> %<br>| 8.85<br> %<br>| (2.29 )%<sup>(C)</sup><br>| 6.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $80524 | $72033 | $87230 | $107287 | $112017 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.73<br> %<br>| 0.71<br> %<br>| 0.78<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63 %<sup>(E)</sup><br>| 0.62 %<sup>(E)</sup><br>| 0.67 %<sup>(E)</sup><br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 7.78<br> %<br>| 8.41<br> %<br>| 8.07<br> %<br>| 3.87<br> %<br>| 3.08<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.04 | $8.95 | $8.91 | $9.50 | $9.27 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.70 | 0.76 | 0.73 | 0.34 | 0.28 |
| Net realized and unrealized gain (loss) | (0.16)<br>| 0.10 | 0.03 | (0.56)<br>| 0.28 |
| Total investment operations | 0.54 | 0.86 | 0.76 | (0.22)<br>| 0.56 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| Return of capital |  |  |  | (0.00 )<sup>(B)</sup><br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.77)<br>| (0.72)<br>| (0.37)<br>| (0.33)<br>|
| **Net asset value, end of year** | $8.89 | $9.04 | $8.95 | $8.91 | $9.50 |
| **Total return** | 6.21<br> %<br>| 9.96<br> %<br>| 8.86<br> %<br>| (2.32)%<br>| 6.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $149811 | $146684 | $55776 | $51209 | $146186 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.68<br> %<br>| 0.74<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.67<br> %<br>| 0.74 %<sup>(D)</sup><br>| 0.80 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 7.78<br> %<br>| 8.46<br> %<br>| 8.17<br> %<br>| 3.72<br> %<br>| 2.94<br> %<br>|
| Portfolio turnover rate | 41<br> %<br>| 64<br> %<br>| 37<br> %<br>| 75<br> %<br>| 41<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(D)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Floating Rate (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. In connection with these commitments a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income is recognized ratably over the commitment period and reflected in Interest income within the Statement of Operations. The unfunded amounts are marked-to-market and included in Unrealized appreciation (depreciation) on unfunded commitments within the Statement of Assets and Liabilities and Net change in unrealized appreciation (depreciation) on unfunded commitments within the Statement of Operations.

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Commitment**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Air Comm Corp. LLC, Delayed Draw Term Loan | $46154 | &nbsp;&nbsp; $101 |
| Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan | 14129 | &nbsp;&nbsp; (37)<br>|
| GrafTech Finance, Inc., Delayed Draw Term Loan | 738182 | &nbsp;&nbsp; 10909 |
| Groundworks LLC, Delayed Draw Term Loan | 127448 | &nbsp;&nbsp; 314 |
| Janney Montgomery Scott LLC, Delayed Draw Term Loan | 64527 | &nbsp;&nbsp; 241 |
| Liquid Tech Solutions, LLC, Delayed Draw Term Loan | 48762 | &nbsp;&nbsp; 121 |
| Mrp Buyer, LLC, Delayed Draw Term Loan | 22006 | &nbsp;&nbsp; (202)<br>|
| Peninsula Pacfic Entertain, LLC, Delayed Draw Term Loan | 236748 | &nbsp;&nbsp; (1422)<br>|
| SIRVA Worldwide, Inc., Delayed Draw Term Loan | 157131 | &nbsp;&nbsp; (9362)<br>|
| USALCO LLC, Delayed Draw Term Loan | 79498 | &nbsp;&nbsp; 294 |
| **Total** | **$1534585** | &nbsp;&nbsp; **$957** |

---

Open funded loan participations and assignments at October 31, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $2714500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2714500 |
| **Total Borrowings** | **$2714500** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2714500** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Floating rate loans risk:** Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the Fund may be "covenant lite" loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the Fund not receiving proceeds from the sale of a loan for an extended period. As a result, the Fund may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the Fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**SOFR risk:** Public and private sector actors have worked to establish alternative reference rates, like the Secured Overnight Financing Rate ("SOFR"), to be used in place of the London Interbank Offered Rate ("LIBOR"), the publication of which has ceased. Certain floating or variable rate obligations or investments of the Fund may reference SOFR. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represented interbank funding costs for different short-term maturities or tenors. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates during certain periods. SOFR has a limited

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

history. There is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. The future performance of SOFR,and SOFR-based reference rates, is not known based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Distressed or defaulted securities risk:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The Fund may incur costs to protect its investment, and the Fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used,

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $149676865 | 57.34<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $100 million | 0.490<br> % <br>|
| Over $100 million up to $200 million | 0.485 |
| Over $200 million up to $1 billion | 0.480 |
| Over $1 billion up to $1.5 billion | 0.470 |
| Over $1.5 billion up to $2 billion | 0.460 |
| Over $2 billion | 0.450 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.97<br> % <br>| March 1, 2026 |
| Class C | 1.72 | March 1, 2026 |
| Class I | 0.72 | March 1, 2026 |
| Class I2 | 0.65 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $8273 | $3601 | $6031 | $17905 |
| Class C | 6808 | 120 |  | 6928 |
| Class I | 55254 | 952 | 4731 | 60937 |
| Class I2 | 3628 | 342 |  | 3970 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class C certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $8209 | &nbsp;&nbsp;&nbsp;&nbsp; $1492 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 988 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $124468 | &nbsp;&nbsp; $10881 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $111866187 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106306057 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, defaulted bonds, premium amortization adjustments and dividends payable. 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

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $268856331 | &nbsp;&nbsp; $1819172 | &nbsp;&nbsp; $(7525006)<br>| &nbsp;&nbsp; $(5705834)<br>|

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $13015920 | &nbsp;&nbsp;&nbsp;&nbsp; $40924791 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $20299289 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21428804 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $402980 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(53940711)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10440)<br>| &nbsp;&nbsp; $(5704877)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Floating Rate**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Floating Rate

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Floating Rate (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imgf24413723.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica Floating Rate** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Floating Rate** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Floating Rate** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

**Transamerica Floating Rate** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Floating Rate (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

------

**Transamerica Floating Rate** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 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 below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 39**

------

**Transamerica Floating Rate** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion** 

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 40**

------

![](g67628img5a23e0514.gif)

![](g67628imgb27a25f45.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886773 TA FR 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img8e20307d6.gif)

------

![](g67628img42d5c8431.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Government Money Market**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img0558d2882.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_SOI-RunningFooter-153_1) | 2 |
| [Statement of Assets and Liabilities](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_FS-RunningFooter-153_1) | 5 |
| [Statement of Operations](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_FS-RunningFooter-153_2) | 6 |
| [Statement of Changes in Net Assets](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_FS-RunningFooter-153_3) | 7 |
| [Financial Highlights](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_FIHI-RunningFooter-153_1) | 9 |
| [Notes to Financial Statements](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_NTF-RunningFooter-153_1) | 13 |
| **[Report of Independent Registered Public Accounting Firm](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_AUD-RunningFooter-153_1)** | 21 |
| **[Supplemental Information](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_STI-RunningFooter-153_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_DWA-RunningFooter-153_1)**<br> **[Companies](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_DWA-RunningFooter-153_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_PD-RunningFooter-153_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_REMU-RunningFooter-153_1)**<br> **[Companies](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_REMU-RunningFooter-153_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_74ebed17-5d16-45ec-afc1-1bd09e27a2f1_AIAC-RunningFooter-153_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Government Money Market**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 7.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 7.3%**  | **U.S. GOVERNMENT OBLIGATIONS - 7.3%**  |
| **U.S. Treasury - 7.3%**  | **U.S. Treasury - 7.3%**  | **U.S. Treasury - 7.3%**  |
| U.S. Treasury Floating Rate Notes |  |  |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.10%, 3.86% <sup>(A)</sup>, 01/31/2027<br>| $6115000 | $6114950 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.15%, 3.92% <sup>(A)</sup>, 04/30/2026 - <br> 07/31/2027<br>| 6925000 | 6925069 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.25%, 4.01% <sup>(A)</sup>, 01/31/2026<br>| 440000 | 440000 |
| U.S. Treasury Notes |  |  |
| 0.38%, 11/30/2025 - 01/31/2026 | 575000 | 571905 |
| 0.50%, 02/28/2026 | 200000 | 197715 |
| 0.75%, 03/31/2026 | 4800000 | 4736987 |
| 0.88%, 06/30/2026 | 130000 | 127272 |
| 2.38%, 04/30/2026 | 160000 | 158690 |
| 4.13%, 10/31/2026 | 119000 | 119457 |
| 4.25%, 12/31/2025 | 345000 | 345012 |
| 4.63%, 02/28/2026 - 06/30/2026 | 1115000 | 1118092 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $20,855,149)**<br>|  | 20855149 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.1%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.1%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.1%**  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.27%,<br>|  |  |
| 4.03% <sup>(A)</sup>, 10/16/2026 | 1800000 | 1800000 |
| 3-Month SOFR + 0.07%, |  |  |
| 4.11% <sup>(A)</sup>, 11/17/2025 - 03/26/2027 | 3650000 | 3650000 |
| 3-Month SOFR + 0.08%, |  |  |
| 4.12% <sup>(A)</sup>, 02/01/2027 | 600000 | 600000 |
| 3-Month SOFR + 0.09%, |  |  |
| 4.13% <sup>(A)</sup>, 01/27/2027 | 214000 | 214000 |
| 3-Month SOFR + 0.10%, |  |  |
| 4.14% <sup>(A)</sup>, 06/24/2026 - 06/26/2026 | 935000 | 935000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.18% <sup>(A)</sup>, 10/15/2026 - 12/23/2026 | 3500000 | 3499832 |
| Federal Home Loan Banks |  |  |
| 3-Month SOFR + 0.07%, |  |  |
| 4.11% <sup>(A)</sup>, 03/25/2027 | 485000 | 485000 |
| 3-Month SOFR + 0.10%, |  |  |
| 4.14% <sup>(A)</sup>, 02/25/2027 - 03/18/2027 | 1245000 | 1245000 |
| 4.35%, 06/05/2026 | 900000 | 899837 |
| Federal Home Loan Mortgage Corp. |  |  |
| 3-Month SOFR + 0.12%, |  |  |
| 4.16% <sup>(A)</sup>, 05/05/2027 | 400000 | 400000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.18% <sup>(A)</sup>, 09/23/2026 - 10/16/2026 | 1900000 | 1900000 |
| Federal National Mortgage Association |  |  |
| 3-Month SOFR + 0.12%, |  |  |
| 4.16% <sup>(A)</sup>, 07/29/2026 | 1030000 | 1030000 |
| 3-Month SOFR + 0.14%, |  |  |
| 4.18% <sup>(A)</sup>, 08/21/2026 - 11/20/2026 | 3835000 | 3835000 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $20,493,669)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $20,493,669)** | 20493669 |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%**  |
| &nbsp;&nbsp; Federal Farm Credit Discount Notes <br>4.04% <sup>(B)</sup>, 12/11/2025<br>| 120000 | 119472 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS** <br> **(continued)** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS** <br> **(continued)** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS** <br> **(continued)** |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| 3.99% <sup>(B)</sup>, 12/19/2025 | $731000 | $727190 |
| 4.07% <sup>(B)</sup>, 02/03/2026 | 522000 | 516616 |
| 4.32% <sup>(B)</sup>, 11/28/2025 | 1095000 | 1091571 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 3.75% <sup>(B)</sup>, 02/26/2026 | 2515000 | 2512252 |
| 4.04% <sup>(B)</sup>, 11/14/2025 - 03/20/2026 | 6440000 | 6439991 |
| &nbsp;&nbsp; 3-Month SOFR + 0.01%, 4.05% <sup>(A)</sup>, <br> 11/19/2025 - 05/20/2026<br>| 4765000 | 4765000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.02%, 4.06% <sup>(A)</sup>, <br> 12/12/2025 - 12/23/2025<br>| 1200000 | 1200000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.03%, 4.07% <sup>(A)</sup>, <br> 05/28/2026 - 07/02/2026<br>| 1895000 | 1895000 |
| 4.13% <sup>(B)</sup>, 11/07/2025 | 600000 | 599984 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $19,867,076)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $19,867,076)** | 19867076 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 24.7%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 24.7%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 24.7%**  |
| U.S. Treasury Bills |  |  |
| 3.76% <sup>(B)</sup>, 04/30/2026 | 4539000 | 4456390 |
| 3.78% <sup>(B)</sup>, 04/23/2026 | 2540000 | 2495326 |
| 3.82% <sup>(B)</sup>, 04/09/2026 | 1513000 | 1488297 |
| 3.83% <sup>(B)</sup>, 02/24/2026 - 04/02/2026 | 2065000 | 2038010 |
| 3.84% <sup>(B)</sup>, 03/19/2026 - 04/02/2026 | 3017000 | 2973391 |
| 3.85% <sup>(B)</sup>, 03/12/2026 - 09/03/2026 | 3789000 | 3694203 |
| 3.86% <sup>(B)</sup>, 01/29/2026 | 600000 | 593889 |
| 3.89% <sup>(B)</sup>, 02/03/2026 | 4539000 | 4494141 |
| 3.91% <sup>(B)</sup>, 02/17/2026 | 420000 | 415199 |
| 3.93% <sup>(B)</sup>, 02/10/2026 | 352900 | 349113 |
| 3.95% <sup>(B)</sup>, 12/26/2025 - 03/05/2026 | 5500000 | 5438546 |
| 3.96% <sup>(B)</sup>, 12/23/2025 - 08/06/2026 | 1218000 | 1206046 |
| 3.98% <sup>(B)</sup>, 12/16/2025 | 504000 | 501505 |
| 3.99% <sup>(B)</sup>, 03/05/2026 | 4270000 | 4212934 |
| 4.08% <sup>(B)</sup>, 11/12/2025 | 3000000 | 2996333 |
| 4.12% <sup>(B)</sup>, 02/05/2026 | 3847000 | 3806170 |
| 4.13% <sup>(B)</sup>, 12/30/2025 | 2586000 | 2568963 |
| 4.15% <sup>(B)</sup>, 05/14/2026 | 2079700 | 2035655 |
| 4.16% <sup>(B)</sup>, 12/23/2025 - 06/11/2026 | 4405100 | 4345499 |
| 4.18% <sup>(B)</sup>, 11/04/2025 | 123000 | 122958 |
| 4.21% <sup>(B)</sup>, 11/06/2025 | 300000 | 299830 |
| 4.23% <sup>(B)</sup>, 11/06/2025 - 12/02/2025 | 472700 | 471861 |
| 4.26% <sup>(B)</sup>, 11/06/2025 - 01/22/2026 | 2785000 | 2765249 |
| 4.27% <sup>(B)</sup>, 01/15/2026 | 500000 | 495707 |
| 4.30% <sup>(B)</sup>, 11/04/2025 - 12/18/2025 | 8286500 | 8258995 |
| 4.31% <sup>(B)</sup>, 11/28/2025 | 1300000 | 1295944 |
| 4.33% <sup>(B)</sup>, 11/28/2025 - 12/02/2025 | 3077200 | 3066284 |
| 4.34% <sup>(B)</sup>, 11/18/2025 - 11/25/2025 | 3384800 | 3375514 |
| 4.35% <sup>(B)</sup>, 11/12/2025 - 11/18/2025 | 755000 | 753914 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $71,015,866)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $71,015,866)** | 71015866 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Government Money Market**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS - 55.0%**  | **REPURCHASE AGREEMENTS - 55.0%**  | **REPURCHASE AGREEMENTS - 55.0%**  |
| &nbsp;&nbsp; Barclays Capital, Inc., <br>4.15% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $10,003,458 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.75% - 4.25%, <br> due 01/02/2026 - 02/15/2055, and with a <br> total value of $10,200,014.<br>| $10000000 | $10000000 |
| &nbsp;&nbsp; BNP Paribas SA, <br>4.14% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $10,003,450 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 5.25%, <br> due 01/31/2026 - 05/15/2054, and with a <br> total value of $10,200,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; BNP Paribas SA, <br>4.15% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $15,005,188 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations and U.S. Government Agency <br> Obligations, 0.00% - 7.50%, <br> due 12/01/2025 - 11/01/2055, and with a <br> total value of $15,323,694.<br>| 15000000 | 15000000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br>4.15% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $25,008,646 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.75%, due 11/15/2043, and <br> with a value of $25,500,051.<br>| 25000000 | 25000000 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>4.15% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $5,001,729 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 2.25%, due 08/15/2046, and <br> with a value of $5,100,013.<br>| 5000000 | 5000000 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>4.16% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $20,006,933 on 11/03/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 3.00% - 5.50%, <br> due 09/15/2040 - 02/20/2055, and with a <br> total value of $20,400,000.<br>| 20000000 | 20000000 |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>4.14% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $15,005,175 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 11/15/2028, and <br> with a value of $15,300,001.<br>| 15000000 | 15000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>4.15% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $10,003,458 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Agency Obligation, 2.50% due 03/20/2052, <br> and with a value of $10,200,001.<br>| $10000000 | $10000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>4.14% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $8,002,760 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 1.38%, <br> due 05/15/2028 - 07/15/2033, and with a <br> total value of $8,160,000.<br>| 8000000 | 8000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>4.16% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $10,003,467 on 11/03/2025. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.74% - 7.00%, <br> due 11/20/2032 - 07/15/2063, and with a <br> total value of $10,200,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>4.15% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $15,005,188 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00%, due 08/15/2035 - <br> 11/15/2050, and with a total value of <br> $15,300,010.<br>| 15000000 | 15000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>4.16% <sup>(B)</sup>, dated 10/31/2025, to be <br> repurchased at $15,005,200 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Agency Obligation, 5.00%, due 09/01/2053, <br> and with a value of $15,450,001.<br>| 15000000 | 15000000 |
| &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $158,000,000)** | &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $158,000,000)** | 158000000 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $290,231,760)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $290,231,760)** | 290231760 |
| **Net Other Assets (Liabilities) - (1.0)%** | **Net Other Assets (Liabilities) - (1.0)%** | (2778553) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$287453207** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $20855149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20855149 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 20493669 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20493669 |
| Short-Term U.S. Government Agency Obligations |  | &nbsp;&nbsp; 19867076 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19867076 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 71015866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71015866 |
| Repurchase Agreements |  | &nbsp;&nbsp; 158000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158000000 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$290231760** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$290231760** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Government Money Market**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(B)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Government Money Market**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $132,231,760) | $132231760 |
| Repurchase agreement, at value (cost $158,000,000) | 158000000 |
| Cash | 58318 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 173389 |
| Interest | 239257 |
| Total assets | 290702724 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 2830000 |
| Dividends and/or distributions | 4092 |
| Shares of beneficial interest redeemed | 242768 |
| Investment management fees | 34026 |
| Distribution and service fees | 38880 |
| Transfer agent fees | 20597 |
| Trustee and CCO fees | 93 |
| Audit and tax fees  | 13007 |
| Custody fees | 15415 |
| Legal fees | 3569 |
| Printing and shareholder reports fees | 2828 |
| Registration fees | 21452 |
| Other accrued expenses | 22790 |
| Total liabilities | 3249517 |
| **Net assets**  | $287453207 |
| **Net assets consist of:** |  |
| Paid-in capital | $287443760 |
| Total distributable earnings (accumulated losses) | 9447 |
| **Net assets** | $287453207 |
| **Net assets by class:** |  |
| Class A | $70491722 |
| Class C | 5350876 |
| Class I | 16747162 |
| Class I2 | 2407266 |
| Class I3 | 103478831 |
| Class R2 | 48426817 |
| Class R4 | 40550533 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 70497353 |
| Class C | 5347468 |
| Class I | 16748881 |
| Class I2 | 2406778 |
| Class I3 | 103488513 |
| Class R2 | 48420025 |
| Class R4 | 40551220 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $1.00 |
| Class C | 1.00 |
| Class I | 1.00 |
| Class I2 | 1.00 |
| Class I3 | 1.00 |
| Class R2 | 1.00 |
| Class R4 | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R2 and R4 shares represents offering price. The redemption price for Class A and C shares equals net* *asset value less any applicable contingent deferred sales charge.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Government Money Market**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $12077935 |
| Other income | 156464 |
| Total investment income  | 12234399 |
| **Expenses:** |  |
| Investment management fees | 651758 |
| Distribution and service fees: |  |
| Class A | 217103 |
| Class C | 54971 |
| Class R2 | 137747 |
| Class R4 | 123206 |
| Transfer agent fees: |  |
| Class A | 155157 |
| Class C | 5325 |
| Class I | 20069 |
| Class I2 | 176 |
| Class I3 | 3992 |
| Class R2 | 54259 |
| Class R4 | 3696 |
| Trustee and CCO fees | 11574 |
| Audit and tax fees | 25669 |
| Custody fees | 89377 |
| Legal fees | 18807 |
| Printing and shareholder reports fees | 15526 |
| Registration fees | 112092 |
| Other | 68218 |
| Total expenses before waiver and/or reimbursement and recapture | 1768722 |
| Expenses waived and/or reimbursed: |  |
| Class A | (57515)<br>|
| Class I | (17801)<br>|
| Class R2 | (9345)<br>|
| Class R4 | (61540)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 421 |
| Class I | 1317 |
| Class R2 | 419 |
| Class R4 | 2933 |
| Net expenses | 1627611 |
| **Net investment income (loss)** | 10606788 |
| **Net realized gain (loss) on:** |  |
| Investments | 6717 |
| Net realized and change in unrealized gain (loss) | 6717 |
| **Net increase (decrease) in net assets resulting from operations** | $10613505 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Government Money Market**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $10606788 | &nbsp;&nbsp;&nbsp;&nbsp; $20360369 |
| Net realized gain (loss) | 6717 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| Net increase (decrease) in net assets resulting from operations | 10613505 | &nbsp;&nbsp;&nbsp;&nbsp; 20360411 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (3363420)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9079013)<br>|
| Class C | (197446)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (243767)<br>|
| Class I | (784362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1116383)<br>|
| Class I2 | (95935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140117)<br>|
| Class I3 | (2150456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2641730)<br>|
| Class R2 | (2071450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4840903)<br>|
| Class R4 | (1941568)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2296993)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (10604637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20358906)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 37459412 | &nbsp;&nbsp;&nbsp;&nbsp; 38932388 |
| Class C | 1539529 | &nbsp;&nbsp;&nbsp;&nbsp; 1893111 |
| Class I | 22819717 | &nbsp;&nbsp;&nbsp;&nbsp; 16929927 |
| Class I2 | 1436999 | &nbsp;&nbsp;&nbsp;&nbsp; 2370560 |
| Class I3 | 505545681 | &nbsp;&nbsp;&nbsp;&nbsp; 262292579 |
| Class R2 | 18273945 | &nbsp;&nbsp;&nbsp;&nbsp; 18455119 |
| Class R4 | 57318996 | &nbsp;&nbsp;&nbsp;&nbsp; 46627150 |
|  | 644394279 | &nbsp;&nbsp;&nbsp;&nbsp; 387500834 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 3333052 | &nbsp;&nbsp;&nbsp;&nbsp; 9053845 |
| Class C | 193024 | &nbsp;&nbsp;&nbsp;&nbsp; 240016 |
| Class I | 782176 | &nbsp;&nbsp;&nbsp;&nbsp; 1116487 |
| Class I2 | 95935 | &nbsp;&nbsp;&nbsp;&nbsp; 140102 |
| Class I3 | 2154817 | &nbsp;&nbsp;&nbsp;&nbsp; 2641696 |
| Class R2 | 2058080 | &nbsp;&nbsp;&nbsp;&nbsp; 4840903 |
| Class R4 | 1941568 | &nbsp;&nbsp;&nbsp;&nbsp; 2296993 |
|  | 10558652 | &nbsp;&nbsp;&nbsp;&nbsp; 20330042 |
| Cost of shares redeemed: |  |  |
| Class A | (150780694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92010076)<br>|
| Class C | (1622057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2584261)<br>|
| Class I | (25349109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29925622)<br>|
| Class I2 | (1491797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3009955)<br>|
| Class I3 | (468302511)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (270484976)<br>|
| Class R2 | (75994986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29050074)<br>|
| Class R4 | (71649236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41590498)<br>|
|  | (795190390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (468655462)<br>|
| Automatic conversions: |  |  |
| Class A | 560708 | &nbsp;&nbsp;&nbsp;&nbsp; 593908 |
| Class C | (560708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (593908)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (140237459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60824586)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1388 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 114 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| **Net increase (decrease) in net assets** | (140228591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60821579)<br>|
| **Net assets:** |  |  |
| Beginning of year | 427681798 | &nbsp;&nbsp;&nbsp;&nbsp; 488503377 |
| End of year | $287453207 | &nbsp;&nbsp;&nbsp;&nbsp; $427681798 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Government Money Market**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 37459412 | &nbsp;&nbsp;&nbsp;&nbsp; 38932388 |
| Class C | 1539529 | &nbsp;&nbsp;&nbsp;&nbsp; 1893111 |
| Class I | 22819717 | &nbsp;&nbsp;&nbsp;&nbsp; 16929927 |
| Class I2 | 1436999 | &nbsp;&nbsp;&nbsp;&nbsp; 2370560 |
| Class I3 | 505545681 | &nbsp;&nbsp;&nbsp;&nbsp; 262292579 |
| Class R2 | 18273945 | &nbsp;&nbsp;&nbsp;&nbsp; 18455119 |
| Class R4 | 57318996 | &nbsp;&nbsp;&nbsp;&nbsp; 46627150 |
|  | 644394279 | &nbsp;&nbsp;&nbsp;&nbsp; 387500834 |
| Shares reinvested: |  |  |
| Class A | 3333052 | &nbsp;&nbsp;&nbsp;&nbsp; 9053845 |
| Class C | 193024 | &nbsp;&nbsp;&nbsp;&nbsp; 240016 |
| Class I | 782176 | &nbsp;&nbsp;&nbsp;&nbsp; 1116487 |
| Class I2 | 95935 | &nbsp;&nbsp;&nbsp;&nbsp; 140102 |
| Class I3 | 2154817 | &nbsp;&nbsp;&nbsp;&nbsp; 2641696 |
| Class R2 | 2058080 | &nbsp;&nbsp;&nbsp;&nbsp; 4840903 |
| Class R4 | 1941568 | &nbsp;&nbsp;&nbsp;&nbsp; 2296993 |
|  | 10558652 | &nbsp;&nbsp;&nbsp;&nbsp; 20330042 |
| Shares redeemed: |  |  |
| Class A | (150780694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92010076)<br>|
| Class C | (1622057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2584261)<br>|
| Class I | (25349109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29925622)<br>|
| Class I2 | (1491797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3009955)<br>|
| Class I3 | (468302511)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (270484976)<br>|
| Class R2 | (75994986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29050074)<br>|
| Class R4 | (71649236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41590498)<br>|
|  | (795190390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (468655462)<br>|
| Automatic conversions: |  |  |
| Class A | 560708 | &nbsp;&nbsp;&nbsp;&nbsp; 593908 |
| Class C | (560708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (593908)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (109427522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43429935)<br>|
| Class C | (450212)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1045042)<br>|
| Class I | (1747216)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11879208)<br>|
| Class I2 | 41137 | &nbsp;&nbsp;&nbsp;&nbsp; (499293)<br>|
| Class I3 | 39397987 | &nbsp;&nbsp;&nbsp;&nbsp; (5550701)<br>|
| Class R2 | (55662961)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5754052)<br>|
| Class R4 | (12388672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7333645 |
|  | (140237459)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60824586)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Government Money Market**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** <sup>(E)</sup> <br>| 3.95<br> %<br>| 4.78 %<sup>(C)</sup><br>| 4.30<br> %<br>| 0.75<br> %<br>| 0.28 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $70492 | $179918 | $223345 | $241113 | $258675 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.65<br> %<br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.73 %<sup>(F)</sup><br>| 0.65<br> %<br>| 0.53<br> %<br>| 0.26<br> %<br>| 0.01 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.73<br> %<br>| 4.68<br> %<br>| 4.20<br> %<br>| 0.73<br> %<br>| 0.10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.18% lower had the affiliate not made additional contributions.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.03 | 0.04 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.01 | (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.04 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.04)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.04)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** <sup>(E)</sup> <br>| 3.64<br> %<br>| 3.98 %<sup>(C)</sup><br>| 3.83<br> %<br>| 0.74<br> %<br>| 0.16 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5351 | $5801 | $6846 | $8812 | $9593 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.46<br> %<br>| 1.43<br> %<br>| 1.42<br> %<br>| 1.40<br> %<br>| 1.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.46 %<sup>(F)</sup><br>| 1.43<br> %<br>| 0.99<br> %<br>| 0.27<br> %<br>| 0.10 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 2.99<br> %<br>| 3.91<br> %<br>| 3.75<br> %<br>| 0.73<br> %<br>| 0.01<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.14% lower had the affiliate not made additional contributions.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Government Money Market**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>| 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.14<br> %<br>| 5.06<br> %<br>| 4.47<br> %<br>| 0.83 %<sup>(C)</sup><br>| 0.21 %<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $16747 | $18494 | $30373 | $27320 | $24620 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.47<br> %<br>| 0.42<br> %<br>| 0.39<br> %<br>| 0.42<br> %<br>| 0.46<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.38 %<sup>(E)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.28<br> %<br>| 0.00 %<sup>(E)(F)</sup><br>|
| Net investment income (loss) to average net assets | 4.07<br> %<br>| 4.95<br> %<br>| 4.40<br> %<br>| 0.76<br> %<br>| 0.11<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.10% lower had the affiliate not made additional contributions.* 

<sup>(E)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

<sup>(F)</sup> *Rounds to less than 0.01% or (0.01)%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  | 0.00 <br><sup>(B)(C)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.16<br> %<br>| 5.12<br> %<br>| 4.52<br> %<br>| 0.79<br> %<br>| 0.30 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2407 | $2366 | $2865 | $3412 | $3837 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.37<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.30<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.37 %<sup>(D)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.21<br> %<br>| 0.06 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.08<br> %<br>| 4.99<br> %<br>| 4.42<br> %<br>| 0.75<br> %<br>| 0.05<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.25% lower had the affiliate not made additional contributions.* 

<sup>(D)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Government Money Market**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  | 0.00 <br><sup>(B)(C)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.14<br> %<br>| 5.12<br> %<br>| 4.52<br> %<br>| 0.79<br> %<br>| 0.30 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $103479 | $64077 | $69628 | $87756 | $83914 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.37<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.31<br> %<br>| 0.30<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.37 %<sup>(D)</sup><br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.23<br> %<br>| 0.06 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.04<br> %<br>| 5.03<br> %<br>| 4.42<br> %<br>| 0.72<br> %<br>| 0.04<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.26% lower had the affiliate not made additional contributions.* 

<sup>(D)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R2** | **Class R2** | **Class R2** | **Class R2** | **Class R2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 3.80<br> %<br>| 4.71<br> %<br>| 4.13<br> %<br>| 0.65<br> %<br>| 0.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $48427 | $104088 | $109842 | $127876 | $124774 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.69 %<sup>(C)</sup><br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.36<br> %<br>| 0.10 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.76<br> %<br>| 4.61<br> %<br>| 4.03<br> %<br>| 0.65<br> %<br>| 0.02<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Government Money Market**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| (0.00 )<sup>(B)</sup><br>| 0.00 <br><sup>(B)</sup><br>|
| Total investment operations | 0.04 | 0.05 | 0.04 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Contributions from affiliate** |  |  |  |  | 0.00 <br><sup>(B)(C)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| Return of capital |  |  |  |  | (0.00 )<sup>(B)</sup><br>|
| Total dividends and/or distributions to shareholders | (0.04)<br>| (0.05)<br>| (0.04)<br>| (0.01)<br>| (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total return** | 4.02<br> %<br>| 4.94<br> %<br>| 4.44<br> %<br>| 0.81<br> %<br>| 0.34 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $40550 | $52938 | $45604 | $70505 | $72583 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50 %<sup>(D)</sup><br>| 0.50<br> %<br>| 0.40<br> %<br>| 0.19<br> %<br>| 0.01 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.94<br> %<br>| 4.84<br> %<br>| 4.33<br> %<br>| 0.80<br> %<br>| 0.10<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate. The* *amount of contributions on a per share basis was immaterial to the class. The Total Return would have been 0.24% lower had the affiliate not made additional contributions.* 

<sup>(D)</sup> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from* *falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time.* *Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as* *the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual* *expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Government Money Market (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers seven classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R2 and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

Effective as of March 31, 2021, the Fund closed to most new investors. The following investors may continue to purchase Fund shares after the close date: existing Fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the Fund is currently an underlying investment option, retirement plans in which the Fund is a plan option, any plan that is or becomes a part of a multiple plan exchange recordkeeping that includes the Fund as a plan option and current and former trustees of the Fund. The Fund will remain closed until further notice. The Fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

In accordance with Rule 2a-7 under the 1940 Act, money market instruments are valued at amortized cost, which approximates market value. This method involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Fund's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act.

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the Fund, or its yield, to decline. While the Fund seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments and the Fund's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.

**Government money market fund risk:** The Fund operates as a "government" money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the Fund's ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities could affect the availability of such instruments for investment and the Fund's ability to pursue its investment strategies. The Fund does not currently intend to avail itself of the ability to impose "liquidity fees" on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Interest rate risk:** The interest rates on short-term obligations held in the Fund will vary, rising or falling with short-term interest rates generally. The Fund's yield will tend to lag behind general changes in interest rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Fund. The U.S. Federal Reserve has raised interest rates from historically low levels. Any additional interest rate increases in the future may cause the value of fixed-income securities to decrease. During periods of extremely low or negative short-term interest rates, the Fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**U.S. government securities risk:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Not withstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Credit risk:** An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Repurchase agreements risk:** In a repurchase agreement, the Fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Fund at a later date, and at a specified price. The securities purchased serve as the Fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the Fund is entitled to sell the securities, but the Fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the Fund will not have a right to the securities, or the immediate right to sell the securities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Management risk:** The Fund is subject to the risk that the investment manager's or sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The Fund is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser's investment style fails to produce the desired results. Any of these things could cause the Fund to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $192564903 | 66.99<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.24<br> % <br>|
| Over $1 billion to $3 billion | 0.22 |
| Over $3 billion | 0.21 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.72<br> % <br>| March 1, 2026 |
| Class C | 1.48 | March 1, 2026 |
| Class I, Class I2, Class I3 | 0.38 | March 1, 2026 |
| Class R2 | 0.69 | March 1, 2026 |
| Class R4 | 0.50 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A, Class R2 | 0.73 |  |
| Class C | 1.48 |  |
| Class I, Class I2, Class I3 | 0.38 |  |
| Class R4 | 0.50 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

Additionally, TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the Fund to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the Fund's yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the Fund of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to the Fund or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Fund. There can be no assurance that the Fund will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of the Fund's yield are included in Expenses waived and/or reimbursed, and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, in each case included in the Statement of Operations included in this shareholder report. The actual expense ratio of each class of the Fund, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the "Ratio and supplemental data" section in the Fund's Financial Highlights in this shareholder report. TAM has historically contributed additional amounts to the Fund in connection with the maintenance of the Fund's yield, and these amounts are reflected as Contributions from affiliate within the Financial Highlights in this shareholder report.

For the 36-month period ended October 31, 2025, there are no amounts waived by TAM due to the maintenance of the Fund's yield.

As of October 31, 2025, there are no balances available for recapture by TAM due to the maintenance of the Fund's yield.

For the 36-month period ended October 31, 2025, the amounts waived from financial intermediaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2023** <sup>(A)</sup> <br>| **2024** <sup>(A)</sup> <br>| **2025** <sup>(A)</sup> <br>| **Total** |
| Class A | $235292 | $— | $— | $235292 |
| Class C | 32713 |  |  | 32713 |
| Class R2 | 123417 |  |  | 123417 |
| Class R4 | 46157 |  |  | 46157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Not subject to recapture.*

For the 36-month period ended October 31, 2025, the amounts waived by TAM due to the operating expense limitation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $57515 | $57515 |
| Class I | 6825 | 10605 | 17801 | 35231 |
| Class R2 | 384 |  | 9345 | 9729 |
| Class R4 | 31624 | 39741 | 61540 | 132905 |

---

As of October 31, 2025, the balances available for recapture by TAM due to the operating expense limitation are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $— | $— | $57094 | $57094 |
| Class I | 6604 | 10605 | 17801 | 35010 |
| Class R2 |  |  | 8926 | 8926 |
| Class R4 | 31623 | 39741 | 61540 | 132904 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R2 | 0.25 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class I3.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $— | &nbsp;&nbsp;&nbsp;&nbsp; $75 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 523 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $186754 | &nbsp;&nbsp; $15954 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**7. 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, dividends payable. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Government Money Market**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $290231760 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the capital loss carryforwards utilized are $614.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $10604637 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20358906 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $9252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4287 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4092)<br>| &nbsp;&nbsp; $— |

---

**8. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Government Money Market

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Government Money Market (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img166007e13.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Government Money Market** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Government Money Market** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Government Money Market** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Government Money Market** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Government Money Market (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 BlackRock Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions. The Board also considered that the Fund is closed to most new investors.

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 a peer universe of comparable mutual funds, as prepared by Broadridge, for various

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Government Money Market** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 5-year period and in line with the median for the past 1-, 3- and 10-year periods. The Board noted that the 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.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and 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 in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Government Money Market** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

![](g67628img3c5e0ee34.gif)

![](g67628img85aed0ca5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886784 TA GOVT MM 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img922656056.gif)

------

![](g67628imgb47e1dd01.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica High Yield Bond**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgd22acea02.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_SOI-RunningFooter-154_1) | 2 |
| [Statement of Assets and Liabilities](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_FS-RunningFooter-154_1) | 9 |
| [Statement of Operations](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_FS-RunningFooter-154_3) | 11 |
| [Statement of Changes in Net Assets](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_FS-RunningFooter-154_4) | 12 |
| [Financial Highlights](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_FIHI-RunningFooter-154_1) | 14 |
| [Notes to Financial Statements](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_NTF-RunningFooter-154_1) | 18 |
| **[Report of Independent Registered Public Accounting Firm](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_AUD-RunningFooter-154_1)** | 30 |
| **[Supplemental Information](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_STI-RunningFooter-154_1)** | 31 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_DWA-RunningFooter-154_1)**<br> **[Companies](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_DWA-RunningFooter-154_1)**<br>| 32 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_PD-RunningFooter-154_1)** | 33 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_REMU-RunningFooter-154_1)**<br> **[Companies](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_REMU-RunningFooter-154_1)**<br>| 34 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_0e0efb2a-8780-4f8e-9a36-2bbd00855aaa_AIAC-RunningFooter-154_1)** | 35 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 88.6%**  | **CORPORATE DEBT SECURITIES - 88.6%**  | **CORPORATE DEBT SECURITIES - 88.6%**  |
| **Automobile Components - 2.7%**  | **Automobile Components - 2.7%**  | **Automobile Components - 2.7%**  |
| American Axle & Manufacturing, Inc. |  |  |
| 6.38%, 10/15/2032 <sup>(A)</sup> <br>| $1702000 | $1707061 |
| 7.75%, 10/15/2033 <sup>(A)</sup> <br>| 1700000 | 1702394 |
| Goodyear Tire & Rubber Co. |  |  |
| 5.63%, 04/30/2033 <sup>(B)</sup> <br>| 6543000 | 5898573 |
| Phinia, Inc. |  |  |
| 6.63%, 10/15/2032 <sup>(A)</sup> <br>| 5013000 | 5156602 |
| 6.75%, 04/15/2029 <sup>(A)</sup> <br>| 1566000 | 1615506 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/2030 <sup>(A)</sup> <br>| 1831000 | 1742964 |
| 6.88%, 04/14/2028 <sup>(A)</sup> <br>| 2073000 | 2085750 |
| 7.13%, 04/14/2030 <sup>(A)</sup> <br>| 2781000 | 2707226 |
|  |  | 22616076 |
| **Automobiles - 1.0%**  | **Automobiles - 1.0%**  | **Automobiles - 1.0%**  |
| Ford Motor Credit Co. LLC |  |  |
| 7.35%, 11/04/2027 - 03/06/2030 | 7716000 | 8127881 |
| **Banks - 1.4%**  | **Banks - 1.4%**  | **Banks - 1.4%**  |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/15/2029 <sup>(C)</sup>, <br>8.00% <sup>(D)</sup> <br>| 2500000 | 2660742 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2027 <sup>(C)</sup>, <br>5.25% <sup>(A)</sup><sup>(E)</sup><sup>(F)</sup> <br>| 2250000 | 607500 |
| &nbsp;&nbsp; Fixed until 08/21/2026 <sup>(C)</sup>, <br>6.38% <sup>(A)</sup><sup>(E)</sup><sup>(F)</sup> <br>| 2982000 | 805140 |
| &nbsp;&nbsp; Fixed until 09/12/2025 <sup>(C)</sup>, <br>7.25% <sup>(A)</sup><sup>(E)</sup><sup>(F)</sup> <br>| 2450000 | 661500 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 06/20/2053, <br>7.78% <sup>(D)</sup>, 06/20/2054 <sup>(A)</sup> <br>| 2640000 | 3168606 |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(D)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 1977000 | 2335143 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/27/2035 <sup>(C)</sup>, <br>6.63% <sup>(D)</sup><sup>(G)</sup> <br>| 1506000 | 1497214 |
|  |  | 11735845 |
| **Building Products - 2.1%**  | **Building Products - 2.1%**  | **Building Products - 2.1%**  |
| Camelot Return Merger Sub, Inc. |  |  |
| 8.75%, 08/01/2028 <sup>(A)</sup> <br>| 2965000 | 2740894 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1194000 | 907575 |
| EMRLD Borrower LP/Emerald Co-Issuer, <br> Inc. |  |  |
| 6.63%, 12/15/2030 <sup>(A)</sup> <br>| 5321000 | 5470153 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(A)</sup> <br>| 2851000 | 2957091 |
| 6.75%, 03/01/2033 <sup>(A)</sup> <br>| 1216000 | 1265319 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 8.88%, 11/15/2031 <sup>(A)</sup> <br>| 4421000 | 4655309 |
|  |  | 17996341 |
| **Chemicals - 2.8%**  | **Chemicals - 2.8%**  | **Chemicals - 2.8%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| 5.25%, 09/30/2028 <sup>(A)</sup> <br>| 2406000 | 601500 |
| Inversion Escrow Issuer LLC |  |  |
| 6.75%, 08/01/2032 <sup>(A)</sup> <br>| 3710000 | 3622477 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| NOVA Chemicals Corp. |  |  |
| 7.00%, 12/01/2031 <sup>(A)</sup> <br>| $3750000 | $3977888 |
| 8.50%, 11/15/2028 <sup>(A)</sup> <br>| 1578000 | 1654284 |
| 9.00%, 02/15/2030 <sup>(A)</sup> <br>| 1646000 | 1760191 |
| Olin Corp. |  |  |
| 6.63%, 04/01/2033 <sup>(A)</sup> <br>| 4010000 | 3971009 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 06/15/2031 - 02/15/2033 <sup>(A)</sup> <br>| 8258000 | 8232476 |
|  |  | 23819825 |
| **Commercial Services & Supplies - 4.4%**  | **Commercial Services & Supplies - 4.4%**  | **Commercial Services & Supplies - 4.4%**  |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(A)</sup> <br>| 5791000 | 6029681 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 8.00%, 02/15/2031 <sup>(A)</sup> <br>| 4052000 | 4118250 |
| 8.25%, 01/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 643000 | 656243 |
| 8.38%, 06/15/2032 <sup>(A)</sup> <br>| 1093000 | 1119668 |
| Enviri Corp. |  |  |
| 5.75%, 07/31/2027 <sup>(A)</sup> <br>| 5303000 | 5262495 |
| Herc Holdings, Inc. |  |  |
| 6.63%, 06/15/2029 <sup>(A)</sup> <br>| 2067000 | 2134521 |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 1666000 | 1743767 |
| 7.25%, 06/15/2033 <sup>(A)</sup> <br>| 1750000 | 1845030 |
| Hertz Corp. |  |  |
| 4.63%, 12/01/2026 <sup>(A)</sup><sup>(B)</sup> <br>| 1066000 | 1035065 |
| 5.00%, 12/01/2029 <sup>(A)</sup> <br>| 2358000 | 1601729 |
| 12.63%, 07/15/2029 <sup>(A)</sup> <br>| 4426000 | 4381264 |
| ION Platform Finance U.S., Inc. |  |  |
| 7.88%, 09/30/2032 <sup>(A)</sup> <br>| 4360000 | 4252612 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/2029 <sup>(A)</sup> <br>| 2532000 | 2481122 |
|  |  | 36661447 |
| **Communications Equipment - 5.6%**  | **Communications Equipment - 5.6%**  | **Communications Equipment - 5.6%**  |
| Altice Financing SA |  |  |
| 9.63%, 07/15/2027 <sup>(A)</sup> <br>| 2357000 | 2013287 |
| CommScope LLC |  |  |
| 8.25%, 03/01/2027 <sup>(A)</sup><sup>(B)</sup> <br>| 2885000 | 2903793 |
| 9.50%, 12/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 3378000 | 3440869 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/2028 <sup>(A)</sup> <br>| 4489715 | 3748912 |
| 5.50%, 05/01/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 3608848 | 1263097 |
| Iliad Holding SAS |  |  |
| 7.00%, 10/15/2028 - 04/15/2032 <sup>(A)</sup> <br>| 4269000 | 4346301 |
| 8.50%, 04/15/2031 <sup>(A)</sup> <br>| 2144000 | 2301082 |
| Level 3 Financing, Inc. |  |  |
| 3.63%, 01/15/2029 <sup>(A)</sup> <br>| 3000000 | 2696250 |
| 3.75%, 07/15/2029 <sup>(A)</sup> <br>| 6153000 | 5430023 |
| 6.88%, 06/30/2033 <sup>(A)</sup> <br>| 1355000 | 1387909 |
| 7.00%, 03/31/2034 <sup>(A)</sup> <br>| 4767000 | 4897630 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 6.75%, 01/15/2033 <sup>(A)</sup> <br>| 3700000 | 3709090 |
| 7.75%, 04/15/2032 <sup>(A)</sup> <br>| 8869000 | 9194279 |
|  |  | 47332522 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction & Engineering - 1.0%**  | **Construction & Engineering - 1.0%**  | **Construction & Engineering - 1.0%**  |
| Beazer Homes USA, Inc. |  |  |
| 7.50%, 03/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| $3983000 | $4031334 |
| Century Communities, Inc. |  |  |
| 6.63%, 09/15/2033 <sup>(A)</sup> <br>| 4223000 | 4210480 |
|  |  | 8241814 |
| **Consumer Staples Distribution & Retail - 0.9%**  | **Consumer Staples Distribution & Retail - 0.9%**  | **Consumer Staples Distribution & Retail - 0.9%**  |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/2030 <sup>(A)</sup> <br>| 1247000 | 1281713 |
| 6.75%, 07/01/2036 | 1293000 | 1338300 |
| 6.88%, 11/01/2035 | 686000 | 717208 |
| 7.50%, 06/15/2029 <sup>(B)</sup> <br>| 3845000 | 3944270 |
|  |  | 7281491 |
| **Containers & Packaging - 5.5%**  | **Containers & Packaging - 5.5%**  | **Containers & Packaging - 5.5%**  |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc. |  |  |
| 4.13%, 08/15/2026 <sup>(A)</sup><sup>(H)</sup> <br>| 5997000 | 5517240 |
| Ball Corp. |  |  |
| 6.88%, 03/15/2028 | 4653000 | 4734051 |
| Cascades, Inc./Cascades USA, Inc. |  |  |
| 6.75%, 07/15/2030 <sup>(A)</sup> <br>| 7392000 | 7561498 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| 889000 | 892551 |
| 6.88%, 01/15/2030 <sup>(A)</sup> <br>| 1650000 | 1666479 |
| Graphic Packaging International LLC |  |  |
| 6.38%, 07/15/2032 <sup>(A)</sup> <br>| 7172000 | 7266140 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2027 <sup>(A)</sup> <br>| 2007000 | 2012272 |
| 9.25%, 04/15/2027 <sup>(A)</sup> <br>| 2009000 | 1983707 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.38%, 06/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 4854000 | 4749018 |
| Sealed Air Corp. |  |  |
| 6.88%, 07/15/2033 <sup>(A)</sup> <br>| 3825000 | 4164660 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 7.25%, 02/15/2031 <sup>(A)</sup> <br>| 3669000 | 3851434 |
| Trivium Packaging Finance BV |  |  |
| 8.25%, 07/15/2030 <sup>(A)</sup> <br>| 625000 | 647484 |
| 12.25%, 01/15/2031 <sup>(A)</sup> <br>| 1245000 | 1298918 |
|  |  | 46345452 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| Alpha Generation LLC |  |  |
| 6.25%, 01/15/2034 <sup>(A)</sup> <br>| 5975000 | 6044436 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 6227000 | 6540473 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 1360000 | 1383191 |
|  |  | 13968100 |
| **Electrical Equipment - 1.4%**  | **Electrical Equipment - 1.4%**  | **Electrical Equipment - 1.4%**  |
| Energizer Holdings, Inc. |  |  |
| 6.00%, 09/15/2033 <sup>(A)</sup> <br>| 5317000 | 5136498 |
| WESCO Distribution, Inc. |  |  |
| 7.25%, 06/15/2028 <sup>(A)</sup> <br>| 6300000 | 6387847 |
|  |  | 11524345 |

---

---

| | | |
|:---|:---|:---|
|  | **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. |  |  |
| 6.63%, 07/15/2032 <sup>(A)</sup> <br>| $4361000 | $4539875 |
| **Energy Equipment & Services - 1.1%**  | **Energy Equipment & Services - 1.1%**  | **Energy Equipment & Services - 1.1%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.63%, 09/01/2032 <sup>(A)</sup> <br>| 6188000 | 6359668 |
| 6.88%, 04/01/2027 <sup>(A)</sup> <br>| 1050000 | 1053427 |
| Kodiak Gas Services LLC |  |  |
| 6.50%, 10/01/2033 <sup>(A)</sup> <br>| 1749000 | 1792267 |
|  |  | 9205362 |
| **Financial Services - 2.8%**  | **Financial Services - 2.8%**  | **Financial Services - 2.8%**  |
| Azorra Finance Ltd. |  |  |
| 7.25%, 01/15/2031 <sup>(A)</sup> <br>| 6416000 | 6710899 |
| ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.00%, <br>6.27% <sup>(D)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 14224000 | 11823302 |
| UWM Holdings LLC |  |  |
| 6.63%, 02/01/2030 <sup>(A)</sup> <br>| 5241000 | 5339452 |
|  |  | 23873653 |
| **Food Products - 2.3%**  | **Food Products - 2.3%**  | **Food Products - 2.3%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(A)</sup><sup>(G)</sup> <br>| 185000 | 186462 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 7.63%, 07/01/2029 <sup>(A)</sup> <br>| 4655000 | 4841223 |
| Darling Ingredients, Inc. |  |  |
| 6.00%, 06/15/2030 <sup>(A)</sup> <br>| 6203000 | 6269353 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/2029 <sup>(A)</sup> <br>| 4545000 | 4547282 |
| 6.25%, 10/15/2034 <sup>(A)</sup> <br>| 1666000 | 1685514 |
| 6.38%, 03/01/2033 <sup>(A)</sup> <br>| 1924000 | 1948616 |
|  |  | 19478450 |
| **Health Care Providers & Services - 4.9%**  | **Health Care Providers & Services - 4.9%**  | **Health Care Providers & Services - 4.9%**  |
| CHS/Community Health Systems, Inc. |  |  |
| 10.88%, 01/15/2032 <sup>(A)</sup> <br>| 8305000 | 8953039 |
| DaVita, Inc. |  |  |
| 6.75%, 07/15/2033 <sup>(A)</sup> <br>| 4046000 | 4195043 |
| IQVIA, Inc. |  |  |
| 6.25%, 06/01/2032 <sup>(A)</sup> <br>| 4891000 | 5097723 |
| Kedrion SpA |  |  |
| 6.50%, 09/01/2029 <sup>(A)</sup> <br>| 5049000 | 4933802 |
| LifePoint Health, Inc. |  |  |
| 11.00%, 10/15/2030 <sup>(A)</sup> <br>| 3750000 | 4134760 |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031 <sup>(A)</sup> <br>| 3852000 | 4048075 |
| Tenet Healthcare Corp. |  |  |
| 6.13%, 10/01/2028 - 06/15/2030 | 5218000 | 5279808 |
| 6.25%, 02/01/2027 | 4183000 | 4189936 |
|  |  | 40832186 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care REITs - 0.7%**  | **Health Care REITs - 0.7%**  | **Health Care REITs - 0.7%**  |
| MPT Operating Partnership LP/MPT <br> Finance Corp. |  |  |
| 5.00%, 10/15/2027 <sup>(B)</sup> <br>| $2547000 | $2450531 |
| 8.50%, 02/15/2032 <sup>(A)</sup> <br>| 3156000 | 3306488 |
|  |  | 5757019 |
| **Hotel & Resort REITs - 1.7%**  | **Hotel & Resort REITs - 1.7%**  | **Hotel & Resort REITs - 1.7%**  |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br>Co-Issuer |  |  |
| 7.00%, 02/01/2030 <sup>(A)</sup> <br>| 7638000 | 7821847 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| 6.38%, 10/15/2029 <sup>(A)</sup> <br>| 6194000 | 6253140 |
|  |  | 14074987 |
| **Hotels, Restaurants & Leisure - 7.8%**  | **Hotels, Restaurants & Leisure - 7.8%**  | **Hotels, Restaurants & Leisure - 7.8%**  |
| Caesars Entertainment, Inc. |  |  |
| 7.00%, 02/15/2030 <sup>(A)</sup> <br>| 2035000 | 2093850 |
| Carnival Corp. |  |  |
| 5.13%, 05/01/2029 <sup>(A)</sup> <br>| 1215000 | 1230021 |
| 6.00%, 05/01/2029 <sup>(A)</sup> <br>| 2773000 | 2814595 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 1239000 | 1277619 |
| Churchill Downs, Inc. |  |  |
| 5.75%, 04/01/2030 <sup>(A)</sup> <br>| 3681000 | 3692315 |
| 6.75%, 05/01/2031 <sup>(A)</sup> <br>| 3906000 | 3993655 |
| Kingpin Intermediate Holdings LLC |  |  |
| 7.25%, 10/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 4317000 | 4046601 |
| Marriott Ownership Resorts, Inc. |  |  |
| 6.50%, 10/01/2033 <sup>(A)</sup> <br>| 2977000 | 2935357 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 2011000 | 2047409 |
| 6.50%, 04/15/2032 <sup>(B)</sup> <br>| 5619000 | 5705312 |
| NCL Corp. Ltd. |  |  |
| 6.25%, 09/15/2033 <sup>(A)</sup> <br>| 2164000 | 2188711 |
| 6.75%, 02/01/2032 <sup>(A)</sup> <br>| 3481000 | 3576940 |
| Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp. |  |  |
| 6.25%, 10/15/2030 <sup>(A)</sup> <br>| 4436000 | 4472156 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 4329000 | 4399848 |
| Travel & Leisure Co. |  |  |
| 6.13%, 09/01/2033 <sup>(A)</sup> <br>| 4776000 | 4828087 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 10/15/2033 <sup>(A)</sup> <br>| 2930000 | 2978540 |
| 7.00%, 02/15/2029 <sup>(A)</sup> <br>| 4467000 | 4492265 |
| 9.13%, 07/15/2031 <sup>(A)</sup> <br>| 2792000 | 2991206 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp. |  |  |
| 7.13%, 02/15/2031 <sup>(A)</sup> <br>| 5332000 | 5725891 |
|  |  | 65490378 |
| **Household Durables - 1.2%**  | **Household Durables - 1.2%**  | **Household Durables - 1.2%**  |
| Newell Brands, Inc. |  |  |
| 6.63%, 05/15/2032 <sup>(B)</sup> <br>| 3862000 | 3630280 |
| 8.50%, 06/01/2028 <sup>(A)</sup> <br>| 1230000 | 1261878 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Whirlpool Corp. |  |  |
| 6.50%, 06/15/2033 | $5250000 | $5122092 |
|  |  | 10014250 |
| **Insurance - 3.9%**  | **Insurance - 3.9%**  | **Insurance - 3.9%**  |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer |  |  |
| 6.50%, 10/01/2031 <sup>(A)</sup> <br>| 3561000 | 3651759 |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 1866000 | 1873078 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 12590000 | 12733668 |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.60% <sup>(D)</sup>, 02/12/2067 <sup>(A)</sup> <br>| 7178000 | 6754605 |
| HUB International Ltd. |  |  |
| 7.25%, 06/15/2030 <sup>(A)</sup> <br>| 2510000 | 2620435 |
| 7.38%, 01/31/2032 <sup>(A)</sup> <br>| 1430000 | 1482084 |
| Lincoln National Corp. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.62%, <br>6.80% <sup>(D)</sup>, 05/17/2066<br>| 3958000 | 3404879 |
|  |  | 32520508 |
| **Internet & Catalog Retail - 1.5%**  | **Internet & Catalog Retail - 1.5%**  | **Internet & Catalog Retail - 1.5%**  |
| ION Platform Finance U.S., Inc./ION <br> Platform Finance SARL |  |  |
| 8.75%, 05/01/2029 <sup>(A)</sup> <br>| 5200000 | 5291380 |
| 9.50%, 05/30/2029 <sup>(A)</sup> <br>| 7368000 | 7528946 |
|  |  | 12820326 |
| **Machinery - 1.5%**  | **Machinery - 1.5%**  | **Machinery - 1.5%**  |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/2030 <sup>(A)</sup> <br>| 4324000 | 4509504 |
| GrafTech Global Enterprises, Inc. |  |  |
| 9.88%, 12/23/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 2057000 | 1815303 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 6616000 | 6770093 |
|  |  | 13094900 |
| **Media - 8.6%**  | **Media - 8.6%**  | **Media - 8.6%**  |
| Adelphia Communications Corp. |  |  |
| 9.25%, 10/01/2049 <sup>(E)</sup><sup>(F)</sup><sup>(I)</sup><sup>(J)</sup> <br>| 1305000 | 91 |
| &nbsp;&nbsp;&nbsp; 10.25%, 06/15/2049 - <br> 11/01/2049 <sup>(F)</sup><sup>(I)</sup><sup>(J)</sup><sup>(K)</sup> <br>| 1460000 | 102 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 6.38%, 09/01/2029 <sup>(A)</sup> <br>| 3187000 | 3212082 |
| 7.38%, 03/01/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 5922000 | 6011067 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.48%, 10/23/2045 | 8254000 | 7973780 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.13%, 02/15/2031 <sup>(A)</sup> <br>| 1648000 | 1699514 |
| 7.50%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 2712000 | 2661144 |
| 7.50%, 03/15/2033 <sup>(A)</sup> <br>| 939000 | 981879 |
| CSC Holdings LLC |  |  |
| 5.00%, 11/15/2031 <sup>(A)</sup> <br>| 5000000 | 1750603 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| CSC Holdings LLC (continued) |  |  |
| 5.75%, 01/15/2030 <sup>(A)</sup> <br>| $7078000 | $2652381 |
| 11.75%, 01/31/2029 <sup>(A)</sup> <br>| 6217000 | 4911184 |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/2030 <sup>(A)</sup> <br>| 4312000 | 4286469 |
| DISH DBS Corp. |  |  |
| 7.38%, 07/01/2028 | 1761000 | 1645513 |
| 7.75%, 07/01/2026 | 1280000 | 1266895 |
| DISH Network Corp. |  |  |
| 11.75%, 11/15/2027 <sup>(A)</sup> <br>| 2515000 | 2647749 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 3068000 | 2129888 |
| 9.63%, 07/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 3000000 | 3014779 |
| iHeartCommunications, Inc. |  |  |
| 9.13%, 05/01/2029 <sup>(A)</sup> <br>| 3596700 | 3309324 |
| 10.88%, 05/01/2030 <sup>(A)</sup> <br>| 2718507 | 1959736 |
| LCPR Senior Secured Financing DAC |  |  |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 9006000 | 5633163 |
| Univision Communications, Inc. |  |  |
| 8.00%, 08/15/2028 <sup>(A)</sup> <br>| 2417000 | 2488166 |
| 9.38%, 08/01/2032 <sup>(A)</sup> <br>| 1588000 | 1676249 |
| Versant Media Group, Inc. |  |  |
| 7.25%, 01/30/2031 <sup>(A)</sup> <br>| 1127000 | 1148782 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/2030 <sup>(A)</sup> <br>| 3225000 | 2878552 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/2032 <sup>(A)</sup> <br>| 2331000 | 2117752 |
| 7.50%, 01/15/2033 <sup>(A)</sup> <br>| 4168000 | 4247200 |
|  |  | 72304044 |
| **Metals & Mining - 2.8%**  | **Metals & Mining - 2.8%**  | **Metals & Mining - 2.8%**  |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.63%, 01/31/2029 <sup>(A)</sup> <br>| 4819000 | 4827101 |
| Constellium SE |  |  |
| 6.38%, 08/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 4120000 | 4237560 |
| Fortescue Treasury Pty. Ltd. |  |  |
| 5.88%, 04/15/2030 <sup>(A)</sup> <br>| 708000 | 730476 |
| 6.13%, 04/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 5175000 | 5400004 |
| Kaiser Aluminum Corp. |  |  |
| 5.88%, 03/01/2034 <sup>(A)</sup><sup>(G)</sup> <br>| 1700000 | 1693785 |
| Mineral Resources Ltd. |  |  |
| 9.25%, 10/01/2028 <sup>(A)</sup> <br>| 1101000 | 1154405 |
| Novelis Corp. |  |  |
| 6.38%, 08/15/2033 <sup>(A)</sup> <br>| 1445000 | 1464038 |
| 6.88%, 01/30/2030 <sup>(A)</sup> <br>| 3632000 | 3770168 |
|  |  | 23277537 |
| **Mortgage Real Estate Investment Trusts - 0.8%**  | **Mortgage Real Estate Investment Trusts - 0.8%**  | **Mortgage Real Estate Investment Trusts - 0.8%**  |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 4009000 | 4094420 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 2254000 | 2344282 |
|  |  | 6438702 |
| **Oil, Gas & Consumable Fuels - 10.8%**  | **Oil, Gas & Consumable Fuels - 10.8%**  | **Oil, Gas & Consumable Fuels - 10.8%**  |
| Aethon United BR LP/Aethon United <br> Finance Corp. |  |  |
| 7.50%, 10/01/2029 <sup>(A)</sup> <br>| 3827000 | 3970353 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Civitas Resources, Inc. |  |  |
| 8.63%, 11/01/2030 <sup>(A)</sup> <br>| $210000 | $217107 |
| 8.75%, 07/01/2031 <sup>(A)</sup> <br>| 5685000 | 5844490 |
| 9.63%, 06/15/2033 <sup>(A)</sup> <br>| 512000 | 549294 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030 <sup>(A)</sup> <br>| 6941000 | 6605812 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/2034 <sup>(A)</sup> <br>| 2266000 | 2216307 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 3309000 | 3417568 |
| 8.88%, 04/15/2030 | 1755000 | 1849659 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032 <sup>(A)</sup> <br>| 6422000 | 6655305 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 4327000 | 4483650 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 7.25%, 02/15/2035 <sup>(A)</sup> <br>| 4959000 | 4776902 |
| Occidental Petroleum Corp. |  |  |
| 6.45%, 09/15/2036 | 6446000 | 6843022 |
| 6.60%, 03/15/2046 | 2418000 | 2530214 |
| 7.15%, 05/15/2028 | 1546000 | 1647835 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 7.88%, 09/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 1971000 | 1979927 |
| 9.88%, 03/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 1670000 | 1770427 |
| Permian Resources Operating LLC |  |  |
| 6.25%, 02/01/2033 <sup>(A)</sup> <br>| 2044000 | 2079629 |
| 7.00%, 01/15/2032 <sup>(A)</sup> <br>| 4039000 | 4190273 |
| SM Energy Co. |  |  |
| 6.63%, 01/15/2027 | 2865000 | 2866851 |
| 7.00%, 08/01/2032 <sup>(A)</sup> <br>| 3381000 | 3307515 |
| Summit Midstream Holdings LLC |  |  |
| 8.63%, 10/31/2029 <sup>(A)</sup> <br>| 4671000 | 4751673 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 4081000 | 4392229 |
| 9.88%, 02/01/2032 <sup>(A)</sup> <br>| 6042000 | 6453774 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 1123000 | 1267208 |
| Vital Energy, Inc. |  |  |
| 9.75%, 10/15/2030 | 6018000 | 6187491 |
|  |  | 90854515 |
| **Paper & Forest Products - 1.0%**  | **Paper & Forest Products - 1.0%**  | **Paper & Forest Products - 1.0%**  |
| Magnera Corp. |  |  |
| 7.25%, 11/15/2031 <sup>(A)</sup> <br>| 10075000 | 8699309 |
| **Pharmaceuticals - 2.3%**  | **Pharmaceuticals - 2.3%**  | **Pharmaceuticals - 2.3%**  |
| 1261229 BC Ltd. |  |  |
| 10.00%, 04/15/2032 <sup>(A)</sup> <br>| 1939000 | 2026855 |
| Bausch Health Cos., Inc. |  |  |
| 7.00%, 01/15/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 1761000 | 1618993 |
| 11.00%, 09/30/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 3003000 | 3147865 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2034, <br>6.75% <sup>(D)</sup>, 12/10/2054<br>| 1623000 | 1686667 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(D)</sup>, 03/10/2055<br>| 6953000 | 7305385 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 5.13%, 04/30/2031 <sup>(A)</sup> <br>| $2832000 | $2170832 |
| 6.75%, 05/15/2034 <sup>(A)</sup><sup>(B)</sup> <br>| 1266000 | 1134241 |
|  |  | 19090838 |
| **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  | **Real Estate Management & Development - 0.6%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| 2648000 | 2669059 |
| 8.88%, 09/01/2031 <sup>(A)</sup> <br>| 1905000 | 2040675 |
|  |  | 4709734 |
| **Semiconductors & Semiconductor Equipment - 0.8%**  | **Semiconductors & Semiconductor Equipment - 0.8%**  | **Semiconductors & Semiconductor Equipment - 0.8%**  |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/2030 <sup>(A)</sup> <br>| 1320000 | 1362876 |
| 6.63%, 07/24/2033 <sup>(A)</sup> <br>| 4919000 | 5131050 |
|  |  | 6493926 |
| **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  | **Textiles, Apparel & Luxury Goods - 0.5%**  |
| William Carter Co. |  |  |
| 7.38%, 02/15/2031 <sup>(A)</sup><sup>(G)</sup> <br>| 4264000 | 4243442 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $744,161,018)**<br>|  | 743465080 |
| **LOAN ASSIGNMENTS - 8.1%**  | **LOAN ASSIGNMENTS - 8.1%**  | **LOAN ASSIGNMENTS - 8.1%**  |
| **Automobile Components - 0.7%**  | **Automobile Components - 0.7%**  | **Automobile Components - 0.7%**  |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.46% <sup>(D)</sup>, 05/06/2030<br>| 5719852 | 5712702 |
| **Commercial Services & Supplies - 2.4%**  | **Commercial Services & Supplies - 2.4%**  | **Commercial Services & Supplies - 2.4%**  |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.05% <sup>(D)</sup>, 02/01/2029<br>| 6052352 | 6044786 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan, <br>6-Month Term SOFR + 2.50%, <br>6.70% <sup>(D)</sup>, 06/21/2028<br>| 4937575 | 4943308 |
| &nbsp;&nbsp; Mavis Tire Express Services Corp. <br>Repriced Term Loan, <br>3-Month Term SOFR + 3.00%, <br>7.20% <sup>(D)</sup>, 05/04/2028<br>| 4975000 | 4982771 |
| &nbsp;&nbsp; WW International, Inc. <br>Takeback Term Loan, <br>3-Month Term SOFR + 6.80%, <br>10.80% <sup>(D)</sup>, 06/24/2030<br>| 5180765 | 4584976 |
|  |  | 20555841 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>7.14% <sup>(D)</sup>, 04/13/2029 <sup>(G)</sup> <br>| 2977157 | 2975091 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Financial Services - 0.7%**  | **Financial Services - 0.7%**  | **Financial Services - 0.7%**  |
| Trinseo Luxco Finance SPV SARL |  |  |
| &nbsp;&nbsp; Term Loan A, <br>3-Month Term SOFR + 8.50%, <br>12.41% <sup>(D)</sup>, 05/03/2028<br>| $737649 | $710909 |
| &nbsp;&nbsp; Term Loan B, <br>3-Month Term SOFR + 8.50%, <br>12.40% <sup>(D)</sup>, 05/03/2028<br>| 5428708 | 5265847 |
|  |  | 5976756 |
| **Hotels, Restaurants & Leisure - 0.6%**  | **Hotels, Restaurants & Leisure - 0.6%**  | **Hotels, Restaurants & Leisure - 0.6%**  |
| &nbsp;&nbsp; Caesars Entertainment, Inc. <br>Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>6.21% <sup>(D)</sup>, 02/06/2031<br>| 5097375 | 5046401 |
| **IT Services - 0.3%**  | **IT Services - 0.3%**  | **IT Services - 0.3%**  |
| &nbsp;&nbsp; Sandisk Corp. <br>Term Loan B, <br>3-Month Term SOFR + 3.00%, <br>6.86% <sup>(D)</sup>, 02/20/2032<br>| 2432500 | 2432500 |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp; Delayed Draw Term Loan, <br>3.75% <sup>(D)</sup>, 12/21/2029<br>| 1532211 | 1555194 |
| &nbsp;&nbsp; Term Loan, <br>3-Month Term SOFR + 6.00%, <br>9.86% <sup>(D)</sup>, 12/21/2029<br>| 2681368 | 2721589 |
|  |  | 4276783 |
| **Media - 0.8%**  | **Media - 0.8%**  | **Media - 0.8%**  |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>8.08% <sup>(D)</sup>, 08/23/2028<br>| 5260000 | 5262194 |
| &nbsp;&nbsp; Ziggo Financing Partnership <br>Term Loan I, <br>6-Month Term SOFR + 2.50%, <br>6.71% <sup>(D)</sup>, 04/30/2028<br>| 1518898 | 1516407 |
|  |  | 6778601 |
| **Software - 1.7%**  | **Software - 1.7%**  | **Software - 1.7%**  |
| Rackspace Finance LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.91% <sup>(D)</sup>, 05/15/2028<br>| 6457184 | 2865376 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.41% <sup>(D)</sup>, 05/15/2028<br>| 1470484 | 1486108 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.34% <sup>(D)</sup>, 02/10/2031<br>| 10026611 | 10018639 |
|  |  | 14370123 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $70,261,384)**<br>|  | 68124798 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.7%**  | **COMMON STOCKS - 0.7%**  | **COMMON STOCKS - 0.7%**  |
| **Diversified Consumer Services - 0.4%**  | **Diversified Consumer Services - 0.4%**  | **Diversified Consumer Services - 0.4%**  |
| WW International, Inc. <sup>(F)</sup> <br>| 83443 | $2905485 |
| **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  |
| Ultra Resources, Inc. <sup>(F)(I)(J)(L)</sup> <br>| 3226 | 0 |
| **Passenger Airlines - 0.0% \*** | **Passenger Airlines - 0.0% \*** | **Passenger Airlines - 0.0% \*** |
| ASG WT Corp. <sup>(F)(I)(J)</sup> <br>| 1265 | 81408 |
| **Software - 0.3%**  | **Software - 0.3%**  | **Software - 0.3%**  |
| Avaya Holdings Corp. <sup>(F)</sup><sup>(I)</sup><sup>(J)</sup><sup>(M)</sup> <br>| 233572 | 2452506 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $2,827,033)**<br>|  | 5439399 |
| **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%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(N)</sup> <br>| 52199345 | 52199345 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $52,199,345)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $52,199,345)** | 52199345 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.5%**  | **REPURCHASE AGREEMENT - 2.5%**  | **REPURCHASE AGREEMENT - 2.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(N)</sup>, dated 10/31/2025, to be <br> repurchased at $20,999,689 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $21,417,114.<br>| $20997064 | $20997064 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $20,997,064)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $20,997,064)** | 20997064 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $890,445,844)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $890,445,844)** | 890225686 |
| **Net Other Assets (Liabilities) - (6.1)%** | **Net Other Assets (Liabilities) - (6.1)%** | (51050263) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$839175423** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(O)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs** <sup>(P)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $743464887 | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $743465080 |
| Loan Assignments |  | &nbsp;&nbsp; 68124798 | &nbsp;&nbsp; — | &nbsp;&nbsp; 68124798 |
| Common Stocks | 2905485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2533914 | &nbsp;&nbsp; 5439399 |
| Other Investment Company | 52199345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 52199345 |
| Repurchase Agreement |  | &nbsp;&nbsp; 20997064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20997064 |
| **Total Investments** | **$55104830** | &nbsp;&nbsp; **$832586749** | &nbsp;&nbsp; **$2534107** | &nbsp;&nbsp; **$890225686** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transfers** |  |  |  |  |
| **Investments** | **Transfer from** <br>**Level 1 to Level 3**<br>| **Transfer from** <br>**Level 3 to Level 1**<br>| **Transfer from** <br>**Level 2 to Level 3**<br>| **Transfer from** <br>**Level 3 to Level 2**<br>|
| Common Stocks<sup>(M)</sup> <br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2452506 | &nbsp;&nbsp; $— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $637,495,521, representing 76.0% of the* *Fund's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $53,047,658, collateralized by cash collateral of $52,199,345 and* *non-cash collateral, such as U.S. government securities of $1,962,865. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica High Yield Bond**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(E)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2025, the value of this security* *is $2,074,231, representing 0.2% of the Fund's net assets.* 

<sup>(F)</sup> *Non-income producing security.*

<sup>(G)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(H)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Corporate Debt Securities | Ardagh Packaging <br> Finance PLC/Ardagh <br> Holdings USA, Inc. <br>4.13%, 08/15/2026<br>| 04/26/2024 - 04/17/2025 | &nbsp;&nbsp; $5088215 | &nbsp;&nbsp; $5517240 | 0.7<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(I)</sup> *Security is Level 3 of the fair value hierarchy and is valued based on unobservable inputs (see note 3). At October 31, 2025, the total value of the* *securities is $2,534,107, representing less than 0.3% of the Fund's net assets.* 

<sup>(J)</sup> *Fair valued as determined in good faith in accordance with TAM's procedures. At October 31, 2025, the total value of the securities is $2,534,107,* *representing 0.3% of the Fund's net assets.* 

<sup>(K)</sup> *Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring.*

<sup>(L)</sup> *Security deemed worthless.*

<sup>(M)</sup> *Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable* *inputs.* 

<sup>(N)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(O)</sup> *The Fund recognized transfers in and out of Level 3 as of October 31, 2025. Please reference the Investment Valuation section of the Notes to Financial* *Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(P)</sup> *Level 3 security was not considered significant to the Fund.*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $869,448,780) (including securities loaned of $53,047,658) | $869228622 |
| Repurchase agreement, at value (cost $20,997,064) | 20997064 |
| Cash | 59100 |
| Receivables and other assets: |  |
| Net income from securities lending | 43600 |
| Shares of beneficial interest sold  | 41270 |
| Interest | 13076802 |
| Total assets | 903446458 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 52199345 |
| Payables and other liabilities: |  |
| Investments purchased | 1532210 |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 9515000 |
| Dividends and/or distributions | 21769 |
| Shares of beneficial interest redeemed | 454343 |
| Investment management fees | 391327 |
| Distribution and service fees | 27532 |
| Transfer agent fees | 24560 |
| Trustee and CCO fees | 284 |
| Audit and tax fees  | 26630 |
| Custody fees | 20001 |
| Legal fees | 15520 |
| Printing and shareholder reports fees | 10010 |
| Registration fees | 6385 |
| Other accrued expenses | 26119 |
| Total liabilities | 64271035 |
| **Net assets**  | $839175423 |
| **Net assets consist of:** |  |
| Paid-in capital | $1030484064 |
| Total distributable earnings (accumulated losses) | (191308641)<br>|
| **Net assets** | $839175423 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $64739321 |
| Class C | 6217694 |
| Class I | 86774500 |
| Class I2 | 469525647 |
| Class I3 | 109128242 |
| Class R | 10803333 |
| Class R4 | 13417986 |
| Class R6 | 78568700 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 7951696 |
| Class C | 764334 |
| Class I | 10558220 |
| Class I2 | 56856035 |
| Class I3 | 13220399 |
| Class R | 1308337 |
| Class R4 | 1624074 |
| Class R6 | 9517182 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $8.14 |
| Class C | 8.13 |
| Class I | 8.22 |
| Class I2 | 8.26 |
| Class I3 | 8.25 |
| Class R | 8.26 |
| Class R4 | 8.26 |
| Class R6 | 8.26 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $8.55 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $89522430 |
| Net income from securities lending | 1122829 |
| Total investment income  | 90645259 |
| **Expenses:** |  |
| Investment management fees | 6622716 |
| Distribution and service fees: |  |
| Class A | 170192 |
| Class C | 67925 |
| Class R | 58705 |
| Class R4 | 45109 |
| Transfer agent fees: |  |
| Class A | 130549 |
| Class C | 7490 |
| Class I | 104108 |
| Class I2 | 59707 |
| Class I3 | 8622 |
| Class R | 233 |
| Class R4 | 1353 |
| Class R6 | 6019 |
| Trustee and CCO fees | 50617 |
| Audit and tax fees | 55092 |
| Custody fees | 109913 |
| Legal fees | 90484 |
| Printing and shareholder reports fees | 55927 |
| Registration fees | 133778 |
| Other | 74535 |
| Total expenses before waiver and/or reimbursement and recapture | 7853074 |
| Expenses waived and/or reimbursed: |  |
| Class A | (15082)<br>|
| Class I | (86298)<br>|
| Class R | (976)<br>|
| Class R4 | (2148)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 10486 |
| Class R | 464 |
| Class R4 | 496 |
| Net expenses | 7760016 |
| **Net investment income (loss)** | 82885243 |
| **Net realized gain (loss) on:** |  |
| Investments | (12481109)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 17040712 |
| Net realized and change in unrealized gain (loss) | 4559603 |
| **Net increase (decrease) in net assets resulting from operations** | $87444846 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $82885243 | &nbsp;&nbsp;&nbsp;&nbsp; $91788651 |
| Net realized gain (loss) | (12481109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70860809)<br>|
| Net change in unrealized appreciation (depreciation) | 17040712 | &nbsp;&nbsp;&nbsp;&nbsp; 189770702 |
| Net increase (decrease) in net assets resulting from operations | 87444846 | &nbsp;&nbsp;&nbsp;&nbsp; 210698544 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (4458372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3572159)<br>|
| Class C | (400057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (394271)<br>|
| Class I | (6935600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14301148)<br>|
| Class I2 | (55783477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54793040)<br>|
| Class I3 | (8017138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9420819)<br>|
| Class R | (759011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1029905)<br>|
| Class R4 | (1212457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2366346)<br>|
| Class R6 | (5628739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4636762)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (83194851)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90514450)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 116572659 | &nbsp;&nbsp;&nbsp;&nbsp; 100852627 |
| Class C | 1268487 | &nbsp;&nbsp;&nbsp;&nbsp; 2549117 |
| Class I | 111015414 | &nbsp;&nbsp;&nbsp;&nbsp; 106771133 |
| Class I2 | 8081071 | &nbsp;&nbsp;&nbsp;&nbsp; 61489840 |
| Class I3 | 13113489 | &nbsp;&nbsp;&nbsp;&nbsp; 12981685 |
| Class R | 1315130 | &nbsp;&nbsp;&nbsp;&nbsp; 2036002 |
| Class R4 | 2181101 | &nbsp;&nbsp;&nbsp;&nbsp; 5873914 |
| Class R6 | 29721205 | &nbsp;&nbsp;&nbsp;&nbsp; 20821572 |
|  | 283268556 | &nbsp;&nbsp;&nbsp;&nbsp; 313375890 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 4217560 | &nbsp;&nbsp;&nbsp;&nbsp; 3325158 |
| Class C | 391621 | &nbsp;&nbsp;&nbsp;&nbsp; 387089 |
| Class I | 6902249 | &nbsp;&nbsp;&nbsp;&nbsp; 14269063 |
| Class I2 | 55782869 | &nbsp;&nbsp;&nbsp;&nbsp; 54793040 |
| Class I3 | 8017138 | &nbsp;&nbsp;&nbsp;&nbsp; 9420819 |
| Class R | 754845 | &nbsp;&nbsp;&nbsp;&nbsp; 1029905 |
| Class R4 | 1212457 | &nbsp;&nbsp;&nbsp;&nbsp; 2366346 |
| Class R6 | 5626119 | &nbsp;&nbsp;&nbsp;&nbsp; 4635615 |
|  | 82904858 | &nbsp;&nbsp;&nbsp;&nbsp; 90227035 |
| Cost of shares redeemed: |  |  |
| Class A | (119178779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105252896)<br>|
| Class C | (2179468)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1487991)<br>|
| Class I | (146590195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (562167374)<br>|
| Class I2 | (476265021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59956019)<br>|
| Class I3 | (63293190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23733330)<br>|
| Class R | (8804768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2954528)<br>|
| Class R4 | (19338017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20103620)<br>|
| Class R6 | (33142116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20253832)<br>|
|  | (868791554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (795909590)<br>|
| Automatic conversions: |  |  |
| Class A | 996803 | &nbsp;&nbsp;&nbsp;&nbsp; 883285 |
| Class C | (996803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (883285)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (502618140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (392306665)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 930 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 184 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| **Net increase (decrease) in net assets** | (498368145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (272121457)<br>|
| **Net assets:** |  |  |
| Beginning of year | 1337543568 | &nbsp;&nbsp;&nbsp;&nbsp; 1609665025 |
| End of year | $839175423 | &nbsp;&nbsp;&nbsp;&nbsp; $1337543568 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica High Yield Bond**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 14458841 | &nbsp;&nbsp;&nbsp;&nbsp; 12627701 |
| Class C | 156987 | &nbsp;&nbsp;&nbsp;&nbsp; 323430 |
| Class I | 13735528 | &nbsp;&nbsp;&nbsp;&nbsp; 13292494 |
| Class I2 | 988051 | &nbsp;&nbsp;&nbsp;&nbsp; 7685933 |
| Class I3 | 1593093 | &nbsp;&nbsp;&nbsp;&nbsp; 1602944 |
| Class R | 160632 | &nbsp;&nbsp;&nbsp;&nbsp; 252976 |
| Class R4 | 265573 | &nbsp;&nbsp;&nbsp;&nbsp; 728645 |
| Class R6 | 3630201 | &nbsp;&nbsp;&nbsp;&nbsp; 2578647 |
|  | 34988906 | &nbsp;&nbsp;&nbsp;&nbsp; 39092770 |
| Shares reinvested: |  |  |
| Class A | 521877 | &nbsp;&nbsp;&nbsp;&nbsp; 416950 |
| Class C | 48517 | &nbsp;&nbsp;&nbsp;&nbsp; 48587 |
| Class I | 845224 | &nbsp;&nbsp;&nbsp;&nbsp; 1776960 |
| Class I2 | 6812145 | &nbsp;&nbsp;&nbsp;&nbsp; 6777237 |
| Class I3 | 978587 | &nbsp;&nbsp;&nbsp;&nbsp; 1165470 |
| Class R | 92069 | &nbsp;&nbsp;&nbsp;&nbsp; 127415 |
| Class R4 | 147820 | &nbsp;&nbsp;&nbsp;&nbsp; 292765 |
| Class R6 | 687124 | &nbsp;&nbsp;&nbsp;&nbsp; 573380 |
|  | 10133363 | &nbsp;&nbsp;&nbsp;&nbsp; 11178764 |
| Shares redeemed: |  |  |
| Class A | (14766791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13181687)<br>|
| Class C | (270525)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (188020)<br>|
| Class I | (18223573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70180731)<br>|
| Class I2 | (57928499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7414651)<br>|
| Class I3 | (7701715)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2946487)<br>|
| Class R | (1075406)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (366272)<br>|
| Class R4 | (2348863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2474893)<br>|
| Class R6 | (4058881)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2507182)<br>|
|  | (106374253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99259923)<br>|
| Automatic conversions: |  |  |
| Class A | 123657 | &nbsp;&nbsp;&nbsp;&nbsp; 110656 |
| Class C | (123760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110812)<br>|
|  | (103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (156)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 337584 | &nbsp;&nbsp;&nbsp;&nbsp; (26380)<br>|
| Class C | (188781)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73185 |
| Class I | (3642821)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55111277)<br>|
| Class I2 | (50128303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7048519 |
| Class I3 | (5130035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (178073)<br>|
| Class R | (822705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14119 |
| Class R4 | (1935470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1453483)<br>|
| Class R6 | 258444 | &nbsp;&nbsp;&nbsp;&nbsp; 644845 |
|  | (61252087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48988545)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.10 | $7.50 | $7.68 | $9.13 | $8.56 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.53 | 0.48 | 0.41 | 0.39 | 0.37 |
| Net realized and unrealized gain (loss) | 0.04 | 0.59 | (0.17)<br>| (1.44)<br>| 0.58 |
| Total investment operations | 0.57 | 1.07 | 0.24 | (1.05)<br>| 0.95 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.53)<br>| (0.47)<br>| (0.42)<br>| (0.40)<br>| (0.38)<br>|
| **Net asset value, end of year** | $8.14 | $8.10 | $7.50 | $7.68 | $9.13 |
| **Total return** <sup>(E)</sup> <br>| 7.27<br> %<br>| 14.56 %<sup>(C)</sup><br>| 3.10<br> %<br>| (11.74 )%<sup>(D)</sup><br>| 11.38<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $64739 | $61651 | $57317 | $62992 | $85643 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.04<br> %<br>| 1.03<br> %<br>| 1.02<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.04 %<sup>(F)(G)</sup><br>| 1.03<br> %<br>| 1.02 %<sup>(G)</sup><br>| 1.00 %<sup>(G)</sup><br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 6.52<br> %<br>| 5.99<br> %<br>| 5.32<br> %<br>| 4.64<br> %<br>| 4.09<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.09 | $7.49 | $7.65 | $9.10 | $8.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.47 | 0.42 | 0.36 | 0.33 | 0.30 |
| Net realized and unrealized gain (loss) | 0.05 | 0.60 | (0.16)<br>| (1.44)<br>| 0.59 |
| Total investment operations | 0.52 | 1.02 | 0.20 | (1.11)<br>| 0.89 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.48)<br>| (0.42)<br>| (0.36)<br>| (0.34)<br>| (0.31)<br>|
| **Net asset value, end of year** | $8.13 | $8.09 | $7.49 | $7.65 | $9.10 |
| **Total return** <sup>(D)</sup> <br>| 6.57<br> %<br>| 13.83 %<sup>(C)</sup><br>| 2.64<br> %<br>| (12.42)%<br>| 10.58<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6218 | $7711 | $6593 | $8914 | $14407 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.72<br> %<br>| 1.74<br> %<br>| 1.72<br> %<br>| 1.71<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.71<br> %<br>| 1.72<br> %<br>| 1.74 %<sup>(E)</sup><br>| 1.72<br> %<br>| 1.71<br> %<br>|
| Net investment income (loss) to average net assets | 5.87<br> %<br>| 5.35<br> %<br>| 4.61<br> %<br>| 3.91<br> %<br>| 3.37<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.18 | $7.58 | $7.74 | $9.21 | $8.63 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.56 | 0.50 | 0.45 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.04 | 0.61 | (0.15)<br>| (1.46)<br>| 0.59 |
| Total investment operations | 0.60 | 1.11 | 0.30 | (1.03)<br>| 1.00 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.22 | $8.18 | $7.58 | $7.74 | $9.21 |
| **Total return** | 7.66<br> %<br>| 14.98<br> %<br>| 3.83<br> %<br>| (11.44 )%<sup>(B)</sup><br>| 11.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $86774 | $116219 | $525490 | $562580 | $841173 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>| 0.68<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.62 %<sup>(D)</sup><br>| 0.62 %<sup>(D)</sup><br>| 0.61 %<sup>(D)</sup><br>| 0.61 %<sup>(D)(E)</sup><br>| 0.60 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 6.92<br> %<br>| 6.27<br> %<br>| 5.75<br> %<br>| 5.02<br> %<br>| 4.44<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *TAM has contractually agreed to reimburse 0.085% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(E)</sup> *TAM contractually agreed to reimburse 0.08% of the sub-transfer agency fees and certain per account transfer agency fees through March 1, 2022. These amounts are not* *subject to recapture by TAM.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.57 | 0.52 | 0.46 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.05 | 0.61 | (0.16)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.62 | 1.13 | 0.30 | (1.03)<br>| 1.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.52)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.26 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.87<br> %<br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.42)%<br>| 11.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $469526 | $878559 | $759753 | $251872 | $931699 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 6.98<br> %<br>| 6.47<br> %<br>| 5.92<br> %<br>| 4.90<br> %<br>| 4.49<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.57 | 0.52 | 0.45 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.04 | 0.60 | (0.15)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.61 | 1.12 | 0.30 | (1.03)<br>| 1.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.25 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.75<br> %<br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.42)%<br>| 11.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $109128 | $150644 | $140818 | $154394 | $222760 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 6.96<br> %<br>| 6.46<br> %<br>| 5.76<br> %<br>| 5.04<br> %<br>| 4.48<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.53 | 0.48 | 0.41 | 0.39 | 0.37 |
| Net realized and unrealized gain (loss) | 0.05 | 0.61 | (0.15)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.58 | 1.09 | 0.26 | (1.07)<br>| 0.97 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.53)<br>| (0.48)<br>| (0.42)<br>| (0.40)<br>| (0.38)<br>|
| **Net asset value, end of year** | $8.26 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.35<br> %<br>| 14.55<br> %<br>| 3.33<br> %<br>| (11.86)%<br>| 11.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $10803 | $17495 | $16090 | $17663 | $24423 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.10<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.12<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.10 %<sup>(B)</sup><br>| 1.10 %<sup>(B)</sup><br>| 1.10 %<sup>(B)</sup><br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) to average net assets | 6.46<br> %<br>| 5.97<br> %<br>| 5.26<br> %<br>| 4.55<br> %<br>| 3.98<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica High Yield Bond**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.22 | $7.61 | $7.77 | $9.22 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.55 | 0.50 | 0.43 | 0.41 | 0.38 |
| Net realized and unrealized gain (loss) | 0.04 | 0.61 | (0.15)<br>| (1.46)<br>| 0.59 |
| Total investment operations | 0.59 | 1.11 | 0.28 | (1.05)<br>| 0.97 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.55)<br>| (0.50)<br>| (0.44)<br>| (0.40)<br>| (0.39)<br>|
| **Net asset value, end of year** | $8.26 | $8.22 | $7.61 | $7.77 | $9.22 |
| **Total return** | 7.49<br> %<br>| 14.82<br> %<br>| 3.59<br> %<br>| (11.58)%<br>| 11.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $13418 | $29254 | $38138 | $48173 | $66337 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.86<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.85<br> %<br>| 0.85<br> %<br>| 0.85 % <sup>(B)</sup><br>| 0.85 %<sup>(B)</sup><br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 6.71<br> %<br>| 6.21<br> %<br>| 5.52<br> %<br>| 4.81<br> %<br>| 4.20<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.21 | $7.60 | $7.76 | $9.23 | $8.64 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.57 | 0.52 | 0.45 | 0.43 | 0.41 |
| Net realized and unrealized gain (loss) | 0.05 | 0.60 | (0.15)<br>| (1.46)<br>| 0.60 |
| Total investment operations | 0.62 | 1.12 | 0.30 | (1.03)<br>| 1.01 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.51)<br>| (0.46)<br>| (0.44)<br>| (0.42)<br>|
| **Net asset value, end of year** | $8.26 | $8.21 | $7.60 | $7.76 | $9.23 |
| **Total return** | 7.88<br> %<br>| 15.11<br> %<br>| 3.85<br> %<br>| (11.41)%<br>| 11.87<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $78569 | $76011 | $65466 | $59709 | $61417 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.58<br> %<br>|
| Net investment income (loss) to average net assets | 6.99<br> %<br>| 6.47<br> %<br>| 5.78<br> %<br>| 5.07<br> %<br>| 4.48<br> %<br>|
| Portfolio turnover rate | 42<br> %<br>| 56<br> %<br>| 19<br> %<br>| 22<br> %<br>| 37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica High Yield Bond (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Loan participations and assignments:** The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

standby financing commitments, including revolving credit facilities that obligate the Fund to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Fund assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Fund that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Fund has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Fund may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Fund held no unfunded loan participations at October 31, 2025. Open funded loan participations and assignments at October 31, 2025, if any, are included within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $52199345 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52199345 |
| **Total Borrowings** | **$52199345** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$52199345** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Distressed or defaulted securities risk:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The Fund may incur costs to protect its investment, and the Fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Fund, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, AUIM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, AUIM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $640710435 | 76.35<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1.25 billion | 0.554<br> % <br>|
| Over $1.25 billion up to $2 billion | 0.544 |
| Over $2 billion | 0.520 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.05<br> % <br>| March 1, 2026 |
| Class C | 1.77 | March 1, 2026 |
| Class I | 0.75 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.65 | March 1, 2026 |
| Class R | 1.10 | March 1, 2026 |
| Class R4 | 0.85 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class R | $1470 | $1589 | $976 | $4035 |
| Class R4 | 4641 | 4838 | 2148 | 11627 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $38934 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 897 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

TAM has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2026.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $315105 | &nbsp;&nbsp; $24062 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $484084009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $988386901 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, premium amortization adjustments and dividends payable. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to basis adjustments related to a prior year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $9159 | &nbsp;&nbsp;&nbsp;&nbsp; $(9159)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $892071435 | &nbsp;&nbsp; $21917214 | &nbsp;&nbsp; $(23762963)<br>| &nbsp;&nbsp; $(1845749)<br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica High Yield Bond**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $8103705 | &nbsp;&nbsp;&nbsp;&nbsp; $182855191 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $83194851 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $90514450 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $840367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(190958896)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $655637 | &nbsp;&nbsp; $(1845749)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica High Yield Bond

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica High Yield Bond (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img1333ece13.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica High Yield Bond** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica High Yield Bond** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**Transamerica High Yield Bond** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica High Yield Bond** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica High Yield Bond (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Aegon USA Investment Management, LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**Transamerica High Yield Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was in line with the median for its peer universe for the past 1- and 10-year periods 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 below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica High Yield Bond** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser's revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Fund. As a result, the Board focused on profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

![](g67628img1fa594a74.gif)

![](g67628imgee8849d45.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886794 TA HYB 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img455e85d46.gif)

------

![](g67628imgfddffdae1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica High Yield Muni**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img3c47c3072.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_SOI-RunningFooter-169_1) | 2 |
| [Statement of Assets and Liabilities](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_FS-RunningFooter-169_1) | 12 |
| [Statement of Operations](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_FS-RunningFooter-169_2) | 13 |
| [Statement of Changes in Net Assets](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_FS-RunningFooter-169_3) | 14 |
| [Financial Highlights](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_FIHI-RunningFooter-169_1) | 16 |
| [Notes to Financial Statements](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_NTF-RunningFooter-169_1) | 18 |
| **[Report of Independent Registered Public Accounting Firm](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_AUD-RunningFooter-169_1)** | 28 |
| **[Supplemental Information](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_STI-RunningFooter-169_1)** | 29 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_DWA-RunningFooter-169_1)**<br> **[Companies](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_DWA-RunningFooter-169_1)**<br>| 30 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_PD-RunningFooter-169_1)** | 31 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_REMU-RunningFooter-169_1)**<br> **[Companies](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_REMU-RunningFooter-169_1)**<br>| 32 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_74a69c4b-270c-4dc3-8302-1d97449aa41a_AIAC-RunningFooter-169_1)** | 33 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.3%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.3%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.3%**  |
| **Alabama - 1.3%**  | **Alabama - 1.3%**  | **Alabama - 1.3%**  |
| Alabama State University, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2040 | $720000 | $756172 |
| Chilton County Health Care Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 11/01/2045 | 30000 | 29069 |
| City of Bessemer Water, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 01/01/2055 | 500000 | 503604 |
| City of Guin, General Obligation Unlimited, |  |  |
| Series B, BAM, |  |  |
| 4.13%, 06/01/2035 | 210000 | 221586 |
| County of Perry, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 7.38%, 12/01/2030 | 210000 | 210386 |
| Jacksonville Public Educational Building <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.25%, 08/01/2049 | 175000 | 182509 |
|  |  | 1903326 |
| **Arizona - 2.8%**  | **Arizona - 2.8%**  | **Arizona - 2.8%**  |
| Arizona Industrial Development Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2055 <sup>(A)</sup> <br>| 170000 | 146928 |
| Series A, |  |  |
| 5.00%, 07/01/2045 | 900000 | 908306 |
| Series B, |  |  |
| 5.00%, 07/01/2028 - 07/01/2033 | 105000 | 105832 |
| Industrial Development Authority of the City <br> of Phoenix Arizona, Revenue Bonds, |  |  |
| 4.63%, 07/01/2026 <sup>(A)</sup> <br>| 130000 | 129232 |
| Series A, |  |  |
| 5.00%, 07/01/2041 | 35000 | 34781 |
| Maricopa County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 07/01/2036 | 110000 | 110155 |
| Series A, |  |  |
| 5.00%, 09/01/2042 | 1250000 | 1277084 |
| Tempe Industrial Development Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 12/01/2050 - 12/01/2054 | 425000 | 382000 |
| Series A, |  |  |
| 4.00%, 12/01/2038 | 25000 | 23522 |
| 5.63%, 12/01/2060 | 1000000 | 1001684 |
|  |  | 4119524 |
| **California - 2.9%**  | **California - 2.9%**  | **California - 2.9%**  |
| Antelope Valley Community College <br> District, General Obligation Unlimited, |  |  |
| Series D, |  |  |
| Zero Coupon, 08/01/2038 | 775000 | 473323 |
| California Infrastructure & Economic <br> Development Bank, Revenue Bonds, |  |  |
| Series A, Fixed until 01/01/2035, |  |  |
| 9.50% <sup>(B)</sup>, 01/01/2065 <sup>(A)</sup> <br>| 2000000 | 1600000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| &nbsp;&nbsp; California Infrastructure & Economic <br> Development Bank, Revenue <br> Bonds, (continued)<br>|  |  |
| Series A-1, |  |  |
| 5.00%, 01/01/2056 <sup>(A)</sup> <br>| $130000 | $112196 |
| California Municipal Finance Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 10/01/2046 | 25000 | 22637 |
| 5.50%, 06/01/2054 <sup>(A)</sup> <br>| 850000 | 793106 |
| Series A, |  |  |
| 4.00%, 10/01/2044 | 250000 | 230666 |
| California Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/15/2049 <sup>(A)</sup> <br>| 225000 | 208750 |
| California School Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.88%, 06/01/2053 <sup>(A)</sup> <br>| 700000 | 701160 |
| California Statewide Communities <br> Development Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 12/01/2034 - 12/01/2044 | 115000 | 115013 |
| California Statewide Financing Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 6.00%, 05/01/2037 | 30000 | 30631 |
|  |  | 4287482 |
| **Colorado - 16.5%**  | **Colorado - 16.5%**  | **Colorado - 16.5%**  |
| Access 25 Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| 6.75%, 12/01/2053 <sup>(A)</sup> <br>| 1000000 | 1036184 |
| Aerotropolis Regional Transportation <br> Authority, Revenue Bonds, |  |  |
| 5.75%, 12/01/2054 <sup>(A)</sup> <br>| 1000000 | 1009860 |
| Brighton Crossing Metropolitan District No. <br> 6, General Obligation Limited, |  |  |
| 5.00%, 12/01/2035 | 525000 | 531741 |
| Canyons Metropolitan District No. 5, <br> General Obligation Limited, |  |  |
| Series B, |  |  |
| 6.50%, 12/15/2054 | 1000000 | 1005464 |
| Clear Creek Transit Metropolitan District <br> No. 2, General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2041 - 12/01/2050 | 1000000 | 775365 |
| Colorado Educational & Cultural Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 09/01/2041 | 180000 | 168760 |
| Series A, |  |  |
| 4.00%, 07/01/2044 | 1500000 | 1368853 |
| 5.00%, 06/01/2045 - 06/01/2054 | 720000 | 731699 |
| Colorado Health Facilities Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 05/15/2048 | 1000000 | 1012614 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| &nbsp;&nbsp; Colorado International Center Metropolitan <br> District No. 14, General Obligation <br>Limited, |  |  |
| 5.88%, 12/01/2046 | $1000000 | $1000609 |
| Denver Health & Hospital Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2037 | 25000 | 24509 |
| 5.25%, 12/01/2045 | 40000 | 40014 |
| &nbsp;&nbsp; Denver International Business Center <br> Metropolitan District No. 1, General <br>Obligation Limited, |  |  |
| 6.00%, 12/01/2048 | 500000 | 502591 |
| Fiddlers Business Improvement District, <br> General Obligation Unlimited, |  |  |
| 5.55%, 12/01/2047 <sup>(A)</sup> <br>| 400000 | 406252 |
| Glen Metropolitan District No. 1, General <br> Obligation Limited, |  |  |
| BAM, |  |  |
| 2.00%, 12/01/2030 | 125000 | 113137 |
| Glen Metropolitan District No. 2, General <br> Obligation Limited, |  |  |
| Series A, BAM, |  |  |
| 2.00%, 12/01/2030 | 235000 | 225600 |
| Gold Hill North Business Improvement <br> District, General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.60%, 12/01/2054 <sup>(A)</sup> <br>| 500000 | 493013 |
| Hogback Metropolitan District, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2051 | 1000000 | 947185 |
| Lafferty Canyon Metropolitan District, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.63%, 12/01/2055 | 1500000 | 1504096 |
| Mirabelle Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| Series B, |  |  |
| 6.13%, 12/15/2049 | 500000 | 497261 |
| Palisade Metropolitan District No. 2, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 0.00%, 12/15/2054 <sup>(A)</sup> <br>| 1500000 | 1421296 |
| Peak Metropolitan District No. 1, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2051 <sup>(A)</sup> <br>| 1150000 | 980700 |
| Peak Metropolitan District No. 3, General <br> Obligation Limited, |  |  |
| 7.50%, 12/01/2052 | 500000 | 507115 |
| St. Vrain Lakes Metropolitan District No. 4, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 0.00%, 09/20/2054 <sup>(A)</sup> <br>| 2000000 | 1403145 |
| Sterling Ranch Community Authority <br> Board, Revenue Bonds, |  |  |
| Series B, |  |  |
| 6.88%, 12/15/2055 | 1000000 | 1009409 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Transport Metropolitan District No. 3, <br> General Obligation Limited, |  |  |
| Series A-1, |  |  |
| 4.13%, 12/01/2031 | $500000 | $463579 |
| 5.00%, 12/01/2041 | 1365000 | 1182172 |
| Verve Metropolitan District No. 1, General <br> Obligation Limited, |  |  |
| 6.75%, 12/01/2052 | 1000000 | 1016233 |
| Series A, |  |  |
| 0.00%, 12/01/2054 | 1340000 | 978121 |
| Village Metropolitan District, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 5.75%, 12/01/2055 | 1000000 | 1008202 |
| Westerly Metropolitan District No. 4, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2040 | 700000 | 698706 |
|  |  | 24063485 |
| **Connecticut - 0.0% \*** | **Connecticut - 0.0% \*** | **Connecticut - 0.0% \*** |
| Connecticut State Health & Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series K, |  |  |
| 4.00%, 07/01/2046 | 25000 | 22724 |
| **Delaware - 1.9%**  | **Delaware - 1.9%**  | **Delaware - 1.9%**  |
| Delaware State Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2046 | 550000 | 550725 |
| Series B, |  |  |
| 5.25%, 11/15/2053 | 1500000 | 1507009 |
| Town of Bridgeville, Special Tax, |  |  |
| 5.63%, 07/01/2053 <sup>(A)</sup> <br>| 745000 | 758247 |
|  |  | 2815981 |
| **District of Columbia - 1.6%**  | **District of Columbia - 1.6%**  | **District of Columbia - 1.6%**  |
| District of Columbia, Revenue Bonds, |  |  |
| 5.00%, 07/01/2049 - 07/01/2054 | 240000 | 236262 |
| Series A, |  |  |
| 5.00%, 07/01/2048 | 400000 | 400313 |
| Series B, |  |  |
| 5.00%, 07/01/2048 | 160000 | 160125 |
| District of Columbia, Tax Allocation, |  |  |
| Series B, |  |  |
| 0.00%, 06/01/2049 <sup>(A)</sup><sup>(C)</sup> <br>| 2500000 | 1530514 |
|  |  | 2327214 |
| **Florida - 7.0%**  | **Florida - 7.0%**  | **Florida - 7.0%**  |
| Capital Projects Finance Authority, <br> Revenue Bonds, |  |  |
| 6.63%, 06/15/2059 <sup>(A)</sup> <br>| 445000 | 456077 |
| Capital Trust Agency, Inc., Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 01/01/2056 <sup>(A)</sup> <br>| 450000 | 380129 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| City of Pompano Beach, Revenue Bonds, |  |  |
| 2.88%, 09/01/2026 | $40000 | $39637 |
| 3.25%, 09/01/2030 | 20000 | 19466 |
| County of Lake, Revenue Bonds, |  |  |
| 5.00%, 01/15/2039 - 01/15/2054 <sup>(A)</sup> <br>| 1475000 | 1278160 |
| Florida Development Finance Corp., <br> Revenue Bonds, |  |  |
| 4.00%, 07/01/2045 | 215000 | 185525 |
| 5.13%, 06/01/2040 <sup>(A)</sup> <br>| 390000 | 392818 |
| Series A, |  |  |
| 4.00%, 06/01/2030 - 06/15/2042 | 920000 | 872080 |
| 5.00%, 06/15/2029 - 06/01/2040 | 845000 | 793080 |
| 6.00%, 06/15/2045 <sup>(A)</sup> <br>| 1000000 | 1034050 |
| 12.00% <sup>(B)</sup>, 07/15/2059 <sup>(A)</sup> <br>| 750000 | 352500 |
| Florida Housing Finance Corp., Revenue <br> Bonds, |  |  |
| Series 1, GNMA, FNMA, FHLMC, |  |  |
| 1.65%, 01/01/2033 | 255000 | 220396 |
| 2.00%, 07/01/2032 | 75000 | 67458 |
| Miami-Dade County Expressway Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 07/01/2039 | 25000 | 24998 |
| Orange County Health Facilities Authority, <br> Revenue Bonds, |  |  |
| Series 2025-A, |  |  |
| 5.00%, 10/01/2043 | 1000000 | 1069713 |
| Palm Beach County Health Facilities <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 11/15/2032 | 100000 | 101271 |
| Series A, |  |  |
| 5.00%, 11/01/2029 - 11/01/2036 | 160000 | 170742 |
| Series A-2, |  |  |
| 5.00%, 11/01/2039 | 25000 | 26059 |
| Series B, |  |  |
| 4.00%, 11/15/2041 | 500000 | 466834 |
| 5.00%, 11/15/2042 | 50000 | 50639 |
| AG-CR, |  |  |
| 5.00%, 11/01/2045 | 1000000 | 1033437 |
| Pinellas County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/01/2046 <sup>(A)</sup> <br>| 500000 | 381759 |
| 5.00%, 06/01/2056 <sup>(A)</sup> <br>| 1000000 | 836834 |
|  |  | 10253662 |
| **Georgia - 4.8%**  | **Georgia - 4.8%**  | **Georgia - 4.8%**  |
| Atlanta Development Authority, Revenue <br> Bonds, |  |  |
| Series A-1, |  |  |
| 5.25%, 07/01/2044 | 1000000 | 1000332 |
| Atlanta Development Authority, Tax <br> Allocation, |  |  |
| Series A, |  |  |
| 5.50%, 04/01/2039 <sup>(A)</sup> <br>| 750000 | 770533 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| DeKalb County Development Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/01/2040 - 06/01/2055 | $1435000 | $1407177 |
| Development Authority of Lagrange, <br> Revenue Bonds, |  |  |
| 5.00%, 10/15/2052 | 2710000 | 2239545 |
| Savannah Convention Center Authority, <br> Revenue Bonds, |  |  |
| Series C, AG, |  |  |
| 5.50%, 06/01/2050 | 1500000 | 1614345 |
|  |  | 7031932 |
| **Idaho - 1.9%**  | **Idaho - 1.9%**  | **Idaho - 1.9%**  |
| Idaho Health Facilities Authority, Revenue <br> Bonds, |  |  |
| 3.50%, 09/01/2033 | 125000 | 114405 |
| Series A, |  |  |
| 4.00%, 03/01/2041 | 750000 | 725901 |
| Idaho Housing & Finance Association, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 05/01/2035 | 165000 | 165184 |
| 6.00%, 07/01/2049 - 07/01/2054 <sup>(A)</sup> <br>| 1725000 | 1732875 |
|  |  | 2738365 |
| **Illinois - 3.5%**  | **Illinois - 3.5%**  | **Illinois - 3.5%**  |
| Chicago O'Hare International Airport, <br> Revenue Bonds, |  |  |
| Series C, |  |  |
| 5.00%, 01/01/2037 | 500000 | 501028 |
| City of Chicago, General Obligation <br> Unlimited, |  |  |
| 7.52%, 01/01/2040 | 135000 | 151146 |
| Series E, BAM, |  |  |
| 6.00%, 01/01/2043 | 1000000 | 1122143 |
| Illinois Finance Authority, Revenue Bonds, |  |  |
| 4.00%, 10/01/2050 | 15000 | 13104 |
| Series A, |  |  |
| 4.00%, 05/01/2040 | 100000 | 94802 |
| 5.00%, 11/01/2029 - 11/01/2031 | 85000 | 86092 |
| Illinois State Toll Highway Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 01/01/2040 | 2000000 | 2001786 |
| Northeastern Illinois University, Certificate <br> of Participation, |  |  |
| BAM-TCRS, |  |  |
| 3.75%, 10/01/2030 | 100000 | 96364 |
| 4.00%, 10/01/2038 | 430000 | 386501 |
| Northern Illinois University, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 4.00%, 10/01/2043 | 15000 | 14380 |
| State of Illinois, General Obligation <br> Unlimited, |  |  |
| 6.63%, 02/01/2035 | 19231 | 20504 |
| 7.35%, 07/01/2035 | 14285 | 15768 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Village of Oak Lawn, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.35%, 12/01/2026 | $290000 | $288990 |
| Village of Oak Park, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 2.13%, 11/01/2038 | 315000 | 244443 |
|  |  | 5037051 |
| **Indiana - 0.0% \*** | **Indiana - 0.0% \*** | **Indiana - 0.0% \*** |
| Indiana Finance Authority, Revenue Bonds, |  |  |
| Series B, |  |  |
| 3.00%, 11/01/2030 | 35000 | 33861 |
| **Iowa - 0.7%**  | **Iowa - 0.7%**  | **Iowa - 0.7%**  |
| Iowa Finance Authority, Revenue Bonds, |  |  |
| 5.88%, 10/01/2065 | 880000 | 892295 |
| Lake Panorama Improvement Zone, Tax <br> Allocation, |  |  |
| AG, |  |  |
| 5.85%, 06/01/2038 | 105000 | 114193 |
|  |  | 1006488 |
| **Kansas - 0.6%**  | **Kansas - 0.6%**  | **Kansas - 0.6%**  |
| Kansas Development Finance Authority, <br> Revenue Bonds, |  |  |
| Series C-1, BAM-TCRS, |  |  |
| 5.00%, 09/01/2041 | 500000 | 537262 |
| University of Kansas Hospital Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 09/01/2045 | 300000 | 300083 |
| Wyandotte County-Kansas City Unified <br> Government, Revenue Bonds, |  |  |
| NATL, |  |  |
| Zero Coupon, 12/01/2027 | 100000 | 92062 |
|  |  | 929407 |
| **Louisiana - 1.2%**  | **Louisiana - 1.2%**  | **Louisiana - 1.2%**  |
| Greater New Orleans Expressway <br> Commission, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 11/01/2047 | 250000 | 250000 |
| &nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities & Community <br>Development Authority, Revenue Bonds, |  |  |
| 3.88%, 11/01/2045 <sup>(A)</sup> <br>| 1155000 | 1000948 |
| Parish of St. James, Revenue Bonds, |  |  |
| Series 2, |  |  |
| 6.35%, 07/01/2040 <sup>(A)</sup> <br>| 500000 | 544128 |
|  |  | 1795076 |
| **Maryland - 0.1%**  | **Maryland - 0.1%**  | **Maryland - 0.1%**  |
| County of Baltimore, Revenue Bonds, |  |  |
| 4.00%, 01/01/2034 | 15000 | 15268 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Maryland (continued)** | **Maryland (continued)** | **Maryland (continued)** |
| Maryland Health & Higher Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 01/01/2046 | $125000 | $126414 |
|  |  | 141682 |
| **Massachusetts - 1.0%**  | **Massachusetts - 1.0%**  | **Massachusetts - 1.0%**  |
| Massachusetts Development Finance <br> Agency, Revenue Bonds, |  |  |
| 4.00%, 07/01/2041 | 15000 | 14110 |
| 5.00%, 10/01/2049 | 325000 | 322922 |
| Series E, |  |  |
| 4.00%, 07/01/2038 | 130000 | 129219 |
| 5.00%, 07/01/2036 | 100000 | 100545 |
| Series G, |  |  |
| 5.25%, 07/01/2048 | 25000 | 25070 |
| Series H, AG, |  |  |
| 5.25%, 10/01/2033 | 340000 | 355373 |
| Series L, |  |  |
| 4.00%, 07/01/2044 | 25000 | 22453 |
| Series N, AG, |  |  |
| 5.00%, 07/01/2050 | 500000 | 519669 |
|  |  | 1489361 |
| **Michigan - 0.6%**  | **Michigan - 0.6%**  | **Michigan - 0.6%**  |
| City of Trenton, General Obligation <br> Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 04/01/2045 | 400000 | 418433 |
| Michigan Tobacco Settlement Finance <br> Authority, Revenue Bonds, |  |  |
| Series C, |  |  |
| Zero Coupon, 06/01/2058 | 17500000 | 442482 |
|  |  | 860915 |
| **Minnesota - 1.7%**  | **Minnesota - 1.7%**  | **Minnesota - 1.7%**  |
| City of Apple Valley, Revenue Bonds, |  |  |
| Series A-2, |  |  |
| 5.50%, 09/01/2055 | 600000 | 605697 |
| 5.63%, 09/01/2065 | 1000000 | 1011204 |
| City of Woodbury, Revenue Bonds, |  |  |
| 4.00%, 07/01/2056 | 315000 | 224538 |
| County of Carlton, General Obligation <br> Unlimited, |  |  |
| 3.00%, 02/01/2027 | 20000 | 20005 |
| County of Renville, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 5.00%, 02/01/2029 | 25000 | 25604 |
| Duluth Economic Development Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 07/01/2041 | 635000 | 532219 |
|  |  | 2419267 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Mississippi - 0.2%**  | **Mississippi - 0.2%**  | **Mississippi - 0.2%**  |
| Mississippi Development Bank, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 3.25%, 03/01/2036 | $315000 | $248568 |
| **Missouri - 0.4%**  | **Missouri - 0.4%**  | **Missouri - 0.4%**  |
| Health & Educational Facilities Authority of <br> the State of Missouri, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 02/01/2029 | 100000 | 102234 |
| 5.25%, 02/01/2054 | 500000 | 495954 |
|  |  | 598188 |
| **Nebraska - 0.7%**  | **Nebraska - 0.7%**  | **Nebraska - 0.7%**  |
| City of Blair Water System, Revenue <br> Bonds, |  |  |
| 6.10%, 05/15/2027 | 1000000 | 1000517 |
| **Nevada - 0.3%**  | **Nevada - 0.3%**  | **Nevada - 0.3%**  |
| Carson City, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2037 | 55000 | 55899 |
| State of Nevada Department of Business & <br> Industry, Revenue Bonds, |  |  |
| Series 2025-A, Fixed until 01/01/2029, |  |  |
| 9.50% <sup>(B)</sup>, 01/01/2065 <sup>(A)</sup> <br>| 500000 | 400000 |
|  |  | 455899 |
| **New Hampshire - 2.2%**  | **New Hampshire - 2.2%**  | **New Hampshire - 2.2%**  |
| New Hampshire Business Finance <br> Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/01/2031 <sup>(A)</sup> <br>| 2500000 | 1748427 |
| 5.75%, 08/01/2055 | 650000 | 645660 |
| New Hampshire Health & Education <br> Facilities Authority Act, Revenue Bonds, |  |  |
| 5.00%, 10/01/2038 | 740000 | 746080 |
|  |  | 3140167 |
| **New Jersey - 1.4%**  | **New Jersey - 1.4%**  | **New Jersey - 1.4%**  |
| Essex County Improvement Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2035 <sup>(D)</sup><sup>(E)</sup> <br>| 500000 | 225000 |
| 5.13%, 12/01/2045 <sup>(D)</sup><sup>(E)</sup> <br>| 30000 | 13500 |
| New Jersey Economic Development <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 11/01/2023 - 11/01/2045 <sup>(F)</sup> <br>| 570000 | 584012 |
| Series A, |  |  |
| 5.13%, 09/01/2052 <sup>(A)</sup> <br>| $760000 | 730059 |
| New Jersey Health Care Facilities <br> Financing Authority, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 07/01/2046 | 180000 | 180070 |
| Passaic County Improvement Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2044 | 315000 | 317795 |
|  |  | 2050436 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York - 1.5%**  | **New York - 1.5%**  | **New York - 1.5%**  |
| Brookhaven Local Development Corp., <br> Revenue Bonds, |  |  |
| 5.25%, 11/01/2029 | $30000 | $30533 |
| Buffalo & Erie County Industrial Land <br> Development Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 08/01/2052 | 190000 | 179977 |
| Build NYC Resource Corp., Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/15/2056 <sup>(A)</sup> <br>| 350000 | 264452 |
| City of Ithaca, General Obligation Limited, |  |  |
| 3.00%, 02/15/2034 | 25000 | 23796 |
| 3.13%, 02/15/2045 | 20000 | 14698 |
| Empire State Development Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 03/15/2034 | 175000 | 175231 |
| Monroe County Industrial Development <br> Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2039 | 490000 | 475499 |
| New York City Industrial Development <br> Agency, Revenue Bonds, |  |  |
| FGIC, CPI-YoY + 0.89%, |  |  |
| 3.81% <sup>(B)</sup>, 03/01/2027 | 20000 | 20004 |
| Oneida Indian Nation of New York, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 6.00%, 09/01/2043 <sup>(A)</sup> <br>| 725000 | 780474 |
| Village of Brewster, General Obligation <br> Unlimited, |  |  |
| 5.00%, 05/01/2033 | 50000 | 54122 |
| Yonkers Economic Development Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 10/15/2054 | 215000 | 195603 |
|  |  | 2214389 |
| **North Carolina - 0.7%**  | **North Carolina - 0.7%**  | **North Carolina - 0.7%**  |
| North Carolina Medical Care Commission, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 01/01/2041 | 190000 | 180173 |
| Series C, |  |  |
| 3.00%, 10/01/2036 | 25000 | 22620 |
| 5.00%, 10/01/2031 - 10/01/2036 | 825000 | 831690 |
|  |  | 1034483 |
| **North Dakota - 2.0%**  | **North Dakota - 2.0%**  | **North Dakota - 2.0%**  |
| City of Grand Forks, Revenue Bonds, |  |  |
| AG-CR, |  |  |
| 4.00%, 12/01/2035 - 12/01/2037 | 1230000 | 1224479 |
| 4.00%, 12/01/2041 - 12/01/2051 | 195000 | 170347 |
| Series A, |  |  |
| 4.00%, 12/01/2047 | 395000 | 345525 |
| 5.00%, 12/01/2037 | 25000 | 25319 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **North Dakota (continued)** | **North Dakota (continued)** | **North Dakota (continued)** |
| &nbsp;&nbsp; City of Grand Forks, Revenue <br> Bonds, (continued)<br>|  |  |
| Series A, AG, |  |  |
| 5.00%, 12/01/2043 - 12/01/2048 | $440000 | $453376 |
| City of Horace, General Obligation <br> Unlimited, |  |  |
| Series C, |  |  |
| 5.00%, 05/01/2050 | 750000 | 750401 |
|  |  | 2969447 |
| **Ohio - 6.5%**  | **Ohio - 6.5%**  | **Ohio - 6.5%**  |
| Buckeye Tobacco Settlement Financing <br> Authority, Revenue Bonds, |  |  |
| Series B-3, Class 2, |  |  |
| Zero Coupon, 06/01/2057 | 13000000 | 1228435 |
| City of Cleveland, Revenue Bonds, |  |  |
| 5.38%, 09/15/2027 <sup>(C)</sup> <br>| 20000 | 20000 |
| City of Norwood, Tax Allocation, |  |  |
| 5.00%, 12/01/2041 | 500000 | 508368 |
| Columbus-Franklin County Finance <br> Authority, Revenue Bonds, |  |  |
| Series 2019-E, |  |  |
| 4.00%, 05/15/2049 | 740000 | 689743 |
| County of Hamilton, Revenue Bonds, |  |  |
| 5.00%, 01/01/2036 | 1500000 | 1501744 |
| 5.50%, 01/01/2040 | 400000 | 428704 |
| County of Lucas, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 4.13%, 11/15/2042 | 100000 | 98013 |
| Dayton-Montgomery County Port Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 12/01/2054 | 545000 | 544420 |
| Ohio Air Quality Development Authority, <br> Revenue Bonds, |  |  |
| 2.88%, 02/01/2026 | 145000 | 144649 |
| Series A, |  |  |
| 3.25%, 09/01/2029 | 20000 | 19698 |
| State of Ohio, Revenue Bonds, |  |  |
| 5.00%, 11/15/2034 | 35000 | 37067 |
| Warren County Port Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 6.70%, 12/01/2056 | 600000 | 656821 |
| 6.75%, 12/01/2056 | 1540000 | 1725629 |
| Series C, |  |  |
| 3.00%, 12/01/2031 | 800000 | 759237 |
| Series D-1, |  |  |
| 3.00%, 12/01/2030 | 525000 | 504279 |
| Series H, |  |  |
| 4.00%, 12/01/2041 | 570000 | 540888 |
|  |  | 9407695 |
| **Oklahoma - 0.1%**  | **Oklahoma - 0.1%**  | **Oklahoma - 0.1%**  |
| Delaware County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.63%, 09/01/2036 | 120000 | 122568 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Oklahoma (continued)** | **Oklahoma (continued)** | **Oklahoma (continued)** |
| Oklahoma Development Finance Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.50%, 08/15/2057 | $50000 | $50093 |
|  |  | 172661 |
| **Oregon - 0.4%**  | **Oregon - 0.4%**  | **Oregon - 0.4%**  |
| Salem Hospital Facility Authority, Revenue <br> Bonds, |  |  |
| 4.00%, 05/15/2057 | 740000 | 577184 |
| **Pennsylvania - 3.2%**  | **Pennsylvania - 3.2%**  | **Pennsylvania - 3.2%**  |
| &nbsp;&nbsp; Allentown Neighborhood Improvement <br> Zone Development Authority, Revenue <br>Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 05/01/2042 <sup>(A)</sup><sup>(C)</sup> <br>| 1000000 | 1000694 |
| Berks County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 05/15/2037 | 325000 | 328659 |
| Cumberland County Municipal Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 01/01/2033 | 10000 | 9875 |
| 5.00%, 01/01/2039 - 01/01/2045 | 520000 | 488324 |
| Delaware County Vocational & Technical <br> School Authority, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.50%, 11/01/2050 | 315000 | 334238 |
| Lancaster Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 12/01/2044 | 85000 | 84302 |
| Lancaster Municipal Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 05/01/2026 | 95000 | 95673 |
| Montgomery County Industrial <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 11/15/2036 | 100000 | 101010 |
| Series A, |  |  |
| 4.00%, 10/01/2041 | 150000 | 136785 |
| Northampton County General Purpose <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 08/15/2040 | 100000 | 97283 |
| Pennsylvania Economic Development <br> Financing Authority, Revenue Bonds, |  |  |
| 4.00%, 07/01/2046 | 2000000 | 1739191 |
| 4.13%, 12/31/2038 | 55000 | 53352 |
| Series A, |  |  |
| 4.00%, 10/15/2039 | 250000 | 250282 |
|  |  | 4719668 |
| **Rhode Island - 0.4%**  | **Rhode Island - 0.4%**  | **Rhode Island - 0.4%**  |
| Rhode Island Health & Educational <br> Building Corp., Revenue Bonds, |  |  |
| Series B, AG, |  |  |
| 5.63%, 07/01/2065 | 600000 | 622977 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **South Carolina - 0.1%**  | **South Carolina - 0.1%**  | **South Carolina - 0.1%**  |
| South Carolina Jobs-Economic <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 10/01/2026 <sup>(A)</sup> <br>| $115000 | $115022 |
| **Tennessee - 1.2%**  | **Tennessee - 1.2%**  | **Tennessee - 1.2%**  |
| Chattanooga Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| 5.00%, 10/01/2035 | 90000 | 90031 |
| Knox County Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| Series A-1, BAM, |  |  |
| 5.50%, 07/01/2059 | 1020000 | 1077584 |
| Series B-1, BAM, |  |  |
| 5.00%, 07/01/2049 | 575000 | 590740 |
|  |  | 1758355 |
| **Texas - 5.7%**  | **Texas - 5.7%**  | **Texas - 5.7%**  |
| City of Aubrey, Special Assessment, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2045 | 55000 | 56545 |
| City of Rowlett, Special Assessment, |  |  |
| 4.13%, 09/15/2041 <sup>(A)</sup> <br>| 448000 | 397766 |
| 4.25%, 09/15/2051 <sup>(A)</sup> <br>| 514000 | 431130 |
| East Downtown Redevelopment Authority, <br> Tax Allocation, |  |  |
| AG, |  |  |
| 3.00%, 09/01/2037 | 500000 | 464530 |
| Fort Bend County Municipal Utility District <br> No. 156, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 3.25%, 09/01/2036 | 495000 | 461262 |
| Fort Bend County Municipal Utility District <br> No. 174, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 09/01/2041 | 300000 | 277631 |
| Harris County Municipal Utility District No. <br> 165, General Obligation Unlimited, |  |  |
| 3.10%, 03/01/2034 | 50000 | 46017 |
| Harris County Municipal Utility District No. <br> 319, General Obligation Unlimited, |  |  |
| BAM-TCRS, |  |  |
| 4.50%, 09/01/2043 | 100000 | 96684 |
| Harris County Municipal Utility District No. <br> 358, General Obligation Unlimited, |  |  |
| 5.00%, 11/01/2035 | 960000 | 960607 |
| Harris County Municipal Utility District No. <br> 531, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 2.00%, 09/01/2036 | 30000 | 23740 |
| Hidalgo County Regional Mobility Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| Zero Coupon, 12/01/2043 | 2000000 | 823830 |
| Lower Kirby Pearland Management <br> District, General Obligation Unlimited, |  |  |
| 3.00%, 09/01/2034 | 25000 | 22268 |
| New Hope Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| 4.00%, 01/01/2029 | 245000 | 244050 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp; New Hope Cultural Education Facilities <br> Finance Corp., Revenue <br> Bonds, (continued)<br>|  |  |
| 5.00%, 01/01/2047 - 01/01/2055 | $1000000 | $938146 |
| 5.38%, 01/01/2055 <sup>(F)</sup> <br>| 1000000 | 987040 |
| Series A-1, AG, |  |  |
| 4.00%, 07/01/2043 | $25000 | 23523 |
| Sands Consolidated Independent School <br> District, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 02/15/2043 | 600000 | 630507 |
| Tarrant County Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| 5.00%, 10/01/2049 | 500000 | 494748 |
| Van Alstyne Economic Development Corp., <br> Revenue Bonds, |  |  |
| 4.00%, 08/15/2031 | 240000 | 229434 |
| Verandah Municipal Utility District, General <br> Obligation Unlimited, |  |  |
| AG, |  |  |
| 75.00%, 09/01/2028 | 80000 | 220773 |
| 99.00%, 09/01/2026 - 09/01/2027 | 140000 | 303901 |
| Williamson-Liberty Hill Municipal Utility <br> District, General Obligation Unlimited, |  |  |
| Series A, AG, |  |  |
| 2.38%, 09/01/2035 | 230000 | 197127 |
|  |  | 8331259 |
| **U.S. Virgin Islands - 0.2%**  | **U.S. Virgin Islands - 0.2%**  | **U.S. Virgin Islands - 0.2%**  |
| Virgin Islands Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series C, AG-CR, |  |  |
| 5.00%, 10/01/2042 <sup>(C)</sup> <br>| 210000 | 210581 |
| Virgin Islands Water & Power Authority - <br> Electric System, Revenue Bonds, |  |  |
| Series 2010-C, AG, |  |  |
| 6.85%, 07/01/2035 | 60000 | 65094 |
|  |  | 275675 |
| **Utah - 3.9%**  | **Utah - 3.9%**  | **Utah - 3.9%**  |
| &nbsp;&nbsp; Downtown East Streetcar Sewer Public <br> Infrastructure District, General Obligation <br>Limited, |  |  |
| 6.00%, 03/01/2053 <sup>(A)</sup> <br>| 1500000 | 1503682 |
| Mida Mountain Village Public Infrastructure <br> District, Tax Allocation, |  |  |
| Series 1, |  |  |
| 5.13%, 06/15/2054 <sup>(A)</sup> <br>| 1500000 | 1491200 |
| Series 2, |  |  |
| 6.00%, 06/15/2054 <sup>(A)</sup> <br>| 1500000 | 1543928 |
| Olympia Public Infrastructure District No. 1, <br> General Obligation Limited, |  |  |
| Series A-1, |  |  |
| 6.38%, 03/01/2055 <sup>(A)</sup> <br>| 1000000 | 1030769 |
| Utah Charter School Finance Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 10/15/2045 - 04/15/2047 | 55000 | 48515 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Utah (continued)** | **Utah (continued)** | **Utah (continued)** |
| &nbsp;&nbsp; Utah Charter School Finance Authority, <br> Revenue Bonds, (continued)<br>|  |  |
| Series A, |  |  |
| 4.00%, 10/15/2046 | $120000 | $108029 |
|  |  | 5726123 |
| **Virginia - 1.1%**  | **Virginia - 1.1%**  | **Virginia - 1.1%**  |
| City of Chesapeake Expressway Toll Road, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 4.75% <sup>(B)</sup>, 07/15/2032 | 15000 | 15688 |
| James City County Economic <br> Development Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 6.88%, 12/01/2058 | 1500000 | 1623524 |
|  |  | 1639212 |
| **Washington - 3.7%**  | **Washington - 3.7%**  | **Washington - 3.7%**  |
| King County Public Hospital District No. 4, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 6.63%, 12/01/2045 | 500000 | 503459 |
| 7.00%, 12/01/2060 | 1000000 | 1020668 |
| Washington Health Care Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A-1, |  |  |
| 4.00%, 08/01/2044 | 230000 | 207485 |
| Series B, BAM-TCRS, |  |  |
| 4.00%, 08/15/2041 | 650000 | 630641 |
| Washington State Housing Finance <br> Commission, Revenue Bonds, |  |  |
| 4.50%, 07/01/2055 | 840000 | 777164 |
| 5.00%, 07/01/2045 | 500000 | 520816 |
| 6.38%, 07/01/2063 <sup>(A)</sup> <br>| 1245000 | 1348951 |
| Western Washington University, Revenue <br> Bonds, |  |  |
| AG, |  |  |
| 3.00%, 04/01/2038 | 500000 | 452111 |
|  |  | 5461295 |
| **Wisconsin - 9.3%**  | **Wisconsin - 9.3%**  | **Wisconsin - 9.3%**  |
| Green Bay Housing Authority, Revenue <br> Bonds, |  |  |
| 2.00%, 04/01/2027 - 04/01/2029 | 70000 | 66546 |
| Peshtigo School District, Revenue Bonds, |  |  |
| 4.75%, 03/01/2027 | 250000 | 250266 |
| Public Finance Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/15/2034 - 12/15/2037 <sup>(A)</sup> <br>| 2500000 | 1391101 |
| 5.00%, 12/15/2036 <sup>(A)</sup> <br>| 849035 | 831585 |
| 6.38%, 07/01/2043 <sup>(A)</sup> <br>| 230000 | 238892 |
| 6.63%, 07/01/2053 <sup>(A)</sup> <br>| 500000 | 517601 |
| 6.75%, 07/01/2058 <sup>(A)</sup> <br>| 520000 | 540054 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| &nbsp;&nbsp; Public Finance Authority, Revenue <br> Bonds, (continued)<br>|  |  |
| Series 2025-A, |  |  |
| 5.25%, 06/15/2045 - 06/15/2055 | $1000000 | $1033966 |
| Series A, |  |  |
| 4.00%, 07/01/2051 | 110000 | 90103 |
| 4.25%, 12/01/2051 <sup>(A)</sup> <br>| 1500000 | 1179750 |
| 5.25%, 06/15/2054 | 1000000 | 1004002 |
| 6.50%, 12/01/2055 <sup>(A)</sup> <br>| 1000000 | 1015280 |
| 6.75%, 06/01/2062 - 12/01/2065 <sup>(A)</sup> <br>| 2650000 | 2668792 |
| Public Finance Authority, Tax Allocation, |  |  |
| 5.00%, 08/01/2039 | 475000 | 481459 |
| Wisconsin Health & Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 3.00%, 12/01/2031 | 100000 | 85929 |
| 4.00%, 12/01/2041 - 12/01/2056 | 985000 | 682514 |
| 5.75%, 08/15/2059 | 500000 | 512690 |
| 6.13%, 10/01/2059 | 945000 | 979228 |
|  |  | 13569758 |
| &nbsp;&nbsp; **Total Municipal Government Obligations** <br>**(Cost $144,334,529)**<br>|  | 139365781 |
| **CORPORATE DEBT SECURITY - 0.1%**  | **CORPORATE DEBT SECURITY - 0.1%**  | **CORPORATE DEBT SECURITY - 0.1%**  |
| **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  | **Commercial Services & Supplies - 0.1%**  |
| Wildflower Improvement Association |  |  |
| 6.63%, 03/01/2031 <sup>(A)</sup><sup>(C)</sup> <br>| 121856 | 120404 |
| &nbsp;&nbsp; **Total Corporate Debt Security** <br>**(Cost $120,507)**<br>|  | 120404 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.7%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.7%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.7%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>1.94% <sup>(G)</sup>, 11/06/2025<br>| 4000000 | 3998731 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $3,997,773)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $3,997,773)** | 3998731 |
| **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(G)</sup>, dated 10/31/2025, to be <br> repurchased at $2,279,099 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $2,324,585.<br>| 2278814 | 2278814 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,278,814)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,278,814)** | 2278814 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $150,731,623)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $150,731,623)** | 145763730 |
| **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 382934 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$146146664** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Municipal Government Obligations | $— | &nbsp;&nbsp; $139365781 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $139365781 |
| Corporate Debt Security |  | &nbsp;&nbsp; 120404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120404 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 3998731 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3998731 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2278814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2278814 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$145763730** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$145763730** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $43,181,407, representing 29.5% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Municipal Government Obligations | Allentown Neighborhood <br> Improvement Zone <br> Development Authority <br>Revenue Bonds, Series A <br>5.25%, 05/01/2042<br>| 07/12/2024 | &nbsp;&nbsp; $989670 | &nbsp;&nbsp; $1000694 | 0.7<br> %<br>|
| Municipal Government Obligations | City of Cleveland <br>Revenue Bonds <br>5.38%, 09/15/2027<br>| 07/27/2015 | &nbsp;&nbsp; 20062 | &nbsp;&nbsp; 20000 | 0.0<br> %\*<br>|
| Municipal Government Obligations | District of Columbia <br>Tax Allocation, Series B <br>Zero Coupon, 06/01/2049<br>| 05/01/2024 | &nbsp;&nbsp; 1302435 | &nbsp;&nbsp; 1530514 | 1.1 |
| Municipal Government Obligations | Virgin Islands Public Finance <br> Authority <br>Revenue Bonds, Series C, <br> AG-CR <br>5.00%, 10/01/2042<br>| 06/03/2024 | &nbsp;&nbsp; 210010 | &nbsp;&nbsp; 210581 | 0.1 |
| Corporate Debt Securities | Wildflower Improvement <br> Association <br>6.63%, 03/01/2031<br>| 12/10/2020 | &nbsp;&nbsp; 119632 | &nbsp;&nbsp; 120404 | 0.1 |
|  |  |  | &nbsp;&nbsp; **$2641809** | &nbsp;&nbsp; **$2882193** | **2.0%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(D)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2025, the value of this security* *is $238,500, representing 0.2% of the Fund's net assets.* 

<sup>(E)</sup> *Non-income producing security.*

<sup>(F)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*CPI-YoY* *Consumer Price Index- Year Over Year* <br> *CR* *Custodial Receipts*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica High Yield Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**MUNICIPAL INSURER ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AG* | *Assured Guaranty, Inc.* |
| *BAM* | *Build America Mutual Assurance Co.* |
| *FGIC* | *Financial Guaranty Insurance Co.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association* |
| *GNMA* | *Government National Mortgage Association* |
| *NATL* | *National Public Finance Guarantee Corp.* |
| *TCRS* | *Temporary Custodian Receipts* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica High Yield Muni**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $148,452,809) | $143484916 |
| Repurchase agreement, at value (cost $2,278,814) | 2278814 |
| Receivables and other assets: |  |
| Net income from securities lending | 25 |
| Shares of beneficial interest sold  | 132113 |
| Interest | 2233134 |
| Total assets | 148129002 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 1570390 |
| Dividends and/or distributions | 6215 |
| Shares of beneficial interest redeemed | 294876 |
| Investment management fees | 51339 |
| Distribution and service fees | 7253 |
| Transfer agent fees | 9941 |
| Trustee and CCO fees | 51 |
| Audit and tax fees  | 25703 |
| Custody fees | 5229 |
| Legal fees | 1434 |
| Printing and shareholder reports fees | 1985 |
| Other accrued expenses | 7922 |
| Total liabilities | 1982338 |
| **Net assets**  | $146146664 |
| **Net assets consist of:** |  |
| Paid-in capital | $173809621 |
| Total distributable earnings (accumulated losses) | (27662957)<br>|
| **Net assets** | $146146664 |
| **Net assets by class:** |  |
| Class A | $15438025 |
| Class C | 4637256 |
| Class I | 126058913 |
| Class I2 | 12470 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 1476364 |
| Class C | 443141 |
| Class I | 12081142 |
| Class I2 | 1193 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.46 |
| Class C | 10.46 |
| Class I | 10.43 |
| Class I2 | 10.45 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica High Yield Muni**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $6394415 |
| Net income from securities lending | 45 |
| Total investment income  | 6394460 |
| **Expenses:** |  |
| Investment management fees | 655611 |
| Distribution and service fees: |  |
| Class A | 39312 |
| Class C | 51260 |
| Transfer agent fees: |  |
| Class A | 8541 |
| Class C | 3833 |
| Class I | 104573 |
| Class I2 | 1 |
| Trustee and CCO fees | 5255 |
| Audit and tax fees | 48177 |
| Custody fees | 32701 |
| Legal fees | 8731 |
| Printing and shareholder reports fees | 9263 |
| Registration fees | 77526 |
| Other | 20756 |
| Total expenses before waiver and/or reimbursement and recapture | 1065540 |
| Expenses waived and/or reimbursed: |  |
| Class A | (17393)<br>|
| Class C | (13903)<br>|
| Class I | (49830)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 1736 |
| Class C | 61 |
| Class I | 299 |
| Net expenses | 986510 |
| **Net investment income (loss)** | 5407950 |
| **Net realized gain (loss) on:** |  |
| Investments | (2095987)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 1092584 |
| Net realized and change in unrealized gain (loss) | (1003403)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $4404547 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica High Yield Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $5407950 | &nbsp;&nbsp;&nbsp;&nbsp; $4897763 |
| Net realized gain (loss) | (2095987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1556719)<br>|
| Net change in unrealized appreciation (depreciation) | 1092584 | &nbsp;&nbsp;&nbsp;&nbsp; 13146682 |
| Net increase (decrease) in net assets resulting from operations | 4404547 | &nbsp;&nbsp;&nbsp;&nbsp; 16487726 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (686113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (649051)<br>|
| Class C | (192227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (255479)<br>|
| Class I | (4530926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3993352)<br>|
| Class I2 | (558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (506)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5409824)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4898388)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 3170579 | &nbsp;&nbsp;&nbsp;&nbsp; 6314944 |
| Class C | 1136049 | &nbsp;&nbsp;&nbsp;&nbsp; 1184588 |
| Class I | 72439585 | &nbsp;&nbsp;&nbsp;&nbsp; 39317643 |
|  | 76746213 | &nbsp;&nbsp;&nbsp;&nbsp; 46817175 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 640418 | &nbsp;&nbsp;&nbsp;&nbsp; 605689 |
| Class C | 190835 | &nbsp;&nbsp;&nbsp;&nbsp; 254483 |
| Class I | 4518306 | &nbsp;&nbsp;&nbsp;&nbsp; 3988425 |
| Class I2 | 558 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
|  | 5350117 | &nbsp;&nbsp;&nbsp;&nbsp; 4849103 |
| Cost of shares redeemed: |  |  |
| Class A | (4603223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6716635)<br>|
| Class C | (2341370)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2631781)<br>|
| Class I | (45508550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34321219)<br>|
|  | (52453143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43669635)<br>|
| Automatic conversions: |  |  |
| Class A | 374411 | &nbsp;&nbsp;&nbsp;&nbsp; 1599737 |
| Class C | (374411)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1599737)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 29643187 | &nbsp;&nbsp;&nbsp;&nbsp; 7996643 |
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 20 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| **Net increase (decrease) in net assets** | 28637910 | &nbsp;&nbsp;&nbsp;&nbsp; 19586001 |
| **Net assets:** |  |  |
| Beginning of year | 117508754 | &nbsp;&nbsp;&nbsp;&nbsp; 97922753 |
| End of year | $146146664 | &nbsp;&nbsp;&nbsp;&nbsp; $117508754 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica High Yield Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 299431 | &nbsp;&nbsp;&nbsp;&nbsp; 609715 |
| Class C | 109284 | &nbsp;&nbsp;&nbsp;&nbsp; 113993 |
| Class I | 7025030 | &nbsp;&nbsp;&nbsp;&nbsp; 3822191 |
|  | 7433745 | &nbsp;&nbsp;&nbsp;&nbsp; 4545899 |
| Shares reinvested: |  |  |
| Class A | 61441 | &nbsp;&nbsp;&nbsp;&nbsp; 57994 |
| Class C | 18272 | &nbsp;&nbsp;&nbsp;&nbsp; 24398 |
| Class I | 434760 | &nbsp;&nbsp;&nbsp;&nbsp; 382715 |
| Class I2 | 54 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | 514527 | &nbsp;&nbsp;&nbsp;&nbsp; 465155 |
| Shares redeemed: |  |  |
| Class A | (437341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (644712)<br>|
| Class C | (224994)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (253490)<br>|
| Class I | (4386980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3321929)<br>|
|  | (5049315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4220131)<br>|
| Automatic conversions: |  |  |
| Class A | 35927 | &nbsp;&nbsp;&nbsp;&nbsp; 153524 |
| Class C | (35906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153454)<br>|
|  | 21 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (40542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 176521 |
| Class C | (133344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (268553)<br>|
| Class I | 3072810 | &nbsp;&nbsp;&nbsp;&nbsp; 882977 |
| Class I2 | 54 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  | 2898978 | &nbsp;&nbsp;&nbsp;&nbsp; 790993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica High Yield Muni**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.60 | $9.51 | $9.47 | $12.36 | $11.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.45 | 0.43 | 0.42 | 0.34 | 0.35 |
| Net realized and unrealized gain (loss) | (0.14)<br>| 1.09 | 0.04 | (2.86)<br>| 0.78 |
| Total investment operations | 0.31 | 1.52 | 0.46 | (2.52)<br>| 1.13 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.45)<br>| (0.43)<br>| (0.42)<br>| (0.34)<br>| (0.36)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.45)<br>| (0.43)<br>| (0.42)<br>| (0.37)<br>| (0.36)<br>|
| **Net asset value, end of year** | $10.46 | $10.60 | $9.51 | $9.47 | $12.36 |
| **Total return** <sup>(D)</sup> <br>| 3.07<br> %<br>| 16.14 %<sup>(C)</sup><br>| 4.73<br> %<br>| (20.80)%<br>| 9.81<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15438 | $16081 | $12746 | $16721 | $29316 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.01<br> %<br>| 0.99<br> %<br>| 1.03<br> %<br>| 1.01 %<sup>(E)</sup><br>| 0.98 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.91<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.91 %<sup>(E)</sup><br>| 0.91 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 4.36<br> %<br>| 4.13<br> %<br>| 4.20<br> %<br>| 2.98<br> %<br>| 2.86<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.61 | $9.52 | $9.48 | $12.38 | $11.60 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.39 | 0.37 | 0.36 | 0.27 | 0.28 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.09 | 0.04 | (2.87)<br>| 0.79 |
| Total investment operations | 0.24 | 1.46 | 0.40 | (2.60)<br>| 1.07 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.39)<br>| (0.37)<br>| (0.36)<br>| (0.27)<br>| (0.29)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.39)<br>| (0.37)<br>| (0.36)<br>| (0.30)<br>| (0.29)<br>|
| **Net asset value, end of year** | $10.46 | $10.61 | $9.52 | $9.48 | $12.38 |
| **Total return** <sup>(B)</sup> <br>| 2.36<br> %<br>| 15.44<br> %<br>| 4.11<br> %<br>| (21.32)%<br>| 9.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $4637 | $6115 | $8041 | $8587 | $13390 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.78<br> %<br>| 1.76<br> %<br>| 1.79<br> %<br>| 1.74 %<sup>(C)</sup><br>| 1.73 %<sup>(C)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.51<br> %<br>| 1.51<br> %<br>| 1.51<br> %<br>| 1.51 %<sup>(C)</sup><br>| 1.51 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.75<br> %<br>| 3.53<br> %<br>| 3.60<br> %<br>| 2.41<br> %<br>| 2.28<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica High Yield Muni**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.58 | $9.49 | $9.46 | $12.36 | $11.59 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.47 | 0.44 | 0.43 | 0.35 | 0.37 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.10 | 0.04 | (2.86)<br>| 0.78 |
| Total investment operations | 0.32 | 1.54 | 0.47 | (2.51)<br>| 1.15 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.47)<br>| (0.45)<br>| (0.44)<br>| (0.36)<br>| (0.38)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.47)<br>| (0.45)<br>| (0.44)<br>| (0.39)<br>| (0.38)<br>|
| **Net asset value, end of year** | $10.43 | $10.58 | $9.49 | $9.46 | $12.36 |
| **Total return** | 3.13<br> %<br>| 16.35<br> %<br>| 4.78<br> %<br>| (20.75 )%<sup>(B)</sup><br>| 9.98<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $126059 | $95301 | $77126 | $93760 | $129929 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.79<br> %<br>| 0.82<br> %<br>| 0.77 %<sup>(D)</sup><br>| 0.77 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.76 %<sup>(D)</sup><br>| 0.76 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 4.50<br> %<br>| 4.28<br> %<br>| 4.34<br> %<br>| 3.14<br> %<br>| 3.00<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.60 | $9.51 | $9.48 | $12.38 | $11.60 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.48 | 0.45 | 0.44 | 0.37 | 0.38 |
| Net realized and unrealized gain (loss) | (0.15)<br>| 1.09 | 0.03 | (2.87)<br>| 0.79 |
| Total investment operations | 0.33 | 1.54 | 0.47 | (2.50)<br>| 1.17 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.48)<br>| (0.45)<br>| (0.44)<br>| (0.37)<br>| (0.39)<br>|
| Net realized gains |  |  |  | (0.03)<br>|  |
| Total dividends and/or distributions to shareholders | (0.48)<br>| (0.45)<br>| (0.44)<br>| (0.40)<br>| (0.39)<br>|
| **Net asset value, end of year** | $10.45 | $10.60 | $9.51 | $9.48 | $12.38 |
| **Total return** | 3.22<br> %<br>| 16.41<br> %<br>| 4.87<br> %<br>| (20.65)%<br>| 10.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $13 | $12 | $10 | $10 | $12 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.68 %<sup>(B)</sup><br>| 0.68 %<sup>(B)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.71<br> %<br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.68 %<sup>(B)</sup><br>| 0.68 %<sup>(B)</sup><br>|
| Net investment income (loss) to average net assets | 4.57<br> %<br>| 4.36<br> %<br>| 4.40<br> %<br>| 3.28<br> %<br>| 3.11<br> %<br>|
| Portfolio turnover rate | 61<br> %<br>| 77<br> %<br>| 69<br> %<br>| 53<br> %<br>| 96<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica High Yield Muni (the "Fund") is a series of the Trust and is classified as non-diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Municipal securities risk:** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Fund.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Non-diversification risk:** As a "non-diversified" Fund, the Fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $14615 | 0.01<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.54<br> % <br>|
| Over $500 million up to $1 billion | 0.53 |
| Over $1 billion | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.01<br> % <br>| March 1, 2026 |
| Class C | 1.76 | March 1, 2026 |
| Class I | 0.76 | March 1, 2026 |
| Class I2 | 0.73 | March 1, 2026 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $8775 | $473 | $1667 | $10915 |
| Class C | 3312 | 661 | 1088 | 5061 |
| Class I | 54491 | 39962 | 49829 | 144282 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years.

---

| | | |
|:---|:---|:---|
| **Class A** <br>**Waiver**<br>| **Class C** <br>**Waiver**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12b-1 Expense Waiver** <br>**Effective Through**<br>|
| 0.10<br> % <br>| 0.25<br> % <br>| March 1, 2026 |

---

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $5913 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class A of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $115105 | &nbsp;&nbsp; $9616 |

---

**Brokerage commissions:** The Fund incurred $0 brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $96702284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66339299 | &nbsp;&nbsp; $2956982 |

---

**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, interest written off and dividends payable. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $150731623 | &nbsp;&nbsp; $2349296 | &nbsp;&nbsp; $(7317189)<br>| &nbsp;&nbsp; $(4967893)<br>|

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $6001702 | &nbsp;&nbsp;&nbsp;&nbsp; $16674935 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica High Yield Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $375530 | &nbsp;&nbsp;&nbsp;&nbsp; $5034294 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $522020 | &nbsp;&nbsp;&nbsp;&nbsp; $4376368 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $1057 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22676637)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(19484)<br>| &nbsp;&nbsp; $(4967893)<br>|

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica High Yield Muni

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica High Yield Muni (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imga8ebe03c3.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica High Yield Muni** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica High Yield Muni** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica High Yield Muni** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica High Yield Muni** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica High Yield Muni (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 Belle Haven Investments, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**Transamerica High Yield Muni** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1- and 10-year periods, in line with the median for the past 5-year period and below the median for the past 3-year period. The Board also noted that the performance of Class I Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1-year period and below the benchmark for the past 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica High Yield Muni** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

![](g67628imgc5eb77fc4.gif)

![](g67628imge5f811335.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886773 TA HYM 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img7a5c3c386.gif)

------

![](g67628img53770f611.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Inflation Opportunities**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img48cd92162.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_SOI-RunningFooter-172_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_FS-RunningFooter-172_1) | 6 |
| [Statement of Operations](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_FS-RunningFooter-172_2) | 7 |
| [Statement of Changes in Net Assets](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_FS-RunningFooter-172_3) | 8 |
| [Financial Highlights](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_FIHI-RunningFooter-172_1) | 10 |
| [Notes to Financial Statements](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_NTF-RunningFooter-172_1) | 14 |
| **[Report of Independent Registered Public Accounting Firm](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_AUD-RunningFooter-172_1)** | 26 |
| **[Supplemental Information](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_STI-RunningFooter-172_1)** | 27 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_DWA-RunningFooter-172_1)**<br> **[Companies](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_DWA-RunningFooter-172_1)**<br>| 28 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_PD-RunningFooter-172_1)** | 29 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_REMU-RunningFooter-172_1)**<br> **[Companies](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_REMU-RunningFooter-172_1)**<br>| 30 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9d728c63-8c5d-4cf4-97e8-789ca8e92f30_AIAC-RunningFooter-172_1)** | 31 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 73.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 73.7%**  | **U.S. GOVERNMENT OBLIGATIONS - 73.7%**  |
| **U.S. Treasury - 1.1%**  | **U.S. Treasury - 1.1%**  | **U.S. Treasury - 1.1%**  |
| U.S. Treasury Notes |  |  |
| 4.25%, 11/15/2034 - 08/15/2035 | $1800000 | $1823828 |
|  |  | 1823828 |
| **U.S. Treasury Inflation-Protected Securities - 72.6%**  | **U.S. Treasury Inflation-Protected Securities - 72.6%**  | **U.S. Treasury Inflation-Protected Securities - 72.6%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 0.13%, 02/15/2051 - 02/15/2052 | 4901184 | 2732825 |
| 0.25%, 02/15/2050 | 1890030 | 1133641 |
| 0.63%, 02/15/2043 | 3043462 | 2330714 |
| 0.75%, 02/15/2042 - 02/15/2045 | 8156490 | 6418467 |
| 1.00%, 02/15/2046 | 1025385 | 799209 |
| 1.38%, 02/15/2044 | 2988435 | 2577617 |
| 1.50%, 02/15/2053 | 2179600 | 1766665 |
| 1.75%, 01/15/2028 | 2010203 | 2034129 |
| 2.13%, 02/15/2040 - 02/15/2054 | 6245901 | 6212259 |
| 2.38%, 01/15/2027 - 02/15/2055 | 3751143 | 3776582 |
| 2.50%, 01/15/2029 | 2715743 | 2823723 |
| 3.38%, 04/15/2032 | 2849633 | 3177325 |
| 3.63%, 04/15/2028 | 951368 | 1005808 |
| 3.88%, 04/15/2029 | 2561715 | 2784500 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 04/15/2026 - 01/15/2032 | 20725026 | 19637122 |
| 0.25%, 07/15/2029 | 2279574 | 2205398 |
| 0.38%, 01/15/2027 - 07/15/2027 | 7597086 | 7520260 |
| 0.50%, 01/15/2028 | 5318865 | 5238951 |
| 0.63%, 01/15/2026 - 07/15/2032 | 3994622 | 3846352 |
| 0.75%, 07/15/2028 | 4323309 | 4287029 |
| 0.88%, 01/15/2029 | 3335644 | 3298872 |
| 1.13%, 01/15/2033 | 1413776 | 1368394 |
| 1.25%, 04/15/2028 | 4536000 | 4535854 |
| 1.38%, 07/15/2033 | 2773264 | 2728556 |
| 1.63%, 10/15/2027 - 04/15/2030 | 7263097 | 7357399 |
| 1.75%, 01/15/2034 | 948474 | 952025 |
| 1.88%, 07/15/2035 | 1008870 | 1017156 |
| 2.13%, 04/15/2029 - 01/15/2035 | 6129231 | 6302788 |
| 2.38%, 10/15/2028 | 3701705 | 3837346 |
|  |  | 113706966 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $121,341,783)**<br>|  | 115530794 |
| **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. |  |  |
| 3.25%, 02/01/2028 | 306000 | 299736 |
| **Automobiles - 0.4%**  | **Automobiles - 0.4%**  | **Automobiles - 0.4%**  |
| Ford Motor Credit Co. LLC |  |  |
| 6.05%, 11/05/2031 | 300000 | 306709 |
| Stellantis Finance U.S., Inc. |  |  |
| 6.45%, 03/18/2035 <sup>(A)</sup> <br>| 289000 | 299994 |
|  |  | 606703 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks - 6.1%**  | **Banks - 6.1%**  | **Banks - 6.1%**  |
| BAC Capital Trust XIV |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.66%, <br>4.70% <sup>(B)</sup>, 11/15/2025 <sup>(C)</sup> <br>| $966000 | $820811 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 12/20/2027, <br>3.42% <sup>(B)</sup>, 12/20/2028<br>| 338000 | 332774 |
| &nbsp;&nbsp; Fixed until 10/25/2034, <br>5.52% <sup>(B)</sup>, 10/25/2035<br>| 968000 | 992412 |
| &nbsp;&nbsp; Fixed until 02/12/2035, <br>5.74% <sup>(B)</sup>, 02/12/2036<br>| 1200000 | 1248939 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2029, <br>4.94% <sup>(B)</sup>, 09/10/2030<br>| 320000 | 325371 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2030, <br>5.09% <sup>(B)</sup>, 05/09/2031 <sup>(A)</sup> <br>| 354000 | 360008 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.17% <sup>(B)</sup>, 09/11/2036<br>| 258000 | 261211 |
| &nbsp;&nbsp; Fixed until 09/19/2034, <br>5.41% <sup>(B)</sup>, 09/19/2039<br>| 228000 | 229274 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 05/28/2031, <br>3.04% <sup>(B)</sup>, 05/28/2032<br>| 700000 | 640735 |
| &nbsp;&nbsp; Fixed until 01/18/2028, <br>6.72% <sup>(B)</sup>, 01/18/2029<br>| 350000 | 366891 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2031, <br>2.38% <sup>(B)</sup>, 07/21/2032<br>| 500000 | 445563 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2035, <br>5.74% <sup>(B)</sup>, 09/10/2036<br>| 465000 | 475087 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 09/16/2031, <br>2.48% <sup>(B)</sup>, 09/16/2036<br>| 958000 | 836181 |
| &nbsp;&nbsp; Fixed until 10/18/2029, <br>4.65% <sup>(B)</sup>, 10/18/2030<br>| 800000 | 809521 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 08/28/2030, <br>3.03% <sup>(B)</sup>, 11/28/2035<br>| 381000 | 348377 |
| &nbsp;&nbsp; Fixed until 08/15/2029, <br>4.96% <sup>(B)</sup>, 08/15/2030<br>| 300000 | 305751 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.58% <sup>(B)</sup>, 05/09/2036 <sup>(A)</sup> <br>| 210000 | 219157 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>4.08% <sup>(B)</sup>, 09/15/2029<br>| 321000 | 320115 |
| Zions Bancorp NA |  |  |
| &nbsp;&nbsp; Fixed until 08/19/2034, <br>6.82% <sup>(B)</sup>, 11/19/2035<br>| 252000 | 267505 |
|  |  | 9605683 |
| **Chemicals - 1.2%**  | **Chemicals - 1.2%**  | **Chemicals - 1.2%**  |
| Albemarle Corp. |  |  |
| 5.65%, 06/01/2052 | 361000 | 319874 |
| Dow Chemical Co. |  |  |
| 4.80%, 01/15/2031 | 252000 | 251149 |
| 5.60%, 02/15/2054 | 66000 | 59265 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Eastman Chemical Co. |  |  |
| 5.75%, 03/08/2033 | $259000 | $272059 |
| Nutrien Ltd. |  |  |
| 5.25%, 03/12/2032 | 697000 | 720977 |
| PPG Industries, Inc. |  |  |
| 4.38%, 03/15/2031 <sup>(D)</sup> <br>| 171000 | 170369 |
|  |  | 1793693 |
| **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  | **Commercial Services & Supplies - 0.6%**  |
| Triton Container International Ltd. |  |  |
| 3.15%, 06/15/2031 <sup>(A)</sup> <br>| 968000 | 875459 |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/2029 | 154000 | 160963 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Sonoco Products Co. |  |  |
| 5.00%, 09/01/2034 <sup>(E)</sup> <br>| 666000 | 657554 |
| **Insurance - 0.7%**  | **Insurance - 0.7%**  | **Insurance - 0.7%**  |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.60% <sup>(B)</sup>, 02/12/2067 <sup>(A)</sup> <br>| 1196000 | 1125454 |
| **Machinery - 0.1%**  | **Machinery - 0.1%**  | **Machinery - 0.1%**  |
| Weir Group, Inc. |  |  |
| 5.35%, 05/06/2030 <sup>(A)</sup> <br>| 210000 | 215443 |
| **Metals & Mining - 1.4%**  | **Metals & Mining - 1.4%**  | **Metals & Mining - 1.4%**  |
| ArcelorMittal SA |  |  |
| 6.35%, 06/17/2054 <sup>(E)</sup> <br>| 285000 | 299756 |
| Corp. Nacional del Cobre de Chile |  |  |
| 6.33%, 01/13/2035 <sup>(A)</sup> <br>| 285000 | 304066 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 152000 | 136540 |
| 2.85%, 04/27/2031 <sup>(A)</sup> <br>| 634000 | 582110 |
| Newmont Corp./Newcrest Finance Pty. Ltd. |  |  |
| 5.75%, 11/15/2041 | 62000 | 64077 |
| Rio Tinto Finance USA PLC |  |  |
| 5.75%, 03/14/2055 | 190000 | 196474 |
| South32 Treasury Ltd. |  |  |
| 4.35%, 04/14/2032 <sup>(A)</sup> <br>| 615000 | 594046 |
|  |  | 2177069 |
| **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  | **Oil, Gas & Consumable Fuels - 2.5%**  |
| APA Corp. |  |  |
| 4.25%, 01/15/2030 | 1102000 | 1073643 |
| 6.10%, 02/15/2035 | 120000 | 122197 |
| Cheniere Energy Partners LP |  |  |
| 5.55%, 10/30/2035 <sup>(A)</sup> <br>| 130000 | 133036 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 153000 | 155976 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/15/2027, <br>5.50% <sup>(B)</sup>, 07/15/2077<br>| 474000 | 472332 |
| Energy Transfer LP |  |  |
| 5.35%, 05/15/2045 | 104000 | 95110 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 01/31/2051 | $336000 | $251455 |
| &nbsp;&nbsp; Fixed until 08/16/2027, <br>5.25% <sup>(B)</sup>, 08/16/2077<br>| 248000 | 247325 |
| ONEOK, Inc. |  |  |
| 4.95%, 10/15/2032 | 628000 | 629000 |
| Plains All American Pipeline LP/PAA <br> Finance Corp. |  |  |
| 4.70%, 01/15/2031 | 252000 | 252551 |
| Woodside Finance Ltd. |  |  |
| 5.40%, 05/19/2030 | 408000 | 419243 |
|  |  | 3851868 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| Southwest Airlines Co. |  |  |
| 5.25%, 11/15/2035 <sup>(D)</sup> <br>| 505000 | 493392 |
| **Semiconductors & Semiconductor Equipment - 0.1%**  | **Semiconductors & Semiconductor Equipment - 0.1%**  | **Semiconductors & Semiconductor Equipment - 0.1%**  |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 211000 | 217856 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $21,624,385)**<br>|  | 22080873 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 9.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 9.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 9.7%**  |
| **Australia - 0.8%**  | **Australia - 0.8%**  | **Australia - 0.8%**  |
| Australia Government Bonds |  |  |
| 2.50%, 09/20/2030 <sup>(F)</sup> <br>| AUD 1,250,000 | 1277693 |
| **Italy - 0.8%**  | **Italy - 0.8%**  | **Italy - 0.8%**  |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 0.10%, 05/15/2033 <sup>(F)</sup> <br>| EUR 1,193,830 | 1257084 |
| **Japan - 4.2%**  | **Japan - 4.2%**  | **Japan - 4.2%**  |
| Japan Government CPI-Linked Bonds |  |  |
| 0.10%, 03/10/2026 - 03/10/2028 | JPY 994,945,750 | 6509767 |
| **Mexico - 0.4%**  | **Mexico - 0.4%**  | **Mexico - 0.4%**  |
| Mexico Government International Bonds |  |  |
| 4.28%, 08/14/2041 | $257000 | 210367 |
| 5.38%, 03/22/2033 | 394000 | 393685 |
|  |  | 604052 |
| **Spain - 1.5%**  | **Spain - 1.5%**  | **Spain - 1.5%**  |
| Spain Government Inflation-Linked Bonds |  |  |
| 1.00%, 11/30/2030 <sup>(F)</sup> <br>| EUR 2,051,952 | 2393572 |
| **United Kingdom - 2.0%**  | **United Kingdom - 2.0%**  | **United Kingdom - 2.0%**  |
| U.K. Inflation-Linked Gilt |  |  |
| 0.13%, 03/22/2026 - 03/22/2029 <sup>(F)</sup> <br>| GBP 1,107,063 | 1430625 |
| 1.25%, 11/22/2032 <sup>(F)</sup> <br>| 1314201 | 1735403 |
|  |  | 3166028 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $16,413,832)**<br>|  | 15208196 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANIES - 0.7%**  | **SHORT-TERM INVESTMENT COMPANIES - 0.7%**  | **SHORT-TERM INVESTMENT COMPANIES - 0.7%**  |
| **Money Market Funds - 0.7%**  | **Money Market Funds - 0.7%**  | **Money Market Funds - 0.7%**  |
| &nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, <br>4.01% <sup>(G)</sup> <br>| 1130503 | $1130503 |
| &nbsp;&nbsp; **Total Short-Term Investment Companies** <br>**(Cost $1,130,503)**<br>|  | 1130503 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.6%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.6%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.6%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>3.74% <sup>(G)</sup>, 02/19/2026<br>| $2500000 | 2471940 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $2,470,674)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $2,470,674)** | 2471940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  | **OTHER INVESTMENT COMPANY - 0.5%**  |
| **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  | **Securities Lending Collateral - 0.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(G)</sup> <br>| 772335 | $772335 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $772,335)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $772,335)** | 772335 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $163,753,512)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $163,753,512)** | 157194641 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (521651) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$156672990** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| JPMS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 6823233 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 995000000 | &nbsp;&nbsp;&nbsp; $312584 | &nbsp;&nbsp;&nbsp; $— |
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1256174 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 12070 | &nbsp;&nbsp;&nbsp; — |
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3719064 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp; 71308 | &nbsp;&nbsp;&nbsp; — |
| MSCS | 01/22/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3193019 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 2374000 | &nbsp;&nbsp;&nbsp; 74249 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$470211** | &nbsp;&nbsp;&nbsp; **$—** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(H)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $115530794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $115530794 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 22080873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22080873 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 15208196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15208196 |
| Short-Term Investment Companies | 1130503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1130503 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 2471940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2471940 |
| Other Investment Company | 772335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 772335 |
| **Total Investments** | **$1902838** | &nbsp;&nbsp; **$155291803** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$157194641** |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(I)</sup> <br>| $— | &nbsp;&nbsp; $470211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $470211 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$470211** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$470211** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $5,063,169, representing 3.2% of the* *Fund's net assets.* 

<sup>(B)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Inflation Opportunities**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $757,005, collateralized by cash collateral of $772,335. The amount* *on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

<sup>(F)</sup> *Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside* *the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the* *registration requirements of the Securities Act of 1933. At October 31, 2025, the total value of the Regulation S securities is $8,094,377, representing* *5.2% of the Fund's net assets.* 

<sup>(G)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(H)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

<sup>(I)</sup> *Derivative instruments are valued at unrealized appreciation (depreciation).*

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *JPY* | *Japanese Yen* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION(S):** 

*JPMS* *JPMorgan Securities LLC* <br> *MSCS* *Morgan Stanley Capital Services Inc.*

**PORTFOLIO ABBREVIATION(S):** 

*SOFR* *Secured Overnight Financing Rate*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $163,753,512) (including securities loaned of $757,005) | $157194641 |
| Foreign currency, at value (cost $561) | 554 |
| Receivables and other assets: |  |
| Net income from securities lending | 259 |
| Shares of beneficial interest sold  | 364 |
| Interest | 542179 |
| Unrealized appreciation on forward foreign currency contracts | 470211 |
| Other assets | 13696 |
| Total assets | 158221904 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 772335 |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 673775 |
| Shares of beneficial interest redeemed | 1861 |
| Investment management fees | 50672 |
| Distribution and service fees | 2097 |
| Transfer agent fees | 1641 |
| Trustee and CCO fees | 53 |
| Audit and tax fees  | 24504 |
| Custody fees | 5505 |
| Legal fees | 1816 |
| Printing and shareholder reports fees | 1369 |
| Registration fees | 363 |
| Other accrued expenses | 12923 |
| Total liabilities | 1548914 |
| **Net assets**  | $156672990 |
| **Net assets consist of:** |  |
| Paid-in capital | $174817900 |
| Total distributable earnings (accumulated losses) | (18144910)<br>|
| **Net assets** | $156672990 |
| **Net assets by class:** |  |
| Class A | $1640011 |
| Class C | 95698 |
| Class I | 5691903 |
| Class I2 | 127096111 |
| Class I3 | 18052643 |
| Class R | 3804783 |
| Class R4 | 133448 |
| Class R6 | 158393 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 167309 |
| Class C | 10049 |
| Class I | 574500 |
| Class I2 | 12806793 |
| Class I3 | 1818416 |
| Class R | 388217 |
| Class R4 | 13496 |
| Class R6 | 15944 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $9.80 |
| Class C | 9.52 |
| Class I | 9.91 |
| Class I2 | 9.92 |
| Class I3 | 9.93 |
| Class R | 9.80 |
| Class R4 | 9.89 |
| Class R6 | 9.93 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $10.29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and Class C shares* *equals net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $6211324 |
| Net income from securities lending | 6215 |
| Total investment income  | 6217539 |
| **Expenses:** |  |
| Investment management fees | 564823 |
| Distribution and service fees: |  |
| Class A | 4177 |
| Class C | 1188 |
| Class R | 20306 |
| Class R4 | 359 |
| Transfer agent fees: |  |
| Class A | 1859 |
| Class C | 316 |
| Class I | 5579 |
| Class I2 | 8502 |
| Class I3 | 1782 |
| Class R | 118 |
| Class R4 | 11 |
| Class R6 | 12 |
| Trustee and CCO fees | 6408 |
| Audit and tax fees | 45440 |
| Custody fees | 31769 |
| Legal fees | 10761 |
| Printing and shareholder reports fees | 7515 |
| Registration fees | 93656 |
| Other | 32064 |
| Total expenses before waiver and/or reimbursement and recapture | 836645 |
| Expenses waived and/or reimbursed: |  |
| Class A | (143)<br>|
| Class C | (130)<br>|
| Class I | (450)<br>|
| Class I2 | (15613)<br>|
| Class I3 | (3663)<br>|
| Class R | (1400)<br>|
| Class R4 | (199)<br>|
| Class R6 | (23)<br>|
| Net expenses | 815024 |
| **Net investment income (loss)** | 5402515 |
| **Net realized gain (loss) on:** |  |
| Investments | (2513796)<br>|
| Forward foreign currency contracts | 745576 |
| Foreign currency transactions | (11618)<br>|
| Net realized gain (loss) | (1779838)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 4058771 |
| Forward foreign currency contracts | (292538)<br>|
| Translation of assets and liabilities denominated in foreign currencies | 793 |
| Net change in unrealized appreciation (depreciation) | 3767026 |
| Net realized and change in unrealized gain (loss) | 1987188 |
| **Net increase (decrease) in net assets resulting from operations** | $7389703 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $5402515 | &nbsp;&nbsp;&nbsp;&nbsp; $4840266 |
| Net realized gain (loss) | (1779838)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2421610)<br>|
| Net change in unrealized appreciation (depreciation) | 3767026 | &nbsp;&nbsp;&nbsp;&nbsp; 14248417 |
| Net increase (decrease) in net assets resulting from operations | 7389703 | &nbsp;&nbsp;&nbsp;&nbsp; 16667073 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (59396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45757)<br>|
| Class C | (3092)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4014)<br>|
| Class I | (204843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138972)<br>|
| Class I2 | (4449228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2912571)<br>|
| Class I3 | (836514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1598067)<br>|
| Class R | (135472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146744)<br>|
| Class R4 | (5190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8274)<br>|
| Class R6 | (6033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7962)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5699768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4862361)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 144704 | &nbsp;&nbsp;&nbsp;&nbsp; 33326 |
| Class C | 475 | &nbsp;&nbsp;&nbsp;&nbsp; 408 |
| Class I | 536376 | &nbsp;&nbsp;&nbsp;&nbsp; 817121 |
| Class I2 | 26154189 | &nbsp;&nbsp;&nbsp;&nbsp; 12704633 |
| Class I3 | 2286375 | &nbsp;&nbsp;&nbsp;&nbsp; 2280681 |
| Class R | 421239 | &nbsp;&nbsp;&nbsp;&nbsp; 177155 |
| Class R4 | 16066 | &nbsp;&nbsp;&nbsp;&nbsp; 47476 |
| Class R6 | 22658 | &nbsp;&nbsp;&nbsp;&nbsp; 713466 |
|  | 29582082 | &nbsp;&nbsp;&nbsp;&nbsp; 16774266 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 59396 | &nbsp;&nbsp;&nbsp;&nbsp; 45757 |
| Class C | 3092 | &nbsp;&nbsp;&nbsp;&nbsp; 4014 |
| Class I | 204843 | &nbsp;&nbsp;&nbsp;&nbsp; 138972 |
| Class I2 | 4449228 | &nbsp;&nbsp;&nbsp;&nbsp; 2912571 |
| Class I3 | 836514 | &nbsp;&nbsp;&nbsp;&nbsp; 1598067 |
| Class R | 135472 | &nbsp;&nbsp;&nbsp;&nbsp; 146744 |
| Class R4 | 5190 | &nbsp;&nbsp;&nbsp;&nbsp; 8274 |
| Class R6 | 6033 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
|  | 5699768 | &nbsp;&nbsp;&nbsp;&nbsp; 4862361 |
| Cost of shares redeemed: |  |  |
| Class A | (378622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (333866)<br>|
| Class C | (64270)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207639)<br>|
| Class I | (310366)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1924800)<br>|
| Class I2 | (11521616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27859514)<br>|
| Class I3 | (41902312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9943459)<br>|
| Class R | (2786150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (903079)<br>|
| Class R4 | (49767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (765406)<br>|
| Class R6 | (36589)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (702262)<br>|
|  | (57049692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42640025)<br>|
| Automatic conversions: |  |  |
| Class A | 10211 | &nbsp;&nbsp;&nbsp;&nbsp; 34770 |
| Class C | (10211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34770)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (21767842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21003398)<br>|
| **Net increase (decrease) in net assets** | (20077907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9198686)<br>|
| **Net assets:** |  |  |
| Beginning of year | 176750897 | &nbsp;&nbsp;&nbsp;&nbsp; 185949583 |
| End of year | $156672990 | &nbsp;&nbsp;&nbsp;&nbsp; $176750897 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Inflation Opportunities**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 14935 | &nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| Class C | 51 | &nbsp;&nbsp;&nbsp;&nbsp; 44 |
| Class I | 54699 | &nbsp;&nbsp;&nbsp;&nbsp; 85310 |
| Class I2 | 2670527 | &nbsp;&nbsp;&nbsp;&nbsp; 1296398 |
| Class I3 | 235476 | &nbsp;&nbsp;&nbsp;&nbsp; 234337 |
| Class R | 43295 | &nbsp;&nbsp;&nbsp;&nbsp; 18549 |
| Class R4 | 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 4979 |
| Class R6 | 2307 | &nbsp;&nbsp;&nbsp;&nbsp; 74111 |
|  | 3022933 | &nbsp;&nbsp;&nbsp;&nbsp; 1717189 |
| Shares reinvested: |  |  |
| Class A | 6115 | &nbsp;&nbsp;&nbsp;&nbsp; 4782 |
| Class C | 328 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Class I | 20868 | &nbsp;&nbsp;&nbsp;&nbsp; 14377 |
| Class I2 | 452365 | &nbsp;&nbsp;&nbsp;&nbsp; 300834 |
| Class I3 | 85183 | &nbsp;&nbsp;&nbsp;&nbsp; 165090 |
| Class R | 13951 | &nbsp;&nbsp;&nbsp;&nbsp; 15339 |
| Class R4 | 530 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
| Class R6 | 613 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
|  | 579953 | &nbsp;&nbsp;&nbsp;&nbsp; 502548 |
| Shares redeemed: |  |  |
| Class A | (39028)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35031)<br>|
| Class C | (6836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22524)<br>|
| Class I | (31744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (201815)<br>|
| Class I2 | (1172332)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2879702)<br>|
| Class I3 | (4333858)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1029366)<br>|
| Class R | (291200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94175)<br>|
| Class R4 | (5129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80293)<br>|
| Class R6 | (3723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72471)<br>|
|  | (5883850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4415377)<br>|
| Automatic conversions: |  |  |
| Class A | 1058 | &nbsp;&nbsp;&nbsp;&nbsp; 3663 |
| Class C | (1089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3767)<br>|
|  | (31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (16920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23125)<br>|
| Class C | (7546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25814)<br>|
| Class I | 43823 | &nbsp;&nbsp;&nbsp;&nbsp; (102128)<br>|
| Class I2 | 1950560 | &nbsp;&nbsp;&nbsp;&nbsp; (1282470)<br>|
| Class I3 | (4013199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (629939)<br>|
| Class R | (233954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60287)<br>|
| Class R4 | (2956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74448)<br>|
| Class R6 | (803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2467 |
|  | (2280995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2195744)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.67 | $9.08 | $9.39 | $11.09 | $10.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.32 | 0.23 | 0.30 | 0.50 | 0.32 |
| Net realized and unrealized gain (loss) | 0.16 | 0.60 | (0.17)<br>| (1.80)<br>| 0.29 |
| Total investment operations | 0.48 | 0.83 | 0.13 | (1.30)<br>| 0.61 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.24)<br>| (0.24)<br>| (0.37)<br>| (0.30)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.24)<br>| (0.44)<br>| (0.41)<br>| (0.30)<br>|
| **Net asset value, end of year** | $9.80 | $9.67 | $9.08 | $9.39 | $11.09 |
| **Total return** <sup>(C)</sup> <br>| 5.02<br> %<br>| 9.16<br> %<br>| 1.32<br> %<br>| (11.94 )%<sup>(B)</sup><br>| 5.73<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1640 | $1781 | $1883 | $2291 | $1430 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.89<br> %<br>| 0.87<br> %<br>| 1.08<br> %<br>| 0.98<br> %<br>| 1.02<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.89 %<sup>(E)</sup><br>| 0.87<br> %<br>| 0.99<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 3.35<br> %<br>| 2.40<br> %<br>| 3.18<br> %<br>| 4.84<br> %<br>| 2.90<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.39 | $8.84 | $9.15 | $10.79 | $10.52 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.22 | 0.14 | 0.23 | 0.43 | 0.25 |
| Net realized and unrealized gain (loss) | 0.18 | 0.58 | (0.16)<br>| (1.78)<br>| 0.26 |
| Total investment operations | 0.40 | 0.72 | 0.07 | (1.35)<br>| 0.51 |
| **Contributions from affiliate** |  |  |  | 0.05 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.27)<br>| (0.17)<br>| (0.18)<br>| (0.30)<br>| (0.24)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.27)<br>| (0.17)<br>| (0.38)<br>| (0.34)<br>| (0.24)<br>|
| **Net asset value, end of year** | $9.52 | $9.39 | $8.84 | $9.15 | $10.79 |
| **Total return** <sup>(C)</sup> <br>| 4.27<br> %<br>| 8.21<br> %<br>| 0.68<br> %<br>| (12.26 )%<sup>(B)</sup><br>| 4.89<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $96 | $165 | $384 | $747 | $934 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.80<br> %<br>| 1.72<br> %<br>| 1.85<br> %<br>| 1.72<br> %<br>| 1.70<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.69<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.71<br> %<br>| 1.72<br> %<br>|
| Net investment income (loss) to average net assets | 2.30<br> %<br>| 1.53<br> %<br>| 2.44<br> %<br>| 4.24<br> %<br>| 2.37<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.46%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.77 | $9.17 | $9.46 | $11.18 | $10.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.35 | 0.26 | 0.35 | 0.53 | 0.37 |
| Net realized and unrealized gain (loss) | 0.16 | 0.60 | (0.17)<br>| (1.81)<br>| 0.29 |
| Total investment operations | 0.51 | 0.86 | 0.18 | (1.28)<br>| 0.66 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.37)<br>| (0.26)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.26)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>|
| **Net asset value, end of year** | $9.91 | $9.77 | $9.17 | $9.46 | $11.18 |
| **Total return** | 5.34<br> %<br>| 9.42<br> %<br>| 1.86<br> %<br>| (11.73)%<br>| 6.08<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $5692 | $5185 | $5800 | $10169 | $14310 |
| Expenses to average net assets<sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.62<br> %<br>| 0.81<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Net investment income (loss) to average net assets | 3.61<br> %<br>| 2.69<br> %<br>| 3.62<br> %<br>| 5.05<br> %<br>| 3.31<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $9.78 | $9.18 | $9.49 | $11.21 | $10.88 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.26 | 0.34 | 0.53 | 0.35 |
| Net realized and unrealized gain (loss) | 0.16 | 0.61 | (0.18)<br>| (1.81)<br>| 0.32 |
| Total investment operations | 0.52 | 0.87 | 0.16 | (1.28)<br>| 0.67 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.27)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.27)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>|
| **Net asset value, end of year** | $9.92 | $9.78 | $9.18 | $9.49 | $11.21 |
| **Total return** | 5.44<br> %<br>| 9.49<br> %<br>| 1.66<br> %<br>| (11.66)%<br>| 6.16<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $127096 | $106225 | $111418 | $102380 | $118370 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.52<br> %<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.52 %<sup>(C)</sup><br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.72<br> %<br>| 2.71<br> %<br>| 3.53<br> %<br>| 5.07<br> %<br>| 3.15<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.78 | $9.18 | $9.18 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.33 | 0.27 | 0.04 |
| Net realized and unrealized gain (loss) | 0.20 | 0.60 | (0.04)<br>|
| Total investment operations | 0.53 | 0.87 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.38)<br>| (0.27)<br>|  |
| **Net asset value, end of year** | $9.93 | $9.78 | $9.18 |
| **Total return** | 5.54<br> %<br>| 9.49<br> %<br>| 0.00 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $18053 | $57058 | $59308 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.52<br> %<br>| 0.60 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.52<br> %<br>| 0.52 %<sup>(E)</sup><br>| 0.53 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.36<br> %<br>| 2.76<br> %<br>| 16.89 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.66 | $9.08 | $9.08 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.30 | 0.22 | 0.04 |
| Net realized and unrealized gain (loss) | 0.17 | 0.59 | (0.04)<br>|
| Total investment operations | 0.47 | 0.81 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.33)<br>| (0.23)<br>|  |
| **Net asset value, end of year** | $9.80 | $9.66 | $9.08 |
| **Total return** | 4.99<br> %<br>| 8.94<br> %<br>| 0.00 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $3805 | $6013 | $6194 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.04<br> %<br>| 1.01<br> %<br>| 1.10 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 1.00<br> %<br>| 1.00<br> %<br>| 1.00 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.13<br> %<br>| 2.26<br> %<br>| 15.21 %<sup>(D)</sup><br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Inflation Opportunities**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | |
|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $9.75 | $9.15 | $9.15 |
| **Investment operations:** |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.35 | 0.13 | 0.04 |
| Net realized and unrealized gain (loss) | 0.16 | 0.72 | (0.04)<br>|
| Total investment operations | 0.51 | 0.85 |  |
| **Contributions from affiliate** |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |
| Net investment income | (0.37)<br>| (0.25)<br>|  |
| **Net asset value, end of year** | $9.89 | $9.75 | $9.15 |
| **Total return** | 5.34<br> %<br>| 9.39<br> %<br>| 0.00 % <sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |
| Net assets end of year (000's) | $133 | $160 | $832 |
| Expenses to average net assets |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.77<br> %<br>| 0.85 % <sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.65<br> %<br>| 0.65<br> %<br>| 0.65 % <sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.53<br> %<br>| 1.35<br> %<br>| 14.40 % <sup>(D)</sup><br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on October 27, 2023.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $9.79 | $9.18 | $9.49 | $11.21 | $10.89 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.36 | 0.35 | 0.34 | 0.56 | 0.35 |
| Net realized and unrealized gain (loss) | 0.16 | 0.53 | (0.18)<br>| (1.84)<br>| 0.31 |
| Total investment operations | 0.52 | 0.88 | 0.16 | (1.28)<br>| 0.66 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.27)<br>| (0.27)<br>| (0.40)<br>| (0.34)<br>|
| Net realized gains |  |  | (0.18)<br>| (0.04)<br>|  |
| Return of capital |  |  | (0.02)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.27)<br>| (0.47)<br>| (0.44)<br>| (0.34)<br>|
| **Net asset value, end of year** | $9.93 | $9.79 | $9.18 | $9.49 | $11.21 |
| **Total return** | 5.43<br> %<br>| 9.61<br> %<br>| 1.65<br> %<br>| (11.66)%<br>| 6.07<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $158 | $164 | $131 | $156 | $72 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.52<br> %<br>| 0.71<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.52 %<sup>(C)</sup><br>| 0.64<br> %<br>| 0.62<br> %<br>| 0.63 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 3.67<br> %<br>| 3.60<br> %<br>| 3.55<br> %<br>| 5.41<br> %<br>| 3.14<br> %<br>|
| Portfolio turnover rate | 29<br> %<br>| 27<br> %<br>| 43<br> %<br>| 62<br> %<br>| 48<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Inflation Opportunities (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Fund normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Treasury inflation-protected securities ("TIPS"):** The Fund may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Corporate Debt Securities | $772335 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $772335 |
| **Total Borrowings** | **$772335** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$772335** |

---

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Forward foreign currency contracts:** The Fund is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2025, are listed within the Schedule of Investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts: <br>Unrealized appreciation on forward <br> foreign currency contracts<br>| $— | $470211 | $— | $— | $— | $470211 |
| **Total** | **$—** | **$470211** | **$—** | **$—** | **$—** | **$470211** |

---

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts  | $— | $745576 | $— | $— | $— | $745576 |
| **Total** | **$—** | **$745576** | **$—** | **$—** | **$—** | **$745576** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts  | $— | $(292538)<br>| $— | $— | $— | $(292538)<br>|
| **Total** | **$—** | **$(292538)**<br>| **$—** | **$—** | **$—** | **$(292538)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | $993628 |
| Average contract amounts sold — in USD | 15241641 |

---

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Fund OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Fund as of October 31, 2025. For financial reporting purposes, the Fund does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** | **Gross Amounts Not Offset** <br>**within Statement** <br>**of Assets and Liabilities** |
| **Counterparty** | **Gross Amounts of** <br>**Assets** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Received** <sup>(B)</sup> <br>| **Net Receivable** | **Gross Amounts of** <br>**Liabilities** <br>**Presented within** <br>**Statement of** <br>**Assets and** <br>**Liabilities** <sup>(A)</sup>  | **Financial** <br>**Instruments** <br>| **Collateral** <br>**Pledged** <sup>(B)</sup> <br>| **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| JPMorgan Securities LLC | $312584 | $— | $— | $312584 | $— | $— | $— | $— |
| Morgan Stanley Capital <br> Services Inc.<br>| 157627 |  |  | 157627 |  |  |  |  |
| **Total** | **$470211** | **$—** | **$—** | **$470211** | **$—** | **$—** | **$—** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**7. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Inflation-protected securities risk:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Sovereign debt risk:** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Fund. In certain cases, the Fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Fund to certain operational and legal risks. The Fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the Fund's performance and its ability to implement its investment strategies and may increase costs related to the Fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. RISK FACTORS (continued)**

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $143528126 | 91.61<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.380<br> % <br>|
| Over $500 million up to $750 million | 0.375 |
| Over $750 million | 0.370 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.95<br> % <br>| March 1, 2026 |
| Class C | 1.71 | March 1, 2026 |
| Class I, Class R4 | 0.65 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.53 | March 1, 2026 |
| Class R | 1.00 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A, Class R | 1.00 |  |
| Class C | 1.71 |  |
| Class I, Class R4 | 0.65 |  |
| Class I2, Class I3, Class R6 | 0.53 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $2027 | $— | $— | $2027 |
| Class C | 696 | 100 | 130 | 926 |
| Class I | 12849 |  |  | 12849 |
| Class I2 | 79109 | 7835 | 15613 | 102557 |
| Class I3 <sup>(A)</sup> <br>|  | 475 | 3663 | 4138 |
| Class R <sup>(A)</sup> <br>|  | 990 | 1400 | 2390 |
| Class R4 <sup>(A)</sup> <br>|  | 474 | 199 | 673 |
| Class R6 | 19 | 89 | 23 | 131 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class commenced operations on October 27, 2023.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $188 | &nbsp;&nbsp;&nbsp;&nbsp; $41 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $18002 | &nbsp;&nbsp; $1611 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $16307037 | &nbsp;&nbsp; $25577409 | &nbsp;&nbsp; $19320085 | &nbsp;&nbsp; $46916453 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, premium amortization adjustments and forward contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to basis adjustments related to a prior year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $(194717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $194717 |

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $164037292 | &nbsp;&nbsp; $1664840 | &nbsp;&nbsp; $(8507491)<br>| &nbsp;&nbsp; $(6842651)<br>|

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $3643453 | &nbsp;&nbsp;&nbsp;&nbsp; $8136446 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Inflation Opportunities**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized which are subject to annual usage limitations resulting from the merger.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $5699768 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4862361 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $479068 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11779899)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1808)<br>| &nbsp;&nbsp; $(6842271)<br>|

---

**11. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Inflation Opportunities

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Inflation Opportunities (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imgb29191803.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Inflation Opportunities** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Inflation Opportunities** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Inflation Opportunities** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Inflation Opportunities** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Inflation Opportunities (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and PineBridge Investments LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Inflation Opportunities** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was above the benchmark that TAM utilizes to measure performance of the Fund for the past 1- and 3-year periods and below the benchmark for the past 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica Inflation Opportunities** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

![](g67628img4fb22c2d4.gif)

![](g67628imge578db305.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886794 TA INFL OPS 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img5e156c6b6.gif)

------

![](g67628imge5ab18d31.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica Intermediate Muni**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img560a9cfb2.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_SOI-RunningFooter-165_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_FS-RunningFooter-165_1) | 22 |
| [Statement of Operations](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_FS-RunningFooter-165_2) | 23 |
| [Statement of Changes in Net Assets](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_FS-RunningFooter-165_3) | 24 |
| [Financial Highlights](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_FIHI-RunningFooter-165_1) | 26 |
| [Notes to Financial Statements](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_NTF-RunningFooter-165_1) | 28 |
| **[Report of Independent Registered Public Accounting Firm](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_AUD-RunningFooter-165_1)** | 38 |
| **[Supplemental Information](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_STI-RunningFooter-165_1)** | 39 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_DWA-RunningFooter-165_1)**<br> **[Companies](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_DWA-RunningFooter-165_1)**<br>| 40 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_PD-RunningFooter-165_1)** | 41 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_REMU-RunningFooter-165_1)**<br> **[Companies](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_REMU-RunningFooter-165_1)**<br>| 42 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4fc3043e-28c4-40e1-97e9-15556d7fb5aa_AIAC-RunningFooter-165_1)** | 43 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.0%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.0%**  | **MUNICIPAL GOVERNMENT OBLIGATIONS - 95.0%**  |
| **Alabama - 1.9%**  | **Alabama - 1.9%**  | **Alabama - 1.9%**  |
| Alabama State University, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 09/01/2028 - 09/01/2030 | $965000 | $1035218 |
| 5.75%, 09/01/2050 | 1630000 | 1774361 |
| BAM, |  |  |
| 5.00%, 09/01/2038 - 09/01/2039 | 1640000 | 1737494 |
| City of Arab, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 03/01/2040 - 03/01/2044 | 2465000 | 2659481 |
| City of Guin, General Obligation Unlimited, |  |  |
| Series B, BAM, |  |  |
| 4.63%, 06/01/2040 | 500000 | 522046 |
| &nbsp;&nbsp; Infirmary Health System Special Care <br> Facilities Financing Authority of Mobile, <br>Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 02/01/2046 | 955000 | 862287 |
| Jacksonville Public Educational Building <br> Authority, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.50%, 08/01/2058 | 150000 | 155915 |
| Series A, BAM, |  |  |
| 5.25%, 08/01/2049 | 4045000 | 4218568 |
| Southeast Energy Authority A Cooperative <br> District, Revenue Bonds, |  |  |
| Series B, Fixed until 09/01/2031, |  |  |
| 4.00% <sup>(A)</sup>, 12/01/2051 | 5025000 | 5171887 |
|  |  | 18137257 |
| **Arizona - 1.7%**  | **Arizona - 1.7%**  | **Arizona - 1.7%**  |
| Arizona Industrial Development Authority, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 4.00%, 06/01/2044 | 1770000 | 1699746 |
| 5.00%, 06/01/2049 | 2075000 | 2115302 |
| Series B, |  |  |
| 4.00%, 07/01/2041 | 135000 | 123649 |
| Gilbert Water Resource Municipal Property <br> Corp., Revenue Bonds, |  |  |
| 5.00%, 07/15/2036 | 1530000 | 1717806 |
| Graham County Jail District, Revenue <br> Bonds, |  |  |
| AG, |  |  |
| 5.00%, 07/01/2035 - 07/01/2039 <sup>(B)</sup> <br>| 1720000 | 1925194 |
| Industrial Development Authority of the City <br> of Phoenix, Revenue Bonds, |  |  |
| 5.00%, 07/01/2036 | 740000 | 736870 |
| Industrial Development Authority of the <br> County of Pima, Revenue Bonds, |  |  |
| Series C, GNMA, |  |  |
| 4.75%, 07/01/2049 | 160000 | 162368 |
| Maricopa County & Phoenix Industrial <br> Development Authorities, Revenue Bonds, |  |  |
| Series A, GNMA, |  |  |
| 4.45%, 09/01/2044 | 505000 | 509339 |
| 6.00%, 03/01/2055 | 2210000 | 2425303 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Arizona (continued)** | **Arizona (continued)** | **Arizona (continued)** |
| Maricopa County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 4.25%, 07/01/2044 | $525000 | $468228 |
| 5.00%, 07/01/2036 | 750000 | 751057 |
| Series A, |  |  |
| 4.00%, 07/01/2034 | 400000 | 401602 |
| 5.00%, 09/01/2042 | 500000 | 510834 |
| Tempe Industrial Development Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2025 - 12/01/2026 | 210000 | 209886 |
| Yuma Industrial Development Authority, <br> Revenue Bonds, |  |  |
| Series A, AG-CR, |  |  |
| 5.00%, 08/01/2035 - 08/01/2038 | 2075000 | 2345180 |
|  |  | 16102364 |
| **Arkansas - 0.3%**  | **Arkansas - 0.3%**  | **Arkansas - 0.3%**  |
| Arkansas Development Finance Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 06/01/2046 | 675000 | 723234 |
| City of Hot Springs Waterworks, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 4.00%, 10/01/2033 | 1000000 | 1047121 |
| City of North Little Rock Sewer, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 10/01/2037 <sup>(B)</sup> <br>| 525000 | 570756 |
| City of West Memphis Sales & Use Tax, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 06/01/2034 | 760000 | 840201 |
|  |  | 3181312 |
| **California - 6.5%**  | **California - 6.5%**  | **California - 6.5%**  |
| California Enterprise Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 11/01/2059 | 6310000 | 6827036 |
| California Health Facilities Financing <br> Authority, Revenue Bonds, |  |  |
| AG-CR, |  |  |
| 5.00%, 11/15/2034 | 1755000 | 2059168 |
| Series A, |  |  |
| 4.00%, 03/01/2026 - 03/01/2028 | 485000 | 486203 |
| 5.00%, 12/01/2035 | 500000 | 565928 |
| 5.00% <sup>(A)</sup>, 03/01/2040 | 760000 | 787442 |
| Series A, AG-CR, |  |  |
| 5.00%, 12/01/2034 | 1300000 | 1495651 |
| California Housing Finance Agency, <br> Revenue Bonds, |  |  |
| Series E, FNMA, |  |  |
| 2.50%, 02/01/2038 | 70094 | 60933 |
| California Infrastructure & Economic <br> Development Bank, Revenue Bonds, |  |  |
| Series A, Fixed until 01/01/2035, |  |  |
| 9.50% <sup>(A)</sup>, 01/01/2065 <sup>(C)</sup> <br>| 4000000 | 3200000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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, |  |  |
| 5.25%, 09/01/2054 | $2100000 | $2219512 |
| Series A, |  |  |
| 4.00%, 10/01/2038 - 10/01/2044 | 4955000 | 4837817 |
| 5.00%, 10/01/2044 | 2275000 | 2282587 |
| Series A, FNMA, |  |  |
| 4.00%, 11/01/2040 | 1815000 | 1821023 |
| California Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.25%, 06/15/2029 <sup>(C)</sup> <br>| 390000 | 390008 |
| Series A, AG-CR, |  |  |
| 5.00%, 06/01/2033 - 06/01/2037 | 2595000 | 2975762 |
| California Statewide Communities <br> Development Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2025 <sup>(C)</sup> <br>| 225000 | 225137 |
| &nbsp;&nbsp; California Statewide Communities <br> Development Authority, Special <br>Assessment, |  |  |
| 4.00%, 09/02/2028 | 785000 | 795947 |
| Series C, |  |  |
| 3.00%, 09/02/2030 | 2290000 | 2197541 |
| California Statewide Communities <br> Development Authority, Special Tax, |  |  |
| Series 2024C-2T, |  |  |
| 4.50%, 09/02/2045 | 560000 | 554645 |
| Carlsbad Unified School District, General <br> Obligation Unlimited, |  |  |
| Series C, |  |  |
| 0.00% <sup>(D)</sup>, 08/01/2035 | 330000 | 402020 |
| Conejo Valley Unified School District, <br> General Obligation Unlimited, |  |  |
| Series E, |  |  |
| Zero Coupon, 08/01/2036 | 745000 | 507211 |
| Delano Union School District, General <br> Obligation Unlimited, |  |  |
| Series A, BAM, |  |  |
| Zero Coupon, 08/01/2039 - 08/01/2040 | 625000 | 323507 |
| Inglewood Unified School District, General <br> Obligation Unlimited, |  |  |
| Series B, |  |  |
| 5.50%, 08/01/2036 | 975000 | 1181594 |
| Lancaster Financing Authority, Revenue <br> Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 05/01/2054 | 6940000 | 7327818 |
| Long Beach Bond Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 11/15/2032 - 11/15/2037 | 4060000 | 4836898 |
| Los Angeles Department of Water & <br> Power, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 07/01/2036 - 07/01/2042 | 4415000 | 4935138 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **California (continued)** | **California (continued)** | **California (continued)** |
| Lowell Joint School District, General <br> Obligation Unlimited, |  |  |
| 5.50%, 08/01/2047 | $580000 | $647449 |
| North Kern/Cawelo Financing Authority, <br> Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 05/01/2040 - 05/01/2044 | 1315000 | 1446054 |
| San Bernardino City Unified School <br> District, Certificate of Participation, |  |  |
| AG, |  |  |
| 5.00%, 10/01/2034 | 900000 | 1059230 |
| San Jacinto Unified School District, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 08/01/2030 | 4070000 | 4077467 |
| Southern California Public Power Authority, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 07/01/2038 | 1170000 | 1337438 |
| Victor Elementary School District <br> Community Facility District, Special Tax, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2046 | 250000 | 255350 |
|  |  | 62119514 |
| **Colorado - 5.6%**  | **Colorado - 5.6%**  | **Colorado - 5.6%**  |
| Arkansas River Power Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 10/01/2027 | 400000 | 411412 |
| Auraria Higher Education Center, Revenue <br> Bonds, |  |  |
| AG, |  |  |
| 4.00%, 04/01/2029 | 3185000 | 3187883 |
| Bradburn Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| Series A, |  |  |
| 4.00%, 12/01/2028 <sup>(E)</sup> <br>| 294000 | 292539 |
| Bromley Park Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| BAM, |  |  |
| 5.38%, 12/01/2053 | 725000 | 771088 |
| Canyons Metropolitan District No. 5, <br> General Obligation Limited, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 12/01/2026 - 12/01/2044 | 1590000 | 1636435 |
| Colorado Educational & Cultural Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 06/01/2035 | 1635000 | 1710981 |
| Series A, |  |  |
| 5.00%, 06/01/2040 - 01/15/2049 | 3025000 | 3121577 |
| Colorado Health Facilities Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 11/01/2041 - 11/01/2042 | 5950000 | 6254378 |
| Series A, |  |  |
| 4.00%, 01/01/2035 - 11/15/2046 | 2330000 | 2186801 |
| 5.00%, 09/01/2035 - 05/15/2038 | 1325000 | 1446990 |
| 5.00% <sup>(A)</sup>, 11/15/2060 | 500000 | 546692 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| &nbsp;&nbsp; Colorado Health Facilities Authority, <br> Revenue Bonds, (continued)<br>|  |  |
| Series A-1, |  |  |
| 4.00%, 08/01/2037 | $1000000 | $1006178 |
| 5.00%, 08/01/2026 | 1000000 | 1013023 |
| Series A-2, |  |  |
| 5.00%, 08/01/2044 | 5130000 | 5216750 |
| Series E, Fixed until 10/31/2025, |  |  |
| 3.80% <sup>(A)</sup>, 05/15/2062 | 1320000 | 1320000 |
| &nbsp;&nbsp; Colorado Springs School District No. <br> 11 Facilities Corp., Certificate of <br>Participation, |  |  |
| BAM, |  |  |
| 5.00%, 12/15/2044 | 140000 | 147836 |
| Copperleaf Metropolitan District No. 4, <br> General Obligation Limited, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2040 | 870000 | 924897 |
| Denver City & County Housing Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.50%, 07/01/2041 | 865000 | 884105 |
| 5.00%, 07/01/2027 | 965000 | 976285 |
| Gold Hill North Business Improvement <br> District, General Obligation Limited, |  |  |
| Series A, |  |  |
| 5.60%, 12/01/2054 <sup>(C)</sup> <br>| 2000000 | 1972053 |
| Gunnison County Housing Authority, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 06/01/2027 - 06/01/2041 | 4855000 | 5278973 |
| Lakes at Centerra Metropolitan District No. <br> 2, General Obligation Limited, |  |  |
| Series A, AG, |  |  |
| 4.00%, 12/01/2043 | 825000 | 783725 |
| Series B, AG, |  |  |
| 4.25%, 12/15/2044 | 590000 | 571366 |
| Mirabelle Metropolitan District No. 2, <br> General Obligation Limited, |  |  |
| Series B, |  |  |
| 6.13%, 12/15/2049 | 500000 | 497261 |
| Neu Town Metropolitan District, General <br> Obligation Limited, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2043 | 225000 | 234646 |
| Palisade Metropolitan District No. 2, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 0.00% <sup>(D)</sup>, 12/15/2054 <sup>(C)</sup> <br>| 1000000 | 947531 |
| Palisade Park North Metropolitan District <br> No. 2, General Obligation Limited, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2044 | 180000 | 186932 |
| Park Creek Metropolitan District, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2032 - 12/01/2045 | 1150000 | 1151832 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Colorado (continued)** | **Colorado (continued)** | **Colorado (continued)** |
| Park Creek Metropolitan District, Tax <br> Allocation, |  |  |
| Series A, AG, |  |  |
| 5.00%, 12/01/2043 | $1280000 | $1347376 |
| Parkdale Community Authority, Revenue <br> Bonds, |  |  |
| Series A, AG, |  |  |
| 5.38%, 12/01/2045 | 1705000 | 1804231 |
| Rampart Range Metropolitan District No. 1, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2040 - 12/01/2042 | 1765000 | 1868962 |
| Ravenna Metropolitan District, General <br> Obligation Limited, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2043 | 430000 | 449625 |
| Riverdale Ranch Metropolitan District, <br> General Obligation Limited, |  |  |
| AG, |  |  |
| 5.25%, 12/01/2045 | 375000 | 400230 |
| STC Metropolitan District No. 2, General <br> Obligation Limited, |  |  |
| Series A, AG, |  |  |
| 5.00%, 12/01/2029 - 12/01/2030 | 1595000 | 1737444 |
| Transport Metropolitan District No. 3, <br> General Obligation Limited, |  |  |
| Series A-2, |  |  |
| 0.00% <sup>(D)</sup>, 12/01/2051 | 1000000 | 809398 |
|  |  | 53097435 |
| **Connecticut - 2.0%**  | **Connecticut - 2.0%**  | **Connecticut - 2.0%**  |
| City of New Haven, General Obligation <br> Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 08/01/2036 - 08/01/2038 | 415000 | 467951 |
| Connecticut State Health & Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| Series A, Fixed until 02/10/2026, |  |  |
| 2.80% <sup>(A)</sup>, 07/01/2048 | 2730000 | 2726293 |
| Series A, AG-CR, |  |  |
| 2.13%, 07/01/2031 | 5680000 | 5352798 |
| 4.00%, 07/01/2037 | 2000000 | 2032415 |
| Series A-B, BAM-TCRS, |  |  |
| 3.00%, 07/01/2039 | 150000 | 126759 |
| Series K, |  |  |
| 5.00%, 07/01/2036 | 1000000 | 1068197 |
| Series M, |  |  |
| 4.00%, 07/01/2039 - 07/01/2041 | 760000 | 748682 |
| 5.00%, 07/01/2032 - 07/01/2034 | 2325000 | 2551905 |
| Series M, AG-CR, |  |  |
| 4.00%, 07/01/2037 | 1925000 | 1971095 |
| Series R-1, BAM, |  |  |
| 2.00%, 11/01/2032 | 2480000 | 2159221 |
|  |  | 19205316 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Delaware - 0.4%**  | **Delaware - 0.4%**  | **Delaware - 0.4%**  |
| Delaware State Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2036 | $930000 | $938353 |
| Series B, |  |  |
| 5.25%, 11/15/2053 | 2500000 | 2511682 |
|  |  | 3450035 |
| **District of Columbia - 0.8%**  | **District of Columbia - 0.8%**  | **District of Columbia - 0.8%**  |
| District of Columbia, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.13%, 07/01/2027 | 335000 | 335345 |
| 5.00%, 07/01/2032 - 07/01/2048 | 3300000 | 3321548 |
| District of Columbia Income Tax, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 05/01/2048 | 1575000 | 1680771 |
| Metropolitan Washington Airports Authority <br> Dulles Toll Road, Revenue Bonds, |  |  |
| AG, |  |  |
| Zero Coupon, 10/01/2034 | 295000 | 217726 |
| Series A, BAM-TCRS, |  |  |
| Zero Coupon, 10/01/2037 | 1575000 | 929944 |
| Washington Metropolitan Area Transit <br> Authority Dedicated, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 07/15/2051 | 1185000 | 1269927 |
|  |  | 7755261 |
| **Florida - 2.1%**  | **Florida - 2.1%**  | **Florida - 2.1%**  |
| Brevard County Housing Finance Authority, <br> Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.45%, 01/01/2040 | 697902 | 729793 |
| Broward County Housing Finance <br> Authority, Revenue Bonds, |  |  |
| Fixed until 04/01/2026, |  |  |
| 3.50% <sup>(A)</sup>, 04/01/2041 | 300000 | 299745 |
| City of Gainesville Utilities System, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 10/01/2047 | 5000 | 5438 |
| City of Miami, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 01/01/2027 <sup>(C)</sup> <br>| 1080000 | 1102500 |
| City of Orlando Tourist Development Tax, <br> Revenue Bonds, |  |  |
| Series B, AG, |  |  |
| 5.00%, 11/01/2037 | 280000 | 288055 |
| Collier County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 10/01/2042 - 10/01/2054 | 5330000 | 5576943 |
| County of Miami-Dade, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 6.88%, 10/01/2034 | 290000 | 332626 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
| County of Pasco, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.50%, 09/01/2043 | $215000 | $232865 |
| Florida Development Finance Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.25%, 06/01/2049 | 925000 | 938789 |
| Florida Municipal Loan Council, Revenue <br> Bonds, |  |  |
| 5.00%, 10/01/2029 | 1280000 | 1298792 |
| Florida State Board of Governors, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 07/01/2035 | 1040000 | 1171056 |
| &nbsp;&nbsp; Florida State Board of Governors <br> University of North Florida Dormitory, <br>Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 11/01/2040 | 310000 | 338136 |
| Miami-Dade County Industrial <br> Development Authority, Revenue Bonds, |  |  |
| 3.35%, 09/01/2027 | 625000 | 618889 |
| North Broward Hospital District, Revenue <br> Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 01/01/2037 | 4475000 | 4566088 |
| Northern Palm Beach County Improvement <br> District, Special Assessment, |  |  |
| BAM, |  |  |
| 5.00%, 08/01/2033 | 485000 | 543050 |
| Palm Beach County Health Facilities <br> Authority, Revenue Bonds, |  |  |
| AG-CR, |  |  |
| 5.00%, 11/01/2045 | 500000 | 516718 |
| St. Johns County School Board, Certificate <br> of Participation, |  |  |
| Series A, AG, |  |  |
| 5.50%, 07/01/2049 | 565000 | 607869 |
| Wildwood Utility Dependent District, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.50%, 10/01/2048 | 475000 | 512828 |
|  |  | 19680180 |
| **Georgia - 2.3%**  | **Georgia - 2.3%**  | **Georgia - 2.3%**  |
| Albany-Dougherty County Hospital <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM-TCRS, |  |  |
| 5.00%, 09/01/2033 | 370000 | 417535 |
| Atlanta Development Authority, Revenue <br> Bonds, |  |  |
| Series A-1, |  |  |
| 5.25%, 07/01/2044 | 2000000 | 2000664 |
| Atlanta Development Authority, Tax <br> Allocation, |  |  |
| Series A, |  |  |
| 5.00%, 04/01/2034 <sup>(C)</sup> <br>| 500000 | 510391 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Georgia (continued)** | **Georgia (continued)** | **Georgia (continued)** |
| City of Atlanta Water & Wastewater, <br> Revenue Bonds, |  |  |
| 5.00%, 11/01/2040 | $360000 | $360423 |
| City of Fairburn Combined Public Utility, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 10/01/2038 | 530000 | 596304 |
| City of Social Circle Combined Public <br> Utility, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 02/01/2034 | 840000 | 962963 |
| DeKalb County Development Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/01/2035 | 250000 | 249152 |
| Development Authority of Burke County, <br> Revenue Bonds, |  |  |
| Fixed until 10/31/2025, |  |  |
| 3.95% <sup>(A)</sup>, 11/01/2052 | 11000000 | 11000000 |
| Development Authority of Lagrange, <br> Revenue Bonds, |  |  |
| 4.50%, 10/15/2031 | 1405000 | 1370534 |
| 5.00%, 10/15/2052 | 450000 | 371880 |
| Main Street Natural Gas, Inc., Revenue <br> Bonds, |  |  |
| Series B, Fixed until 12/01/2029, |  |  |
| 5.00% <sup>(A)</sup>, 07/01/2053 | 2500000 | 2679329 |
| Municipal Gas Authority of Georgia, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 09/01/2038 | 550000 | 616897 |
| Washington County Public Facilities <br> Authority, Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2036 | 500000 | 574614 |
|  |  | 21710686 |
| **Idaho - 0.1%**  | **Idaho - 0.1%**  | **Idaho - 0.1%**  |
| Idaho Health Facilities Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 03/01/2040 | 810000 | 790793 |
| Idaho Housing & Finance Association, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.63%, 07/01/2029 <sup>(C)</sup> <br>| 110000 | 110280 |
| 5.00%, 05/01/2035 | 150000 | 160339 |
|  |  | 1061412 |
| **Illinois - 6.5%**  | **Illinois - 6.5%**  | **Illinois - 6.5%**  |
| Chicago Board of Education, General <br> Obligation Unlimited, |  |  |
| Series A, AG, |  |  |
| 5.00%, 12/01/2026 - 12/01/2033 | 2155000 | 2246612 |
| Series C, AG, |  |  |
| 5.00%, 12/01/2027 | 300000 | 309312 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Chicago Park District, General Obligation <br> Unlimited, |  |  |
| Series D, BAM, |  |  |
| 4.00%, 01/01/2035 | $285000 | $289105 |
| City of Chicago, General Obligation <br> Unlimited, |  |  |
| Series E, BAM, |  |  |
| 6.00%, 01/01/2043 | 1720000 | 1930086 |
| City of Lake Forest, General Obligation <br> Unlimited, |  |  |
| 2.00%, 12/15/2029 | 3275000 | 3124444 |
| City of Springfield Electric, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 03/01/2026 | 875000 | 880601 |
| Cook County School District No. 72 Skokie <br> Fairview, General Obligation Limited, |  |  |
| Series A, |  |  |
| 3.00%, 12/01/2034 | 425000 | 403354 |
| County of Sangamon, General Obligation <br> Limited, |  |  |
| BAM, |  |  |
| 3.00%, 12/15/2038 | 825000 | 752933 |
| Illinois Finance Authority, Revenue Bonds, |  |  |
| 4.00%, 10/15/2037 | 6700000 | 5999334 |
| 5.00%, 01/01/2028 - 10/01/2034 | 1645000 | 1687890 |
| 5.00%, 12/01/2036 | 750000 | 751004 |
| Series A, |  |  |
| 4.00%, 07/15/2036 - 08/15/2037 | 4805000 | 4841493 |
| 5.00%, 11/01/2029 | 4340000 | 4396188 |
| Illinois Housing Development Authority, <br> Revenue Bonds, |  |  |
| FNMA, |  |  |
| 2.63%, 09/01/2032 | 1325772 | 1243020 |
| Illinois Sports Facilities Authority, Revenue <br> Bonds, |  |  |
| BAM-TCRS, |  |  |
| 5.00%, 06/15/2028 | 1400000 | 1464025 |
| &nbsp;&nbsp; McHenry & Lake Counties Community <br> High School District No. 155 Crystal Lake, <br>General Obligation Unlimited, |  |  |
| 4.00%, 06/30/2042 | 555000 | 540494 |
| &nbsp;&nbsp; Metropolitan Water Reclamation District of <br> Greater Chicago, General Obligation <br>Unlimited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2028 | 165000 | 168597 |
| Northeastern Illinois University, Certificate <br> of Participation, |  |  |
| BAM, |  |  |
| 5.00%, 07/01/2028 - 07/01/2030 | 1160000 | 1222663 |
| Northern Illinois University, Certificate of <br> Participation, |  |  |
| BAM, |  |  |
| 5.50%, 04/01/2049 | 3015000 | 3180158 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| Northern Illinois University, Revenue <br> Bonds, |  |  |
| Series B, BAM, |  |  |
| 4.00%, 04/01/2036 - 04/01/2041 | $1365000 | $1353873 |
| &nbsp;&nbsp; Peoria County Community Unit School <br> District No. 323, General Obligation Debt <br>Certificates, |  |  |
| 4.00%, 04/01/2028 - 04/01/2031 | 5000000 | 4982751 |
| Regional Transportation Authority, <br> Revenue Bonds, |  |  |
| Series A, NATL, |  |  |
| 6.00%, 07/01/2033 | 365000 | 423450 |
| Sangamon County School District No. 186 <br> Springfield, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 06/01/2044 | 1000000 | 1061059 |
| &nbsp;&nbsp; South Suburban College Community <br> School District No. 510, General <br>Obligation Limited, |  |  |
| BAM-TCRS, |  |  |
| Zero Coupon, 12/01/2033 | 600000 | 449412 |
| Southern Illinois University, Certificate of <br> Participation, |  |  |
| Series A, AG, |  |  |
| 5.00%, 02/15/2027 - 02/15/2029 | 3135000 | 3256894 |
| Series A-1, BAM, |  |  |
| 4.00%, 02/15/2026 | 455000 | 455143 |
| Southwestern Illinois Development <br> Authority, Revenue Bonds, |  |  |
| Series B, BAM-TCRS, |  |  |
| 5.00%, 10/15/2026 | 800000 | 801316 |
| &nbsp;&nbsp; St. Clair County Community Unit School <br> District No. 187 Cahokia, General <br>Obligation Unlimited, |  |  |
| Series A, AG, |  |  |
| 5.00%, 01/01/2049 | 1070000 | 1100071 |
| Series B, AG, |  |  |
| 5.00%, 01/01/2042 - 01/01/2044 | 800000 | 840628 |
| St. Clair County School District No. 118 <br> Belleville, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.50%, 12/01/2037 - 12/01/2039 | 2510000 | 2817108 |
| &nbsp;&nbsp; Stephenson County School District No. <br> 145 Freeport, General Obligation <br>Unlimited, |  |  |
| Series C, AG, |  |  |
| 5.00%, 10/01/2045 | 1890000 | 1966967 |
| &nbsp;&nbsp; Tazewell County School District No. <br> 52 Washington, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 6.50%, 12/01/2045 | 580000 | 675693 |
| United City of Yorkville, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 4.25%, 12/30/2044 | 1000000 | 997661 |
| Village of Lyons, General Obligation <br> Unlimited, |  |  |
| Series B, BAM, |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
| &nbsp;&nbsp; Village of Lyons, General Obligation <br> Unlimited, (continued)<br>|  |  |
| 4.00%, 12/01/2037 | $1050000 | $1064236 |
| 5.00%, 12/01/2032 | 125000 | 125176 |
| Village of Stone Park, General Obligation <br> Unlimited, |  |  |
| Series B, BAM, |  |  |
| 5.25%, 02/01/2043 | 1165000 | 1237071 |
| &nbsp;&nbsp; Whiteside Bureau & Henry Counties <br> Community Unit School District No. 3, <br>General Obligation Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2031 - 12/01/2032 | 605000 | 677915 |
| &nbsp;&nbsp; Will County Community Unit School District <br> No. 201-U Crete-Monee, General <br>Obligation Limited, |  |  |
| Series E, AG, |  |  |
| 5.25%, 09/01/2042 | 1885000 | 2001396 |
|  |  | 61719133 |
| **Indiana - 6.2%**  | **Indiana - 6.2%**  | **Indiana - 6.2%**  |
| Bloomington Redevelopment District, Tax <br> Allocation, |  |  |
| AG, |  |  |
| 5.00%, 02/01/2040 | 515000 | 563152 |
| Borden-Henryville Multi-School Building <br> Corp., Revenue Bonds, |  |  |
| 5.00%, 07/15/2045 | 1090000 | 1127832 |
| City of Franklin Sewage Works, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 03/01/2041 | 300000 | 324201 |
| Clark Pleasant Middle School Corp., <br> Revenue Bonds, |  |  |
| 3.00%, 07/15/2034 | 605000 | 581062 |
| East Chicago School City, General <br> Obligation Limited, |  |  |
| 5.00%, 12/30/2028 - 12/30/2029 | 650000 | 700303 |
| Fishers Town Hall Building Corp., Revenue <br> Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.75%, 07/15/2058 | 5680000 | 6315963 |
| Gary Chicago International Airport <br> Authority, Tax Allocation, |  |  |
| AG, |  |  |
| 5.00%, 02/01/2037 | 775000 | 840249 |
| Greater Jasper School Building Corp., <br> Revenue Bonds, |  |  |
| 5.00%, 07/15/2038 - 07/15/2041 | 1945000 | 2130821 |
| Hamilton County Hospital Association, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 07/15/2037 <sup>(B)</sup> <br>| 1395000 | 1562022 |
| Hancock County Redevelopment Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 08/15/2036 | 675000 | 762949 |
| Indiana Finance Authority, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 01/01/2042 | 1295000 | 1344965 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Indiana (continued)** | **Indiana (continued)** | **Indiana (continued)** |
| &nbsp;&nbsp; Indiana Finance Authority, Revenue <br> Bonds, (continued)<br>|  |  |
| Series A, |  |  |
| 3.00%, 11/01/2030 | $3620000 | $3502211 |
| Series B, |  |  |
| 2.50%, 11/01/2030 | 2450000 | 2314914 |
| 3.00%, 11/01/2030 | 4645000 | 4493860 |
| Series D, Fixed until 10/01/2030, |  |  |
| 5.00% <sup>(A)</sup>, 10/01/2063 | 1765000 | 1952249 |
| IPS Multi-School Building Corp., Revenue <br> Bonds, |  |  |
| 5.00%, 07/15/2037 - 07/15/2042 <sup>(B)</sup> <br>| 4220000 | 4681441 |
| Kokomo-Center School Building Corp., <br> Revenue Bonds, |  |  |
| 3.00%, 07/15/2034 | 535000 | 515414 |
| Posey County Redevelopment Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 01/15/2031 | 190000 | 208710 |
| Terre Haute Sanitary District, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 07/01/2042 | 590000 | 627042 |
| Town of Huntertown Sewage Works, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 01/01/2039 | 1295000 | 1425966 |
| Westfield High School Building Corp., <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 07/15/2031 - 07/15/2037 <sup>(B)</sup> <br>| 10450000 | 11604244 |
| Westfield-Washington Multi-School <br> Building Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 01/15/2032 - 01/15/2038 <sup>(B)</sup> <br>| 8880000 | 9828532 |
| 5.25%, 07/15/2041 | 1475000 | 1624444 |
|  |  | 59032546 |
| **Iowa - 0.2%**  | **Iowa - 0.2%**  | **Iowa - 0.2%**  |
| Le Mars Community School District, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 06/01/2038 | 1030000 | 1048439 |
| &nbsp;&nbsp; Sheldon Community School District School <br> Infrastructure Sales Services & Use Tax, <br>Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 06/01/2036 - 06/01/2037 | 910000 | 974996 |
|  |  | 2023435 |
| **Kansas - 0.3%**  | **Kansas - 0.3%**  | **Kansas - 0.3%**  |
| &nbsp;&nbsp; Johnson & Miami Counties Unified School <br> District No. 230 Spring Hills, General <br>Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.00%, 09/01/2045 | 80000 | 91733 |
| Kansas Development Finance Authority, <br> Revenue Bonds, |  |  |
| Series C-1, BAM-TCRS, |  |  |
| 5.00%, 09/01/2041 | 1050000 | 1128250 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Kansas (continued)** | **Kansas (continued)** | **Kansas (continued)** |
| University of Kansas Hospital Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 09/01/2033 | $1880000 | $1881609 |
|  |  | 3101592 |
| **Kentucky - 0.4%**  | **Kentucky - 0.4%**  | **Kentucky - 0.4%**  |
| Kentucky Municipal Power Agency, <br> Revenue Bonds, |  |  |
| Series A, Fixed until 11/26/2025, |  |  |
| 3.45% <sup>(A)</sup>, 09/01/2042 | 2000000 | 1997022 |
| University of Louisville, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 09/01/2043 | 1345000 | 1446627 |
|  |  | 3443649 |
| **Louisiana - 0.6%**  | **Louisiana - 0.6%**  | **Louisiana - 0.6%**  |
| City of Shreveport Water & Sewer , <br> Revenue Bonds, |  |  |
| Series B, AG, |  |  |
| 5.00%, 12/01/2027 | 500000 | 520017 |
| Series C, BAM, |  |  |
| 5.00%, 12/01/2027 | 300000 | 311519 |
| Greater New Orleans Expressway <br> Commission, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 11/01/2047 | 1255000 | 1255000 |
| Louisiana Housing Corp., Revenue Bonds, |  |  |
| Series B, GNMA, FNMA, FHLMC, |  |  |
| 1.15%, 06/01/2028 | 550000 | 513629 |
| Louisiana Public Facilities Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2022 - 07/01/2027 <sup>(F)</sup><sup>(G)</sup> <br>| 3160000 | 1058600 |
| AG, |  |  |
| 5.00%, 07/01/2039 | 500000 | 553896 |
| New Orleans Aviation Board, Revenue <br> Bonds, |  |  |
| AG, |  |  |
| 5.00%, 01/01/2029 | 700000 | 731745 |
| St. John Baptist Parish Law Enforcement <br> District, Special Tax, |  |  |
| AG, |  |  |
| 5.25%, 03/01/2045 | 485000 | 518826 |
|  |  | 5463232 |
| **Maine - 0.3%**  | **Maine - 0.3%**  | **Maine - 0.3%**  |
| Finance Authority of Maine, Revenue <br> Bonds, |  |  |
| Series A, AG, |  |  |
| 4.75%, 12/01/2035 | 500000 | 518906 |
| Maine State Housing Authority, Revenue <br> Bonds, |  |  |
| Series E, |  |  |
| 4.45%, 11/15/2038 | 2145000 | 2238894 |
| Regional School Unit No. 14, General <br> Obligation Unlimited, |  |  |
| 5.00%, 11/01/2029 | 90000 | 98313 |
|  |  | 2856113 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Maryland - 1.1%**  | **Maryland - 1.1%**  | **Maryland - 1.1%**  |
| County of Baltimore, General Obligation <br> Unlimited, |  |  |
| 5.00%, 03/01/2036 | $3050000 | $3353965 |
| County of Prince George's, General <br> Obligation Limited, |  |  |
| 5.00%, 08/01/2034 | 240000 | 283566 |
| Maryland Environmental Service, Revenue <br> Bonds, |  |  |
| 5.00%, 11/01/2037 - 11/01/2038 | 3395000 | 3876531 |
| Maryland Health & Higher Educational <br> Facilities Authority, Revenue Bonds, |  |  |
| AG-CR, |  |  |
| 5.00%, 07/01/2034 | 745000 | 842318 |
| AG, |  |  |
| 5.00%, 07/01/2043 | 945000 | 1016438 |
| Series C, AG, |  |  |
| 5.00%, 07/01/2035 - 07/01/2043 <sup>(B)</sup> <br>| 1060000 | 1166818 |
|  |  | 10539636 |
| **Massachusetts - 1.2%**  | **Massachusetts - 1.2%**  | **Massachusetts - 1.2%**  |
| Massachusetts Development Finance <br> Agency, Revenue Bonds, |  |  |
| 5.00%, 10/01/2039 | 250000 | 255131 |
| Series B, Fixed until 02/18/2031, |  |  |
| 5.00% <sup>(A)</sup>, 08/15/2055 | 770000 | 836581 |
| Series D, |  |  |
| 4.00%, 07/01/2045 | 160000 | 143468 |
| 5.00%, 07/01/2044 | 605000 | 595992 |
| Series E, |  |  |
| 4.00%, 07/01/2038 | 1090000 | 1083455 |
| 5.00%, 07/01/2031 - 07/01/2035 | 3985000 | 4014512 |
| Series G, |  |  |
| 5.00%, 07/01/2027 | 1020000 | 1044806 |
| Series H, AG, |  |  |
| 5.25%, 10/01/2033 | 210000 | 219495 |
| Series I, |  |  |
| 5.00%, 07/01/2030 | 1115000 | 1130486 |
| Series K, |  |  |
| 5.00%, 07/01/2038 | 170000 | 171669 |
| Series N, AG, |  |  |
| 5.00%, 07/01/2034 | 1165000 | 1342726 |
| Series S-1, |  |  |
| 4.00%, 07/01/2041 | 460000 | 452750 |
| Massachusetts School Building Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 02/15/2038 | 245000 | 290744 |
|  |  | 11581815 |
| **Michigan - 1.4%**  | **Michigan - 1.4%**  | **Michigan - 1.4%**  |
| Charles Stewart Mott Community College, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 05/01/2042 - 05/01/2044 | 3730000 | 4065467 |
| City of Trenton, General Obligation <br> Unlimited, |  |  |
| BAM, |  |  |
| 5.00%, 04/01/2044 | 80000 | 84029 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |
| Detroit Wayne County Stadium Authority, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 10/01/2026 | $690000 | $690383 |
| Eastern Michigan University, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 03/01/2039 | 845000 | 932671 |
| Series A, AG, |  |  |
| 4.00%, 03/01/2044 | 310000 | 292240 |
| Four Lakes Special Assessment District, <br> Special Assessment, |  |  |
| 5.00%, 06/01/2035 | 1420000 | 1567637 |
| Grosse Ile Township School District, <br> General Obligation Unlimited, |  |  |
| Series II, |  |  |
| 5.00%, 05/01/2042 | 400000 | 435177 |
| Michigan Finance Authority, Revenue <br> Bonds, |  |  |
| Series 2013-5, |  |  |
| 4.00%, 12/01/2040 | 2425000 | 2411410 |
| Series A, BAM, |  |  |
| 5.00%, 07/01/2032 | 900000 | 1014816 |
| Michigan Strategic Fund, Revenue Bonds, |  |  |
| 5.00%, 11/15/2049 | 2150000 | 2013119 |
| Southfield Public Schools, General <br> Obligation Unlimited, |  |  |
| 5.00%, 05/01/2042 | 375000 | 407668 |
|  |  | 13914617 |
| **Minnesota - 2.1%**  | **Minnesota - 2.1%**  | **Minnesota - 2.1%**  |
| City of Burnsville, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 2.30%, 12/20/2028 | 800000 | 778982 |
| City of Coon Rapids, Revenue Bonds, |  |  |
| Series M, FNMA, |  |  |
| 5.60%, 12/01/2039 | 1736125 | 1953991 |
| City of Minneapolis, Revenue Bonds, |  |  |
| Series A, Fixed until 11/15/2028, |  |  |
| 5.00% <sup>(A)</sup>, 11/15/2052 | 2200000 | 2309702 |
| City of Red Wing, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 08/01/2047 | 655000 | 561875 |
| County of Aitkin, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.20%, 02/01/2037 | 615000 | 585911 |
| County of Carlton, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 5.00%, 02/01/2035 | 720000 | 799180 |
| County of Renville, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 5.00%, 02/01/2028 | 505000 | 513268 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Minnesota (continued)** | **Minnesota (continued)** | **Minnesota (continued)** |
| Duluth Economic Development Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 07/01/2041 | $905000 | $758517 |
| Duluth Independent School District No. <br> 709, General Obligation Unlimited, |  |  |
| Series A, |  |  |
| Zero Coupon, 02/01/2032 - 02/01/2034 <sup>(B)</sup> <br>| 4775000 | 3803200 |
| &nbsp;&nbsp; Housing & Redevelopment Authority of The <br> City of St. Paul Minnesota, Revenue <br>Bonds, |  |  |
| 5.00%, 07/01/2028 | 2405000 | 2531688 |
| Series A, |  |  |
| 5.00%, 12/01/2030 | 195000 | 195163 |
| Lakeville Independent School District No. <br> 194, General Obligation Unlimited, |  |  |
| Series A, |  |  |
| 4.00%, 02/01/2034 | 800000 | 847745 |
| Maccray Independent School District No. <br> 2180, General Obligation Unlimited, |  |  |
| Series A, |  |  |
| 2.00%, 02/01/2033 | 225000 | 200487 |
| St. Paul Port Authority, Revenue Bonds, |  |  |
| Series 1, |  |  |
| 5.00%, 10/01/2043 | 1065000 | 1120031 |
| State of Minnesota, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 4.00%, 09/01/2037 | 820000 | 855246 |
| Township of Baytown, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 08/01/2036 | 520000 | 484340 |
| Waconia Independent School District No. <br> 110, General Obligation Unlimited, |  |  |
| Series A, |  |  |
| 5.00%, 02/01/2034 | 1185000 | 1346628 |
|  |  | 19645954 |
| **Mississippi - 0.5%**  | **Mississippi - 0.5%**  | **Mississippi - 0.5%**  |
| Mississippi Development Bank, Revenue <br> Bonds, |  |  |
| AG, |  |  |
| 3.00%, 12/01/2033 | 195000 | 185509 |
| 6.88%, 12/01/2040 | 3160000 | 3211762 |
| BAM, |  |  |
| 5.00%, 05/01/2041 | 1230000 | 1317222 |
|  |  | 4714493 |
| **Missouri - 0.7%**  | **Missouri - 0.7%**  | **Missouri - 0.7%**  |
| Health & Educational Facilities Authority of <br> the State of Missouri, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 02/01/2029 - 11/15/2035 | 2905000 | 3059304 |
| Series B, Fixed until 05/01/2026, |  |  |
| 4.00% <sup>(A)</sup>, 05/01/2051 | 460000 | 462399 |
| Kansas City Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series 2024 A-1, |  |  |
| 5.00%, 06/01/2054 <sup>(C)</sup> <br>| 800000 | 755444 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Missouri (continued)** | **Missouri (continued)** | **Missouri (continued)** |
| Lebanon Reorganized School District No. <br> R-3, General Obligation Unlimited, |  |  |
| 5.50%, 03/01/2045 | $320000 | $355038 |
| St. Charles County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.65%, 04/01/2043 | 2173263 | 2249806 |
|  |  | 6881991 |
| **Nebraska - 0.1%**  | **Nebraska - 0.1%**  | **Nebraska - 0.1%**  |
| Elkhorn School District, General Obligation <br> Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 06/15/2041 | 50000 | 54496 |
| Loup River Public Power District, Revenue <br> Bonds, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2032 | 1020000 | 1156637 |
|  |  | 1211133 |
| **Nevada - 0.2%**  | **Nevada - 0.2%**  | **Nevada - 0.2%**  |
| Henderson Redevelopment Agency, Tax <br> Allocation, |  |  |
| AG, |  |  |
| 5.25%, 04/01/2043 | 690000 | 749980 |
| Sparks Tourism Improvement District No. <br> 1, Revenue Bonds, |  |  |
| 3.88%, 06/15/2028 <sup>(B)</sup> <br>| 1000000 | 999262 |
|  |  | 1749242 |
| **New Hampshire - 1.9%**  | **New Hampshire - 1.9%**  | **New Hampshire - 1.9%**  |
| New Hampshire Business Finance <br> Authority, Revenue Bonds, |  |  |
| Zero Coupon, 12/01/2031 <sup>(C)</sup> <br>| 7000000 | 4895597 |
| Series 2025-A, |  |  |
| 5.00%, 06/01/2030 - 06/01/2031 | 1350000 | 1472779 |
| Series A, BAM, |  |  |
| 5.25%, 12/01/2041 - 06/01/2051 | 5675000 | 6004129 |
| New Hampshire Health & Education <br> Facilities Authority Act, Revenue Bonds, |  |  |
| 5.00%, 08/01/2038 | 1645000 | 1842404 |
| New Hampshire Municipal Bond Bank, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 08/15/2043 | 3455000 | 3725413 |
|  |  | 17940322 |
| **New Jersey - 2.1%**  | **New Jersey - 2.1%**  | **New Jersey - 2.1%**  |
| Casino Reinvestment Development <br> Authority, Inc., Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 11/01/2037 | 1075000 | 1199732 |
| City of Atlantic City, General Obligation <br> Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 11/01/2025 | 465000 | 465000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New Jersey (continued)** | **New Jersey (continued)** | **New Jersey (continued)** |
| Essex County Improvement Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2035 <sup>(F)</sup><sup>(G)</sup> <br>| $535000 | $240750 |
| Montclair Public Schools, General <br> Obligation Unlimited, |  |  |
| 3.00%, 01/15/2033 | 930000 | 936717 |
| 4.00%, 08/01/2035 | 1655000 | 1765344 |
| New Jersey Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.25%, 09/01/2027 <sup>(C)</sup> <br>| 110000 | 110497 |
| 5.00%, 09/01/2037 <sup>(C)</sup> <br>| 750000 | 754992 |
| Series A, BAM, |  |  |
| 5.00%, 07/01/2027 | 1000000 | 1030415 |
| New Jersey Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 07/01/2033 | 395000 | 455113 |
| Series C, |  |  |
| 5.00%, 07/01/2031 | 1165000 | 1166112 |
| New Jersey Health Care Facilities <br> Financing Authority, Revenue Bonds, |  |  |
| 5.00%, 07/01/2029 | 435000 | 467767 |
| New Jersey Transportation Trust Fund <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM-TCRS, |  |  |
| Zero Coupon, 12/15/2027 | 5385000 | 5070781 |
| Newark Housing Authority, Revenue <br> Bonds, |  |  |
| NATL, |  |  |
| 5.00%, 01/01/2032 | 760000 | 818642 |
| Somerville School District, General <br> Obligation Unlimited, |  |  |
| 1.25%, 05/15/2027 | 1000000 | 974093 |
| South Jersey Transportation Authority, <br> Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 11/01/2026 - 11/01/2038 | 1060000 | 1185158 |
| Toms River Board of Education, General <br> Obligation Unlimited, |  |  |
| 3.00%, 07/15/2035 - 07/15/2037 | 725000 | 622857 |
| Township of Weehawken, General <br> Obligation Unlimited, |  |  |
| Series A, BAM, |  |  |
| 4.25%, 07/01/2027 - 07/01/2028 | 2910000 | 3007662 |
|  |  | 20271632 |
| **New Mexico - 0.2%**  | **New Mexico - 0.2%**  | **New Mexico - 0.2%**  |
| County of Santa Fe, Revenue Bonds, |  |  |
| Fixed until 08/01/2027, |  |  |
| 3.29% <sup>(A)</sup>, 12/10/2049 | 2200000 | 2207785 |
| **New York - 7.9%**  | **New York - 7.9%**  | **New York - 7.9%**  |
| Albany Capital Resource Corp., Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 05/01/2038 | 750000 | 842211 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York (continued)** | **New York (continued)** | **New York (continued)** |
| Alfred Almond Central School District, <br> General Obligation Unlimited, |  |  |
| 4.00%, 06/01/2034 - 06/01/2035 | $260000 | $277752 |
| Brooklyn Arena Local Development Corp., <br> Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 3.00%, 07/15/2036 | 250000 | 226104 |
| 4.00%, 07/15/2035 | 1165000 | 1171409 |
| Broome County Local Development Corp., <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 4.00%, 04/01/2038 - 04/01/2039 | 1300000 | 1301897 |
| Buffalo & Erie County Industrial Land <br> Development Corp., Revenue Bonds, |  |  |
| 3.88%, 08/01/2027 | 1115000 | 1111882 |
| City of Auburn, General Obligation Limited, |  |  |
| AG, |  |  |
| 4.00%, 08/01/2035 - 08/01/2038 | 860000 | 916958 |
| Clinton County Capital Resource Corp., <br> Revenue Bonds, |  |  |
| 5.00%, 07/01/2046 <sup>(C)</sup> <br>| 700000 | 724283 |
| Corning City School District, General <br> Obligation Unlimited, |  |  |
| 2.00%, 06/15/2033 | 250000 | 219092 |
| 4.00%, 06/15/2038 | 1070000 | 1107073 |
| County of Orange, General Obligation <br> Limited, |  |  |
| Series A, |  |  |
| 2.50%, 06/15/2031 | 1880000 | 1773449 |
| East Aurora Union Free School District, <br> General Obligation Unlimited, |  |  |
| 4.00%, 06/15/2037 | 135000 | 140035 |
| Island Trees Union Free School District, <br> General Obligation Unlimited, |  |  |
| 2.00%, 05/15/2032 | 1545000 | 1400386 |
| Metropolitan Transportation Authority, <br> Revenue Bonds, |  |  |
| Series D-1, BAM, |  |  |
| 5.00%, 11/15/2033 | 2650000 | 2651859 |
| Monroe County Industrial Development <br> Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2032 | 1250000 | 1251833 |
| New York City Municipal Water Finance <br> Authority, Revenue Bonds, |  |  |
| Series AA-6, Fixed until 10/31/2025, |  |  |
| 3.80% <sup>(A)</sup>, 06/15/2048 | 12000000 | 12000000 |
| Series CC-1, |  |  |
| 5.25%, 06/15/2054 | 1295000 | 1378106 |
| &nbsp;&nbsp; New York City Transitional Finance <br> Authority Future Tax Secured, Revenue <br>Bonds, |  |  |
| Series D, |  |  |
| 5.50%, 05/01/2052 | 300000 | 324477 |
| Series H, |  |  |
| 5.50%, 11/01/2051 | 230000 | 250354 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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 VI, <br> Revenue Bonds, |  |  |
| Series C, |  |  |
| 3.75%, 06/01/2045 | $180000 | $134523 |
| New York State Dormitory Authority, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 07/01/2031 - 07/01/2036 | 2250000 | 2587073 |
| 5.25%, 07/01/2041 | 460000 | 508565 |
| 5.50%, 10/01/2054 | 5185000 | 5560583 |
| 5.00%, 08/15/2039 <sup>(B)</sup> <br>| 435000 | 483552 |
| 5.25%, 10/01/2049 | 1300000 | 1324087 |
| Series A, |  |  |
| 5.00%, 10/01/2037 | 9305000 | 10226832 |
| 5.50%, 07/01/2054 | 6520000 | 7130337 |
| Series A, AG, |  |  |
| 5.25%, 07/01/2043 | 235000 | 256442 |
| Series A-1, |  |  |
| 4.00%, 07/01/2043 | 2500000 | 2449962 |
| New York State Energy Research & <br> Development Authority, Revenue Bonds, |  |  |
| Series C, |  |  |
| 4.00%, 04/01/2034 | 185000 | 190783 |
| New York State Housing Finance Agency, <br> Revenue Bonds, |  |  |
| Series D-2, Fixed until 11/21/2025, |  |  |
| 3.10% <sup>(A)</sup>, 05/01/2062 | 145000 | 144911 |
| New York State Thruway Authority, <br> Revenue Bonds, |  |  |
| Series O, |  |  |
| 4.00%, 01/01/2038 | 2100000 | 2129716 |
| New York Transportation Development <br> Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2029 | 105000 | 111884 |
| Oneida County Local Development Corp., <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 12/01/2026 - 12/01/2029 | 4350000 | 4385193 |
| Port Authority of New York & New Jersey, <br> Revenue Bonds, |  |  |
| Series 212, |  |  |
| 4.00%, 09/01/2037 | 795000 | 811476 |
| Series 250, |  |  |
| 5.00%, 10/15/2037 | 1745000 | 2027928 |
| Westchester County Local Development <br> Corp., Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 11/01/2047 | 2240000 | 2310198 |
| 5.75%, 11/01/2049 - 11/01/2053 | 2975000 | 3232939 |
|  |  | 75076144 |
| **North Carolina - 0.2%**  | **North Carolina - 0.2%**  | **North Carolina - 0.2%**  |
| North Carolina Medical Care Commission, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 02/01/2036 | 805000 | 822233 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **North Carolina (continued)** | **North Carolina (continued)** | **North Carolina (continued)** |
| &nbsp;&nbsp; North Carolina Medical Care Commission, <br> Revenue Bonds, (continued)<br>|  |  |
| Series B-1, |  |  |
| 2.55%, 09/01/2026 | $1550000 | $1531623 |
| North Carolina Turnpike Authority, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 4.00%, 01/01/2037 | 80000 | 80752 |
|  |  | 2434608 |
| **North Dakota - 1.3%**  | **North Dakota - 1.3%**  | **North Dakota - 1.3%**  |
| City of Grand Forks, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 2.25%, 12/01/2027 | 310000 | 303322 |
| 3.00%, 12/01/2035 | 430000 | 407259 |
| City of Grand Forks, Revenue Bonds, |  |  |
| AG-CR, |  |  |
| 4.00%, 12/01/2037 - 12/01/2046 | 3070000 | 2910648 |
| 5.00%, 12/01/2033 | 500000 | 542958 |
| Series A, AG, |  |  |
| 5.00%, 12/01/2040 - 12/01/2042 | 640000 | 672439 |
| City of Horace, General Obligation <br> Unlimited, |  |  |
| Series B, |  |  |
| 4.85%, 08/01/2026 | 1100000 | 1100286 |
| Series C, |  |  |
| 4.50%, 05/01/2039 | 1640000 | 1670704 |
| 4.75%, 05/01/2044 | 1100000 | 1093665 |
| 5.00%, 05/01/2050 | 610000 | 610327 |
| Mandan Public School District No. 1, <br> General Obligation Unlimited, |  |  |
| 2.00%, 08/01/2034 | 1685000 | 1434130 |
| Williston Parks & Recreation District, <br> Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 12/01/2034 | 1545000 | 1768608 |
|  |  | 12514346 |
| **Ohio - 3.8%**  | **Ohio - 3.8%**  | **Ohio - 3.8%**  |
| Bedford City School District, General <br> Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.50%, 12/01/2029 - 12/01/2037 | 2030000 | 2313921 |
| Brunswick City School District, General <br> Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.50%, 12/01/2060 | 1295000 | 1373964 |
| City of Chillicothe, Revenue Bonds, |  |  |
| 4.00%, 12/01/2042 | 110000 | 102169 |
| City of Norwood, Tax Allocation, |  |  |
| 4.38%, 12/01/2030 | 595000 | 599825 |
| 5.00%, 12/01/2041 | 500000 | 508368 |
| Clermont County Port Authority, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2032 | 2200000 | 2202514 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Columbus Metropolitan Housing Authority, <br> Revenue Bonds, |  |  |
| Series D, |  |  |
| 4.00%, 11/01/2035 | $2000000 | $1974931 |
| Columbus-Franklin County Finance <br> Authority, Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.82%, 11/01/2043 | 200000 | 213297 |
| County of Butler, Revenue Bonds, |  |  |
| BAM-TCRS, |  |  |
| 3.63%, 11/15/2038 | 400000 | 365363 |
| County of Fayette, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.25%, 12/01/2028 - 12/01/2030 | 590000 | 638047 |
| County of Hamilton, Revenue Bonds, |  |  |
| 5.00%, 01/01/2036 | 1000000 | 1001163 |
| 5.25%, 01/01/2035 | 415000 | 452102 |
| County of Warren, Revenue Bonds, |  |  |
| 5.00%, 07/01/2032 - 07/01/2049 | 2505000 | 2514315 |
| Kings Local School District, General <br> Obligation Unlimited, |  |  |
| 5.50%, 12/01/2062 | 3655000 | 3886737 |
| Margaretta Local School District, <br> Certificate of Participation, |  |  |
| BAM, |  |  |
| 5.50%, 10/01/2038 | 700000 | 779165 |
| North Ridgeville City School District, <br> General Obligation Unlimited, |  |  |
| 5.50%, 12/01/2057 | 955000 | 993895 |
| Northeast Ohio Medical University, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 12/01/2038 - 12/01/2040 | 1070000 | 1131293 |
| Ohio Air Quality Development Authority, <br> Revenue Bonds, |  |  |
| Series A, Fixed until 12/01/2025, |  |  |
| 2.40% <sup>(A)</sup>, 12/01/2038 | 115000 | 109128 |
| Series C, Fixed until 11/04/2025, |  |  |
| 1.50% <sup>(A)</sup>, 02/01/2026 | 1900000 | 1899856 |
| Ohio Higher Educational Facility <br> Commission, Revenue Bonds, |  |  |
| 4.00%, 07/01/2032 | 375000 | 390164 |
| Series A, |  |  |
| 3.13%, 12/01/2030 | 175000 | 174986 |
| Ohio Housing Finance Agency, Revenue <br> Bonds, |  |  |
| Series K, GNMA, FNMA, FHLMC, |  |  |
| 3.35%, 09/01/2039 | 200000 | 184483 |
| Port of Greater Cincinnati Development <br> Authority, Revenue Bonds, |  |  |
| Series C, AG, |  |  |
| 5.00%, 12/01/2043 | 105000 | 110878 |
| State of Ohio, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 01/15/2033 | 3000000 | 3357739 |
| Summit County Development Finance <br> Authority, Revenue Bonds, |  |  |
| 3.00%, 11/15/2035 | 2885000 | 2738333 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Ohio (continued)** | **Ohio (continued)** | **Ohio (continued)** |
| Toledo-Lucas County Port Authority, <br> Revenue Bonds, |  |  |
| Series B, |  |  |
| 3.25%, 05/15/2040 | $825000 | $708696 |
| Series C, |  |  |
| 5.00%, 11/15/2039 - 11/15/2054 | 3380000 | 3519604 |
| Warren County Port Authority, Revenue <br> Bonds, |  |  |
| Series C, |  |  |
| 3.00%, 12/01/2031 | 1180000 | 1119875 |
| West Central Ohio Port Authority, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2035 | 600000 | 644341 |
|  |  | 36009152 |
| **Oklahoma - 1.1%**  | **Oklahoma - 1.1%**  | **Oklahoma - 1.1%**  |
| City of Oklahoma City, General Obligation <br> Unlimited, |  |  |
| 3.00%, 03/01/2037 | 6140000 | 5764917 |
| Love County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.50%, 09/01/2034 | 335000 | 337119 |
| Oklahoma County Finance Authority, <br> Revenue Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 10/01/2044 | 2150000 | 2263463 |
| Oklahoma Municipal Power Authority, <br> Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 01/01/2038 | 500000 | 567137 |
| Pontotoc County Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 09/01/2034 | 625000 | 646836 |
| Tulsa Metropolitan Utility Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 04/01/2037 | 695000 | 719256 |
|  |  | 10298728 |
| **Oregon - 0.7%**  | **Oregon - 0.7%**  | **Oregon - 0.7%**  |
| Hillsboro School District No. 1J, General <br> Obligation Unlimited, |  |  |
| 1.50%, 06/15/2029 | 395000 | 371104 |
| Lincoln County School District, General <br> Obligation Unlimited, |  |  |
| 0.00% <sup>(D)</sup>, 06/15/2032 | 1000000 | 1087892 |
| Multnomah County School District No. 1J <br> Portland, General Obligation Unlimited, |  |  |
| Series B, |  |  |
| 3.00%, 06/15/2029 | 1530000 | 1531716 |
| Oregon Coast Community College District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 06/15/2043 | 275000 | 297917 |
| State of Oregon Housing & Community <br> Services Department, Revenue Bonds, |  |  |
| Series A, |  |  |
| 2.45%, 07/01/2034 | 3090000 | 2775538 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Oregon (continued)** | **Oregon (continued)** | **Oregon (continued)** |
| &nbsp;&nbsp; State of Oregon Housing & Community <br> Services Department, Revenue <br> Bonds, (continued)<br>|  |  |
| Series K-1, FNMA, |  |  |
| 4.33%, 11/01/2043 | $570000 | $575070 |
|  |  | 6639237 |
| **Pennsylvania - 2.9%**  | **Pennsylvania - 2.9%**  | **Pennsylvania - 2.9%**  |
| Allegheny County Hospital Development <br> Authority, Revenue Bonds, |  |  |
| Series A, AG-CR, |  |  |
| 4.00%, 07/15/2038 - 07/15/2039 | 2805000 | 2824512 |
| Altoona Area School District, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 5.00%, 12/01/2039 | 1100000 | 1101815 |
| Antietam School District, General <br> Obligation Limited, |  |  |
| 5.00%, 04/01/2043 | 270000 | 283854 |
| Bensalem Township School District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 06/01/2028 | 910000 | 911551 |
| Bucks County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 10/01/2033 | 825000 | 841728 |
| Chester County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, BAM, |  |  |
| 5.00%, 08/01/2039 | 3970000 | 4239391 |
| Coatesville School District, General <br> Obligation Limited, |  |  |
| 5.25%, 11/15/2039 | 510000 | 564323 |
| County of Lackawanna, General Obligation <br> Unlimited, |  |  |
| BAM, |  |  |
| 5.25%, 11/01/2039 | 645000 | 704260 |
| County of Lehigh, Revenue Bonds, |  |  |
| AG-CR, |  |  |
| 4.00%, 07/01/2039 | 850000 | 856175 |
| Series A, AG-CR, |  |  |
| 4.00%, 07/01/2033 | 2370000 | 2383096 |
| Cumberland County Municipal Authority, <br> Revenue Bonds, |  |  |
| 5.00%, 01/01/2029 | 540000 | 551983 |
| General Authority of Southcentral <br> Pennsylvania, Revenue Bonds, |  |  |
| 4.00%, 12/01/2030 | 1170000 | 1170139 |
| Hospitals & Higher Education Facilities <br> Authority of Philadelphia, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 07/01/2035 - 07/01/2036 | 1260000 | 1403830 |
| Lancaster Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 12/01/2044 | 755000 | 657167 |
| Luzerne County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 12/15/2027 | 960000 | 962298 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** | **Pennsylvania (continued)** |
| Newtown Township Sewer Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 09/01/2032 | $100000 | $100539 |
| Pennsylvania Higher Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.25%, 11/01/2048 | 970000 | 1031798 |
| Pennsylvania Housing Finance Agency, <br> Revenue Bonds, |  |  |
| Series 121, |  |  |
| 2.25%, 10/01/2026 | 105000 | 103977 |
| Series 132A, |  |  |
| 2.20%, 10/01/2032 | 100000 | 91253 |
| Series 146A, |  |  |
| 4.50%, 10/01/2044 | 875000 | 883190 |
| School District of Philadelphia, General <br> Obligation Limited, |  |  |
| Series A, |  |  |
| 4.00%, 09/01/2035 - 09/01/2036 | 800000 | 818256 |
| Series F, |  |  |
| 5.00%, 09/01/2033 | 435000 | 439737 |
| State Public School Building Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.00%, 06/01/2032 | 2295000 | 2334980 |
| Series A, AG, |  |  |
| 5.00%, 12/01/2043 | 2190000 | 2255991 |
|  |  | 27515843 |
| **Puerto Rico - 0.3%**  | **Puerto Rico - 0.3%**  | **Puerto Rico - 0.3%**  |
| Children's Trust Fund, Revenue Bonds, |  |  |
| 5.63%, 05/15/2043 | 125000 | 127058 |
| Puerto Rico Electric Power Authority, <br> Revenue Bonds, |  |  |
| Series SS, AG, |  |  |
| 4.38%, 07/01/2030 | 145000 | 141889 |
| 5.00%, 07/01/2030 | 2100000 | 2100004 |
| Series UU, AG, |  |  |
| 4.25%, 07/01/2027 | 20000 | 19794 |
| Series VV, AG, |  |  |
| 5.25%, 07/01/2027 | 40000 | 40231 |
| Puerto Rico Municipal Finance Agency, <br> Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 08/01/2027 | 280000 | 280746 |
|  |  | 2709722 |
| **Rhode Island - 0.4%**  | **Rhode Island - 0.4%**  | **Rhode Island - 0.4%**  |
| Providence Public Building Authority, <br> Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.25%, 09/15/2044 | 475000 | 507339 |
| Rhode Island Health & Educational <br> Building Corp., Revenue Bonds, |  |  |
| Series D, |  |  |
| 5.50%, 05/15/2049 | 1365000 | 1488811 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Rhode Island (continued)** | **Rhode Island (continued)** | **Rhode Island (continued)** |
| &nbsp;&nbsp; Rhode Island Health & Educational <br> Building Corp., Revenue <br> Bonds, (continued)<br>|  |  |
| Series F, |  |  |
| 5.50%, 05/15/2052 | $1825000 | $1947141 |
|  |  | 3943291 |
| **South Carolina - 0.4%**  | **South Carolina - 0.4%**  | **South Carolina - 0.4%**  |
| Charleston Housing Authority, Revenue <br> Bonds, |  |  |
| 5.00%, 09/01/2035 | 1000000 | 1053690 |
| South Carolina Jobs-Economic <br> Development Authority, Revenue Bonds, |  |  |
| 5.00%, 10/01/2026 - 02/01/2036 <sup>(C)</sup> <br>| 570000 | 570509 |
| Series A, |  |  |
| 5.25%, 11/01/2043 | 1000000 | 1076497 |
| 5.50%, 11/01/2049 - 11/01/2050 | 975000 | 1040584 |
|  |  | 3741280 |
| **South Dakota - 0.1%**  | **South Dakota - 0.1%**  | **South Dakota - 0.1%**  |
| Brookings School District No. 005-1, <br> General Obligation Limited, |  |  |
| AG, |  |  |
| 5.50%, 06/15/2043 | 445000 | 493250 |
| &nbsp;&nbsp; South Dakota Board of Regents Housing & <br> Auxiliary Facilities System, Revenue <br>Bonds, |  |  |
| 4.00%, 04/01/2042 | 1015000 | 975752 |
|  |  | 1469002 |
| **Tennessee - 2.5%**  | **Tennessee - 2.5%**  | **Tennessee - 2.5%**  |
| Chattanooga Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| 5.00%, 10/01/2027 | 550000 | 550204 |
| Series A-1, |  |  |
| 4.00%, 08/01/2044 | 1100000 | 992321 |
| City of Jackson, Revenue Bonds, |  |  |
| 5.00%, 04/01/2029 | 75000 | 75036 |
| Hamilton County & Chattanooga Sports <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 5.50%, 12/01/2039 | 930000 | 1084038 |
| Knox County Health Educational & <br> Housing Facility Board, Revenue Bonds, |  |  |
| Series A-1, BAM, |  |  |
| 5.00%, 07/01/2038 - 07/01/2043 | 2305000 | 2419343 |
| 5.25%, 07/01/2049 | 5330000 | 5543728 |
| 5.50%, 07/01/2054 - 07/01/2059 | 8025000 | 8479506 |
| &nbsp;&nbsp; Metropolitan Government Nashville & <br> Davidson County Health & Educational <br>Facilities Board, Revenue Bonds, |  |  |
| Series B, FNMA, Fixed until 02/01/2026, |  |  |
| 3.85% <sup>(A)</sup>, 02/01/2048 | 400000 | 400355 |
| New Memphis Arena Public Building <br> Authority, Revenue Bonds, |  |  |
| 0.00% <sup>(D)</sup>, 04/01/2029 | 550000 | 543385 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Tennessee (continued)** | **Tennessee (continued)** | **Tennessee (continued)** |
| Shelby County Health Educational & <br> Housing Facilities Board, Revenue Bonds, |  |  |
| Series A, AG, |  |  |
| 5.00%, 06/01/2029 - 06/01/2032 | $3350000 | $3617988 |
|  |  | 23705904 |
| **Texas - 12.7%**  | **Texas - 12.7%**  | **Texas - 12.7%**  |
| Arlington Higher Education Finance Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 08/15/2034 | 750000 | 782316 |
| Audubon Municipal Utility District No. 1, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2033 - 09/01/2034 | 680000 | 692783 |
| Banquete Independent School District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 08/01/2043 | 600000 | 640710 |
| Baybrook Municipal Utility District No. 1, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.25%, 05/01/2034 | 485000 | 497734 |
| Berry Creek Highlands Municipal Utility <br> District, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 6.00%, 09/01/2033 <sup>(B)</sup> <br>| 250000 | 287410 |
| Brookfield Water Control & Improvement <br> District, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 09/01/2045 | 1075000 | 996166 |
| Cedar Port Navigation & Improvement <br> District, General Obligation Unlimited, |  |  |
| 4.50%, 03/01/2031 | 250000 | 264782 |
| Series A, |  |  |
| 4.50%, 03/01/2035 <sup>(B)</sup> <br>| 715000 | 740357 |
| Central Texas Turnpike System, Revenue <br> Bonds, |  |  |
| Series C, |  |  |
| 5.00%, 08/15/2038 | 1000000 | 1103953 |
| City of Allen, General Obligation Limited, |  |  |
| 5.00%, 08/15/2037 | 225000 | 257111 |
| City of Celina, Special Assessment, |  |  |
| AG, |  |  |
| 5.00%, 09/01/2045 | 1450000 | 1490174 |
| City of Odessa, General Obligation <br> Limited, |  |  |
| 4.00%, 03/01/2038 - 03/01/2039 | 5355000 | 5131687 |
| City of Rowlett, Special Assessment, |  |  |
| 3.13%, 09/15/2031 <sup>(C)</sup> <br>| 104000 | 96734 |
| City of Seguin, General Obligation Limited, |  |  |
| 5.50%, 09/01/2049 | 4940000 | 5421049 |
| City of Temple, Tax Allocation, |  |  |
| BAM, |  |  |
| 5.00%, 08/01/2028 - 08/01/2032 | 895000 | 987820 |
| Clifton Higher Education Finance Corp., <br> Revenue Bonds, |  |  |
| 3.00%, 08/15/2035 | 1405000 | 1351985 |
| 5.00%, 04/01/2036 - 04/01/2041 | 1710000 | 1864073 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| &nbsp;&nbsp; Clifton Higher Education Finance Corp., <br> Revenue Bonds, (continued)<br>|  |  |
| 5.25%, 08/15/2044 | $730000 | $775146 |
| Series A, |  |  |
| 5.00%, 02/15/2028 - 08/15/2035 | 3320000 | 3530746 |
| Series B, Fixed until 02/15/2030, |  |  |
| 4.00% <sup>(A)</sup>, 02/15/2055 | 1240000 | 1294191 |
| Collin County Municipal Utility District No. <br> 2, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2036 | 785000 | 788909 |
| &nbsp;&nbsp; Comal County Water Control & <br> Improvement District No. 6, General <br>Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.50%, 09/01/2029 - 09/01/2032 <sup>(B)</sup> <br>| 1020000 | 1177760 |
| County of Harris Toll Road, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 3.00%, 08/15/2037 | 1200000 | 1111317 |
| &nbsp;&nbsp; Crockett County Consolidated Common <br> School District No. 1, General Obligation <br>Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 08/15/2028 | 1000000 | 1001429 |
| Dallas County Municipal Utility District No. <br> 4, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 6.75%, 03/01/2031 | 140000 | 160048 |
| Dallas Metrocare Services, Revenue <br> Bonds, |  |  |
| 5.00%, 11/01/2032 - 11/01/2042 <sup>(B)</sup> <br>| 6760000 | 7377242 |
| Denton Independent School District, <br> General Obligation Unlimited, |  |  |
| Series B2, Fixed until 08/15/2030, |  |  |
| 4.00% <sup>(A)</sup>, 08/15/2055 | 2630000 | 2781654 |
| &nbsp;&nbsp; Eagle Mountain & Saginaw Independent <br> School District, General Obligation <br>Unlimited, |  |  |
| Fixed until 08/01/2027, |  |  |
| &nbsp;&nbsp; 4.00% <sup>(A)</sup>, 08/01/2050, Fixed <br> until 08/01/2027<br>| 1700000 | 1728804 |
| East Montgomery County Improvement <br> District Sales Tax, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.25%, 08/15/2049 | 1000000 | 1067066 |
| &nbsp;&nbsp; East Montgomery County Municipal Utility <br> District No. 4, General Obligation <br>Unlimited, |  |  |
| AG, |  |  |
| 6.50%, 04/01/2031 <sup>(B)</sup> <br>| 275000 | 312469 |
| &nbsp;&nbsp; East Montgomery County Municipal Utility <br> District No. 5, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2046 | 195000 | 175318 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Emerald Forest Utility District, General <br> Obligation Unlimited, |  |  |
| AG, |  |  |
| 1.50%, 09/01/2035 - 09/01/2036 | $390000 | $301394 |
| Fort Bend County Municipal Utility District <br> No. 134D, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 09/01/2034 - 09/01/2035 | 905000 | 918958 |
| Fort Bend County Municipal Utility District <br> No. 134F, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2034 | 490000 | 495991 |
| Fort Bend County Municipal Utility District <br> No. 176, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.50%, 09/01/2031 | 225000 | 258954 |
| Fort Bend County Municipal Utility District <br> No. 184, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 04/01/2032 - 04/01/2034 | 1040000 | 1057840 |
| Fort Bend County Municipal Utility District <br> No. 198, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.25%, 09/01/2040 - 09/01/2041 <sup>(B)</sup> <br>| 420000 | 410997 |
| Series A, AG, |  |  |
| 4.25%, 09/01/2041 <sup>(B)</sup> <br>| 275000 | 267471 |
| Fort Bend County Municipal Utility District <br> No. 222, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 07/01/2032 | 140000 | 151768 |
| 6.00%, 07/01/2028 - 07/01/2029 | 175000 | 191178 |
| Fort Bend County Municipal Utility District <br> No. 253, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 5.38%, 09/01/2034 <sup>(B)</sup> <br>| 255000 | 275632 |
| 6.63%, 09/01/2029 - 09/01/2033 <sup>(B)</sup> <br>| 670000 | 761771 |
| Fort Stockton Independent School District, <br> General Obligation Limited, |  |  |
| 5.00%, 08/01/2033 - 08/01/2038 | 2155000 | 2157494 |
| &nbsp;&nbsp; Galveston County Water Control & <br> Improvement District No. 1, General <br>Obligation Unlimited, |  |  |
| AG-CR, |  |  |
| 5.00%, 03/01/2036 | 220000 | 243430 |
| &nbsp;&nbsp; Harris Center for Mental Health & <br> Intellectual Developmental Disabilities, <br>Revenue Bonds, |  |  |
| 4.00%, 11/01/2045 | 3435000 | 3174503 |
| 4.25%, 11/01/2050 | 760000 | 706113 |
| Harris County Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| Series A, Fixed until 05/15/2032, |  |  |
| 5.00% <sup>(A)</sup>, 11/15/2054 | 2500000 | 2723589 |
| Harris County Municipal Utility District No. <br> 105, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 03/01/2034 | 95000 | 96980 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Harris County Municipal Utility District No. <br> 171, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.13%, 12/01/2035 - 12/01/2038 | $4420000 | $4444297 |
| 5.00%, 12/01/2033 - 12/01/2034 | 3635000 | 3911305 |
| Harris County Municipal Utility District No. <br> 213A, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 04/01/2033 | 415000 | 422011 |
| Harris County Municipal Utility District No. <br> 490, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 03/01/2036 | 1155000 | 1159050 |
| Harris County Municipal Utility District No. <br> 491, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.50%, 03/01/2032 - 03/01/2033 <sup>(B)</sup> <br>| 995000 | 1165817 |
| Harris County Municipal Utility District No. <br> 539, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 6.13%, 09/01/2033 | 420000 | 478367 |
| Harris County Municipal Utility District No. <br> 547, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.50%, 08/01/2029 <sup>(B)</sup> <br>| 200000 | 223422 |
| Harris County Municipal Utility District No. <br> 558, General Obligation Unlimited, |  |  |
| Series A, AG, |  |  |
| 6.00%, 03/01/2032 <sup>(B)</sup> <br>| 370000 | 423457 |
| 6.13%, 03/01/2031 <sup>(B)</sup> <br>| 370000 | 419860 |
| 6.50%, 03/01/2028 - 03/01/2029 <sup>(B)</sup> <br>| 630000 | 688038 |
| Harris County Municipal Utility District No. <br> 570C, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.25%, 09/01/2033 <sup>(B)</sup> <br>| 195000 | 227906 |
| 6.38%, 09/01/2033 <sup>(B)</sup> <br>| 325000 | 382283 |
| Harris County Municipal Utility District No. <br> 576, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 6.50%, 03/01/2033 - 03/01/2034 <sup>(B)</sup> <br>| 840000 | 982319 |
| &nbsp;&nbsp; Harris County Water Control & <br> Improvement District No. 158, General <br>Obligation Unlimited, |  |  |
| AG, |  |  |
| 5.00%, 03/01/2034 | 430000 | 465350 |
| Harris County-Houston Sports Authority, <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| Zero Coupon, 11/15/2040 | 3220000 | 1396000 |
| Series B, AG, |  |  |
| 5.00%, 11/15/2044 | 710000 | 743773 |
| &nbsp;&nbsp; Harris-Waller Counties Municipal Utility <br> District No. 4, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 4.13%, 11/01/2034 | 890000 | 902776 |
| 4.25%, 11/01/2036 | 235000 | 236749 |
| 4.38%, 11/01/2037 | 530000 | 533924 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| High Island Independent School District, <br> General Obligation Unlimited, |  |  |
| 6.38%, 02/15/2037 | $1050000 | $1263419 |
| Housing Options, Inc., Revenue Bonds, |  |  |
| Fixed until 05/01/2028, |  |  |
| 3.75% <sup>(A)</sup>, 11/01/2045 | 2500000 | 2536310 |
| Ingleside Independent School District, <br> General Obligation Unlimited, |  |  |
| 5.00%, 08/15/2038 | 1000000 | 1109516 |
| Kaufman County Municipal Utility District <br> No. 14, General Obligation Unlimited, |  |  |
| BAM-TCRS, |  |  |
| 3.38%, 03/01/2035 | 150000 | 146210 |
| Kaufman County Municipal Utility District <br> No. 3, General Obligation Unlimited, |  |  |
| Series A, BAM, |  |  |
| 4.00%, 03/01/2035 | 560000 | 567048 |
| &nbsp;&nbsp; Lakes Fresh Water Supply District of <br> Denton County, General Obligation <br>Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2034 | 610000 | 623989 |
| Liberty Hill Independent School District, <br> General Obligation Unlimited, |  |  |
| 3.00%, 02/01/2036 | 1650000 | 1578931 |
| Mckinney Municipal Utility District No. 2, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 6.50%, 09/01/2032 <sup>(B)</sup> <br>| 615000 | 713132 |
| Meyer Ranch Municipal Utility District, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.38%, 08/15/2042 | 240000 | 236272 |
| Midlothian Municipal Management District <br> No. 2, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2036 | 840000 | 842857 |
| &nbsp;&nbsp; Montgomery County Water Control & <br> Improvement District No. 1, General <br>Obligation Unlimited, |  |  |
| AG, |  |  |
| 3.00%, 03/01/2034 | 480000 | 453315 |
| New Hope Cultural Education Facilities <br> Finance Corp., Revenue Bonds, |  |  |
| 5.00%, 01/01/2026 | 1040000 | 1041721 |
| 5.25%, 01/01/2036 <sup>(B)</sup> <br>| 1000000 | 1091970 |
| North East Texas Regional Mobility <br> Authority, Revenue Bonds, |  |  |
| Series B, |  |  |
| 5.00%, 01/01/2038 - 01/01/2039 | $535000 | 586645 |
| North Fort Bend Water Authority, Revenue <br> Bonds, |  |  |
| Series B, |  |  |
| 2.00%, 12/15/2033 | 1000000 | 882795 |
| Northlake Municipal Management District <br> No. 2, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.50%, 03/01/2029 - 03/01/2030 <sup>(B)</sup> <br>| 480000 | 539657 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Parkway Utility District, General Obligation <br> Unlimited, |  |  |
| NATL, |  |  |
| 3.00%, 03/01/2036 | $425000 | $388876 |
| Pottsboro Higher Education Finance Corp., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 3.88%, 08/15/2026 | 35000 | 34782 |
| San Antonio Housing Trust Public Facility <br> Corp., Revenue Bonds, |  |  |
| Fixed until 07/01/2027, |  |  |
| 3.45% <sup>(A)</sup>, 07/01/2029 | 2500000 | 2505872 |
| San Antonio Water System, Revenue <br> Bonds, |  |  |
| Series 2013-F, Fixed until 11/01/2026, |  |  |
| 1.00% <sup>(A)</sup>, 05/01/2043 | 125000 | 121918 |
| Sienna Municipal Utility District No. 5, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 11/01/2034 - 11/01/2036 | 1600000 | 1612873 |
| Southeast Regional Management District, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.25%, 04/01/2037 | 660000 | 667089 |
| Southwest Higher Education Authority, Inc., <br> Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 10/01/2042 | 750000 | 725074 |
| Sunfield Municipal Utility District No. 3, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 3.00%, 09/01/2034 | 510000 | 477793 |
| Taft Independent School District, General <br> Obligation Unlimited, |  |  |
| 5.00%, 08/15/2041 | 1300000 | 1403320 |
| Texas Municipal Gas Acquisition & Supply <br> Corp. V, Revenue Bonds, |  |  |
| Fixed until 07/01/2033, |  |  |
| 5.00% <sup>(A)</sup>, 01/01/2055 | 1900000 | 2091263 |
| Texas Private Activity Bond Surface <br> Transportation Corp., Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 06/30/2037 | 395000 | 394110 |
| Texas Public Finance Authority, Revenue <br> Bonds, |  |  |
| BAM, |  |  |
| 5.00%, 05/01/2032 - 05/01/2033 | 1220000 | 1348288 |
| 5.25%, 05/01/2034 - 05/01/2035 | 2500000 | 2787031 |
| Texas State University System, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 3.00%, 03/15/2037 | 1900000 | 1756507 |
| Texas Transportation Commission, General <br> Obligation Unlimited, |  |  |
| Series B, Fixed until 12/01/2025, |  |  |
| 0.65% <sup>(A)</sup>, 10/01/2041 | 125000 | 123393 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |
| Travis County Municipal Utility District No. <br> 14, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 3.00%, 09/01/2037 | $200000 | $176477 |
| Travis County Municipal Utility District No. <br> 19, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 6.63%, 09/01/2033 - 09/01/2034 <sup>(B)</sup> <br>| 1270000 | 1560844 |
| Travis County Municipal Utility District No. <br> 22, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.25%, 09/01/2035 | 420000 | 430956 |
| 6.75%, 09/01/2030 - 09/01/2033 | 1580000 | 1857690 |
| Uptown Development Authority, Tax <br> Allocation, |  |  |
| Series A, AG-CR, |  |  |
| 4.00%, 09/01/2038 | 1800000 | 1748248 |
| Uptown Municipal Utility District No. 1, <br> General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 6.63%, 09/01/2031 - 09/01/2032 <sup>(B)</sup> <br>| 505000 | 591709 |
| Viridian Municipal Management District, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 2.25%, 12/01/2037 | 1750000 | 1386410 |
| BAM, |  |  |
| 4.00%, 12/01/2032 | 520000 | 533695 |
| 6.25%, 12/01/2029 | 90000 | 100747 |
| Waller County Municipal Utility District No. <br> 9B, General Obligation Unlimited, |  |  |
| BAM, |  |  |
| 4.00%, 09/01/2046 | 105000 | 97914 |
| Waller County Road Improvement District <br> No. 1, General Obligation Unlimited, |  |  |
| AG-CR, |  |  |
| 3.00%, 03/01/2037 | 775000 | 707750 |
| Williamson County Municipal Utility District <br> No. 29, General Obligation Unlimited, |  |  |
| AG, |  |  |
| 4.00%, 10/01/2035 - 10/01/2039 <sup>(B)</sup> <br>| 1250000 | 1233638 |
| Wilmer Municipal Utility District No. 1, <br> General Obligation Unlimited, |  |  |
| AG, |  |  |
| 7.00%, 09/01/2030 - 09/01/2034 | 410000 | 483795 |
| Woodridge Municipal Utility District, <br> General Obligation Unlimited, |  |  |
| BAM-TCRS, |  |  |
| 3.38%, 09/01/2034 | 235000 | 230310 |
|  |  | 121081869 |
| **U.S. Virgin Islands - 0.0% \*** | **U.S. Virgin Islands - 0.0% \*** | **U.S. Virgin Islands - 0.0% \*** |
| Virgin Islands Public Finance Authority, <br> Revenue Bonds, |  |  |
| Series A, AG-CR, |  |  |
| 5.00%, 10/01/2032 <sup>(E)</sup> <br>| 160000 | 160470 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Utah - 0.8%**  | **Utah - 0.8%**  | **Utah - 0.8%**  |
| Mida Mountain Village Public Infrastructure <br> District, Tax Allocation, |  |  |
| Series 1, |  |  |
| 5.13%, 06/15/2054 <sup>(C)</sup> <br>| $2500000 | $2485334 |
| Series 2, |  |  |
| 6.00%, 06/15/2054 <sup>(C)</sup> <br>| 1500000 | 1543928 |
| Utah Board of Higher Education, Revenue <br> Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 11/01/2034 | 770000 | 792379 |
| Utah Charter School Finance Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 10/15/2031 | 45000 | 45103 |
| 5.00%, 10/15/2035 | 250000 | 250137 |
| Series 2020A, |  |  |
| 4.00%, 04/15/2040 | 1125000 | 1082852 |
| Series A, |  |  |
| 3.00%, 10/15/2034 | 1275000 | 1161141 |
|  |  | 7360874 |
| **Virginia - 2.3%**  | **Virginia - 2.3%**  | **Virginia - 2.3%**  |
| Arlington County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| Series A, Fixed until 07/01/2030, |  |  |
| 5.00% <sup>(A)</sup>, 07/01/2053 | 1820000 | 1973603 |
| Chesapeake Bay Bridge & Tunnel District, <br> Revenue Bonds, |  |  |
| AG, |  |  |
| 5.00%, 07/01/2041 | 935000 | 940534 |
| Chesapeake Economic Development <br> Authority, Revenue Bonds, |  |  |
| Series A, Fixed until 10/01/2027, |  |  |
| 3.65% <sup>(A)</sup>, 02/01/2032 | 810000 | 818925 |
| Chesapeake Redevelopment & Housing <br> Authority, Revenue Bonds, |  |  |
| Fixed until 07/01/2040, |  |  |
| 4.50% <sup>(A)</sup>, 10/01/2040 | 1710000 | 1800797 |
| County of Fairfax Sewer, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.00%, 07/15/2037 | 1570000 | 1630042 |
| County of Goochland, General Obligation <br> Unlimited, |  |  |
| 4.00%, 01/15/2037 | 335000 | 348950 |
| Fairfax County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 05/15/2042 | 1745000 | 1739152 |
| Isle Wight County Industrial Development <br> Authority, Revenue Bonds, |  |  |
| AG, |  |  |
| 5.25%, 07/01/2048 | 7195000 | 7556382 |
| Richmond Redevelopment & Housing <br> Authority, Revenue Bonds, |  |  |
| FNMA, |  |  |
| 4.50%, 05/01/2040 | 3070988 | 3238337 |
| Virginia Housing Development Authority, <br> Revenue Bonds, |  |  |
| Series E, |  |  |
| 3.00%, 10/01/2028 | 775000 | 774181 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Virginia (continued)** | **Virginia (continued)** | **Virginia (continued)** |
| Virginia Small Business Financing <br> Authority, Revenue Bonds, |  |  |
| 4.00%, 11/01/2036 | $1095000 | $1116974 |
|  |  | 21937877 |
| **Washington - 2.4%**  | **Washington - 2.4%**  | **Washington - 2.4%**  |
| City of Spokane Valley, General Obligation <br> Limited, |  |  |
| 4.00%, 12/01/2026 | 505000 | 505244 |
| Everett Housing Authority, Revenue Bonds, |  |  |
| 4.00%, 07/01/2036 | 1495000 | 1514067 |
| Island County Fire Protection District No. 1, <br> General Obligation Unlimited, |  |  |
| 4.00%, 12/01/2027 | 585000 | 585240 |
| &nbsp;&nbsp; King & Snohomish Counties School District <br> No. 417 Northshore, General Obligation <br>Unlimited, |  |  |
| 5.00%, 12/01/2041 | 1160000 | 1276287 |
| King County Housing Authority, Revenue <br> Bonds, |  |  |
| 4.00%, 08/01/2035 | 1090000 | 1123010 |
| Snohomish County Housing Authority, <br> Revenue Bonds, |  |  |
| 4.00%, 04/01/2033 | 410000 | 422619 |
| Sumner Library Capital Facility Area, <br> General Obligation Unlimited, |  |  |
| 5.00%, 12/01/2044 | 2200000 | 2335235 |
| Washington Health Care Facilities <br> Authority, Revenue Bonds, |  |  |
| Series A, |  |  |
| 4.25%, 10/01/2040 | 1180000 | 1179994 |
| Series A2, |  |  |
| 5.00%, 08/01/2044 | 1000000 | 1013471 |
| Series A-2, |  |  |
| 5.00%, 08/01/2032 | 480000 | 510388 |
| Series B, |  |  |
| 5.00%, 10/01/2030 | 2500000 | 2736502 |
| Washington State Housing Finance <br> Commission, Revenue Bonds, |  |  |
| 5.00%, 07/01/2033 - 07/01/2045 <sup>(C)</sup> <br>| 6115000 | 6519943 |
| Series 2N, GNMA, FNMA, FHLMC, |  |  |
| 2.15%, 12/01/2033 | 440000 | 385925 |
| Series A-2, BAM, |  |  |
| 5.00%, 07/01/2030 - 07/01/2036 <sup>(C)</sup> <br>| 2180000 | 2370657 |
| Yakima County School District No. 2 Union <br> Gap, General Obligation Unlimited, |  |  |
| 5.00%, 12/01/2044 | 110000 | 117361 |
|  |  | 22595943 |
| **West Virginia - 0.0% \*** | **West Virginia - 0.0% \*** | **West Virginia - 0.0% \*** |
| State of West Virginia, General Obligation <br> Unlimited, |  |  |
| Series A, |  |  |
| 3.00%, 11/01/2025 | 125000 | 125000 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **West Virginia (continued)** | **West Virginia (continued)** | **West Virginia (continued)** |
| West Virginia Hospital Finance Authority, <br> Revenue Bonds, |  |  |
| Series B, AG, |  |  |
| 5.38%, 09/01/2053 | $260000 | $275491 |
|  |  | 400491 |
| **Wisconsin - 5.4%**  | **Wisconsin - 5.4%**  | **Wisconsin - 5.4%**  |
| City of New Richmond Water & Sewer <br> Utility, Revenue Bonds, |  |  |
| Series B, |  |  |
| 2.00%, 05/01/2026 | 100000 | 98986 |
| Peshtigo School District, Revenue Bonds, |  |  |
| 4.75%, 03/01/2027 | 1000000 | 1001066 |
| Public Finance Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp; Zero Coupon, 12/15/2034 - <br> 12/15/2037 <sup>(C)</sup> <br>| 9000000 | 4655389 |
| 4.00%, 09/01/2029 <sup>(C)</sup> <br>| 650000 | 654040 |
| 5.00%, 12/15/2036 <sup>(C)</sup> <br>| 2547104 | 2494754 |
| Series A, |  |  |
| 4.00%, 10/01/2038 | 780000 | 764691 |
| 4.10%, 06/15/2026 <sup>(C)</sup> <br>| 175000 | 175593 |
| 5.00%, 06/01/2030 - 11/15/2044 | 1110000 | 1163212 |
| 6.75%, 12/01/2065 <sup>(C)</sup> <br>| 1350000 | 1379668 |
| Series A, AG, |  |  |
| 5.00%, 07/01/2036 | 340000 | 352485 |
| Series A-1, BAM, |  |  |
| 5.25%, 07/01/2042 | 4925000 | 5205231 |
| 5.38%, 07/01/2047 | 6300000 | 6587795 |
| 5.50%, 07/01/2052 | 5215000 | 5470360 |
| 5.63%, 07/01/2055 | 3400000 | 3588654 |
| AG, |  |  |
| 5.00%, 07/01/2037 | 1865000 | 1921078 |
| Public Finance Authority, Tax Allocation, |  |  |
| 5.00%, 08/01/2039 | 500000 | 506799 |
| Wisconsin Center District, Revenue Bonds, |  |  |
| Series C, AG, |  |  |
| Zero Coupon, 12/15/2029 | 900000 | 792756 |
| Wisconsin Health & Educational Facilities <br> Authority, Revenue Bonds, |  |  |
| 5.00%, 08/01/2032 | 670000 | 516918 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **Wisconsin (continued)** | **Wisconsin (continued)** | **Wisconsin (continued)** |
| &nbsp;&nbsp; Wisconsin Health & Educational Facilities <br> Authority, Revenue Bonds, (continued)<br>|  |  |
| Series A, |  |  |
| 4.00%, 11/15/2039 | $8075000 | $7872710 |
| Series A, AG, |  |  |
| 4.00%, 02/15/2034 | 735000 | 758529 |
| Series A-2, |  |  |
| 4.00%, 11/15/2034 | 500000 | 501445 |
| Series A-2, AG, |  |  |
| 5.00%, 02/15/2031 - 02/15/2032 | 2200000 | 2383599 |
| Series B, |  |  |
| 4.20%, 08/15/2028 | 1165000 | 1160065 |
| BAM, |  |  |
| 5.25%, 02/15/2054 | 1275000 | 1347331 |
|  |  | 51353154 |
| **Wyoming - 0.1%**  | **Wyoming - 0.1%**  | **Wyoming - 0.1%**  |
| Wyoming Community Development <br> Authority, Revenue Bonds, |  |  |
| Series 2, |  |  |
| 2.95%, 06/01/2033 | 1485000 | 1446667 |
| &nbsp;&nbsp; **Total Municipal Government Obligations** <br>**(Cost $900,519,823)**<br>|  | 906193694 |
| **REPURCHASE AGREEMENT - 10.1%**  | **REPURCHASE AGREEMENT - 10.1%**  | **REPURCHASE AGREEMENT - 10.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(H)</sup>, dated 10/31/2025, to be <br> repurchased at $96,519,558 on 11/03/2025. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 4.13%, <br> due 10/29/2026 - 10/31/2026, and with a <br> total value of $98,437,811.<br>| 96507494 | 96507494 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $96,507,494)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $96,507,494)** | 96507494 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $997,027,317)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $997,027,317)** | 1002701188 |
| **Net Other Assets (Liabilities) - (5.1)%** | **Net Other Assets (Liabilities) - (5.1)%** | (48608960) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$954092228** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(I)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Municipal Government Obligations | $— | &nbsp;&nbsp; $906193694 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $906193694 |
| Repurchase Agreement |  | &nbsp;&nbsp; 96507494 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96507494 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$1002701188** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1002701188** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Intermediate Muni**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(B)</sup> *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after October 31, 2025.* *Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $32,369,181, representing 3.4% of the* *Fund's net assets.* 

<sup>(D)</sup> *Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2025; the maturity date disclosed is the ultimate* *maturity date.* 

<sup>(E)</sup> *Restricted security. At October 31, 2025, the total value of such securities held by the Fund is as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Municipal Government <br> Obligations<br>| Bradburn Metropolitan District <br> No. 2 <br>General Obligation Limited, <br> Series A <br>4.00%, 12/01/2028<br>| 03/08/2018 | &nbsp;&nbsp; $291210 | &nbsp;&nbsp; $292539 | 0.0<br> %\*<br>|
| Municipal Government <br> Obligations<br>| Virgin Islands Public Finance <br> Authority <br>Revenue Bonds, Series A, <br> AG-CR <br>5.00%, 10/01/2032<br>| 07/14/2020 - 02/09/2021 | &nbsp;&nbsp; 170364 | &nbsp;&nbsp; 160470 | 0.0<br> %\*<br>|
|  |  |  | &nbsp;&nbsp; **$461574** | &nbsp;&nbsp; **$453009** | **0.0**<br> **%\***<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(F)</sup> *Security in default; no interest payments received and/or dividends declared during the last 12 months. At October 31, 2025, the value of this security* *is $1,299,350, representing 0.1% of the Fund's net assets.* 

<sup>(G)</sup> *Non-income producing security.*

<sup>(H)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(I)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*CR* *Custodial Receipts*

**MUNICIPAL INSURER ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AG* | *Assured Guaranty, Inc.* |
| *BAM* | *Build America Mutual Assurance Co.* |
| *FHLMC* | *Federal Home Loan Mortgage Corp.* |
| *FNMA* | *Federal National Mortgage Association* |
| *GNMA* | *Government National Mortgage Association* |
| *NATL* | *National Public Finance Guarantee Corp.* |
| *TCRS* | *Temporary Custodian Receipts* |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $900,519,823) | $906193694 |
| Repurchase agreement, at value (cost $96,507,494) | 96507494 |
| Receivables and other assets: |  |
| Investments sold  | 259090 |
| When-issued, delayed-delivery, forward and TBA commitments sold | 200090 |
| Shares of beneficial interest sold  | 2279599 |
| Interest | 10827221 |
| Total assets | 1016267188 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| When-issued, delayed-delivery, forward and TBA commitments purchased | 58668248 |
| Dividends and/or distributions | 124607 |
| Shares of beneficial interest redeemed | 2624232 |
| Due to custodian  | 259090 |
| Investment management fees | 278770 |
| Distribution and service fees | 48336 |
| Transfer agent fees | 63633 |
| Trustee and CCO fees | 319 |
| Audit and tax fees  | 28130 |
| Custody fees | 21256 |
| Legal fees | 12525 |
| Printing and shareholder reports fees | 13820 |
| Registration fees | 13364 |
| Other accrued expenses | 18630 |
| Total liabilities | 62174960 |
| **Net assets**  | $954092228 |
| **Net assets consist of:** |  |
| Paid-in capital | $1183977330 |
| Total distributable earnings (accumulated losses) | (229885102)<br>|
| **Net assets** | $954092228 |
| **Net assets by class:** |  |
| Class A | $112621537 |
| Class C | 28213138 |
| Class I | 813245904 |
| Class I2 | 11649 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 10546261 |
| Class C | 2647006 |
| Class I | 75881134 |
| Class I2 | 1087 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.68 |
| Class C | 10.66 |
| Class I | 10.72 |
| Class I2 | 10.72 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I and I2 shares represents offering price. The redemption price for Class A and C shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | $40303066 |
| Total investment income  | 40303066 |
| **Expenses:** |  |
| Investment management fees | 4398347 |
| Distribution and service fees: |  |
| Class A | 306743 |
| Class C | 332437 |
| Transfer agent fees: |  |
| Class A | 61281 |
| Class C | 21859 |
| Class I | 881623 |
| Class I2 | 1 |
| Trustee and CCO fees | 42318 |
| Audit and tax fees | 56260 |
| Custody fees | 119932 |
| Legal fees | 73956 |
| Printing and shareholder reports fees | 65148 |
| Registration fees | 108826 |
| Other | 54412 |
| Total expenses before waiver and/or reimbursement and recapture | 6523143 |
| Expenses waived and/or reimbursed: |  |
| Class A | (122991)<br>|
| Class C | (89513)<br>|
| Class I | (888389)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class C | 1086 |
| Class I | 4735 |
| Net expenses | 5428071 |
| **Net investment income (loss)** | 34874995 |
| **Net realized gain (loss) on:** |  |
| Investments | (18516545)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 15804867 |
| Net realized and change in unrealized gain (loss) | (2711678)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $32163317 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $34874995 | &nbsp;&nbsp;&nbsp;&nbsp; $36090956 |
| Net realized gain (loss) | (18516545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12453784)<br>|
| Net change in unrealized appreciation (depreciation) | 15804867 | &nbsp;&nbsp;&nbsp;&nbsp; 89497987 |
| Net increase (decrease) in net assets resulting from operations | 32163317 | &nbsp;&nbsp;&nbsp;&nbsp; 113135159 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (4102255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4372553)<br>|
| Class C | (911861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1202276)<br>|
| Class I | (29987466)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30514563)<br>|
| Class I2 | (402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (366)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (35001984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36089758)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 18559893 | &nbsp;&nbsp;&nbsp;&nbsp; 16082188 |
| Class C | 2876248 | &nbsp;&nbsp;&nbsp;&nbsp; 5621799 |
| Class I | 265197438 | &nbsp;&nbsp;&nbsp;&nbsp; 288819011 |
|  | 286633579 | &nbsp;&nbsp;&nbsp;&nbsp; 310522998 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 3648270 | &nbsp;&nbsp;&nbsp;&nbsp; 3883027 |
| Class C | 828385 | &nbsp;&nbsp;&nbsp;&nbsp; 1091134 |
| Class I | 28553199 | &nbsp;&nbsp;&nbsp;&nbsp; 28548869 |
| Class I2 | 402 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
|  | 33030256 | &nbsp;&nbsp;&nbsp;&nbsp; 33523396 |
| Cost of shares redeemed: |  |  |
| Class A | (52979461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48648083)<br>|
| Class C | (9081257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13251301)<br>|
| Class I | (404517184)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (380378468)<br>|
|  | (466577902)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (442277852)<br>|
| Automatic conversions: |  |  |
| Class A | 6300209 | &nbsp;&nbsp;&nbsp;&nbsp; 13778092 |
| Class C | (6300209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13778092)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (146914067)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98231458)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 72 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| **Net increase (decrease) in net assets** | (149752734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21185985)<br>|
| **Net assets:** |  |  |
| Beginning of year | 1103844962 | &nbsp;&nbsp;&nbsp;&nbsp; 1125030947 |
| End of year | $954092228 | &nbsp;&nbsp;&nbsp;&nbsp; $1103844962 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Intermediate Muni**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1751900 | &nbsp;&nbsp;&nbsp;&nbsp; 1506866 |
| Class C | 272640 | &nbsp;&nbsp;&nbsp;&nbsp; 527302 |
| Class I | 25057435 | &nbsp;&nbsp;&nbsp;&nbsp; 26996123 |
|  | 27081975 | &nbsp;&nbsp;&nbsp;&nbsp; 29030291 |
| Shares reinvested: |  |  |
| Class A | 345546 | &nbsp;&nbsp;&nbsp;&nbsp; 363516 |
| Class C | 78585 | &nbsp;&nbsp;&nbsp;&nbsp; 102379 |
| Class I | 2695014 | &nbsp;&nbsp;&nbsp;&nbsp; 2663624 |
| Class I2 | 38 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | 3119183 | &nbsp;&nbsp;&nbsp;&nbsp; 3129553 |
| Shares redeemed: |  |  |
| Class A | (5023501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4566516)<br>|
| Class C | (860991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1248180)<br>|
| Class I | (38228966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35670006)<br>|
|  | (44113458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41484702)<br>|
| Automatic conversions: |  |  |
| Class A | 595667 | &nbsp;&nbsp;&nbsp;&nbsp; 1288713 |
| Class C | (596789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1291103)<br>|
|  | (1122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2390)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (2330388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1407421)<br>|
| Class C | (1106555)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1909602)<br>|
| Class I | (10476517)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6010259)<br>|
| Class I2 | 38 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
|  | (13913422)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9327248)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Intermediate Muni**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.69 | $9.99 | $9.86 | $11.99 | $11.84 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.35 | 0.33 | 0.26 | 0.20 | 0.20 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.70 | 0.13 | (2.09)<br>| 0.16 |
| Total investment operations | 0.34 | 1.03 | 0.39 | (1.89)<br>| 0.36 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.35)<br>| (0.33)<br>| (0.26)<br>| (0.20)<br>| (0.21)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.35)<br>| (0.33)<br>| (0.26)<br>| (0.24)<br>| (0.21)<br>|
| **Net asset value, end of year** | $10.68 | $10.69 | $9.99 | $9.86 | $11.99 |
| **Total return** <sup>(D)</sup> <br>| 3.30<br> %<br>| 10.36<br> %<br>| 3.90<br> %<br>| (15.92 )%<sup>(C)</sup><br>| 3.03<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $112621 | $137610 | $142644 | $179426 | $284610 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.77<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.69<br> %<br>| 0.67<br> %<br>| 0.66<br> %<br>| 0.64<br> %<br>| 0.63<br> %<br>|
| Net investment income (loss) to average net assets | 3.33<br> %<br>| 3.09<br> %<br>| 2.50<br> %<br>| 1.83<br> %<br>| 1.69<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.67 | $9.97 | $9.84 | $11.96 | $11.82 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.26 | 0.20 | 0.13 | 0.13 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.70 | 0.13 | (2.07)<br>| 0.14 |
| Total investment operations | 0.28 | 0.96 | 0.33 | (1.94)<br>| 0.27 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.26)<br>| (0.20)<br>| (0.14)<br>| (0.13)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.29)<br>| (0.26)<br>| (0.20)<br>| (0.18)<br>| (0.13)<br>|
| **Net asset value, end of year** | $10.66 | $10.67 | $9.97 | $9.84 | $11.96 |
| **Total return** <sup>(E)</sup> <br>| 2.68<br> %<br>| 9.69 %<sup>(C)</sup><br>| 3.26<br> %<br>| (16.40 )%<sup>(D)</sup><br>| 2.30<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $28213 | $40038 | $56454 | $77442 | $131738 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.56<br> %<br>| 1.55<br> %<br>| 1.54<br> %<br>| 1.52<br> %<br>| 1.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.29<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 2.73<br> %<br>| 2.46<br> %<br>| 1.87<br> %<br>| 1.20<br> %<br>| 1.06<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Intermediate Muni**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.73 | $10.02 | $9.90 | $12.03 | $11.88 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.37 | 0.35 | 0.28 | 0.22 | 0.22 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><br>| 0.71 | 0.12 | (2.10)<br>| 0.15 |
| Total investment operations | 0.37 | 1.06 | 0.40 | (1.88)<br>| 0.37 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.35)<br>| (0.28)<br>| (0.22)<br>| (0.22)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.35)<br>| (0.28)<br>| (0.26)<br>| (0.22)<br>|
| **Net asset value, end of year** | $10.72 | $10.73 | $10.02 | $9.90 | $12.03 |
| **Total return** | 3.50<br> %<br>| 10.64<br> %<br>| 3.98<br> %<br>| (15.67 )%<sup>(C)</sup><br>| 3.16<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $813246 | $926186 | $925923 | $1168497 | $2315780 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.56<br> %<br>| 0.55<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49<br> %<br>|
| Net investment income (loss) to average net assets | 3.53<br> %<br>| 3.27<br> %<br>| 2.68<br> %<br>| 1.96<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $10.73 | $10.03 | $9.91 | $12.04 | $11.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.37 | 0.35 | 0.28 | 0.23 | 0.23 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><br>| 0.71 | 0.13 | (2.09)<br>| 0.14 |
| Total investment operations | 0.37 | 1.06 | 0.41 | (1.86)<br>| 0.37 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.38)<br>| (0.36)<br>| (0.29)<br>| (0.23)<br>| (0.23)<br>|
| Net realized gains |  |  |  | (0.04)<br>|  |
| Total dividends and/or distributions to shareholders | (0.38)<br>| (0.36)<br>| (0.29)<br>| (0.27)<br>| (0.23)<br>|
| **Net asset value, end of year** | $10.72 | $10.73 | $10.03 | $9.91 | $12.04 |
| **Total return** | 3.52<br> %<br>| 10.58<br> %<br>| 4.02<br> %<br>| (15.67)%<br>| 3.14<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $12 | $11 | $10 | $10 | $12 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.46<br> %<br>| 0.44<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.50<br> %<br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.46<br> %<br>| 0.44<br> %<br>|
| Net investment income (loss) to average net assets | 3.53<br> %<br>| 3.29<br> %<br>| 2.70<br> %<br>| 2.03<br> %<br>| 1.93<br> %<br>|
| Portfolio turnover rate | 118<br> %<br>| 95<br> %<br>| 66<br> %<br>| 28<br> %<br>| 35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Intermediate Muni (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class C, Class I and Class I2.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Cash overdraft:** The Fund may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at October 31, 2025, if any, are identified within the Schedule of Investments.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Fund may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Fund engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, the Fund is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Fund if the other party to the transaction defaults on its obligation to make payment or delivery, and the Fund is delayed or prevented from completing the transaction. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Fund sells a security on a delayed-delivery basis, the Fund does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Fund's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Fund, if any, is disclosed

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS (continued)**

within the Schedule of Investments. Typically, a Fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Fund are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at October 31, 2025, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Municipal securities risk:** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the Fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Fund or a counterparty to a financial contract with the Fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Counterparty risk:** The Fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Fund do not fulfill their contractual obligations. In addition, the Fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Fund has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| |
|:---|
| **Account Balance** |
| $11620<br> 0.00 % <sup>(A)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Rounds to less than 0.01%.*

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $150 million | 0.4700<br> % <br>|
| Over $150 million up to $350 million | 0.4500 |
| Over $350 million up to $650 million | 0.4400 |
| Over $650 million up to $1 billion | 0.4200 |
| Over $1 billion up to $2 billion | 0.3900 |
| Over $2 billion up to $3 billion | 0.3875 |
| Over $3 billion | 0.3825 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.81<br> % <br>| March 1, 2026 |
| Class C | 1.54 | March 1, 2026 |
| Class I | 0.49 | March 1, 2026 |
| Class I2 | 0.51 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class C | $— | $3152 | $6404 | $9556 |
| Class I | 937776 | 879608 | 888389 | 2705773 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 34**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I and Class I2.*

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. These amounts are not subject to recapture by TAM in future years.

---

| | | |
|:---|:---|:---|
| **Class A** <br>**Waiver**<br>| **Class C** <br>**Waiver**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **12b-1 Expense Waiver** <br>**Effective Through**<br>|
| 0.10<br> % <br>| 0.25<br> % <br>| March 1, 2026 |

---

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $33047 | &nbsp;&nbsp;&nbsp;&nbsp; $2164 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 2497 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Class C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $948724 | &nbsp;&nbsp; $61012 |

---

**Brokerage commissions:** The Fund incurred $0 brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 35**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $1116029021 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1206168982 | &nbsp;&nbsp; $10176533 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, defaulted bonds, interest written off and dividends payable. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $997032690 | &nbsp;&nbsp; $15513411 | &nbsp;&nbsp; $(9844913)<br>| &nbsp;&nbsp; $5668498 |

---

As of October 31, 2025, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp; $57721078 | &nbsp;&nbsp;&nbsp;&nbsp; $177694374 |

---

During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $1738654 | &nbsp;&nbsp;&nbsp; $33263330 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2984260 | &nbsp;&nbsp;&nbsp; $33105498 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
|  $— | &nbsp;&nbsp; $11653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(235415452)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(149801)<br>| &nbsp;&nbsp; $5668498 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 36**

------

**Transamerica Intermediate Muni**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 37**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Intermediate Muni

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Intermediate Muni (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img573ce2823.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 38**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For tax purposes, the Fund has made no long-term capital gain designations for the year ended October 31, 2025.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 39**

------

**Transamerica Intermediate Muni** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 40**

------

**Transamerica Intermediate Muni** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 41**

------

**Transamerica Intermediate Muni** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 42**

------

**Transamerica Intermediate Muni** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Intermediate Muni (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 Belle Haven Investments, L.P. (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 43**

------

**Transamerica Intermediate Muni** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1- and 10-year periods and below the median for its peer universe and benchmark, each for the past 3- and 5-year periods. 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.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 44**

------

**Transamerica Intermediate Muni** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale** 

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 45**

------

![](g67628img7037ce894.gif)

![](g67628img851d999e5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886784 TA INTER MUNI 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img7902eaf96.gif)

------

![](g67628img1c02626f1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica International Equity**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628imgf9a835802.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_SOI-RunningFooter-158_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_FS-RunningFooter-158_1) | 6 |
| [Statement of Operations](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_FS-RunningFooter-158_3) | 8 |
| [Statement of Changes in Net Assets](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_FS-RunningFooter-158_4) | 9 |
| [Financial Highlights](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_FIHI-RunningFooter-158_1) | 11 |
| [Notes to Financial Statements](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_NTF-RunningFooter-158_1) | 15 |
| **[Report of Independent Registered Public Accounting Firm](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_AUD-RunningFooter-158_1)** | 26 |
| **[Supplemental Information](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_STI-RunningFooter-158_1)** | 27 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_DWA-RunningFooter-158_1)**<br> **[Companies](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_DWA-RunningFooter-158_1)**<br>| 28 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_PD-RunningFooter-158_1)** | 29 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_REMU-RunningFooter-158_1)**<br> **[Companies](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_REMU-RunningFooter-158_1)**<br>| 30 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7ae3666b-c72c-4a6e-9d9f-9f2b6b264b40_AIAC-RunningFooter-158_1)** | 31 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.7%**  | **COMMON STOCKS - 97.7%**  | **COMMON STOCKS - 97.7%**  |
| **Australia - 2.8%**  | **Australia - 2.8%**  | **Australia - 2.8%**  |
| BHP Group Ltd. | 274700 | $7809538 |
| Macquarie Group Ltd. | 269100 | 38482323 |
| Santos Ltd. | 9245500 | 38171274 |
| Sonic Healthcare Ltd. | 1777800 | 24613618 |
| Whitehaven Coal Ltd. | 3886400 | 18308674 |
|  |  | 127385427 |
| **Belgium - 2.4%**  | **Belgium - 2.4%**  | **Belgium - 2.4%**  |
| Anheuser-Busch InBev SA | 711200 | 43365554 |
| KBC Group NV | 527700 | 63410420 |
|  |  | 106775974 |
| **Canada - 1.1%**  | **Canada - 1.1%**  | **Canada - 1.1%**  |
| Canadian National Railway Co. | 256300 | 24576512 |
| CCL Industries, Inc., Class B | 440200 | 24556164 |
|  |  | 49132676 |
| **Denmark - 0.6%**  | **Denmark - 0.6%**  | **Denmark - 0.6%**  |
| Novo Nordisk AS, Class B | 408000 | 19896372 |
| Rockwool AS, B Shares | 248600 | 8514395 |
|  |  | 28410767 |
| **France - 11.6%**  | **France - 11.6%**  | **France - 11.6%**  |
| Accor SA | 935300 | 47596949 |
| Amundi SA <sup>(A)</sup> <br>| 446700 | 33107349 |
| Capgemini SE | 329752 | 50741836 |
| Cie de Saint-Gobain SA | 365537 | 35417525 |
| Edenred SE | 1005500 | 28893612 |
| FDJ UNITED | 277000 | 8071501 |
| Rexel SA | 376717 | 13026686 |
| Sanofi SA | 517301 | 52232992 |
| Societe Generale SA | 1399400 | 88490194 |
| Sodexo SA | 416100 | 23040834 |
| Teleperformance SE <sup>(B)</sup> <br>| 230000 | 16426185 |
| TotalEnergies SE | 680500 | 42317213 |
| Veolia Environnement SA | 2466823 | 81462942 |
|  |  | 520825818 |
| **Germany - 11.6%**  | **Germany - 11.6%**  | **Germany - 11.6%**  |
| Allianz SE | 93202 | 37406879 |
| BASF SE | 527500 | 26017300 |
| CTS Eventim AG & Co. KGaA | 190100 | 17003617 |
| Deutsche Boerse AG | 137882 | 34885068 |
| Deutsche Post AG | 949601 | 43563394 |
| Heidelberg Materials AG | 287342 | 67267690 |
| Infineon Technologies AG | 1351027 | 53445210 |
| Merck KGaA | 334800 | 43781176 |
| SAP SE | 320347 | 82877711 |
| Siemens AG | 264895 | 74974085 |
| Zalando SE <sup>(A)(C)</sup> <br>| 1420700 | 39727447 |
|  |  | 520949577 |
| **Hong Kong - 3.4%**  | **Hong Kong - 3.4%**  | **Hong Kong - 3.4%**  |
| AIA Group Ltd. | 5833800 | 56644666 |
| CK Asset Holdings Ltd. | 6046000 | 29908853 |
| CK Hutchison Holdings Ltd. | 8839100 | 58581909 |
| SITC International Holdings Co. Ltd. | 1814200 | 6681947 |
|  |  | 151817375 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Ireland - 5.1%**  | **Ireland - 5.1%**  | **Ireland - 5.1%**  |
| AerCap Holdings NV | 472749 | $61570830 |
| AIB Group PLC | 7233721 | 66578522 |
| DCC PLC <sup>(B)</sup> <br>| 658131 | 43315782 |
| Ryanair Holdings PLC | 597200 | 18069518 |
| Smurfit WestRock PLC | 1096815 | 40494410 |
|  |  | 230029062 |
| **Israel - 0.8%**  | **Israel - 0.8%**  | **Israel - 0.8%**  |
| Check Point Software Technologies Ltd. <sup>(C)</sup> <br>| 187800 | 36748704 |
| **Japan - 20.0%**  | **Japan - 20.0%**  | **Japan - 20.0%**  |
| Canon, Inc. | 1019800 | 29334718 |
| Dai Nippon Printing Co. Ltd. | 647300 | 10834536 |
| Daikin Industries Ltd. | 196000 | 22860943 |
| FANUC Corp. | 1154400 | 36772108 |
| Fujitsu Ltd. | 2751500 | 71969999 |
| Hitachi Ltd. | 3079700 | 106273730 |
| Komatsu Ltd. | 652100 | 21859377 |
| Kyocera Corp. | 1367400 | 18189410 |
| Nintendo Co. Ltd. | 290500 | 24590049 |
| Nomura Holdings, Inc. | 2515700 | 17989108 |
| Olympus Corp. | 2424900 | 29888375 |
| ORIX Corp. | 2765000 | 67460905 |
| Panasonic Holdings Corp. | 3353100 | 39131467 |
| Rakuten Group, Inc. <sup>(C)</sup> <br>| 6181000 | 40488739 |
| Renesas Electronics Corp. | 2366500 | 29345153 |
| SBI Holdings, Inc. | 1329100 | 59628820 |
| Seven & i Holdings Co. Ltd. | 4283000 | 54638751 |
| Sony Group Corp. | 3884500 | 109192486 |
| Sumitomo Mitsui Financial Group, Inc. | 3266600 | 88241229 |
| Toyota Industries Corp. | 163100 | 17806486 |
|  |  | 896496389 |
| **Luxembourg - 2.1%**  | **Luxembourg - 2.1%**  | **Luxembourg - 2.1%**  |
| ArcelorMittal SA | 461735 | 17648378 |
| Eurofins Scientific SE | 545800 | 38464177 |
| Tenaris SA | 1811600 | 36093514 |
|  |  | 92206069 |
| **Netherlands - 5.6%**  | **Netherlands - 5.6%**  | **Netherlands - 5.6%**  |
| ASML Holding NV | 101000 | 106883050 |
| EXOR NV | 134400 | 11649696 |
| Heineken Holding NV <sup>(B)</sup> <br>| 241685 | 16324684 |
| ING Groep NV, Series N | 1986700 | 49738146 |
| Koninklijke Philips NV | 390422 | 10683473 |
| Prosus NV | 833500 | 57576778 |
|  |  | 252855827 |
| **Norway - 2.4%**  | **Norway - 2.4%**  | **Norway - 2.4%**  |
| Aker BP ASA | 1491199 | 38703381 |
| DNB Bank ASA | 2642200 | 67377176 |
|  |  | 106080557 |
| **Republic of Korea - 1.9%**  | **Republic of Korea - 1.9%**  | **Republic of Korea - 1.9%**  |
| Samsung Electronics Co. Ltd. | 1127219 | 85050740 |
| **Singapore - 1.8%**  | **Singapore - 1.8%**  | **Singapore - 1.8%**  |
| DBS Group Holdings Ltd. | 1928720 | 79913852 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden - 2.8%**  | **Sweden - 2.8%**  | **Sweden - 2.8%**  |
| Boliden AB <sup>(C)</sup> <br>| 608500 | $27477856 |
| Essity AB, Class B | 1619500 | 44475414 |
| Skandinaviska Enskilda Banken AB, Class A | 2778700 | 53057149 |
|  |  | 125010419 |
| **Switzerland - 6.6%**  | **Switzerland - 6.6%**  | **Switzerland - 6.6%**  |
| Cie Financiere Richemont SA, Class A | 227300 | 44824492 |
| Glencore PLC <sup>(C)</sup> <br>| 7705000 | 36889832 |
| Julius Baer Group Ltd. | 511654 | 34459953 |
| Nestle SA | 691064 | 66019261 |
| Novartis AG | 301315 | 37168736 |
| Roche Holding AG | 240661 | 77424210 |
|  |  | 296786484 |
| **United Kingdom - 14.6%**  | **United Kingdom - 14.6%**  | **United Kingdom - 14.6%**  |
| Ashtead Group PLC | 489700 | 32641992 |
| Aviva PLC | 4071512 | 35761702 |
| Barratt Redrow PLC | 3819942 | 18883699 |
| BP PLC | 8463700 | 49178274 |
| Bunzl PLC | 549748 | 16697351 |
| GSK PLC | 2140980 | 50078426 |
| Inchcape PLC | 2846796 | 28572339 |
| Informa PLC | 1601551 | 20362096 |
| Kingfisher PLC | 4980900 | 20206040 |
| Legal & General Group PLC | 10438300 | 32609017 |
| Lloyds Banking Group PLC | 67331154 | 78793856 |
| Pearson PLC | 1950573 | 27162151 |
| Persimmon PLC | 1134800 | 18023607 |
| Reckitt Benckiser Group PLC | 570500 | 43588922 |
| Shell PLC | 1577700 | 59017967 |
| Smith & Nephew PLC | 1233000 | 22758073 |
| Tesco PLC | 7472532 | 45097748 |
| Unilever PLC | 634314 | 38240049 |
| Wise PLC, Class A <sup>(C)</sup> <br>| 1481600 | 18811738 |
|  |  | 656485047 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States - 0.5%**  | **United States - 0.5%**  | **United States - 0.5%**  |
| Linde PLC | 57000 | $23843100 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $3,047,159,606)**<br>|  | 4386803864 |
| **PREFERRED STOCK - 0.7%**  | **PREFERRED STOCK - 0.7%**  | **PREFERRED STOCK - 0.7%**  |
| **Germany - 0.7%**  | **Germany - 0.7%**  | **Germany - 0.7%**  |
| Henkel AG & Co. KGaA |  |  |
| 2.90% <sup>(D)</sup> <br>| 388390 | 31453839 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $29,926,814)**<br>|  | 31453839 |
| **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  | **OTHER INVESTMENT COMPANY - 0.3%**  |
| **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  | **Securities Lending Collateral - 0.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(D)</sup> <br>| 15378269 | 15378269 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,378,269)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,378,269)** | 15378269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(D)</sup>, dated 10/31/2025, to be <br> repurchased at $24,921,850 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.13%, due 10/31/2026, and <br> with a value of $25,417,132.<br>| $24918735 | 24918735 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,918,735)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,918,735)** | 24918735 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,117,383,424)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,117,383,424)** | 4458554707 |
| **Net Other Assets (Liabilities) - 0.7%** | **Net Other Assets (Liabilities) - 0.7%** | 33157901 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$4491712608** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 14.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $635600544 |
| Industrial Conglomerates | 6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283145506 |
| Pharmaceuticals | 6.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280581912 |
| Oil, Gas & Consumable Fuels | 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245696783 |
| Capital Markets | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218552621 |
| Semiconductors & Semiconductor Equipment | 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189673413 |
| Household Durables | 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185231259 |
| Insurance | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162422264 |
| Financial Services | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126815951 |
| Trading Companies & Distributors | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123936859 |
| IT Services | 2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122711835 |
| Software | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119626415 |
| Household Products | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119518175 |
| Technology Hardware, Storage & Peripherals | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114385458 |
| Consumer Staples Distribution & Retail | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99736499 |
| Broadline Retail | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98065517 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Metals & Mining | 2.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $89825604 |
| Multi-Utilities | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81462942 |
| Hotels, Restaurants & Leisure | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78709284 |
| Machinery | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76437971 |
| Construction Materials | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67267690 |
| Building Products | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66792863 |
| Food Products | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66019261 |
| Containers & Packaging | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65050574 |
| Health Care Equipment & Supplies | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63329921 |
| Specialty Retail | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59933487 |
| Beverages | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59690238 |
| Chemicals | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49860400 |
| Textiles, Apparel & Luxury Goods | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44824492 |
| Air Freight & Logistics | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43563394 |
| Entertainment | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41593666 |
| Life Sciences Tools & Services | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38464177 |
| Personal Care Products | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38240049 |
| Energy Equipment & Services | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36093514 |
| Real Estate Management & Development | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29908853 |
| Distributors | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28572339 |
| Diversified Consumer Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27162151 |
| Health Care Providers & Services | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24613618 |
| Ground Transportation | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24576512 |
| Media | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20362096 |
| Electronic Equipment, Instruments & Components | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18189410 |
| Passenger Airlines | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18069518 |
| Professional Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16426185 |
| Commercial Services & Supplies | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10834536 |
| Marine Transportation | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6681947 |
| **Investments** | **99.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4418257703** |
| Short-Term Investments | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40297004 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$4458554707** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $211789720 | &nbsp;&nbsp; $4175014144 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4386803864 |
| Preferred Stock |  | &nbsp;&nbsp; 31453839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31453839 |
| Other Investment Company | 15378269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15378269 |
| Repurchase Agreement |  | &nbsp;&nbsp; 24918735 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24918735 |
| **Total Investments** | **$227167989** | &nbsp;&nbsp; **$4231386718** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4458554707** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $72,834,796, representing 1.6% of the* *Fund's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $19,744,242, collateralized by cash collateral of $15,378,269 and* *non-cash collateral, such as U.S. government securities of $5,361,273. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Non-income producing security.*

<sup>(D)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica International Equity**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica International Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $3,092,464,689) (including securities loaned of $19,744,242) | $4433635972 |
| Repurchase agreement, at value (cost $24,918,735) | 24918735 |
| Foreign currency, at value (cost $90,850) | 90728 |
| Receivables and other assets: |  |
| Investments sold  | 19093684 |
| Net income from securities lending | 13007 |
| Shares of beneficial interest sold  | 3080719 |
| Dividends  | 9960102 |
| Interest | 1038 |
| Tax reclaims | 28431189 |
| Total assets | 4519225174 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 15378269 |
| Payables and other liabilities: |  |
| Investments purchased | 6695624 |
| Interest expense | 9956 |
| Shares of beneficial interest redeemed | 2009785 |
| Due to custodian  | 3 |
| Investment management fees | 2739785 |
| Distribution and service fees | 57548 |
| Transfer agent fees | 297816 |
| Trustee and CCO fees | 1522 |
| Audit and tax fees  | 29877 |
| Custody fees | 88959 |
| Legal fees | 52844 |
| Printing and shareholder reports fees | 86007 |
| Registration fees | 1648 |
| Other accrued expenses | 62923 |
| Total liabilities | 27512566 |
| **Net assets**  | $4491712608 |
| **Net assets consist of:** |  |
| Paid-in capital | $2911327410 |
| Total distributable earnings (accumulated losses) | 1580385198 |
| **Net assets** | $4491712608 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica International Equity**

------

**STATEMENT OF ASSETS AND LIABILITIES (continued)**

**At October 31, 2025**

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Class A | $166651430 |
| Class C | 15529385 |
| Class I | 2654477716 |
| Class I2 | 1012042773 |
| Class I3 | 55745033 |
| Class R | 17949682 |
| Class R4 | 7396414 |
| Class R6 | 561920175 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 6644657 |
| Class C | 628560 |
| Class I | 104351727 |
| Class I2 | 39707904 |
| Class I3 | 2169499 |
| Class R | 696677 |
| Class R4 | 287311 |
| Class R6 | 21796937 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $25.08 |
| Class C | 24.71 |
| Class I | 25.44 |
| Class I2 | 25.49 |
| Class I3 | 25.69 |
| Class R | 25.76 |
| Class R4 | 25.74 |
| Class R6 | 25.78 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $26.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class C, I, I2, I3, R, R4 and R6 shares represents offering price. The redemption price for Class A and C shares equals* *net asset value less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica International Equity**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $144369104 |
| Interest income | 2753422 |
| Net income from securities lending | 410419 |
| Withholding taxes on foreign income | (13839790)<br>|
| Total investment income  | 133693155 |
| **Expenses:** |  |
| Investment management fees | 30700412 |
| Distribution and service fees: |  |
| Class A | 389438 |
| Class C | 137090 |
| Class R | 89106 |
| Class R4 | 16097 |
| Transfer agent fees: |  |
| Class A | 553489 |
| Class C | 20796 |
| Class I | 2686990 |
| Class I2 | 69815 |
| Class I3 | 4637 |
| Class R | 4019 |
| Class R4 | 483 |
| Class R6 | 41542 |
| Trustee and CCO fees | 185779 |
| Audit and tax fees | 69284 |
| Custody fees | 521577 |
| Legal fees | 315665 |
| Printing and shareholder reports fees | 445555 |
| Registration fees | 140506 |
| Insurance fees | 126367 |
| Interest | 160914 |
| Other | 353413 |
| Total expenses before waiver and/or reimbursement and recapture | 37032974 |
| Expenses waived and/or reimbursed: |  |
| Class A | (213544)<br>|
| Class C | (945)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class A | 39690 |
| Net expenses | 36858175 |
| **Net investment income (loss)** | 96834980 |
| **Net realized gain (loss) on:** |  |
| Investments | 222416183 |
| Foreign currency transactions | (873424)<br>|
| Net realized gain (loss) | 221542759 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 553948338 |
| Translation of assets and liabilities denominated in foreign currencies | 1552982 |
| Net change in unrealized appreciation (depreciation) | 555501320 |
| Net realized and change in unrealized gain (loss) | 777044079 |
| **Net increase (decrease) in net assets resulting from operations** | $873879059 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica International Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $96834980 | &nbsp;&nbsp;&nbsp;&nbsp; $100675990 |
| Net realized gain (loss) | 221542759 | &nbsp;&nbsp;&nbsp;&nbsp; 174672312 |
| Net change in unrealized appreciation (depreciation) | 555501320 | &nbsp;&nbsp;&nbsp;&nbsp; 573217145 |
| Net increase (decrease) in net assets resulting from operations | 873879059 | &nbsp;&nbsp;&nbsp;&nbsp; 848565447 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (3737574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4511730)<br>|
| Class C | (231959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (313256)<br>|
| Class I | (77444261)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89248113)<br>|
| Class I2 | (24559310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28664935)<br>|
| Class I3 | (1488891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3776645)<br>|
| Class R | (344490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (627978)<br>|
| Class R4 | (135970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (187392)<br>|
| Class R6 | (15501413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17688586)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (123443868)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (145018635)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 36485852 | &nbsp;&nbsp;&nbsp;&nbsp; 28827277 |
| Class C | 4716329 | &nbsp;&nbsp;&nbsp;&nbsp; 2165922 |
| Class I | 368716253 | &nbsp;&nbsp;&nbsp;&nbsp; 458556032 |
| Class I2 | 165470841 | &nbsp;&nbsp;&nbsp;&nbsp; 137231424 |
| Class I3 | 3750029 | &nbsp;&nbsp;&nbsp;&nbsp; 855055 |
| Class R | 1914276 | &nbsp;&nbsp;&nbsp;&nbsp; 1013391 |
| Class R4 | 1642660 | &nbsp;&nbsp;&nbsp;&nbsp; 1294969 |
| Class R6 | 184847377 | &nbsp;&nbsp;&nbsp;&nbsp; 118747455 |
|  | 767543617 | &nbsp;&nbsp;&nbsp;&nbsp; 748691525 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 2841572 | &nbsp;&nbsp;&nbsp;&nbsp; 3225660 |
| Class C | 218827 | &nbsp;&nbsp;&nbsp;&nbsp; 295805 |
| Class I | 72002321 | &nbsp;&nbsp;&nbsp;&nbsp; 82548894 |
| Class I2 | 24559310 | &nbsp;&nbsp;&nbsp;&nbsp; 28664935 |
| Class I3 | 1488891 | &nbsp;&nbsp;&nbsp;&nbsp; 3776645 |
| Class R | 344490 | &nbsp;&nbsp;&nbsp;&nbsp; 627978 |
| Class R4 | 135970 | &nbsp;&nbsp;&nbsp;&nbsp; 187392 |
| Class R6 | 13476822 | &nbsp;&nbsp;&nbsp;&nbsp; 14911034 |
|  | 115068203 | &nbsp;&nbsp;&nbsp;&nbsp; 134238343 |
| Cost of shares redeemed: |  |  |
| Class A | (47549006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57050813)<br>|
| Class C | (2436305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3082852)<br>|
| Class I | (988820682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (902328251)<br>|
| Class I2 | (173955089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (279612321)<br>|
| Class I3 | (72333535)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16925701)<br>|
| Class R | (9391867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3780656)<br>|
| Class R4 | (1462949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1953612)<br>|
| Class R6 | (248944598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (179357050)<br>|
|  | (1544894031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1444091256)<br>|
| Automatic conversions: |  |  |
| Class A | 2955088 | &nbsp;&nbsp;&nbsp;&nbsp; 2715066 |
| Class C | (2955088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2715066)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (662282211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (561161388)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 3199 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 498 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3697 |
| **Net increase (decrease) in net assets** | 88152980 | &nbsp;&nbsp;&nbsp;&nbsp; 142389121 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica International Equity**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Net assets:** |  |  |
| Beginning of year | $4403559628 | &nbsp;&nbsp;&nbsp;&nbsp; $4261170507 |
| End of year | $4491712608 | &nbsp;&nbsp;&nbsp;&nbsp; $4403559628 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1658890 | &nbsp;&nbsp;&nbsp;&nbsp; 1475378 |
| Class C | 201251 | &nbsp;&nbsp;&nbsp;&nbsp; 106906 |
| Class I | 16326088 | &nbsp;&nbsp;&nbsp;&nbsp; 22175284 |
| Class I2 | 7639854 | &nbsp;&nbsp;&nbsp;&nbsp; 6345697 |
| Class I3 | 174504 | &nbsp;&nbsp;&nbsp;&nbsp; 40257 |
| Class R | 82913 | &nbsp;&nbsp;&nbsp;&nbsp; 48974 |
| Class R4 | 73562 | &nbsp;&nbsp;&nbsp;&nbsp; 63679 |
| Class R6 | 8303448 | &nbsp;&nbsp;&nbsp;&nbsp; 5806393 |
|  | 34460510 | &nbsp;&nbsp;&nbsp;&nbsp; 36062568 |
| Shares reinvested: |  |  |
| Class A | 141583 | &nbsp;&nbsp;&nbsp;&nbsp; 163656 |
| Class C | 11007 | &nbsp;&nbsp;&nbsp;&nbsp; 15162 |
| Class I | 3550409 | &nbsp;&nbsp;&nbsp;&nbsp; 4144021 |
| Class I2 | 1209223 | &nbsp;&nbsp;&nbsp;&nbsp; 1437559 |
| Class I3 | 72735 | &nbsp;&nbsp;&nbsp;&nbsp; 187893 |
| Class R | 16707 | &nbsp;&nbsp;&nbsp;&nbsp; 31103 |
| Class R4 | 6617 | &nbsp;&nbsp;&nbsp;&nbsp; 9291 |
| Class R6 | 656126 | &nbsp;&nbsp;&nbsp;&nbsp; 739268 |
|  | 5664407 | &nbsp;&nbsp;&nbsp;&nbsp; 6727953 |
| Shares redeemed: |  |  |
| Class A | (2131400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2772848)<br>|
| Class C | (110382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (154042)<br>|
| Class I | (45215286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44022120)<br>|
| Class I2 | (7964958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13674410)<br>|
| Class I3 | (3389419)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (805145)<br>|
| Class R | (431646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (179845)<br>|
| Class R4 | (65215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93028)<br>|
| Class R6 | (10797021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8552718)<br>|
|  | (70105327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70254156)<br>|
| Automatic conversions: |  |  |
| Class A | 129728 | &nbsp;&nbsp;&nbsp;&nbsp; 132359 |
| Class C | (131425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (134279)<br>|
|  | (1697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1920)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (201199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1001455)<br>|
| Class C | (29549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (166253)<br>|
| Class I | (25338789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17702815)<br>|
| Class I2 | 884119 | &nbsp;&nbsp;&nbsp;&nbsp; (5891154)<br>|
| Class I3 | (3142180)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (576995)<br>|
| Class R | (332026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99768)<br>|
| Class R4 | 14964 | &nbsp;&nbsp;&nbsp;&nbsp; (20058)<br>|
| Class R6 | (1837447)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2007057)<br>|
|  | (29982107)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27465555)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions* *from affiliate, Transamerica Fund Services, Inc.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.02 | $17.96 | $16.03 | $21.36 | $15.73 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.42 | 0.38 | 0.35 | 0.40 | 0.31 |
| Net realized and unrealized gain (loss) | 4.17 | 3.24 | 1.69 | (5.03)<br>| 5.45 |
| Total investment operations | 4.59 | 3.62 | 2.04 | (4.63)<br>| 5.76 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.46)<br>| (0.56)<br>| (0.11)<br>| (0.70)<br>| (0.13)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.53)<br>| (0.56)<br>| (0.11)<br>| (0.70)<br>| (0.13)<br>|
| **Net asset value, end of year** | $25.08 | $21.02 | $17.96 | $16.03 | $21.36 |
| **Total return** <sup>(E)</sup> <br>| 22.45<br> %<br>| 20.37 %<sup>(C)</sup><br>| 12.73<br> %<br>| (22.39 )%<sup>(D)</sup><br>| 36.70<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $166652 | $143866 | $140914 | $142550 | $111299 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.37<br> %<br>| 1.67<br> %<br>| 1.74<br> %<br>| 1.45<br> %<br>| 1.40<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.26 %<sup>(F)</sup><br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.87<br> %<br>| 1.85<br> %<br>| 1.87<br> %<br>| 2.18<br> %<br>| 1.52<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(F)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $20.68 | $17.65 | $15.77 | $21.00 | $15.46 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.26 | 0.22 | 0.22 | 0.25 | 0.18 |
| Net realized and unrealized gain (loss) | 4.14 | 3.21 | 1.66 | (4.94)<br>| 5.36 |
| Total investment operations | 4.40 | 3.43 | 1.88 | (4.69)<br>| 5.54 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.30)<br>| (0.40)<br>|  | (0.54)<br>|  |
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.37)<br>| (0.40)<br>|  | (0.54)<br>|  |
| **Net asset value, end of year** | $24.71 | $20.68 | $17.65 | $15.77 | $21.00 |
| **Total return** <sup>(E)</sup> <br>| 21.71<br> %<br>| 19.54 %<sup>(C)</sup><br>| 11.92<br> %<br>| (22.86 )%<sup>(D)</sup><br>| 35.77<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $15529 | $13611 | $14549 | $19439 | $30911 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.92<br> %<br>| 1.92<br> %<br>| 1.93<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.91 %<sup>(F)</sup><br>| 1.92<br> %<br>| 1.93<br> %<br>| 1.91 %<sup>(G)</sup><br>| 1.91<br> %<br>|
| Net investment income (loss) to average net assets | 1.18<br> %<br>| 1.11<br> %<br>| 1.17<br> %<br>| 1.35<br> %<br>| 0.88<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(E)</sup> *Total return has been calculated without deduction of the contingent deferred sales charge.*

<sup>(F)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(G)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.31 | $18.20 | $16.25 | $21.62 | $15.95 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.50 | 0.46 | 0.44 | 0.47 | 0.40 |
| Net realized and unrealized gain (loss) | 4.24 | 3.29 | 1.69 | (5.09)<br>| 5.51 |
| Total investment operations | 4.74 | 3.75 | 2.13 | (4.62)<br>| 5.91 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.54)<br>| (0.64)<br>| (0.18)<br>| (0.77)<br>| (0.24)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.64)<br>| (0.18)<br>| (0.77)<br>| (0.24)<br>|
| **Net asset value, end of year** | $25.44 | $21.31 | $18.20 | $16.25 | $21.62 |
| **Total return** | 23.00<br> %<br>| 20.84<br> %<br>| 13.15<br> %<br>| (22.03 )%<sup>(B)</sup><br>| 37.24<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2654478 | $2764252 | $2683142 | $2315412 | $2994603 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.87<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 2.20<br> %<br>| 2.23<br> %<br>| 2.30<br> %<br>| 2.49<br> %<br>| 1.95<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.36 | $18.24 | $16.28 | $21.65 | $15.97 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.54 | 0.46 | 0.44 | 0.47 | 0.42 |
| Net realized and unrealized gain (loss) | 4.23 | 3.32 | 1.72 | (5.07)<br>| 5.51 |
| Total investment operations | 4.77 | 3.78 | 2.16 | (4.60)<br>| 5.93 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| **Net asset value, end of year** | $25.49 | $21.36 | $18.24 | $16.28 | $21.65 |
| **Total return** | 23.07<br> %<br>| 20.96<br> %<br>| 13.31<br> %<br>| (22.01)%<br>| 37.36<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $1012043 | $829139 | $815534 | $1168404 | $1548574 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 2.34<br> %<br>| 2.20<br> %<br>| 2.31<br> %<br>| 2.51<br> %<br>| 2.06<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I3** | **Class I3** | **Class I3** | **Class I3** | **Class I3** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.52 | $18.37 | $16.40 | $21.81 | $16.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.48 | 0.49 | 0.46 | 0.47 | 0.42 |
| Net realized and unrealized gain (loss) | 4.32 | 3.32 | 1.71 | (5.11)<br>| 5.56 |
| Total investment operations | 4.80 | 3.81 | 2.17 | (4.64)<br>| 5.98 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.56)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.63)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| **Net asset value, end of year** | $25.69 | $21.52 | $18.37 | $16.40 | $21.81 |
| **Total return** | 23.07<br> %<br>| 20.98<br> %<br>| 13.27<br> %<br>| (22.03)%<br>| 37.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $55745 | $114306 | $108197 | $115536 | $166596 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 2.11<br> %<br>| 2.32<br> %<br>| 2.39<br> %<br>| 2.48<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.53 | $18.38 | $16.40 | $21.80 | $16.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.41 | 0.38 | 0.36 | 0.37 | 0.33 |
| Net realized and unrealized gain (loss) | 4.30 | 3.33 | 1.72 | (5.11)<br>| 5.55 |
| Total investment operations | 4.71 | 3.71 | 2.08 | (4.74)<br>| 5.88 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.41)<br>| (0.56)<br>| (0.10)<br>| (0.66)<br>| (0.16)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.48)<br>| (0.56)<br>| (0.10)<br>| (0.66)<br>| (0.16)<br>|
| **Net asset value, end of year** | $25.76 | $21.53 | $18.38 | $16.40 | $21.80 |
| **Total return** | 22.41<br> %<br>| 20.37<br> %<br>| 12.70<br> %<br>| (22.40)%<br>| 36.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $17950 | $22147 | $20745 | $19863 | $31246 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29<br> %<br>| 1.26<br> %<br>| 1.25<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>|
| Net investment income (loss) to average net assets | 1.78<br> %<br>| 1.80<br> %<br>| 1.89<br> %<br>| 1.95<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica International Equity**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $21.55 | $18.40 | $16.37 | $21.77 | $16.06 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.50 | 0.44 | 0.41 | 0.42 | 0.37 |
| Net realized and unrealized gain (loss) | 4.26 | 3.32 | 1.72 | (5.11)<br>| 5.55 |
| Total investment operations | 4.76 | 3.76 | 2.13 | (4.69)<br>| 5.92 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.50)<br>| (0.61)<br>| (0.10)<br>| (0.71)<br>| (0.21)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.61)<br>| (0.10)<br>| (0.71)<br>| (0.21)<br>|
| **Net asset value, end of year** | $25.74 | $21.55 | $18.40 | $16.37 | $21.77 |
| **Total return** | 22.75<br> %<br>| 20.66<br> %<br>| 12.99<br> %<br>| (22.22)%<br>| 37.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $7396 | $5869 | $5381 | $4986 | $23706 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.13<br> %<br>| 2.09<br> %<br>| 2.12<br> %<br>| 2.14<br> %<br>| 1.76<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br> **2025**<br>| **October 31,** <br> **2024**<br>| **October 31,** <br> **2023**<br>| **October 31,** <br> **2022**<br>| **October 31,** <br> **2021**<br>|
| **Net asset value, beginning of year** | $21.59 | $18.44 | $16.46 | $21.88 | $16.13 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.56 | 0.49 | 0.46 | 0.48 | 0.43 |
| Net realized and unrealized gain (loss) | 4.27 | 3.32 | 1.72 | (5.13)<br>| 5.57 |
| Total investment operations | 4.83 | 3.81 | 2.18 | (4.65)<br>| 6.00 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.57)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| Net realized gains | (0.07)<br>|  |  |  |  |
| Total dividends and/or distributions to shareholders | (0.64)<br>| (0.66)<br>| (0.20)<br>| (0.77)<br>| (0.25)<br>|
| **Net asset value, end of year** | $25.78 | $21.59 | $18.44 | $16.46 | $21.88 |
| **Total return** | 23.10<br> %<br>| 20.90<br> %<br>| 13.28<br> %<br>| (21.97)%<br>| 37.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $561920 | $510370 | $472709 | $397503 | $451687 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.77<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) to average net assets | 2.42<br> %<br>| 2.32<br> %<br>| 2.40<br> %<br>| 2.53<br> %<br>| 2.05<br> %<br>|
| Portfolio turnover rate | 13<br> %<br>| 12<br> %<br>| 16<br> %<br>| 17<br> %<br>| 22<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Equity (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers eight classes of shares, Class A, Class C, Class I, Class I2, Class I3, Class R, Class R4 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels. Effective as of March 16, 2021, Class C shares will automatically convert to Class A shares after eight years from the date of purchase subject to certain conditions and circumstances set forth in the prospectus.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Cash overdraft:** The Fund may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $65,072.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

The Fund had no amounts outstanding as of October 31, 2025. For the period December 31, 2024 to October 31, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $12543373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56<br> % <br>|

---

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $15378269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15378269 |
| **Total Borrowings** | **$15378269** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15378269** |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Small and medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1048814894 | 23.35<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.77<br> % <br>|
| Over $250 million up to $1 billion  | 0.74 |
| Over $1 billion up to $2 billion  | 0.72 |
| Over $2 billion up to $6 billion | 0.69 |
| Over $6 billion up to $8 billion  | 0.68 |
| Over $8 billion  | 0.66 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.25<br> % <br>| March 1, 2026 |
| Class C | 1.96 | March 1, 2026 |
| Class I | 0.89 | March 1, 2026 |
| Class I2, Class I3, Class R6 | 0.80 | March 1, 2026 |
| Class R | 1.31 | March 1, 2026 |
| Class R4 | 1.06 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows. Classes not listed in the subsequent table are not subject to recapture by TAM.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $782190 | $796798 | $213544 | $1792532 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R4 | 0.25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2, Class I3 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C of the Fund certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $58259 | &nbsp;&nbsp;&nbsp;&nbsp; $103 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 631 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A and C of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class C shares through March 1, 2026.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $3338576 | &nbsp;&nbsp; $290189 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $549495213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1274439075 | &nbsp;&nbsp; $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal year exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the year ended October 31, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark-to-market and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to a portion of the payments made to redeeming shareholders as a distribution for income tax purposes and basis adjustments related to a prior year merger. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| &nbsp;&nbsp;&nbsp; $29276988 | &nbsp;&nbsp;&nbsp;&nbsp; $(29276988)<br>|

---

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $3208866745 | &nbsp;&nbsp; $1408548832 | &nbsp;&nbsp; $(158830787)<br>| &nbsp;&nbsp; $1249718045 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $109556517 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13887351 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $145018635 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $158810158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $154763803 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15599328 | &nbsp;&nbsp; $1251211909 |

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica International Equity**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica International Equity

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica International Equity (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628imgd5846a683.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $115,199,105 of qualified dividend income.

For tax purposes, the Fund has made a long-term capital gain designation of $13,887,351 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $107668191 | $9064821 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica International Equity** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

**Transamerica International Equity** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 29**

------

**Transamerica International Equity** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 30**

------

**Transamerica International Equity** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica International Equity (the "Fund"). The Board also considered the renewal of the investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Management Agreement, the "Agreements") for the Fund between TAM and Thompson, Siegel & Walmsley LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 31**

------

**Transamerica International Equity** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 10-year period, in line with the median 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 the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 32**

------

**Transamerica International Equity** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT – CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 33**

------

![](g67628img90899fc24.gif)

![](g67628imgaf9589245.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886773 TA INTL EQTY 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img597bfda86.gif)

------

![](g67628img2a2a2a971.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica International Focus**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img09cd20e52.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_SOI-RunningFooter-156_1) | 2 |
| [Statement of Assets and Liabilities](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_FS-RunningFooter-156_1) | 4 |
| [Statement of Operations](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_FS-RunningFooter-156_2) | 5 |
| [Statement of Changes in Net Assets](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_FS-RunningFooter-156_3) | 6 |
| [Financial Highlights](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_FIHI-RunningFooter-156_1) | 8 |
| [Notes to Financial Statements](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_NTF-RunningFooter-156_1) | 10 |
| **[Report of Independent Registered Public Accounting Firm](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_AUD-RunningFooter-156_1)** | 21 |
| **[Supplemental Information](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_STI-RunningFooter-156_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_DWA-RunningFooter-156_1)**<br> **[Companies](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_DWA-RunningFooter-156_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_PD-RunningFooter-156_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_REMU-RunningFooter-156_1)**<br> **[Companies](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_REMU-RunningFooter-156_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_d64d5d8c-9c1d-4faa-826d-a3dafb7e7db4_AIAC-RunningFooter-156_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Focus**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.0%**  | **COMMON STOCKS - 96.0%**  | **COMMON STOCKS - 96.0%**  |
| **Canada - 10.8%**  | **Canada - 10.8%**  | **Canada - 10.8%**  |
| Alimentation Couche-Tard, Inc. | 343427 | $17453550 |
| Constellation Software, Inc. | 6611 | 17398118 |
| Dollarama, Inc. | 116488 | 15141654 |
| Waste Connections, Inc. | 121388 | 20354340 |
|  |  | 70347662 |
| **France - 7.1%**  | **France - 7.1%**  | **France - 7.1%**  |
| Hermes International SCA | 5640 | 13970533 |
| Safran SA | 91404 | 32439367 |
|  |  | 46409900 |
| **Germany - 5.6%**  | **Germany - 5.6%**  | **Germany - 5.6%**  |
| CTS Eventim AG & Co. KGaA | 167596 | 14990732 |
| SAP SE | 81489 | 21082207 |
|  |  | 36072939 |
| **Hong Kong - 3.5%**  | **Hong Kong - 3.5%**  | **Hong Kong - 3.5%**  |
| AIA Group Ltd. | 2373800 | 23048975 |
| **India - 3.2%**  | **India - 3.2%**  | **India - 3.2%**  |
| HDFC Bank Ltd., ADR | 576334 | 20874817 |
| **Italy - 2.9%**  | **Italy - 2.9%**  | **Italy - 2.9%**  |
| Ferrari NV | 46224 | 18672185 |
| **Japan - 20.6%**  | **Japan - 20.6%**  | **Japan - 20.6%**  |
| Ajinomoto Co., Inc. | 989900 | 28089240 |
| Hoya Corp. | 159800 | 26011180 |
| ITOCHU Corp. | 509600 | 29532396 |
| Japan Elevator Service Holdings Co. Ltd. | 1151200 | 13576705 |
| Keyence Corp. | 50600 | 18836688 |
| Pan Pacific International Holdings Corp. | 2980100 | 17747945 |
|  |  | 133794154 |
| **Netherlands - 8.5%**  | **Netherlands - 8.5%**  | **Netherlands - 8.5%**  |
| Adyen NV <sup>(A)(B)</sup> <br>| 10234 | 17559854 |
| ASM International NV | 34733 | 22499667 |
| Wolters Kluwer NV | 122274 | 14974783 |
|  |  | 55034304 |
| **Norway - 3.8%**  | **Norway - 3.8%**  | **Norway - 3.8%**  |
| Salmar ASA | 433436 | 24369208 |
| **Sweden - 2.1%**  | **Sweden - 2.1%**  | **Sweden - 2.1%**  |
| Lagercrantz Group AB, B Shares | 542632 | 13331261 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland - 6.0%**  | **Switzerland - 6.0%**  | **Switzerland - 6.0%**  |
| Belimo Holding AG | 19936 | $21453341 |
| Sika AG | 89746 | 17530998 |
|  |  | 38984339 |
| **Taiwan - 5.6%**  | **Taiwan - 5.6%**  | **Taiwan - 5.6%**  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 120590 | 36228854 |
| **United Kingdom - 6.9%**  | **United Kingdom - 6.9%**  | **United Kingdom - 6.9%**  |
| 3i Group PLC | 360106 | 20815129 |
| Compass Group PLC | 728960 | 24141966 |
|  |  | 44957095 |
| **United States - 8.5%**  | **United States - 8.5%**  | **United States - 8.5%**  |
| Coupang, Inc. <sup>(B)</sup> <br>| 501547 | 16034458 |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(B)</sup> <br>| 187844 | 18756223 |
| Linde PLC | 49426 | 20674896 |
|  |  | 55465577 |
| **Uruguay - 0.9%**  | **Uruguay - 0.9%**  | **Uruguay - 0.9%**  |
| MercadoLibre, Inc. <sup>(B)</sup> <br>| 2626 | 6111385 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $548,568,520)**<br>|  | 623702655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.6%**  | **REPURCHASE AGREEMENT - 3.6%**  | **REPURCHASE AGREEMENT - 3.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(C)</sup>, dated 10/31/2025, to be <br> repurchased at $23,519,494 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $23,986,911.<br>| $23516554 | 23516554 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $23,516,554)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $23,516,554)** | 23516554 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $572,085,074)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $572,085,074)** | 647219209 |
| **Net Other Assets (Liabilities) - 0.4%** | **Net Other Assets (Liabilities) - 0.4%** | 2837158 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$650056367** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Semiconductors & Semiconductor Equipment | 9.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58728521 |
| Broadline Retail | 8.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55035442 |
| Food Products | 8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52458448 |
| Software | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38480325 |
| Chemicals | 5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38205894 |
| Commercial Services & Supplies | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33931045 |
| Entertainment | 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33746955 |
| Aerospace & Defense | 5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32439367 |
| Electronic Equipment, Instruments & Components | 5.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32167949 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica International Focus**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Trading Companies & Distributors | 4.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29532396 |
| Health Care Equipment & Supplies | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26011180 |
| Hotels, Restaurants & Leisure | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24141966 |
| Insurance | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23048975 |
| Building Products | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21453341 |
| Banks | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20874817 |
| Capital Markets | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20815129 |
| Automobiles | 2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18672185 |
| Financial Services | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17559854 |
| Consumer Staples Distribution & Retail | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17453550 |
| Professional Services | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14974783 |
| Textiles, Apparel & Luxury Goods | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13970533 |
| **Investments** | **96.4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **623702655** |
| Short-Term Investments | 3.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23516554 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$647219209** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $207700480 | &nbsp;&nbsp; $416002175 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $623702655 |
| Repurchase Agreement |  | &nbsp;&nbsp; 23516554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23516554 |
| **Total Investments** | **$207700480** | &nbsp;&nbsp; **$439518729** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$647219209** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $17,559,854, representing 2.7% of the* *Fund's net assets.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica International Focus**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $548,568,520) | $623702655 |
| Repurchase agreement, at value (cost $23,516,554) | 23516554 |
| Foreign currency, at value (cost $200) | 199 |
| Receivables and other assets: |  |
| Net income from securities lending | 1634 |
| Shares of beneficial interest sold  | 19776 |
| Dividends  | 749471 |
| Interest | 980 |
| Tax reclaims | 2631148 |
| Other assets | 154 |
| Total assets | 650622571 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 19092 |
| Investment management fees | 481899 |
| Distribution and service fees | 442 |
| Transfer agent fees | 5352 |
| Trustee and CCO fees | 261 |
| Audit and tax fees  | 16563 |
| Custody fees | 14303 |
| Legal fees | 8720 |
| Printing and shareholder reports fees | 2897 |
| Registration fees | 543 |
| Other accrued expenses | 16132 |
| Total liabilities | 566204 |
| **Net assets**  | $650056367 |
| **Net assets consist of:** |  |
| Paid-in capital | $572043621 |
| Total distributable earnings (accumulated losses) | 78012746 |
| **Net assets** | $650056367 |
| **Net assets by class:** |  |
| Class A | $2149495 |
| Class I | 92731 |
| Class I2 | 641314769 |
| Class R6 | 6499372 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 299653 |
| Class I | 12777 |
| Class I2 | 88962354 |
| Class R6 | 896558 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $7.17 |
| Class I | 7.26 |
| Class I2 | 7.21 |
| Class R6 | 7.25 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $7.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price. The redemption price for Class A shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica International Focus**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $8622034 |
| Interest income | 1503500 |
| Net income from securities lending | 27774 |
| Withholding taxes on foreign income | (2071087)<br>|
| Total investment income  | 8082221 |
| **Expenses:** |  |
| Investment management fees | 5372658 |
| Distribution and service fees: |  |
| Class A | 3665 |
| Transfer agent fees: |  |
| Class A | 5137 |
| Class I | 566 |
| Class I2 | 52694 |
| Class R6 | 1101 |
| Trustee and CCO fees | 30924 |
| Audit and tax fees | 35200 |
| Custody fees | 77097 |
| Legal fees | 146628 |
| Printing and shareholder reports fees | 38975 |
| Registration fees | 52053 |
| Insurance fees | 39685 |
| Other | 42776 |
| Total expenses before waiver and/or reimbursement and recapture | 5899159 |
| Expenses waived and/or reimbursed: |  |
| Class A | (3101)<br>|
| Class I | (516)<br>|
| Net expenses | 5895542 |
| **Net investment income (loss)** | 2186679 |
| **Net realized gain (loss) on:** |  |
| Investments | 3594444 |
| Forward foreign currency contracts | (48831)<br>|
| Foreign currency transactions | (224136)<br>|
| Net realized gain (loss) | 3321477 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 62561174 |
| Translation of assets and liabilities denominated in foreign currencies | 143400 |
| Net change in unrealized appreciation (depreciation) | 62704574 |
| Net realized and change in unrealized gain (loss) | 66026051 |
| **Net increase (decrease) in net assets resulting from operations** | $68212730 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica International Focus**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $2186679 | &nbsp;&nbsp;&nbsp;&nbsp; $10363453 |
| Net realized gain (loss) | 3321477 | &nbsp;&nbsp;&nbsp;&nbsp; 103726435 |
| Net change in unrealized appreciation (depreciation) | 62704574 | &nbsp;&nbsp;&nbsp;&nbsp; (50610533)<br>|
| Net increase (decrease) in net assets resulting from operations | 68212730 | &nbsp;&nbsp;&nbsp;&nbsp; 63479355 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (179956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58653)<br>|
| Class I | (159695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20645)<br>|
| Class I2 | (90262753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49369873)<br>|
| Class R6 | (2564143)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1086982)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (93166547)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50536153)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 1717148 | &nbsp;&nbsp;&nbsp;&nbsp; 429176 |
| Class I | 64132 | &nbsp;&nbsp;&nbsp;&nbsp; 1535157 |
| Class I2 | 214513448 | &nbsp;&nbsp;&nbsp;&nbsp; 221286271 |
| Class R6 | 10249499 | &nbsp;&nbsp;&nbsp;&nbsp; 2263483 |
|  | 226544227 | &nbsp;&nbsp;&nbsp;&nbsp; 225514087 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 179956 | &nbsp;&nbsp;&nbsp;&nbsp; 58653 |
| Class I | 159695 | &nbsp;&nbsp;&nbsp;&nbsp; 20645 |
| Class I2 | 90262753 | &nbsp;&nbsp;&nbsp;&nbsp; 49369873 |
| Class R6 | 2564143 | &nbsp;&nbsp;&nbsp;&nbsp; 1086982 |
|  | 93166547 | &nbsp;&nbsp;&nbsp;&nbsp; 50536153 |
| Cost of shares redeemed: |  |  |
| Class A | (662071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (205556)<br>|
| Class I | (1490922)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (275381)<br>|
| Class I2 | (150432287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (420117799)<br>|
| Class R6 | (19244424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2358579)<br>|
|  | (171829704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (422957315)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 147881070 | &nbsp;&nbsp;&nbsp;&nbsp; (146907075)<br>|
| **Net increase (decrease) in net assets** | 122927253 | &nbsp;&nbsp;&nbsp;&nbsp; (133963873)<br>|
| **Net assets:** |  |  |
| Beginning of year | 527129114 | &nbsp;&nbsp;&nbsp;&nbsp; 661092987 |
| End of year | $650056367 | &nbsp;&nbsp;&nbsp;&nbsp; $527129114 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica International Focus**

------

**STATEMENT OF CHANGES IN NET ASSETS (continued)**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 241099 | &nbsp;&nbsp;&nbsp;&nbsp; 52761 |
| Class I | 8705 | &nbsp;&nbsp;&nbsp;&nbsp; 184292 |
| Class I2 | 32051883 | &nbsp;&nbsp;&nbsp;&nbsp; 26998160 |
| Class R6 | 1494472 | &nbsp;&nbsp;&nbsp;&nbsp; 275044 |
|  | 33796159 | &nbsp;&nbsp;&nbsp;&nbsp; 27510257 |
| Shares reinvested: |  |  |
| Class A | 27601 | &nbsp;&nbsp;&nbsp;&nbsp; 7539 |
| Class I | 24270 | &nbsp;&nbsp;&nbsp;&nbsp; 2637 |
| Class I2 | 13822780 | &nbsp;&nbsp;&nbsp;&nbsp; 6345742 |
| Class R6 | 390280 | &nbsp;&nbsp;&nbsp;&nbsp; 139000 |
|  | 14264931 | &nbsp;&nbsp;&nbsp;&nbsp; 6494918 |
| Shares redeemed: |  |  |
| Class A | (94062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25233)<br>|
| Class I | (205206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33042)<br>|
| Class I2 | (21084425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53256774)<br>|
| Class R6 | (2731088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (285061)<br>|
|  | (24114781)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53600110)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 174638 | &nbsp;&nbsp;&nbsp;&nbsp; 35067 |
| Class I | (172231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 153887 |
| Class I2 | 24790238 | &nbsp;&nbsp;&nbsp;&nbsp; (19912872)<br>|
| Class R6 | (846336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 128983 |
|  | 23946309 | &nbsp;&nbsp;&nbsp;&nbsp; (19594935)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica International Focus**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $7.93 | $7.67 | $6.97 | $10.07 | $7.77 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| (0.01)<br>| 0.12 | 0.15 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) | 0.57 | 0.79 | 0.66 | (2.69)<br>| 2.23 |
| Total investment operations | 0.56 | 0.91 | 0.81 | (2.54)<br>| 2.37 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.10)<br>| (0.26)<br>| (0.11)<br>| (0.26)<br>| (0.07)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.32)<br>| (0.65)<br>| (0.11)<br>| (0.56)<br>| (0.07)<br>|
| **Net asset value, end of year** | $7.17 | $7.93 | $7.67 | $6.97 | $10.07 |
| **Total return** <sup>(D)</sup> <br>| 8.74<br> %<br>| 11.98<br> %<br>| 11.78<br> %<br>| (26.67 )%<sup>(C)</sup><br>| 30.55<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $2149 | $991 | $690 | $480 | $530 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.41<br> %<br>| 1.46<br> %<br>| 1.52<br> %<br>| 1.45<br> %<br>| 1.42<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>| 1.21 %<sup>(E)</sup><br>| 1.21 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | (0.15)%<br>| 1.46<br> %<br>| 1.91<br> %<br>| 1.79<br> %<br>| 1.48<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(E)</sup> *Includes interest expense outside the operating expense limit.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.00 | $7.74 | $7.02 | $10.12 | $7.79 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.01 | 0.16 | 0.18 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) | 0.58 | 0.77 | 0.67 | (2.69)<br>| 2.24 |
| Total investment operations | 0.59 | 0.93 | 0.85 | (2.53)<br>| 2.40 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.28)<br>| (0.13)<br>| (0.27)<br>| (0.07)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.33)<br>| (0.67)<br>| (0.13)<br>| (0.57)<br>| (0.07)<br>|
| **Net asset value, end of year** | $7.26 | $8.00 | $7.74 | $7.02 | $10.12 |
| **Total return** | 9.21<br> %<br>| 12.16<br> %<br>| 12.16<br> %<br>| (26.47)%<br>| 30.95<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $93 | $1481 | $241 | $73 | $29 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.92<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 1.02<br> %<br>| 1.33<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82 %<sup>(B)</sup><br>| 0.83 %<sup>(B)</sup><br>| 0.84 %<sup>(B)</sup><br>| 0.98 %<sup>(C)</sup><br>| 0.91 %<sup>(C)</sup><br>|
| Net investment income (loss) to average net assets | 0.07<br> %<br>| 1.92<br> %<br>| 2.29<br> %<br>| 2.05<br> %<br>| 1.59<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *TAM has contractually agreed to reimburse 0.095% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

<sup>(C)</sup> *TAM contractually agreed to reimburse certain per account transfer agency fees through March 1, 2022. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica International Focus**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $7.96 | $7.70 | $7.00 | $10.09 | $7.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.15 | 0.19 | 0.17 | 0.16 |
| Net realized and unrealized gain (loss) | 0.57 | 0.78 | 0.65 | (2.66)<br>| 2.24 |
| Total investment operations | 0.59 | 0.93 | 0.84 | (2.49)<br>| 2.40 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.28)<br>| (0.14)<br>| (0.30)<br>| (0.09)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.67)<br>| (0.14)<br>| (0.60)<br>| (0.09)<br>|
| **Net asset value, end of year** | $7.21 | $7.96 | $7.70 | $7.00 | $10.09 |
| **Total return** | 9.28<br> %<br>| 12.31<br> %<br>| 12.17<br> %<br>| (26.24)%<br>| 31.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $641315 | $510720 | $647678 | $862508 | $1467721 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 0.31<br> %<br>| 1.86<br> %<br>| 2.34<br> %<br>| 2.06<br> %<br>| 1.69<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $8.00 | $7.74 | $7.03 | $10.13 | $7.81 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.02 | 0.15 | 0.19 | 0.19 | 0.17 |
| Net realized and unrealized gain (loss) | 0.57 | 0.78 | 0.66 | (2.69)<br>| 2.24 |
| Total investment operations | 0.59 | 0.93 | 0.85 | (2.50)<br>| 2.41 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.28)<br>| (0.14)<br>| (0.30)<br>| (0.09)<br>|
| Net realized gains | (1.22)<br>| (0.39)<br>|  | (0.30)<br>|  |
| Total dividends and/or distributions to shareholders | (1.34)<br>| (0.67)<br>| (0.14)<br>| (0.60)<br>| (0.09)<br>|
| **Net asset value, end of year** | $7.25 | $8.00 | $7.74 | $7.03 | $10.13 |
| **Total return** | 9.22<br> %<br>| 12.24<br> %<br>| 12.11<br> %<br>| (26.23)%<br>| 31.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $6499 | $13937 | $12484 | $11765 | $14 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.82<br> %<br>| 0.83<br> %<br>| 0.82<br> %<br>| 0.81<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 0.30<br> %<br>| 1.84<br> %<br>| 2.34<br> %<br>| 2.28<br> %<br>| 1.71<br> %<br>|
| Portfolio turnover rate | 48<br> %<br>| 169<br> %<br>| 37<br> %<br>| 36<br> %<br>| 21<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Focus (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of 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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

There were no commissions recaptured during the year ended October 31, 2025, by the Fund.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS**

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Fund.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Forward foreign currency contracts:** The Fund is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Fund may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2025, are listed within the Schedule of Investments. Unrealized appreciation (depreciation), as applicable, is shown in Unrealized appreciation or depreciation on forward foreign currency contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments within the Statement of Operations, categorized by primary market risk exposure as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Forward foreign currency contracts | $— | $(48831)<br>| $— | $— | $— | $(48831)<br>|
| **Total** | **$—** | **$(48831)**<br>| **$—** | **$—** | **$—** | **$(48831)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2025.

---

| | |
|:---|:---|
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | $195401 |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $627824439 | 96.58<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.750<br> % <br>|
| Over $500 million up to $1 billion | 0.740 |
| Over $1 billion up to $2 billion | 0.690 |
| Over $2 billion up to $3 billion | 0.675 |
| Over $3 billion | 0.660 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 1.20<br> % <br>| March 1, 2026 |
| Class I | 0.97 | March 1, 2026 |
| Class I2, Class R6 | 0.87 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $1908 | $2483 | $3100 | $7491 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $3258 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $59465 | &nbsp;&nbsp; $5345 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $380150650 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323457975 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

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.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal year exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the year ended October 31, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $574954442 | &nbsp;&nbsp; $95272962 | &nbsp;&nbsp; $(23008195)<br>| &nbsp;&nbsp; $72264767 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $8591623 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $84574924 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21303662 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $29232491 | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $2279616 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3395812 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72337318 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica International Focus**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica International Focus

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica International Focus (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img1d9c91a73.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $6,881,252 of qualified dividend income.

For tax purposes, the Fund has made a long-term capital gain designation of $84,574,924 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2726490 | $947234 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica International Focus** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica International Focus** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica International Focus** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica International Focus** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica International Focus (the "Fund").

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. In addition, TAM provided the Board with additional supplemental comparative performance information. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; and TAM's responsiveness to any questions by the Trustees.

The Board also considered the continuous and regular investment management and other services provided by TAM when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica International Focus** 

------

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was 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 the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3- and 5-year periods. The Board noted that the Fund's sub-adviser had commenced sub-advising the Fund on October 25, 2024 pursuant to its current investment strategies.

**Management Fee and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Fund's sub-adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee and 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.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica International Focus** 

------

**MANAGEMENT AGREEMENT – CONTRACT RENEWAL (continued)**

realized by TAM may not directly correlate with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and in light of any economies of scale experienced in the future.

**Benefits to TAM and its Affiliates from their Relationships with the Fund**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Fund's sub-adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Management Agreement.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

![](g67628imge4b287234.gif)

![](g67628img2f754f185.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 TA INTL FOCUS 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img56147ed06.gif)

------

![](g67628imgb0343b6f1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica International Small Cap Value**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img9ce725442.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_SOI-RunningFooter-166_1) | 2 |
| [Statement of Assets and Liabilities](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_FS-RunningFooter-166_1) | 6 |
| [Statement of Operations](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_FS-RunningFooter-166_2) | 7 |
| [Statement of Changes in Net Assets](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_FS-RunningFooter-166_3) | 8 |
| [Financial Highlights](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_FIHI-RunningFooter-166_1) | 9 |
| [Notes to Financial Statements](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_NTF-RunningFooter-166_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_AUD-RunningFooter-166_1)** | 21 |
| **[Supplemental Information](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_STI-RunningFooter-166_1)** | 22 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_DWA-RunningFooter-166_1)**<br> **[Companies](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_DWA-RunningFooter-166_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_PD-RunningFooter-166_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_REMU-RunningFooter-166_1)**<br> **[Companies](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_REMU-RunningFooter-166_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_780d54d5-b1b7-49c6-9c30-56d790518879_AIAC-RunningFooter-166_1)** | 26 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.9%**  | **COMMON STOCKS - 96.9%**  | **COMMON STOCKS - 96.9%**  |
| **Australia - 4.7%**  | **Australia - 4.7%**  | **Australia - 4.7%**  |
| BlueScope Steel Ltd. | 873300 | $13085064 |
| Charter Hall Group, REIT | 613232 | 9003773 |
| Omni Bridgeway Ltd. <sup>(A)</sup> <br>| 2224069 | 2321057 |
| Qantas Airways Ltd. | 2307700 | 15401266 |
| SGH Ltd. | 103800 | 3293942 |
| Whitehaven Coal Ltd. | 689500 | 3248207 |
| Yancoal Australia Ltd. <sup>(B)</sup> <br>| 776900 | 2831374 |
|  |  | 49184683 |
| **Austria - 0.5%**  | **Austria - 0.5%**  | **Austria - 0.5%**  |
| Strabag SE | 63400 | 4961997 |
| **Belgium - 2.8%**  | **Belgium - 2.8%**  | **Belgium - 2.8%**  |
| Barco NV | 263634 | 3762006 |
| D'ieteren Group <sup>(B)</sup> <br>| 65308 | 11931447 |
| Fagron | 233948 | 5555000 |
| Groupe Bruxelles Lambert NV <sup>(B)</sup> <br>| 83927 | 7376308 |
|  |  | 28624761 |
| **Denmark - 1.9%**  | **Denmark - 1.9%**  | **Denmark - 1.9%**  |
| Scandinavian Tobacco Group AS <sup>(C)</sup> <br>| 870728 | 11544392 |
| Schouw & Co. AS | 85267 | 7830569 |
|  |  | 19374961 |
| **Finland - 0.7%**  | **Finland - 0.7%**  | **Finland - 0.7%**  |
| Enento Group OYJ <sup>(B)(C)</sup> <br>| 182800 | 3249062 |
| Raisio OYJ, V Shares | 1574783 | 4565162 |
|  |  | 7814224 |
| **France - 6.2%**  | **France - 6.2%**  | **France - 6.2%**  |
| Coface SA | 676100 | 11907806 |
| Elis SA <sup>(B)</sup> <br>| 674200 | 18775139 |
| ICADE, REIT <sup>(B)</sup> <br>| 85400 | 2078975 |
| JCDecaux SE | 344300 | 6266379 |
| Kaufman & Broad SA | 267029 | 8987497 |
| Tikehau Capital SCA <sup>(B)</sup> <br>| 233700 | 4854125 |
| Virbac SACA | 27300 | 11155174 |
|  |  | 64025095 |
| **Germany - 4.1%**  | **Germany - 4.1%**  | **Germany - 4.1%**  |
| Borussia Dortmund GmbH & Co. KGaA | 544880 | 2151092 |
| DWS Group GmbH & Co. KGaA <sup>(C)</sup> <br>| 134900 | 8622059 |
| Eckert & Ziegler SE | 183400 | 3578935 |
| Elmos Semiconductor SE | 76200 | 7184652 |
| Gerresheimer AG <sup>(B)</sup> <br>| 157400 | 5007389 |
| K&S AG | 205700 | 2681602 |
| SAF-Holland SE | 501488 | 8150366 |
| SUSS MicroTec SE | 109700 | 3525306 |
| Takkt AG | 290813 | 1508425 |
|  |  | 42409826 |
| **Greece - 1.2%**  | **Greece - 1.2%**  | **Greece - 1.2%**  |
| Motor Oil Hellas Corinth Refineries SA | 422951 | 12685127 |
| **Hong Kong - 0.4%**  | **Hong Kong - 0.4%**  | **Hong Kong - 0.4%**  |
| Great Eagle Holdings Ltd. | 1659493 | 3109461 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| &nbsp;&nbsp; Langham Hospitality Investments & <br> Langham Hospitality Investments Ltd.<br>| 110632 | $7261 |
| Pacific Textiles Holdings Ltd. | 6798600 | 1268632 |
|  |  | 4385354 |
| **Ireland - 4.0%**  | **Ireland - 4.0%**  | **Ireland - 4.0%**  |
| Bank of Ireland Group PLC | 2322900 | 37980207 |
| C&C Group PLC | 2240285 | 4026109 |
|  |  | 42006316 |
| **Italy - 3.0%**  | **Italy - 3.0%**  | **Italy - 3.0%**  |
| BFF Bank SpA <sup>(A)(C)</sup> <br>| 1014200 | 12227925 |
| Buzzi SpA | 314500 | 18904815 |
|  |  | 31132740 |
| **Japan - 32.3%**  | **Japan - 32.3%**  | **Japan - 32.3%**  |
| A&D HOLON Holdings Co. Ltd. | 469200 | 6171361 |
| Air Water, Inc. | 490900 | 6864509 |
| Bushiroad, Inc. | 465000 | 868990 |
| Capcom Co. Ltd. | 765200 | 20029958 |
| CKD Corp. | 496800 | 10686471 |
| DTS Corp. | 1519200 | 12677251 |
| Fuji Corp. | 513200 | 9981941 |
| FULLCAST Holdings Co. Ltd. | 244600 | 2685505 |
| Furyu Corp. | 161800 | 1097145 |
| Galilei Co. Ltd. | 261100 | 6082337 |
| GMO internet group, Inc. | 501300 | 11225659 |
| Hikari Tsushin, Inc. | 69500 | 18399844 |
| Horiba Ltd. | 187700 | 17496013 |
| Hosokawa Micron Corp. | 111100 | 4109208 |
| Japan Petroleum Exploration Co. Ltd. | 989900 | 8260407 |
| Kadokawa Corp. | 244800 | 5485007 |
| Kaken Pharmaceutical Co. Ltd. | 94500 | 2247372 |
| Katitas Co. Ltd. | 224900 | 3661502 |
| Kumiai Chemical Industry Co. Ltd. <sup>(B)</sup> <br>| 776300 | 3435446 |
| MatsukiyoCocokara & Co. | 366300 | 6637420 |
| MEITEC Group Holdings, Inc. | 351300 | 7205628 |
| Nakanishi, Inc. | 595300 | 7891752 |
| Nextage Co. Ltd. | 164100 | 2473586 |
| Nichiha Corp. | 306100 | 5450252 |
| Nippon Parking Development Co. Ltd. | 2633500 | 4613880 |
| Organo Corp. | 157300 | 13554889 |
| Paramount Bed Holdings Co. Ltd. | 318000 | 7294335 |
| PCA Corp. | 421700 | 4878925 |
| Rohto Pharmaceutical Co. Ltd. | 470900 | 7299851 |
| RS Technologies Co. Ltd. | 157400 | 3937298 |
| Sanwa Holdings Corp. | 783900 | 21414697 |
| Square Enix Holdings Co. Ltd. | 806100 | 15618809 |
| Starts Corp., Inc. | 157900 | 4902677 |
| Takasago Thermal Engineering Co. Ltd. | 659000 | 19567737 |
| TKC Corp. | 133900 | 3505850 |
| Token Corp. | 86100 | 7905490 |
| Tokyotokeiba Co. Ltd. | 70100 | 2515431 |
| USS Co. Ltd. | 1411400 | 15587585 |
| Wakita & Co. Ltd. | 388400 | 4473493 |
| Yonex Co. Ltd. | 612000 | 15765622 |
|  |  | 333961133 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands - 4.7%**  | **Netherlands - 4.7%**  | **Netherlands - 4.7%**  |
| Euronext NV <sup>(C)</sup> <br>| 90080 | $12875009 |
| Koninklijke Vopak NV <sup>(B)</sup> <br>| 241100 | 10916066 |
| Van Lanschot Kempen NV <sup>(B)</sup> <br>| 425200 | 24848415 |
|  |  | 48639490 |
| **Norway - 3.9%**  | **Norway - 3.9%**  | **Norway - 3.9%**  |
| ABG Sundal Collier Holding ASA | 7531827 | 5227311 |
| Aker ASA, Class A | 167600 | 13021813 |
| Protector Forsikring ASA | 308500 | 13903325 |
| Var Energi ASA | 2320300 | 7806681 |
|  |  | 39959130 |
| **Republic of Korea - 2.6%**  | **Republic of Korea - 2.6%**  | **Republic of Korea - 2.6%**  |
| Eugene Technology Co. Ltd. | 335509 | 22347643 |
| Value Added Technology Co. Ltd. | 304500 | 4691191 |
|  |  | 27038834 |
| **Singapore - 0.9%**  | **Singapore - 0.9%**  | **Singapore - 0.9%**  |
| ASMPT Ltd. | 881100 | 9297952 |
| **Spain - 2.4%**  | **Spain - 2.4%**  | **Spain - 2.4%**  |
| Fluidra SA <sup>(B)</sup> <br>| 172000 | 4980186 |
| Logista Integral SA | 488064 | 16269438 |
| Vidrala SA | 42500 | 4046378 |
|  |  | 25296002 |
| **Sweden - 2.5%**  | **Sweden - 2.5%**  | **Sweden - 2.5%**  |
| Cloetta AB, B Shares | 3185300 | 11869121 |
| Husqvarna AB, B Shares <sup>(B)</sup> <br>| 831600 | 3965314 |
| Ratos AB, B Shares <sup>(B)</sup> <br>| 708900 | 2875820 |
| Trelleborg AB, B Shares <sup>(B)</sup> <br>| 162000 | 6778243 |
|  |  | 25488498 |
| **Switzerland - 3.5%**  | **Switzerland - 3.5%**  | **Switzerland - 3.5%**  |
| Swissquote Group Holding SA | 56576 | 35854315 |
| **United Kingdom - 14.6%**  | **United Kingdom - 14.6%**  | **United Kingdom - 14.6%**  |
| Barratt Redrow PLC | 2741628 | 13553106 |
| Bellway PLC | 380400 | 13112950 |
| Burberry Group PLC <sup>(A)</sup> <br>| 387300 | 6296349 |
| Clarkson PLC | 205800 | 9800528 |
| Domino's Pizza Group PLC | 2118600 | 5418898 |
| Howden Joinery Group PLC | 1158800 | 13145191 |
| ICG PLC | 366035 | 9285408 |
| IG Group Holdings PLC | 1140135 | 16685436 |
| Inchcape PLC | 455800 | 4574712 |
| Informa PLC | 1628927 | 20710154 |
| Lancashire Holdings Ltd. | 801000 | 7029186 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Morgan Sindall Group PLC | 178100 | $10879601 |
| Oxford Metrics PLC <sup>(B)</sup> <br>| 1099600 | 641378 |
| Savills PLC | 692400 | 9168825 |
| Schroders PLC | 2109700 | 10515117 |
|  |  | 150816839 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $728,588,923)**<br>|  | 1002957277 |
| **PREFERRED STOCK - 0.6%**  | **PREFERRED STOCK - 0.6%**  | **PREFERRED STOCK - 0.6%**  |
| **Italy - 0.6%**  | **Italy - 0.6%**  | **Italy - 0.6%**  |
| Danieli & C Officine Meccaniche SpA |  |  |
| 0.99% <sup>(D)</sup><sup>(E)</sup> <br>| 172390 | 6604966 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $3,117,745)**<br>|  | 6604966 |
| **RIGHTS - 0.0% \*** |  |  |
| **Spain - 0.0% \*** |  |  |
| &nbsp;&nbsp; Vidrala SA, <sup>(A)</sup> <br>Expiration Date 11/17/2025<br>| 42500 | 200849 |
| &nbsp;&nbsp; **Total Rights** <br>**(Cost $171,591)**<br>|  | 200849 |
| **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  |
| **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.02% <sup>(E)</sup> <br>| 4341488 | 4341488 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,341,488)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,341,488)** | 4341488 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  | **REPURCHASE AGREEMENT - 1.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(E)</sup>, dated 10/31/2025, to be <br> repurchased at $15,005,864 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $15,304,217.<br>| $15003989 | 15003989 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,003,989)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,003,989)** | 15003989 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $751,223,736)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $751,223,736)** | 1029108569 |
| **Net Other Assets (Liabilities) - 0.6%** | **Net Other Assets (Liabilities) - 0.6%** | 5861122 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1034969691** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Capital Markets | 12.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $131643015 |
| Machinery | 6.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66743555 |
| Building Products | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46432686 |
| Semiconductors & Semiconductor Equipment | 4.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46292851 |
| Oil, Gas & Consumable Fuels | 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45747862 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Household Durables | 4.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43559043 |
| Entertainment | 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38668849 |
| Banks | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37980207 |
| Insurance | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32840317 |
| Media | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32461540 |
| Industrial Conglomerates | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31421657 |
| Electronic Equipment, Instruments & Components | 2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27429380 |
| Commercial Services & Supplies | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24897444 |
| Food Products | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24264852 |
| IT Services | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23902910 |
| Health Care Equipment & Supplies | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23456213 |
| Financial Services | 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21925290 |
| Trading Companies & Distributors | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20912626 |
| Real Estate Management & Development | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20849726 |
| Construction Materials | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18904815 |
| Specialty Retail | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18061171 |
| Leisure Products | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16862767 |
| Professional Services | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16646045 |
| Distributors | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16506159 |
| Air Freight & Logistics | 1.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16269438 |
| Construction & Engineering | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15841598 |
| Passenger Airlines | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15401266 |
| Pharmaceuticals | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13402546 |
| Metals & Mining | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13085064 |
| Chemicals | 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12981557 |
| Tobacco | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11544392 |
| Diversified REITs | 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11082748 |
| Marine Transportation | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800528 |
| Automobile Components | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8150366 |
| Hotels, Restaurants & Leisure | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7934329 |
| Textiles, Apparel & Luxury Goods | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7564981 |
| Personal Care Products | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7299851 |
| Consumer Staples Distribution & Retail | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6637420 |
| Health Care Providers & Services | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555000 |
| Software | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5520303 |
| Life Sciences Tools & Services | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5007389 |
| Containers & Packaging | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4247227 |
| Beverages | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4026109 |
| **Investments** | **98.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1009763092** |
| Short-Term Investments | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19345477 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$1029108569** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $— | &nbsp;&nbsp; $1002957277 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1002957277 |
| Preferred Stock |  | &nbsp;&nbsp; 6604966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6604966 |
| Rights |  | &nbsp;&nbsp; 200849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 200849 |
| Other Investment Company | 4341488 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4341488 |
| Repurchase Agreement |  | &nbsp;&nbsp; 15003989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15003989 |
| **Total Investments** | **$4341488** | &nbsp;&nbsp; **$1024767081** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1029108569** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica International Small Cap Value**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $21,943,602, collateralized by cash collateral of $4,341,488 and* *non-cash collateral, such as U.S. government securities of $18,767,597. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At October 31, 2025, the total value of 144A securities is $48,518,447, representing 4.7% of the* *Fund's net assets.* 

<sup>(D)</sup> *Floating or variable rate security. The rate disclosed is as of October 31, 2025. For securities based on a published reference rate and spread, the* *reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,* *where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and* *are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

<sup>(E)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica International Small Cap Value**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $736,219,747) (including securities loaned of $21,943,602) | $1014104580 |
| Repurchase agreement, at value (cost $15,003,989) | 15003989 |
| Foreign currency, at value (cost $5,763,361) | 5669959 |
| Receivables and other assets: |  |
| Net income from securities lending | 5777 |
| Shares of beneficial interest sold  | 670768 |
| Dividends  | 3014631 |
| Interest | 625 |
| Tax reclaims | 2083228 |
| Total assets | 1040553557 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 4341488 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 354719 |
| Investment management fees | 749902 |
| Transfer agent fees | 46195 |
| Trustee and CCO fees | 355 |
| Audit and tax fees  | 21695 |
| Custody fees | 31575 |
| Legal fees | 10319 |
| Printing and shareholder reports fees | 10690 |
| Registration fees | 427 |
| Other accrued expenses | 16501 |
| Total liabilities | 5583866 |
| **Net assets**  | $1034969691 |
| **Net assets consist of:** |  |
| Paid-in capital | $761423742 |
| Total distributable earnings (accumulated losses) | 273545949 |
| **Net assets** | $1034969691 |
| **Net assets by class:** |  |
| Class I | $474886269 |
| Class I2 | 490652251 |
| Class R6 | 69431171 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class I | 26624644 |
| Class I2 | 27427995 |
| Class R6 | 3811407 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class I | $17.84 |
| Class I2 | 17.89 |
| Class R6 | 18.22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica International Small Cap Value**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $35553995 |
| Interest income | 646148 |
| Net income from securities lending | 132843 |
| Withholding taxes on foreign income | (3658260)<br>|
| Total investment income  | 32674726 |
| **Expenses:** |  |
| Investment management fees | 7658170 |
| Transfer agent fees: |  |
| Class I | 424499 |
| Class I2 | 34356 |
| Class R6 | 1638 |
| Trustee and CCO fees | 39174 |
| Audit and tax fees | 39530 |
| Custody fees | 169391 |
| Legal fees | 63606 |
| Printing and shareholder reports fees | 66393 |
| Registration fees | 55365 |
| Insurance fees | 32209 |
| Interest | 3581 |
| Other | 46604 |
| Total expenses before waiver and/or reimbursement and recapture | 8634516 |
| Expenses waived and/or reimbursed: |  |
| Class R6 | (672)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R6 | 672 |
| Net expenses | 8634516 |
| **Net investment income (loss)** | 24040210 |
| **Net realized gain (loss) on:** |  |
| Investments | 2997974 |
| Foreign currency transactions | (221766)<br>|
| Net realized gain (loss) | 2776208 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 163317083 |
| Translation of assets and liabilities denominated in foreign currencies | 56564 |
| Net change in unrealized appreciation (depreciation) | 163373647 |
| Net realized and change in unrealized gain (loss) | 166149855 |
| **Net increase (decrease) in net assets resulting from operations** | $190190065 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica International Small Cap Value**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $24040210 | &nbsp;&nbsp;&nbsp;&nbsp; $17652402 |
| Net realized gain (loss) | 2776208 | &nbsp;&nbsp;&nbsp;&nbsp; 16438186 |
| Net change in unrealized appreciation (depreciation) | 163373647 | &nbsp;&nbsp;&nbsp;&nbsp; 112655410 |
| Net increase (decrease) in net assets resulting from operations | 190190065 | &nbsp;&nbsp;&nbsp;&nbsp; 146745998 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class I | (20151412)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10359911)<br>|
| Class I2 | (23366723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10691629)<br>|
| Class R6 <sup>(A)</sup> <br>| (389)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (43518524)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21051540)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | 141072263 | &nbsp;&nbsp;&nbsp;&nbsp; 85381363 |
| Class I2 | 13239215 | &nbsp;&nbsp;&nbsp;&nbsp; 56323915 |
| Class R6 <sup>(A)</sup> <br>| 69246509 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
|  | 223557987 | &nbsp;&nbsp;&nbsp;&nbsp; 141715278 |
| Dividends and/or distributions reinvested: |  |  |
| Class I | 19862741 | &nbsp;&nbsp;&nbsp;&nbsp; 10224018 |
| Class I2 | 23366723 | &nbsp;&nbsp;&nbsp;&nbsp; 10691629 |
| Class R6 <sup>(A)</sup> <br>| 389 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 43229853 | &nbsp;&nbsp;&nbsp;&nbsp; 20915647 |
| Cost of shares redeemed: |  |  |
| Class I | (112432616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103279589)<br>|
| Class I2 | (36071049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30666136)<br>|
| Class R6 <sup>(A)</sup> <br>| (1896933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | (150400598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133945725)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 116387242 | &nbsp;&nbsp;&nbsp;&nbsp; 28685200 |
| **Net increase (decrease) in net assets** | 263058783 | &nbsp;&nbsp;&nbsp;&nbsp; 154379658 |
| **Net assets:** |  |  |
| Beginning of year | 771910908 | &nbsp;&nbsp;&nbsp;&nbsp; 617531250 |
| End of year | $1034969691 | &nbsp;&nbsp;&nbsp;&nbsp; $771910908 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class I | 8625258 | &nbsp;&nbsp;&nbsp;&nbsp; 5844436 |
| Class I2 | 934766 | &nbsp;&nbsp;&nbsp;&nbsp; 3590905 |
| Class R6 <sup>(A)</sup> <br>| 3914131 | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | 13474155 | &nbsp;&nbsp;&nbsp;&nbsp; 9435994 |
| Shares reinvested: |  |  |
| Class I | 1412713 | &nbsp;&nbsp;&nbsp;&nbsp; 733957 |
| Class I2 | 1658391 | &nbsp;&nbsp;&nbsp;&nbsp; 765876 |
| Class R6 <sup>(A)</sup> <br>| 27 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | 3071131 | &nbsp;&nbsp;&nbsp;&nbsp; 1499833 |
| Shares redeemed: |  |  |
| Class I | (7099426)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7186459)<br>|
| Class I2 | (2296554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2082136)<br>|
| Class R6 <sup>(A)</sup> <br>| (103404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | (9499384)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9268595)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class I | 2938545 | &nbsp;&nbsp;&nbsp;&nbsp; (608066)<br>|
| Class I2 | 296603 | &nbsp;&nbsp;&nbsp;&nbsp; 2274645 |
| Class R6 <sup>(A)</sup> <br>| 3810754 | &nbsp;&nbsp;&nbsp;&nbsp; 653 |
|  | 7045902 | &nbsp;&nbsp;&nbsp;&nbsp; 1667232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 31, 2024.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica International Small Cap Value**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.17 | $12.55 | $11.25 | $16.30 | $11.94 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.44 | 0.35 | 0.33 | 0.27 | 0.28 |
| Net realized and unrealized gain (loss) | 3.07 | 2.69 | 1.41 | (4.74)<br>| 4.23 |
| Total investment operations | 3.51 | 3.04 | 1.74 | (4.47)<br>| 4.51 |
| **Contributions from affiliate** |  |  |  | 0.01 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.63)<br>| (0.42)<br>| (0.09)<br>| (0.42)<br>| (0.15)<br>|
| Net realized gains | (0.21)<br>|  | (0.35)<br>| (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.84)<br>| (0.42)<br>| (0.44)<br>| (0.59)<br>| (0.15)<br>|
| **Net asset value, end of year** | $17.84 | $15.17 | $12.55 | $11.25 | $16.30 |
| **Total return** | 24.70<br> %<br>| 24.55<br> %<br>| 15.54<br> %<br>| (28.23 )%<sup>(B)</sup><br>| 37.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $474887 | $359244 | $304824 | $233431 | $348810 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.02<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>|
| Net investment income (loss) to average net assets | 2.67<br> %<br>| 2.39<br> %<br>| 2.47<br> %<br>| 2.06<br> %<br>| 1.82<br> %<br>|
| Portfolio turnover rate | 6<br> %<br>| 15<br> %<br>| 18<br> %<br>| 14<br> %<br>| 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.07%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $15.21 | $12.58 | $11.28 | $16.34 | $11.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.46 | 0.37 | 0.34 | 0.29 | 0.30 |
| Net realized and unrealized gain (loss) | 3.08 | 2.70 | 1.41 | (4.75)<br>| 4.24 |
| Total investment operations | 3.54 | 3.07 | 1.75 | (4.46)<br>| 4.54 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.65)<br>| (0.44)<br>| (0.10)<br>| (0.43)<br>| (0.16)<br>|
| Net realized gains | (0.21)<br>|  | (0.35)<br>| (0.17)<br>|  |
| Total dividends and/or distributions to shareholders | (0.86)<br>| (0.44)<br>| (0.45)<br>| (0.60)<br>| (0.16)<br>|
| **Net asset value, end of year** | $17.89 | $15.21 | $12.58 | $11.28 | $16.34 |
| **Total return** | 24.82<br> %<br>| 24.67<br> %<br>| 15.63<br> %<br>| (28.23)%<br>| 38.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $490652 | $412657 | $312707 | $334444 | $489410 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.93<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.93<br> %<br>| 0.99<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 0.99<br> %<br>|
| Net investment income (loss) to average net assets | 2.80<br> %<br>| 2.49<br> %<br>| 2.53<br> %<br>| 2.18<br> %<br>| 1.92<br> %<br>|
| Portfolio turnover rate | 6<br> %<br>| 15<br> %<br>| 18<br> %<br>| 14<br> %<br>| 14<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica International Small Cap Value**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | |
|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024** <sup>(A)</sup> <br>|
| **Net asset value, beginning of year** | $15.21 | $15.32 |
| **Investment operations:** |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.29 | 0.12 |
| Net realized and unrealized gain (loss) | 3.31 | (0.23 )<sup>(C)</sup><br>|
| Total investment operations | 3.60 | (0.11)<br>|
| **Contributions from affiliate** |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |
| Net investment income | (0.38)<br>|  |
| Net realized gains | (0.21)<br>|  |
| Total dividends and/or distributions to shareholders | (0.59)<br>|  |
| **Net asset value, end of year** | $18.22 | $15.21 |
| **Total return** | 24.76<br> %<br>| (0.72 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |
| Net assets end of year (000's) | $69431 | $10 |
| Expenses to average net assets |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.93<br> %<br>| 0.98 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.93 %<sup>(F)</sup><br>| 0.98 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.59<br> %<br>| 1.84 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 6<br> %<br>| 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Commenced operations on May 31, 2024.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes in Net Assets due to the* *timing of purchases and redemptions of Fund shares and fluctuating market values during the period.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Annualized.*

<sup>(F)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Small Cap Value (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers three classes of shares, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $6,280.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025. For the period December 31, 2024 to October 31, 2025, the Fund's average borrowings are as follows:

---

| | | |
|:---|:---|:---|
| **Average** <br>**Daily** <br>**Borrowing**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number** <br>**of Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted** <br>**Average** <br>**Interest Rate**<br>|
| $3850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> % <br>|

---

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Common Stocks | $4341488 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4341488 |
| **Total Borrowings** | **$4341488** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4341488** |

---

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Small capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Liquidity risk:** The Fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Fund to sell. This may prevent the Fund from limiting losses.

**Medium capitalization companies risk:** The Fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Fund could receive for any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued securities or had used a different valuation methodology. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Focused investing risk:** To the extent the Fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $485814773 | 46.94<br> % <br>|

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $300 million | 0.895<br> % <br>|
| Over $300 million up to $750 million | 0.870 |
| Over $750 million up to $1 billion | 0.770 |
| Over $1 billion | 0.750 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class I | 1.10<br> % <br>| March 1, 2026 |
| Class I2 | 1.00 | March 1, 2026 |
| Class R6 | 1.04 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class I | 1.10 |  |
| Class I2 | 1.00 |  |
| Class R6 | 1.06 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of October 31, 2025, there are no amounts available for recapture by TAM.

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $454030 | &nbsp;&nbsp; $44949 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $139666203 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $56180391 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

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.

For U.S. income tax purposes, ECJ tax reclaims received by the Fund, if any, reduces the amount of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by the Fund during the fiscal year exceeds foreign withholding taxes paid, and the Fund previously passed foreign tax credits on to its shareholders, the Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund's shareholders. During the year ended October 31, 2025, the ECJ tax reclaims received by the Fund did not exceed the foreign withholding taxes of the Fund.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $788987910 | &nbsp;&nbsp; $302599827 | &nbsp;&nbsp; $(62479168)<br>| &nbsp;&nbsp; $240120659 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $32600441 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10918083 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $21051540 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $31640558 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1921662 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $239983729 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Transamerica International Small Cap Value**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. OPERATING SEGMENTS (continued)**

form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica International Small Cap Value

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica International Small Cap Value (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img25008aa73.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $28,422,331 of qualified dividend income.

For tax purposes, the Fund has made a long-term capital gain designation of $10,918,083 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $26919479 | $2760629 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica International Small Cap Value** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica International Small Cap Value** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica International Small Cap Value** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica International Small Cap Value** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica International Small 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 Thompson, Siegel & Walmsley LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmarks, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica International Small Cap Value** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe and the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1-, 3-, 5- and 10-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders. The Trustees noted that they had previously approved a reduction to the Fund's management fee schedule, which took effect on August 30, 2024 and was not fully reflected in the comparative data.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

**Transamerica International Small Cap Value** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm's-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Fund. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 28**

------

![](g67628img2012f16f4.gif)

![](g67628imge5278c275.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886756 TA INTL SCV 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img53b84d146.gif)

------

![](g67628imgd2e5c38c1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**October 31, 2025**

**Transamerica International Stock**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g67628img757ab0622.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_SOI-RunningFooter-151_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_FS-RunningFooter-151_1) | 6 |
| [Statement of Operations](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_FS-RunningFooter-151_2) | 7 |
| [Statement of Changes in Net Assets](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_FS-RunningFooter-151_3) | 8 |
| [Financial Highlights](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_FIHI-RunningFooter-151_1) | 9 |
| [Notes to Financial Statements](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_NTF-RunningFooter-151_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_AUD-RunningFooter-151_1)** | 20 |
| **[Supplemental Information](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_STI-RunningFooter-151_1)** | 21 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_DWA-RunningFooter-151_1)**<br> **[Companies](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_DWA-RunningFooter-151_1)**<br>| 22 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_PD-RunningFooter-151_1)** | 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_REMU-RunningFooter-151_1)**<br> **[Companies](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_REMU-RunningFooter-151_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4e16203b-bd64-4e6e-aaa3-06b266503148_AIAC-RunningFooter-151_1)** | 25 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.7%**  | **COMMON STOCKS - 94.7%**  | **COMMON STOCKS - 94.7%**  |
| **Australia - 5.2%**  | **Australia - 5.2%**  | **Australia - 5.2%**  |
| ANZ Group Holdings Ltd. | 67164 | $1610599 |
| Aristocrat Leisure Ltd. | 77356 | 3206399 |
| BlueScope Steel Ltd. | 99837 | 1495905 |
| Evolution Mining Ltd. | 1053557 | 7486257 |
| Goodman Group, REIT | 80539 | 1740571 |
| Macquarie Group Ltd. | 16618 | 2376437 |
| Northern Star Resources Ltd. | 223380 | 3596937 |
| Qantas Airways Ltd. | 673799 | 4496840 |
| QBE Insurance Group Ltd. | 141738 | 1839945 |
| South32 Ltd. | 339552 | 704275 |
| Westpac Banking Corp. | 99860 | 2531209 |
|  |  | 31085374 |
| **Belgium - 0.2%**  | **Belgium - 0.2%**  | **Belgium - 0.2%**  |
| Anheuser-Busch InBev SA | 24632 | 1501941 |
| **Denmark - 2.1%**  | **Denmark - 2.1%**  | **Denmark - 2.1%**  |
| Danske Bank AS | 129742 | 5793278 |
| Genmab AS <sup>(A)</sup> <br>| 7451 | 2113759 |
| Novo Nordisk AS, Class B | 92132 | 4492874 |
|  |  | 12399911 |
| **Finland - 0.8%**  | **Finland - 0.8%**  | **Finland - 0.8%**  |
| Nokia OYJ | 522201 | 3529630 |
| UPM-Kymmene OYJ <sup>(B)</sup> <br>| 37392 | 1003365 |
|  |  | 4532995 |
| **France - 6.7%**  | **France - 6.7%**  | **France - 6.7%**  |
| BNP Paribas SA | 21884 | 1691561 |
| Cie de Saint-Gobain SA | 27896 | 2702893 |
| Credit Agricole SA | 74649 | 1345731 |
| Eiffage SA | 28939 | 3559143 |
| Engie SA | 118805 | 2779894 |
| Hermes International SCA | 628 | 1555584 |
| L'Oreal SA | 7530 | 3147604 |
| LVMH Moet Hennessy Louis Vuitton SE | 1594 | 1124626 |
| Safran SA | 5570 | 1976798 |
| Sanofi SA | 39258 | 3963965 |
| Societe Generale SA | 122611 | 7753231 |
| TotalEnergies SE | 60204 | 3743814 |
| Unibail-Rodamco-Westfield, REIT <sup>(A)</sup> <br>| 31250 | 3228861 |
| Veolia Environnement SA | 51920 | 1714576 |
|  |  | 40288281 |
| **Germany - 9.7%**  | **Germany - 9.7%**  | **Germany - 9.7%**  |
| Allianz SE | 3148 | 1263458 |
| Bayer AG | 84431 | 2622758 |
| Bayerische Motoren Werke AG | 29654 | 2759065 |
| Deutsche Bank AG | 189961 | 6772388 |
| Deutsche Telekom AG | 194126 | 6016889 |
| E.ON SE | 225187 | 4189328 |
| Fresenius SE & Co. KGaA | 43000 | 2479189 |
| Infineon Technologies AG | 67089 | 2653970 |
| MTU Aero Engines AG | 6892 | 3003651 |
| Rheinmetall AG | 2949 | 5783679 |
| SAP SE | 39111 | 10118497 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Siemens AG | 30717 | $8693932 |
| Vonovia SE | 61031 | 1832549 |
|  |  | 58189353 |
| **Hong Kong - 1.3%**  | **Hong Kong - 1.3%**  | **Hong Kong - 1.3%**  |
| AIA Group Ltd. | 413200 | 4012064 |
| Hong Kong Exchanges & Clearing Ltd. | 44700 | 2436754 |
| Jardine Matheson Holdings Ltd. | 24400 | 1433500 |
|  |  | 7882318 |
| **Ireland - 0.2%**  | **Ireland - 0.2%**  | **Ireland - 0.2%**  |
| DCC PLC <sup>(B)</sup> <br>| 16573 | 1090774 |
| **Israel - 1.5%**  | **Israel - 1.5%**  | **Israel - 1.5%**  |
| Bank Hapoalim BM | 110235 | 2235859 |
| Teva Pharmaceutical Industries Ltd., ADR <sup>(A)</sup> <br>| 323027 | 6615593 |
|  |  | 8851452 |
| **Italy - 3.0%**  | **Italy - 3.0%**  | **Italy - 3.0%**  |
| ENEL SpA | 352743 | 3566601 |
| Ferrari NV | 3637 | 1452593 |
| Intesa Sanpaolo SpA | 1272048 | 8175677 |
| Leonardo SpA | 76629 | 4494049 |
|  |  | 17688920 |
| **Japan - 24.4%**  | **Japan - 24.4%**  | **Japan - 24.4%**  |
| Asahi Group Holdings Ltd. | 270700 | 2917609 |
| Chugoku Electric Power Co., Inc. <sup>(B)</sup> <br>| 175900 | 979885 |
| Dai-ichi Life Holdings, Inc. | 344900 | 2428243 |
| Daiichi Sankyo Co. Ltd. | 83700 | 1992702 |
| Daiwa House Industry Co. Ltd. | 102600 | 3483913 |
| Disco Corp. | 7400 | 2478191 |
| FUJIFILM Holdings Corp. | 301800 | 7010862 |
| Fujitsu Ltd. | 225200 | 5890476 |
| Honda Motor Co. Ltd. | 263700 | 2669340 |
| ITOCHU Corp. | 126800 | 7348328 |
| Japan Tobacco, Inc. | 155100 | 5399465 |
| JFE Holdings, Inc. | 160000 | 1836091 |
| KDDI Corp. | 445600 | 7117282 |
| Kirin Holdings Co. Ltd. | 428500 | 6018352 |
| Marubeni Corp. | 281000 | 6928817 |
| Mitsubishi Corp. | 69600 | 1676434 |
| Mitsubishi UFJ Financial Group, Inc. | 416200 | 6292557 |
| Mitsui & Co. Ltd. | 130500 | 3219525 |
| Mizuho Financial Group, Inc. | 93090 | 3110248 |
| MS&AD Insurance Group Holdings, Inc. | 80600 | 1666288 |
| Murata Manufacturing Co. Ltd. | 62700 | 1380043 |
| NEC Corp. | 171800 | 6262880 |
| Nintendo Co. Ltd. | 52900 | 4477844 |
| Nomura Holdings, Inc. | 598500 | 4279716 |
| NTT, Inc. | 3843700 | 3950698 |
| Otsuka Holdings Co. Ltd. | 90500 | 4917572 |
| Recruit Holdings Co. Ltd. | 41900 | 2095680 |
| Renesas Electronics Corp. | 97000 | 1202823 |
| Sekisui Chemical Co. Ltd. | 189300 | 3285818 |
| SoftBank Group Corp. | 24200 | 4250036 |
| Sony Financial Group, Inc. <sup>(A)</sup> <br>| 194800 | 196430 |
| Sony Group Corp. | 194800 | 5475787 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Sumitomo Corp. | 186000 | $5414288 |
| Sumitomo Mitsui Financial Group, Inc. | 232400 | 6277861 |
| Suzuki Motor Corp. | 204200 | 3058164 |
| Takeda Pharmaceutical Co. Ltd. | 99500 | 2681354 |
| Tokyo Electron Ltd. | 8600 | 1907391 |
| Toyota Motor Corp. | 211500 | 4306580 |
|  |  | 145885573 |
| **Netherlands - 5.6%**  | **Netherlands - 5.6%**  | **Netherlands - 5.6%**  |
| ASM International NV | 3188 | 2065152 |
| ASML Holding NV | 14216 | 15044054 |
| Koninklijke Ahold Delhaize NV | 71314 | 2918925 |
| Koninklijke Philips NV | 90523 | 2477064 |
| NN Group NV | 47042 | 3219760 |
| Prosus NV | 82642 | 5708770 |
| Stellantis NV | 223088 | 2257196 |
|  |  | 33690921 |
| **New Zealand - 0.4%**  | **New Zealand - 0.4%**  | **New Zealand - 0.4%**  |
| Xero Ltd. <sup>(A)</sup> <br>| 24670 | 2340529 |
| **Portugal - 0.3%**  | **Portugal - 0.3%**  | **Portugal - 0.3%**  |
| EDP SA | 381958 | 1897537 |
| **Singapore - 3.3%**  | **Singapore - 3.3%**  | **Singapore - 3.3%**  |
| DBS Group Holdings Ltd. | 264280 | 10950077 |
| Oversea-Chinese Banking Corp. Ltd. | 463400 | 6063078 |
| Sea Ltd., ADR <sup>(A)</sup> <br>| 16377 | 2558906 |
|  |  | 19572061 |
| **Spain - 4.8%**  | **Spain - 4.8%**  | **Spain - 4.8%**  |
| Banco Bilbao Vizcaya Argentaria SA | 203211 | 4083820 |
| Banco Santander SA <sup>(B)</sup> <br>| 1281225 | 13034273 |
| Iberdrola SA | 431017 | 8726499 |
| Redeia Corp. SA | 82633 | 1486804 |
| Repsol SA | 59868 | 1095484 |
|  |  | 28426880 |
| **Sweden - 1.4%**  | **Sweden - 1.4%**  | **Sweden - 1.4%**  |
| Alfa Laval AB | 52468 | 2507352 |
| Assa Abloy AB, Class B | 78142 | 2950400 |
| SKF AB, B Shares <sup>(B)</sup> <br>| 107559 | 2773817 |
|  |  | 8231569 |
| **Switzerland - 6.3%**  | **Switzerland - 6.3%**  | **Switzerland - 6.3%**  |
| ABB Ltd. | 67316 | 4990460 |
| Alcon AG | 40537 | 3012255 |
| Holcim AG | 37628 | 3335671 |
| Nestle SA | 23287 | 2224672 |
| Novartis AG | 67646 | 8344478 |
| Roche Holding AG | 21447 | 6899818 |
| UBS Group AG | 239492 | 9145187 |
|  |  | 37952541 |
| **United Kingdom - 17.5%**  | **United Kingdom - 17.5%**  | **United Kingdom - 17.5%**  |
| 3i Group PLC | 195229 | 11284837 |
| AstraZeneca PLC | 32045 | 5249559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| BAE Systems PLC | 133440 | $3279864 |
| Barclays PLC | 1852637 | 9905601 |
| BP PLC | 386674 | 2246767 |
| British American Tobacco PLC | 72622 | 3724552 |
| Compass Group PLC | 75975 | 2516168 |
| GSK PLC | 122497 | 2865257 |
| Halma PLC | 54518 | 2539655 |
| HSBC Holdings PLC | 762259 | 10648668 |
| Imperial Brands PLC | 137033 | 5445611 |
| Lloyds Banking Group PLC | 5109533 | 5979399 |
| NatWest Group PLC | 378671 | 2905166 |
| RELX PLC | 70642 | 3115376 |
| Rio Tinto PLC | 39814 | 2869378 |
| Rolls-Royce Holdings PLC | 776577 | 11905605 |
| Sage Group PLC | 134638 | 2033165 |
| Shell PLC | 112216 | 4197731 |
| SSE PLC | 85455 | 2150944 |
| Standard Chartered PLC | 125113 | 2563208 |
| Unilever PLC | 91975 | 5544775 |
| Vodafone Group PLC | 1283024 | 1553027 |
|  |  | 104524313 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $423,462,576)**<br>|  | 566033243 |
| **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>(C)</sup> <br>| $62993 | 5952209 |
| &nbsp;&nbsp; **Total Exchange-Traded Fund** <br>**(Cost $5,884,818)**<br>|  | 5952209 |
| **PREFERRED STOCK - 0.5%**  | **PREFERRED STOCK - 0.5%**  | **PREFERRED STOCK - 0.5%**  |
| **Germany - 0.5%**  | **Germany - 0.5%**  | **Germany - 0.5%**  |
| Volkswagen AG |  |  |
| 7.04% <sup>(D)</sup> <br>| 32363 | 3365496 |
| &nbsp;&nbsp; **Total Preferred Stock** <br>**(Cost $4,267,483)**<br>|  | 3365496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.50% <sup>(D)</sup>, dated 10/31/2025, to be <br> repurchased at $19,523,938 on 11/03/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.00%, due 10/29/2026, and <br> with a value of $19,912,053.<br>| $19521498 | 19521498 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $19,521,498)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $19,521,498)** | 19521498 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $453,136,375)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $453,136,375)** | 594872446 |
| **Net Other Assets (Liabilities) - 0.5%** | **Net Other Assets (Liabilities) - 0.5%** | 2988204 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$597860650** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Banks | 19.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112951101 |
| Pharmaceuticals | 8.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50645930 |
| Capital Markets | 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36295319 |
| Aerospace & Defense | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30443646 |
| Semiconductors & Semiconductor Equipment | 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25351581 |
| Trading Companies & Distributors | 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24587392 |
| Automobiles | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19868434 |
| Electric Utilities | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18808270 |
| Metals & Mining | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17988843 |
| Tobacco | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14569628 |
| Industrial Conglomerates | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14504024 |
| Software | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14492191 |
| Insurance | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14429758 |
| Wireless Telecommunication Services | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12920345 |
| IT Services | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12153356 |
| Oil, Gas & Consumable Fuels | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11283796 |
| Beverages | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10437902 |
| Diversified Telecommunication Services | 1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9967587 |
| Personal Care Products | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8692379 |
| Multi-Utilities | 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8683798 |
| Broadline Retail | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8267676 |
| Technology Hardware, Storage & Peripherals | 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7010862 |
| International Equity Fund | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5952209 |
| Hotels, Restaurants & Leisure | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5722567 |
| Building Products | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5653293 |
| Health Care Equipment & Supplies | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5489319 |
| Household Durables | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5475787 |
| Real Estate Management & Development | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5316462 |
| Machinery | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5281169 |
| Professional Services | 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5211056 |
| Electrical Equipment | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4990460 |
| Passenger Airlines | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4496840 |
| Entertainment | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4477844 |
| Electronic Equipment, Instruments & Components | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3919698 |
| Construction & Engineering | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3559143 |
| Communications Equipment | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529630 |
| Construction Materials | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335671 |
| Retail REITs | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3228861 |
| Consumer Staples Distribution & Retail | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2918925 |
| Textiles, Apparel & Luxury Goods | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2680210 |
| Health Care Providers & Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2479189 |
| Food Products | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224672 |
| Biotechnology | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113759 |
| Industrial REITs | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740571 |
| Paper & Forest Products | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003365 |
| Financial Services | 0.0 \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196430 |
| **Investments** | **96.7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **575350948** |
| Short-Term Investments | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19521498 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$594872446** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica International Stock**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At October 31, 2025**

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(E)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $9174499 | &nbsp;&nbsp; $556858744 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $566033243 |
| Exchange-Traded Fund | 5952209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5952209 |
| Preferred Stock |  | &nbsp;&nbsp; 3365496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3365496 |
| Repurchase Agreement |  | &nbsp;&nbsp; 19521498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19521498 |
| **Total Investments** | **$15126708** | &nbsp;&nbsp; **$579745738** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$594872446** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

<sup>(A)</sup> *Non-income producing security.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $14,375,940, collateralized by non-cash collateral, such as U.S.* *government securities of $15,118,878. The amount on loan indicated may not correspond with the securities on loan identified because a security with* *pending sales are in the process of recall from the brokers.* 

<sup>(C)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(D)</sup> *Rate disclosed reflects the yield at October 31, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the year ended October 31, 2025. Please reference the Investment Valuation section of the Notes to* *Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica International Stock**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $433,614,877) (including securities loaned of $14,375,940) | $575350948 |
| Repurchase agreement, at value (cost $19,521,498) | 19521498 |
| Foreign currency, at value (cost $656) | 637 |
| Receivables and other assets: |  |
| Net income from securities lending | 2272 |
| Shares of beneficial interest sold  | 873716 |
| Dividends  | 1666494 |
| Interest | 813 |
| Tax reclaims | 877929 |
| Other assets | 3553 |
| Total assets | 598297860 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | 22720 |
| Investment management fees | 336279 |
| Distribution and service fees | 3837 |
| Transfer agent fees | 19910 |
| Trustee and CCO fees | 202 |
| Audit and tax fees  | 16507 |
| Custody fees | 16253 |
| Legal fees | 5386 |
| Printing and shareholder reports fees | 2904 |
| Registration fees | 642 |
| Other accrued expenses | 12570 |
| Total liabilities | 437210 |
| **Net assets**  | $597860650 |
| **Net assets consist of:** |  |
| Paid-in capital | $442375928 |
| Total distributable earnings (accumulated losses) | 155484722 |
| **Net assets** | $597860650 |
| **Net assets by class:** |  |
| Class A | $17439141 |
| Class I | 181047376 |
| Class I2 | 353122762 |
| Class R6 | 46251371 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 1195940 |
| Class I | 12347249 |
| Class I2 | 24064632 |
| Class R6 | 3152641 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $14.58 |
| Class I | 14.66 |
| Class I2 | 14.67 |
| Class R6 | 14.67 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $15.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Net asset value per share for Class I, I2 and R6 shares represents offering price. The redemption price for Class A shares equals net asset value* *less any applicable contingent deferred sales charge.* 

<sup>(B)</sup> *Maximum offering price per share for Class A includes an initial sales charge (represented as a percentage of offering price) which is reduced on* *certain levels of sales as set forth in the Fund's Prospectus.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica International Stock**

------

**STATEMENT OF OPERATIONS**

**For the year ended October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | $14537822 |
| Interest income | 296859 |
| Net income from securities lending | 53037 |
| Withholding taxes on foreign income | (1169402)<br>|
| Total investment income  | 13718316 |
| **Expenses:** |  |
| Investment management fees | 3284951 |
| Distribution and service fees: |  |
| Class A | 34105 |
| Transfer agent fees: |  |
| Class A | 15854 |
| Class I | 96797 |
| Class I2 | 24147 |
| Class R6 | 3097 |
| Trustee and CCO fees | 20618 |
| Audit and tax fees | 30816 |
| Custody fees | 93809 |
| Legal fees | 34613 |
| Printing and shareholder reports fees | 34147 |
| Registration fees | 88387 |
| Insurance fees | 3844 |
| Other | 32715 |
| Total expenses before waiver and/or reimbursement and recapture | 3797900 |
| Expenses waived and/or reimbursed: |  |
| Class A | (1122)<br>|
| Class I | (38290)<br>|
| Net expenses | 3758488 |
| **Net investment income (loss)** | 9959828 |
| **Net realized gain (loss) on:** |  |
| Investments | 8006213 |
| Foreign currency transactions | (43901)<br>|
| Net realized gain (loss) | 7962312 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 96863997 |
| Translation of assets and liabilities denominated in foreign currencies | 50317 |
| Net change in unrealized appreciation (depreciation) | 96914314 |
| Net realized and change in unrealized gain (loss) | 104876626 |
| **Net increase (decrease) in net assets resulting from operations** | $114836454 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica International Stock**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $9959828 | &nbsp;&nbsp;&nbsp;&nbsp; $6969715 |
| Net realized gain (loss) | 7962312 | &nbsp;&nbsp;&nbsp;&nbsp; 14884304 |
| Net change in unrealized appreciation (depreciation) | 96914314 | &nbsp;&nbsp;&nbsp;&nbsp; 33221251 |
| Net increase (decrease) in net assets resulting from operations | 114836454 | &nbsp;&nbsp;&nbsp;&nbsp; 55075270 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (334629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47324)<br>|
| Class I | (2224399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20868)<br>|
| Class I2 | (17323684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5489683)<br>|
| Class R6 | (1742739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (543035)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (21625451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6100910)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 17118589 | &nbsp;&nbsp;&nbsp;&nbsp; 4959903 |
| Class I | 158093163 | &nbsp;&nbsp;&nbsp;&nbsp; 32704668 |
| Class I2 | 24966949 | &nbsp;&nbsp;&nbsp;&nbsp; 112814033 |
| Class R6 | 28940415 | &nbsp;&nbsp;&nbsp;&nbsp; 12664628 |
|  | 229119116 | &nbsp;&nbsp;&nbsp;&nbsp; 163143232 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 334629 | &nbsp;&nbsp;&nbsp;&nbsp; 47324 |
| Class I | 2224399 | &nbsp;&nbsp;&nbsp;&nbsp; 20868 |
| Class I2 | 17323684 | &nbsp;&nbsp;&nbsp;&nbsp; 5489683 |
| Class R6 | 1742739 | &nbsp;&nbsp;&nbsp;&nbsp; 543035 |
|  | 21625451 | &nbsp;&nbsp;&nbsp;&nbsp; 6100910 |
| Cost of shares redeemed: |  |  |
| Class A | (9034348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (787147)<br>|
| Class I | (27739050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5849669)<br>|
| Class I2 | (44424191)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18263761)<br>|
| Class R6 | (20993409)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2522796)<br>|
|  | (102190998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27423373)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 148553569 | &nbsp;&nbsp;&nbsp;&nbsp; 141820769 |
| **Net increase (decrease) in net assets** | 241764572 | &nbsp;&nbsp;&nbsp;&nbsp; 190795129 |
| **Net assets:** |  |  |
| Beginning of year | 356096078 | &nbsp;&nbsp;&nbsp;&nbsp; 165300949 |
| End of year | $597860650 | &nbsp;&nbsp;&nbsp;&nbsp; $356096078 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1330116 | &nbsp;&nbsp;&nbsp;&nbsp; 406576 |
| Class I | 11977007 | &nbsp;&nbsp;&nbsp;&nbsp; 2652547 |
| Class I2 | 1987076 | &nbsp;&nbsp;&nbsp;&nbsp; 10170932 |
| Class R6 | 2268916 | &nbsp;&nbsp;&nbsp;&nbsp; 1056957 |
|  | 17563115 | &nbsp;&nbsp;&nbsp;&nbsp; 14287012 |
| Shares reinvested: |  |  |
| Class A | 29483 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| Class I | 195466 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| Class I2 | 1520956 | &nbsp;&nbsp;&nbsp;&nbsp; 505030 |
| Class R6 | 153141 | &nbsp;&nbsp;&nbsp;&nbsp; 50003 |
|  | 1899046 | &nbsp;&nbsp;&nbsp;&nbsp; 561315 |
| Shares redeemed: |  |  |
| Class A | (641501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65748)<br>|
| Class I | (2070886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (476993)<br>|
| Class I2 | (3465934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1587109)<br>|
| Class R6 | (1555444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (213596)<br>|
|  | (7733765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2343446)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | 718098 | &nbsp;&nbsp;&nbsp;&nbsp; 345190 |
| Class I | 10101587 | &nbsp;&nbsp;&nbsp;&nbsp; 2177474 |
| Class I2 | 42098 | &nbsp;&nbsp;&nbsp;&nbsp; 9088853 |
| Class R6 | 866613 | &nbsp;&nbsp;&nbsp;&nbsp; 893364 |
|  | 11728396 | &nbsp;&nbsp;&nbsp;&nbsp; 12504881 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica International Stock**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.21 | $9.96 | $8.75 | $11.77 | $8.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.21 | 0.20 | 0.31 | 0.23 |
| Net realized and unrealized gain (loss) | 2.81 | 2.38 | 1.23 | (2.42)<br>| 3.03 |
| Total investment operations | 3.06 | 2.59 | 1.43 | (2.11)<br>| 3.26 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.31)<br>| (0.34)<br>| (0.22)<br>| (0.30)<br>| (0.11)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.69)<br>| (0.34)<br>| (0.22)<br>| (0.93)<br>| (0.11)<br>|
| **Net asset value, end of year** | $14.58 | $12.21 | $9.96 | $8.75 | $11.77 |
| **Total return** <sup>(C)</sup> <br>| 26.73<br> %<br>| 26.43<br> %<br>| 16.69<br> %<br>| (19.19 )%<sup>(B)</sup><br>| 38.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $17439 | $5834 | $1321 | $745 | $780 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.14<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>| 1.15<br> %<br>| 1.14<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.13 %<sup>(E)</sup><br>| 1.14<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 1.91<br> %<br>| 1.72<br> %<br>| 2.00<br> %<br>| 3.13<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, LLC. If the affiliate had not made the contribution, total return would have decreased by 0.19%.* 

<sup>(C)</sup> *Total return has been calculated without deduction of the initial sales charge and contingent deferred sales charge.*

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

<sup>(E)</sup> *TAM has contractually agreed to reimburse 0.01% of the transfer agency fees through March 1, 2026. These amounts are not subject to recapture by TAM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.26 | $9.99 | $8.77 | $11.83 | $8.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.28 | 0.22 | 0.23 | 0.33 | 0.25 |
| Net realized and unrealized gain (loss) | 2.84 | 2.41 | 1.23 | (2.43)<br>| 3.07 |
| Total investment operations | 3.12 | 2.63 | 1.46 | (2.10)<br>| 3.32 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.36)<br>| (0.24)<br>| (0.35)<br>| (0.14)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.36)<br>| (0.24)<br>| (0.98)<br>| (0.14)<br>|
| **Net asset value, end of year** | $14.66 | $12.26 | $9.99 | $8.77 | $11.83 |
| **Total return** | 27.12<br> %<br>| 26.77<br> %<br>| 16.79<br> %<br>| (19.02 )%<sup>(B)</sup><br>| 38.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $181048 | $27532 | $681 | $547 | $608 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.88<br> %<br>| 0.88<br> %<br>| 0.91<br> %<br>| 0.93<br> %<br>| 0.96<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.85<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) to average net assets | 2.07<br> %<br>| 1.81<br> %<br>| 2.29<br> %<br>| 3.33<br> %<br>| 2.25<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.17%.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica International Stock**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class I2** | **Class I2** | **Class I2** | **Class I2** | **Class I2** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.27 | $10.00 | $8.78 | $11.83 | $8.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.28 | 0.29 | 0.25 | 0.34 | 0.26 |
| Net realized and unrealized gain (loss) | 2.84 | 2.36 | 1.23 | (2.42)<br>| 3.06 |
| Total investment operations | 3.12 | 2.65 | 1.48 | (2.08)<br>| 3.32 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.38)<br>| (0.26)<br>| (0.34)<br>| (0.14)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.38)<br>| (0.26)<br>| (0.97)<br>| (0.14)<br>|
| **Net asset value, end of year** | $14.67 | $12.27 | $10.00 | $8.78 | $11.83 |
| **Total return** | 27.13<br> %<br>| 26.94<br> %<br>| 16.97<br> %<br>| (19.08)%<br>| 38.64<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $353123 | $294696 | $149376 | $142358 | $136492 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.78<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.93<br> %<br>|
| Net investment income (loss) to average net assets | 2.13<br> %<br>| 2.40<br> %<br>| 2.45<br> %<br>| 3.37<br> %<br>| 2.31<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **October 31,** <br>**2025**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $12.26 | $10.00 | $8.77 | $11.83 | $8.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.29 | 0.27 | 0.25 | 0.36 | 0.25 |
| Net realized and unrealized gain (loss) | 2.84 | 2.37 | 1.23 | (2.45)<br>| 3.07 |
| Total investment operations | 3.13 | 2.64 | 1.48 | (2.09)<br>| 3.32 |
| **Contributions from affiliate** |  |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.38)<br>| (0.25)<br>| (0.34)<br>| (0.14)<br>|
| Net realized gains | (0.38)<br>|  |  | (0.63)<br>|  |
| Total dividends and/or distributions to shareholders | (0.72)<br>| (0.38)<br>| (0.25)<br>| (0.97)<br>| (0.14)<br>|
| **Net asset value, end of year** | $14.67 | $12.26 | $10.00 | $8.77 | $11.83 |
| **Total return** | 27.24<br> %<br>| 26.84<br> %<br>| 17.01<br> %<br>| (19.12)%<br>| 38.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $46251 | $28034 | $13923 | $12337 | $601 |
| Expenses to average net assets <sup>(B)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.83<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.78<br> %<br>| 0.81<br> %<br>| 0.92<br> %<br>| 0.96<br> %<br>|
| Net investment income (loss) to average net assets | 2.19<br> %<br>| 2.25<br> %<br>| 2.43<br> %<br>| 3.70<br> %<br>| 2.28<br> %<br>|
| Portfolio turnover rate | 25<br> %<br>| 34<br> %<br>| 35<br> %<br>| 41<br> %<br>| 52<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.* <br> <sup>(B)</sup> *Does not include expenses of the underlying investments in which the Fund invests.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica International Stock (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers four classes of shares, Class A, Class I, Class I2 and Class R6.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, sales charges, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Fund and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Fund's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Fund; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Fund's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Fund; oversight of other service providers to the Fund, such as the custodian, the transfer agent, the Fund's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Fund; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Fund, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended October 31, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Foreign currency denominated investments:** The accounting records of the Fund are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Fund is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Fund may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Fund may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Fund invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

The dollar amount of applicable foreign withholding taxes on foreign income is included on a net basis in Withholding taxes on foreign income within the Statement of Operations. The Fund records a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims, if any, that have been recorded but not yet received are reflected in Tax reclaims within the Statement of Assets and Liabilities.

As a result of several European Court of Justice ("ECJ") court cases in certain countries across the European Union ("EU"), the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("ECJ tax reclaims"). These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected in Other income within the Statement of Operations and the cost to file these additional ECJ tax reclaims is reflected in Reclaim professional fees within the Statement of Operations. When the ECJ tax reclaim is not "more likely than not" to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Fund with broker/dealers with which Transamerica Funds has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Fund. In no event will commissions, paid by the Fund, be used to pay expenses that would otherwise be borne by any other Funds within Transamerica Funds, or by any other party.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended October 31, 2025, commissions recaptured are $29,207.

**Indemnification:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Fund's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Fund's Board of Trustees. The net asset value of the Fund is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at October 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2025, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the year ended October 31, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended October 31, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of October 31, 2025, or at any time during the period then ended.

**Repurchase agreements:** In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2025.

Repurchase agreements at October 31, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Fund may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Fund pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Fund to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 14**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

additional collateral, the Fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the Fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at October 31, 2025, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 15**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Fund.

**Currency risk:** The value of a fund's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Fund.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of October 31, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $340601212 | 56.97<br> % <br>|

---

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.70<br> % <br>|
| Over $500 million up to $1 billion | 0.68 |
| Over $1 billion up to $2 billion | 0.67 |
| Over $2 billion up to $3 billion | 0.64 |
| Over $3 billion | 0.63 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 1.23<br> % <br>| March 1, 2026 |
| Class I | 0.84 | March 1, 2026 |
| Class I2, Class R6 | 0.81 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 1.25 |  |
| Class I | 0.84 |  |
| Class I2, Class R6 | 0.81 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended October 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended October 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Class A | $440 | $717 | $— | $1157 |
| Class I |  | 2879 | 38290 | 41169 |
| Class I2 |  | 27639 |  | 27639 |
| Class R6 |  | 1972 |  | 1972 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each applicable class up to the following annual rates:

---

| | |
|:---|:---|
| **Class**<sup>(A)</sup> <br>| **Rate** |
| Class A | 0.25<br> % <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *12b-1 fees are not applicable for Class I, Class I2 and Class R6.*

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2025, underwriter commissions received by TCL from the various sales charges are as follows. Classes not listed in the subsequent table do not have shareholder fees.

---

| | | |
|:---|:---|:---|
|  | **Initial** <br>**Sales Charge**<br>| &nbsp;&nbsp;&nbsp; **Contingent** <br>**Deferred** <br>**Sales Charge**<br>|
| Class A | $84348 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.01% of the transfer agency fees on Class A shares through March 1, 2026.

For the year ended October 31, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $138206 | &nbsp;&nbsp; $19502 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended October 31, 2025.

**8. PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $239405780 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $113409431 | &nbsp;&nbsp; $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 18**

------

**Transamerica International Stock**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At October 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of October 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $464714481 | &nbsp;&nbsp; $140706460 | &nbsp;&nbsp; $(10548495)<br>| &nbsp;&nbsp; $130157965 |

---

As of October 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended October 31, 2025, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2025 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** | **2024 Distributions Paid From:** |
| **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp;&nbsp; **Return of** <br> **Capital**<br>|
| $10470184 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11155267 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6100910 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

As of October 31, 2025, the tax basis components of distributable earnings are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br> **Tax Exempt** <br> **Income**<br>| &nbsp;&nbsp; **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| &nbsp;&nbsp; **Capital Loss** <br>**Carryforwards**<br>| &nbsp;&nbsp; **Late Year** <br>**Ordinary** <br> **Loss** <br>**Deferred**<br>| &nbsp;&nbsp; **Other** <br>**Temporary** <br>**Differences**<br>| &nbsp;&nbsp; **Net** <br> **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| $16969677 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8354948 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130160097 |

---

**10. OPERATING SEGMENTS**

During the reporting period ended October 31, 2025, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 19**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica International Stock

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica International Stock (the "Fund") (one of the series constituting Transamerica Funds (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Transamerica Funds) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](g67628img77f5f7043.gif)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

December 23, 2025

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 20**

------

**SUPPLEMENTAL INFORMATION**

**(unaudited)**

**TAX INFORMATION**

For dividends paid during the year ended October 31, 2025, the Fund designated $10,125,144 of qualified dividend income.

For tax purposes, the Fund has made a long-term capital gain designation of $11,155,267 for the year ended October 31, 2025.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $10779334 | $894737 |

---

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 21**

------

**Transamerica International Stock** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 22**

------

**Transamerica International Stock** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 23**

------

**Transamerica International Stock** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 24**

------

**Transamerica International Stock** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica International Stock (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 ClariVest Asset Management LLC (the "Sub-Adviser").

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of each of the Agreements through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Agreements. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management oversight process; TAM's and the Sub-Adviser's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains from the Fund after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Fund; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Fund; and ongoing cash management services for the Fund. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder service functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 25**

------

**Transamerica International Stock** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class I Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as "below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, the Trustees considered any representations made by TAM regarding the appropriateness of certain peer groups and benchmarks. They recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class I Shares of the Fund was above the medians for its peer universe and the benchmark that TAM utilizes to measure performance of the Fund, each for the past 1-, 3- and 5-year periods.

**Management Fee and Sub-Advisory Fees and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Fund's management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

The Board noted that the Fund's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining company and management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

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.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 26**

------

**Transamerica International Stock** 

------

**MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)**

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM or the Sub-Adviser may not directly correlate with each other or with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and the existence of breakpoints and also considered the extent to which TAM shared economies of scale, if any, with the Fund through undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Board also considered the Sub-Adviser's sub-advisory fee schedule and the existence of breakpoints, if any, and how such breakpoints relate to any breakpoints in the Fund's management fee schedule. The Board considered that the Sub-Adviser's sub-advisory fees would be based on the combined assets of multiple funds. The Trustees concluded that the Fund's fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM and the fee paid to the Sub-Adviser in light of any economies of scale experienced in the future.

**Benefits to TAM, its Affiliates and/or the Sub-Adviser from their Relationships with the Fund**

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund and that TAM believes the use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Fund. The Board also noted that the Sub-Adviser participates in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and the shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund's brokerage transactions.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and the shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and the Sub-Advisory Agreement was in the best interests of the Fund and the shareholders and voted to approve the renewal of the Agreements.

**Transamerica Funds**

**Annual Financial Statements 2025**

**Page 27**

------

![](g67628imgc71420164.gif)

![](g67628img5f9daf8c5.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, LLC., Member of FINRA

4886773 TA INTL STOCK 10/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g67628img507b99df6.gif)

------

---

| | |
|:---|:---|
| (b) | The registrant's Financial Highlights are filed under Item 7(a) of this Form. |
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | There were no changes in or disagreements with accountants during the period covered by this report. |
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |
|  | There are no proxy disclosures for the registrant during the period covered by this report. |
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included within the Financial Statements filed under Item 7(a) of this Form. |
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | The registrant's Statements Regarding Basis for Approval of Investment Management and Sub-Advisory Contracts is included within the Financial Statements filed under Item 7(a) of this Form. |
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable to the registrant. |
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.** |
|  | Not applicable to the registrant. |
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable to the registrant. |
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |
|  | There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees that have been implemented since the registrant last provided disclosure in response to the requirements of this Item. |
| **Item 16:** | **Controls and Procedures.** |
| (a) | The registrant's principal executive officer and principal financial officer have evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report and have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files on Form N-CSR is (a) accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. |
| (b) | The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this |

---

------

---

| | |
|:---|:---|
|  | report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | Not applicable to the registrant. |
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |
|  | Not applicable to the registrant. |
| **Item 19:** | **Exhibits.** |
| (a)(1) | [Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d67628dex99codeeth.htm)<br>The registrant's code of ethics is attached hereto.  |
| (a)(2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. |
|  | Not applicable to the registrant. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) is attached hereto.](d67628dex99cert.htm) |
| (a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940, as amended (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. |
|  | Not applicable. |
| (a)(5) | Change in the registrant's independent public accountant. |
|  | Not applicable. |
| (b) | [The certification by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.](d67628dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Transamerica Funds | Transamerica Funds |
| (Registrant) | (Registrant) |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | January 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | January 6, 2026 |
| By: | /s/ Kari Seabrands |
|  | Kari Seabrands |
|  | Treasurer<br> (Principal Financial Officer and<br> Principal Accounting Officer) |
| Date: | January 6, 2026 |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| &nbsp;&nbsp;&nbsp; 19(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d67628dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp; 19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d67628dex99cert.htm) |
| &nbsp;&nbsp;&nbsp; 19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d67628dex99cert.htm) |
| &nbsp;&nbsp;&nbsp; 19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d67628dex99906cert.htm) |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Code of Ethics for Principal Executive and Principal Financial Officers** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA FUNDS** 

**(each a "Fund" and collectively the "Funds")** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL</u>** 

**<u>OFFICERS</u>** 

Approved by the Board of Trustees

***Background***

In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and must disclose whether it has adopted a code of ethics that is applicable to certain specified senior officers and that addresses certain matters specified in the Act and related SEC Rules (a "SOX Code"). The Funds' Board of Trustees ("Board"), including a majority of the Trustees that are not interested persons of the Funds, as defined in Section 2(a)(19) of the 1940 Act, has approved the Funds' SOX Code.

**Covered Officers/Purpose of the SOX Code** 

This SOX Code of the Funds applies to the Funds' Principal Executive Officer and Senior Financial Officer, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"), for the purpose of promoting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

***Risks***

In developing these policies and procedures, TAM considered the material risks associated with insider trading. This analysis includes risks such as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● lack of appreciation for the goal behind the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● misunderstanding of fraud and how it happens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● laissez faire attitudes towards ethical behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● continual use of simple compliance controls that aren't designed to adequately monitor and/or improve
the governance/control environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● lack of implementation of an adequate risk management system.

***Policies and Procedures***

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the Funds and its shareholders first, and

------

to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each Covered Officer must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and certain of its service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and its investment adviser, TAM, of which the Covered Officers may be officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or TAM), be involved in establishing policies and implementing decisions that will have different effects on TAM and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and TAM and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. ***The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.***

**<u>Covered Officer Requirements</u>**

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not use material non-public knowledge of portfolio transactions made
or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● report at least annually the information elicited in the Funds' Trustee and Officer Questionnaire
relating to potential conflicts of interest.

**<u>Audit Committee Disclosure</u>**

There are some conflict of interest situations that must be discussed with the Funds Audit Committee if material. Some examples of such situations include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service as a director on the board of any Trust (public or private), other than a management investment
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receipt of any non-nominal gifts from someone or a company that
has current or prospective business dealings with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than TAM or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

***Disclosure and Compliance***

Each Covered Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether
within or outside the Funds, including to the Trustees and auditors, governmental regulators or self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds, TAM, and other service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

***Reporting and Accountability by Covered Officers***

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually thereafter affirm (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has
complied with the requirements of the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●  ***notify the Funds' Audit Committee promptly if he or she knows of any violation of this SOX Code. Failure to do so is itself a violation of this SOX Code.*** 

***Enforcement***

The Audit Committee is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Funds will follow these procedures in investigating and enforcing this SOX Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Audit Committee will take all appropriate action to investigate any potential violations reported to the
Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.
The Trustees shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No person shall participate in a determination of whether he or she has committed a violation of this SOX Code
or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any amendments to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC
rules.

***Other Policies and Procedures***

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TAM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' and TAM's codes of ethics under Rule 17j-1 under 1940 Act and Rule 204A-1 under the Advisers Act are separate requirements applying to the Covered Officers and others and are not part of this SOX Code.

***Amendment; Interpretation of Provisions***

The Trustees may from time to time amend this SOX Code or adopt such interpretations of this SOX Code as they deem appropriate. In connection with any amendment to the SOX Code, a brief description of the amendment will be prepared so that the necessary disclosure may be made with the next Form N-CSR to be filed, or otherwise disclosed in accordance with applicable law.

***Confidentiality***

All reports and records prepared or maintained pursuant to this SOX Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers' and Funds' counsel, except as otherwise requested by applicable law.

***Internal Use***

The SOX Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

***Sanctions***

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

------

***SOX Code Exhibit A***

Initial and Annual Certification of Compliance with the

TRANSAMERICA SERIES TRUST

TRANSAMERICA FUNDS

(the "Funds")

<u>Code of Ethics for the Principal Executive and Senior Financial Officers</u> 

<u>(the "Code")</u> 

To: The Board of Trustees

(Signee to check the box for the applicable statement below)

☐ Initial Certification: I hereby certify that I have received, read and understood the Code adopted pursuant to the Sarbanes Oxley Act of 2002. I further certify that I am subject to the Code and will comply with each of the Code's provisions to which I am subject.

☐ Annual Certification: I hereby certify that I have complied with each of the Code's provisions to which I am subject for the calendar year ended December 31,<u> </u>.

---

| |
|:---|
| Signature |
| Name:  |
| Date:  |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED OCTOBER 31, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | January 6, 2026 | By: | /s/ Marijn P. Smit |
|  |  |  | Marijn P. Smit |
|  |  | Title: | Chief Executive Officer |
|  |  |  | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Financial Officer** 

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED OCTOBER 31, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Kari Seabrands, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | January 6, 2026 | By: | /s/ Kari Seabrands |
|  |  |  | Kari Seabrands |
|  |  | Title: | Treasurer |
|  |  |  | (Principal Financial Officer and Principal<br> Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED OCTOBER 31, 2025

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Funds (the "Trust") on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date: | January 6, 2026 |
|  Marijn P. Smit |  |  |
|  President and Chief Executive Officer |  |  |
|  (Principal Executive Officer) |  |  |
| /s/ Kari Seabrands | Date: | January 6, 2026 |
|  Kari Seabrands |  |  |
|  Treasurer |  |  |
|  (Principal Financial Officer and Principal |  |  |
|  Accounting Officer) |  |  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.