# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-25-155302
**Filing Date:** 2025-7
**Character Count:** 1264025
**Document Hash:** b212343b3434281e233c4449e85c4f91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-155302.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001193125-25-155302

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 251103985

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210409 | R3           | TCTKX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210410 | R3           | TCTLX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210411 | R3           | TCTMX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210412 | R3           | TCTQX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210413 | R3           | TCTTX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152531 | R6           | TCMTX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210415 | R3           | TCTZX           |

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

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

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

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

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

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

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

As filed with the Securities and Exchange Commission on July 3, 2025

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>April</u> <u>30, 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.** **Reports to Stockholders.** <br>

(a) ![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class A

## ICLAX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $24 | 0.49%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $480449718 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.2% |
| U.S. Equity Funds | 26.6 |
| International Equity Funds | 9.7 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1.6 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

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

---

Transamerica Asset Allocation - Conservative Portfolio

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.0% |
| Transamerica Bond, Class I2 | 14.7 |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Large Cap Value, Class I2 | 10.7 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Equity, Class I2 | 3.1 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.1 |
| Transamerica International Focus, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Conservative Portfolio

Class A

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class C

## ICLLX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $64 | 1.28%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $480449718 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.2% |
| U.S. Equity Funds | 26.6 |
| International Equity Funds | 9.7 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1.6 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

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

---

Transamerica Asset Allocation - Conservative Portfolio

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.0% |
| Transamerica Bond, Class I2 | 14.7 |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Large Cap Value, Class I2 | 10.7 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Equity, Class I2 | 3.1 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.1 |
| Transamerica International Focus, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Conservative Portfolio

Class C

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class I

## TACIX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $8 | 0.16%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $480449718 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.2% |
| U.S. Equity Funds | 26.6 |
| International Equity Funds | 9.7 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1.6 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

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

---

Transamerica Asset Allocation - Conservative Portfolio

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.0% |
| Transamerica Bond, Class I2 | 14.7 |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Large Cap Value, Class I2 | 10.7 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Equity, Class I2 | 3.1 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.1 |
| Transamerica International Focus, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Conservative Portfolio

Class I

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class R

## ICVRX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $36 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $480449718 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.2% |
| U.S. Equity Funds | 26.6 |
| International Equity Funds | 9.7 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1.6 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

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

---

Transamerica Asset Allocation - Conservative Portfolio

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.0% |
| Transamerica Bond, Class I2 | 14.7 |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Large Cap Value, Class I2 | 10.7 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Equity, Class I2 | 3.1 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.1 |
| Transamerica International Focus, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Conservative Portfolio

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Conservative Portfolio

# Class R3

## TAAJX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Conservative Portfolio (the "Fund") seeks current income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $17 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $480449718 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 58.2% |
| U.S. Equity Funds | 26.6 |
| International Equity Funds | 9.7 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1.6 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.5 |

---

---

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

---

Transamerica Asset Allocation - Conservative Portfolio

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 37.0% |
| Transamerica Bond, Class I2 | 14.7 |
| Transamerica US Growth, Class I2 | 11.9 |
| Transamerica Large Cap Value, Class I2 | 10.7 |
| Transamerica International Stock, Class I2 | 4.2 |
| Transamerica Inflation Opportunities, Class I2 | 3.3 |
| Transamerica International Equity, Class I2 | 3.1 |
| Transamerica Emerging Markets Debt, Class I2 | 2.4 |
| Transamerica Long Credit, Class I2 | 2.1 |
| Transamerica International Focus, Class I2 | 1.4 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Conservative Portfolio

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class A

## IAAAX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $24 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018085043 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 69.2% |
| International Equity Funds | 27.8 |
| U.S. Mixed Allocation Funds | 1.7 |
| Repurchase Agreements | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Growth Portfolio

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 30.4% |
| Transamerica Large Cap Value, Class I2 | 28.4 |
| Transamerica International Stock, Class I2 | 10.9 |
| Transamerica International Equity, Class I2 | 10.7 |
| Transamerica International Focus, Class I2 | 3.4 |
| Transamerica Sustainable Equity Income, Class I2 | 3.3 |
| Transamerica Capital Growth, Class I2 | 2.0 |
| Transamerica Energy Infrastructure, Class I2 | 1.7 |
| Transamerica Mid Cap Growth, Class I2 | 1.6 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Growth Portfolio

Class A

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class C

## IAALX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $65 | 1.31%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018085043 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 69.2% |
| International Equity Funds | 27.8 |
| U.S. Mixed Allocation Funds | 1.7 |
| Repurchase Agreements | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Growth Portfolio

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 30.4% |
| Transamerica Large Cap Value, Class I2 | 28.4 |
| Transamerica International Stock, Class I2 | 10.9 |
| Transamerica International Equity, Class I2 | 10.7 |
| Transamerica International Focus, Class I2 | 3.4 |
| Transamerica Sustainable Equity Income, Class I2 | 3.3 |
| Transamerica Capital Growth, Class I2 | 2.0 |
| Transamerica Energy Infrastructure, Class I2 | 1.7 |
| Transamerica Mid Cap Growth, Class I2 | 1.6 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Growth Portfolio

Class C

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class I

## TAGIX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $7 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018085043 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 69.2% |
| International Equity Funds | 27.8 |
| U.S. Mixed Allocation Funds | 1.7 |
| Repurchase Agreements | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Growth Portfolio

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 30.4% |
| Transamerica Large Cap Value, Class I2 | 28.4 |
| Transamerica International Stock, Class I2 | 10.9 |
| Transamerica International Equity, Class I2 | 10.7 |
| Transamerica International Focus, Class I2 | 3.4 |
| Transamerica Sustainable Equity Income, Class I2 | 3.3 |
| Transamerica Capital Growth, Class I2 | 2.0 |
| Transamerica Energy Infrastructure, Class I2 | 1.7 |
| Transamerica Mid Cap Growth, Class I2 | 1.6 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Growth Portfolio

Class I

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class R

## IGWRX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $36 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018085043 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 69.2% |
| International Equity Funds | 27.8 |
| U.S. Mixed Allocation Funds | 1.7 |
| Repurchase Agreements | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Growth Portfolio

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 30.4% |
| Transamerica Large Cap Value, Class I2 | 28.4 |
| Transamerica International Stock, Class I2 | 10.9 |
| Transamerica International Equity, Class I2 | 10.7 |
| Transamerica International Focus, Class I2 | 3.4 |
| Transamerica Sustainable Equity Income, Class I2 | 3.3 |
| Transamerica Capital Growth, Class I2 | 2.0 |
| Transamerica Energy Infrastructure, Class I2 | 1.7 |
| Transamerica Mid Cap Growth, Class I2 | 1.6 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Growth Portfolio

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Growth Portfolio

# Class R3

## TAAKX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Growth Portfolio (the "Fund") seeks long-term capital appreciation. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $17 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018085043 |
| Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 69.2% |
| International Equity Funds | 27.8 |
| U.S. Mixed Allocation Funds | 1.7 |
| Repurchase Agreements | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Growth Portfolio

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 30.4% |
| Transamerica Large Cap Value, Class I2 | 28.4 |
| Transamerica International Stock, Class I2 | 10.9 |
| Transamerica International Equity, Class I2 | 10.7 |
| Transamerica International Focus, Class I2 | 3.4 |
| Transamerica Sustainable Equity Income, Class I2 | 3.3 |
| Transamerica Capital Growth, Class I2 | 2.0 |
| Transamerica Energy Infrastructure, Class I2 | 1.7 |
| Transamerica Mid Cap Growth, Class I2 | 1.6 |
| Transamerica Emerging Markets Equity, Class I2 | 1.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Growth Portfolio

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class A

## IMLAX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $23 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1374672080 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.9% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 21.2 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.2 |
| U.S. Mixed Allocation Funds | 1.2 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Moderate Growth Portfolio

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 22.2% |
| Transamerica Large Cap Value, Class I2 | 21.4 |
| Transamerica Core Bond, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 8.4 |
| Transamerica International Equity, Class I2 | 6.7 |
| Transamerica Bond, Class I2 | 4.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.7 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Emerging Markets Equity, Class I2 | 2.7 |
| Transamerica Sustainable Equity Income, Class I2 | 2.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Growth Portfolio

Class A

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class C

## IMLLX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $64 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1374672080 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.9% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 21.2 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.2 |
| U.S. Mixed Allocation Funds | 1.2 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Moderate Growth Portfolio

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 22.2% |
| Transamerica Large Cap Value, Class I2 | 21.4 |
| Transamerica Core Bond, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 8.4 |
| Transamerica International Equity, Class I2 | 6.7 |
| Transamerica Bond, Class I2 | 4.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.7 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Emerging Markets Equity, Class I2 | 2.7 |
| Transamerica Sustainable Equity Income, Class I2 | 2.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Growth Portfolio

Class C

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class I

## TMGIX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $7 | 0.14%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1374672080 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.9% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 21.2 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.2 |
| U.S. Mixed Allocation Funds | 1.2 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Moderate Growth Portfolio

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 22.2% |
| Transamerica Large Cap Value, Class I2 | 21.4 |
| Transamerica Core Bond, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 8.4 |
| Transamerica International Equity, Class I2 | 6.7 |
| Transamerica Bond, Class I2 | 4.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.7 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Emerging Markets Equity, Class I2 | 2.7 |
| Transamerica Sustainable Equity Income, Class I2 | 2.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Growth Portfolio

Class I

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R

## IMGRX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1374672080 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.9% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 21.2 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.2 |
| U.S. Mixed Allocation Funds | 1.2 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Moderate Growth Portfolio

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 22.2% |
| Transamerica Large Cap Value, Class I2 | 21.4 |
| Transamerica Core Bond, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 8.4 |
| Transamerica International Equity, Class I2 | 6.7 |
| Transamerica Bond, Class I2 | 4.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.7 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Emerging Markets Equity, Class I2 | 2.7 |
| Transamerica Sustainable Equity Income, Class I2 | 2.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Growth Portfolio

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Growth Portfolio

# Class R3

## TAALX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Growth Portfolio (the "Fund") seeks capital appreciation with current income as a secondary objective. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $17 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1374672080 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 6% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 50.9% |
| U.S. Fixed Income Funds | 21.8 |
| International Equity Funds | 21.2 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.2 |
| U.S. Mixed Allocation Funds | 1.2 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.2 |

---

---

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

---

Transamerica Asset Allocation - Moderate Growth Portfolio

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica US Growth, Class I2 | 22.2% |
| Transamerica Large Cap Value, Class I2 | 21.4 |
| Transamerica Core Bond, Class I2 | 11.2 |
| Transamerica International Stock, Class I2 | 8.4 |
| Transamerica International Equity, Class I2 | 6.7 |
| Transamerica Bond, Class I2 | 4.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.7 |
| Transamerica International Focus, Class I2 | 2.9 |
| Transamerica Emerging Markets Equity, Class I2 | 2.7 |
| Transamerica Sustainable Equity Income, Class I2 | 2.6 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Growth Portfolio

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class A

## IMOAX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $23 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $984755445 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.0% |
| U.S. Equity Funds | 37 |
| International Equity Funds | 14.8 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

| | |
|:---|:---|
| 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Moderate Portfolio

Class A

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.4% |
| Transamerica US Growth, Class I2 | 16.1 |
| Transamerica Large Cap Value, Class I2 | 15.5 |
| Transamerica Bond, Class I2 | 9.9 |
| Transamerica International Stock, Class I2 | 6.2 |
| Transamerica International Equity, Class I2 | 5.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.6 |
| Transamerica Emerging Markets Debt, Class I2 | 2.5 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica International Focus, Class I2 | 1.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Portfolio

Class A

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class C

## IMOLX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $64 | 1.29%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $984755445 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.0% |
| U.S. Equity Funds | 37 |
| International Equity Funds | 14.8 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

| | |
|:---|:---|
| 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Moderate Portfolio

Class C

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.4% |
| Transamerica US Growth, Class I2 | 16.1 |
| Transamerica Large Cap Value, Class I2 | 15.5 |
| Transamerica Bond, Class I2 | 9.9 |
| Transamerica International Stock, Class I2 | 6.2 |
| Transamerica International Equity, Class I2 | 5.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.6 |
| Transamerica Emerging Markets Debt, Class I2 | 2.5 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica International Focus, Class I2 | 1.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Portfolio

Class C

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class I

## TMMIX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $7 | 0.15%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $984755445 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.0% |
| U.S. Equity Funds | 37 |
| International Equity Funds | 14.8 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

| | |
|:---|:---|
| 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Moderate Portfolio

Class I

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.4% |
| Transamerica US Growth, Class I2 | 16.1 |
| Transamerica Large Cap Value, Class I2 | 15.5 |
| Transamerica Bond, Class I2 | 9.9 |
| Transamerica International Stock, Class I2 | 6.2 |
| Transamerica International Equity, Class I2 | 5.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.6 |
| Transamerica Emerging Markets Debt, Class I2 | 2.5 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica International Focus, Class I2 | 1.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Portfolio

Class I

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class R

## IMDRX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $984755445 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.0% |
| U.S. Equity Funds | 37 |
| International Equity Funds | 14.8 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

| | |
|:---|:---|
| 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Moderate Portfolio

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.4% |
| Transamerica US Growth, Class I2 | 16.1 |
| Transamerica Large Cap Value, Class I2 | 15.5 |
| Transamerica Bond, Class I2 | 9.9 |
| Transamerica International Stock, Class I2 | 6.2 |
| Transamerica International Equity, Class I2 | 5.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.6 |
| Transamerica Emerging Markets Debt, Class I2 | 2.5 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica International Focus, Class I2 | 1.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Portfolio

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation - Moderate Portfolio

# Class R3

## TAAMX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation - Moderate Portfolio (the "Fund") seeks capital appreciation and current income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $17 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $984755445 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 11% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.0% |
| U.S. Equity Funds | 37 |
| International Equity Funds | 14.8 |
| International Fixed Income Funds | 2.5 |
| Repurchase Agreements | 2.4 |
| U.S. Mixed Allocation Funds | 1 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.3 |

---

---

| | |
|:---|:---|
| 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;Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral. |

---

Transamerica Asset Allocation - Moderate Portfolio

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I2 | 25.4% |
| Transamerica US Growth, Class I2 | 16.1 |
| Transamerica Large Cap Value, Class I2 | 15.5 |
| Transamerica Bond, Class I2 | 9.9 |
| Transamerica International Stock, Class I2 | 6.2 |
| Transamerica International Equity, Class I2 | 5.0 |
| Transamerica Inflation Opportunities, Class I2 | 3.6 |
| Transamerica Emerging Markets Debt, Class I2 | 2.5 |
| Transamerica Long Credit, Class I2 | 2.0 |
| Transamerica International Focus, Class I2 | 1.7 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation - Moderate Portfolio

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation Intermediate Horizon

# Class R

## TAARX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation Intermediate Horizon (the "Fund") seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $41196458 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 219% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 48.8% |
| U.S. Equity Funds | 38.0 |
| International Equity Funds | 13.1 |
| Money Market Funds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

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

---

Transamerica Asset Allocation Intermediate Horizon

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 23.4% |
| Transamerica Large Value Opportunities, Class I3 | 13.6 |
| Transamerica International Equity, Class I3 | 13.1 |
| Transamerica Large Growth, Class I3 | 12.9 |
| Transamerica Inflation Opportunities, Class I3 | 11.4 |
| Transamerica Short-Term Bond, Class I3 | 7.9 |
| Transamerica High Yield Bond, Class I3 | 6.2 |
| Transamerica Mid Cap Growth, Class I3 | 3.0 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 3.0 |
| Transamerica Small Cap Value, Class I3 | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation Intermediate Horizon

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation Intermediate Horizon

# Class R4

## TAAFX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation Intermediate Horizon (the "Fund") seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $41196458 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 219% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 48.8% |
| U.S. Equity Funds | 38.0 |
| International Equity Funds | 13.1 |
| Money Market Funds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

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

---

Transamerica Asset Allocation Intermediate Horizon

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 23.4% |
| Transamerica Large Value Opportunities, Class I3 | 13.6 |
| Transamerica International Equity, Class I3 | 13.1 |
| Transamerica Large Growth, Class I3 | 12.9 |
| Transamerica Inflation Opportunities, Class I3 | 11.4 |
| Transamerica Short-Term Bond, Class I3 | 7.9 |
| Transamerica High Yield Bond, Class I3 | 6.2 |
| Transamerica Mid Cap Growth, Class I3 | 3.0 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 3.0 |
| Transamerica Small Cap Value, Class I3 | 2.8 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation Intermediate Horizon

Class R4

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation Long Horizon

# Class R

## TALRX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation Long Horizon (the "Fund") seeks to provide long-term returns from growth of capital and growth of income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $57403713 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 134% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 65.3% |
| International Equity Funds | 25.1 |
| U.S. Fixed Income Funds | 9.5 |
| Money Market Funds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

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

---

Transamerica Asset Allocation Long Horizon

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica International Equity, Class I3 | 25.1% |
| Transamerica Large Value Opportunities, Class I3 | 22.3 |
| Transamerica Large Growth, Class I3 | 21.5 |
| Transamerica Mid Cap Growth, Class I3 | 5.7 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 5.5 |
| Transamerica Small Cap Value, Class I3 | 5.2 |
| Transamerica Small Cap Growth, Class I3 | 5.2 |
| Transamerica Core Bond, Class I3 | 3.8 |
| Transamerica Inflation Opportunities, Class I3 | 3.3 |
| Transamerica High Yield Bond, Class I3 | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation Long Horizon

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation Long Horizon

# Class R4

## TALFX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation Long Horizon (the "Fund") seeks to provide long-term returns from growth of capital and growth of income. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $57403713 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 134% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 65.3% |
| International Equity Funds | 25.1 |
| U.S. Fixed Income Funds | 9.5 |
| Money Market Funds | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

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

---

Transamerica Asset Allocation Long Horizon

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica International Equity, Class I3 | 25.1% |
| Transamerica Large Value Opportunities, Class I3 | 22.3 |
| Transamerica Large Growth, Class I3 | 21.5 |
| Transamerica Mid Cap Growth, Class I3 | 5.7 |
| Transamerica Mid Cap Value Opportunities, Class I3 | 5.5 |
| Transamerica Small Cap Value, Class I3 | 5.2 |
| Transamerica Small Cap Growth, Class I3 | 5.2 |
| Transamerica Core Bond, Class I3 | 3.8 |
| Transamerica Inflation Opportunities, Class I3 | 3.3 |
| Transamerica High Yield Bond, Class I3 | 2.0 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation Long Horizon

Class R4

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation Short Horizon

# Class R

## TSHRX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation Short Horizon (the "Fund") seeks to provide a high level of income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6708608 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 264% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 89.6% |
| U.S. Equity Funds | 8.0 |
| International Equity Funds | 2.2 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

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

---

Transamerica Asset Allocation Short Horizon

Class R

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 44.2% |
| Transamerica Short-Term Bond, Class I3 | 17.7 |
| Transamerica Inflation Opportunities, Class I3 | 17 |
| Transamerica High Yield Bond, Class I3 | 10.7 |
| Transamerica Large Value Opportunities, Class I3 | 3 |
| Transamerica Large Growth, Class I3 | 3 |
| Transamerica International Equity, Class I3 | 2.2 |
| Transamerica Small Cap Value, Class I3 | 1 |
| Transamerica Small Cap Growth, Class I3 | 1 |
| Transamerica Government Money Market, Class I3 | 0.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation Short Horizon

Class R

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica Asset Allocation Short Horizon

# Class R4

## TSHFX
April 30, 2025

## Fund Overview
Transamerica Asset Allocation Short Horizon (the "Fund") seeks to provide a high level of income and preservation of capital. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**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 | $18 | 0.35%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $6708608 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 264% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 89.6% |
| U.S. Equity Funds | 8.0 |
| International Equity Funds | 2.2 |
| Money Market Funds | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.0)<sup>Footnote Reference\*</sup> |

---

---

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

---

Transamerica Asset Allocation Short Horizon

Class R4

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Core Bond, Class I3 | 44.2% |
| Transamerica Short-Term Bond, Class I3 | 17.7 |
| Transamerica Inflation Opportunities, Class I3 | 17 |
| Transamerica High Yield Bond, Class I3 | 10.7 |
| Transamerica Large Value Opportunities, Class I3 | 3 |
| Transamerica Large Growth, Class I3 | 3 |
| Transamerica International Equity, Class I3 | 2.2 |
| Transamerica Small Cap Value, Class I3 | 1 |
| Transamerica Small Cap Growth, Class I3 | 1 |
| Transamerica Government Money Market, Class I3 | 0.2 |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or 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, is 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](g947814icdd01f10850a99c56f01.jpg)

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

Transamerica Asset Allocation Short Horizon

Class R4

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> 2025

# Class R3

## TCTKX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> 2025 (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $67200900 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 52.9% |
| U.S. Equity Funds | 27.5 |
| International Equity Funds | 14.2 |
| International Fixed Income Funds | 5 |
| Other Investment Company | 1.5 |
| Repurchase Agreements | 1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.1) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> 2025

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Bond, Class R6 | 22.4% |
| iShares Core U.S. Aggregate Bond ETF | 14.1 |
| iShares Core S&P 500 ETF | 13.7 |
| iShares 0-5 Year TIPS Bond ETF | 9.4 |
| Transamerica High Yield Bond, Class R6 | 7.0 |
| iShares Core MSCI EAFE ETF | 6.4 |
| Transamerica Emerging Markets Debt, Class R6 | 5.0 |
| Transamerica Large Cap Value, Class R6 | 4.3 |
| Transamerica US Growth, Class R6 | 2.9 |
| Transamerica International Stock, Class R6 | 2.7 |

---

#### 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.

The Fund reorganized into Transamerica Asset Allocation - Conservative Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Conservative Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> 2025

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> 2030

# Class R3

## TCTLX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> 2030 (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $78951463 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 42.6% |
| U.S. Equity Funds | 33.1 |
| International Equity Funds | 19.8 |
| International Fixed Income Funds | 3.9 |
| Other Investment Company | 2.0 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.1) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> 2030

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Bond, Class R6 | 18.4% |
| iShares Core S&P 500 ETF | 16.1 |
| iShares Core U.S. Aggregate Bond ETF | 11.7 |
| iShares Core MSCI EAFE ETF | 9.0 |
| Transamerica High Yield Bond, Class R6 | 6.3 |
| iShares 0-5 Year TIPS Bond ETF | 6.2 |
| Transamerica Large Cap Value, Class R6 | 5.3 |
| Transamerica Emerging Markets Debt, Class R6 | 3.9 |
| Transamerica International Stock, Class R6 | 3.6 |
| Transamerica US Growth, Class R6 | 3.4 |

---

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

The Fund reorganized into Transamerica Asset Allocation - Moderate Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Moderate Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> 2030

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> 2035

# Class R3

## TCTMX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> 2035 (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $80746503 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 39.5% |
| U.S. Fixed Income Funds | 30.9 |
| International Equity Funds | 24.7 |
| International Fixed Income Funds | 3.4 |
| Repurchase Agreements | 1.5 |
| Other Investment Company | 1.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (1.3) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> 2035

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 19.7% |
| Transamerica Bond, Class R6 | 12.7 |
| iShares Core MSCI EAFE ETF | 10.7 |
| iShares Core U.S. Aggregate Bond ETF | 8.0 |
| Transamerica Large Cap Value, Class R6 | 6.2 |
| iShares 0-5 Year TIPS Bond ETF | 5.3 |
| Transamerica High Yield Bond, Class R6 | 4.9 |
| Transamerica International Stock, Class R6 | 4.5 |
| Transamerica US Growth, Class R6 | 4.2 |
| Transamerica Emerging Markets Debt, Class R6 | 3.4 |

---

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

The Fund reorganized into Transamerica Asset Allocation – Moderate Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation – Moderate Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> 2035

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> 2040

# Class R3

## TCTQX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> 2040 (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $76662463 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 46.6% |
| International Equity Funds | 29.2 |
| U.S. Fixed Income Funds | 20.8 |
| International Fixed Income Funds | 2.4 |
| Repurchase Agreements | 1 |
| Other Investment Company | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> 2040

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 23.5% |
| iShares Core MSCI EAFE ETF | 12.4 |
| Transamerica Bond, Class R6 | 7.9 |
| Transamerica Large Cap Value, Class R6 | 7.4 |
| Transamerica International Stock, Class R6 | 5.7 |
| Transamerica US Growth, Class R6 | 4.9 |
| iShares 0-5 Year TIPS Bond ETF | 4.7 |
| iShares Core U.S. Aggregate Bond ETF | 4.7 |
| Transamerica High Yield Bond, Class R6 | 3.4 |
| Transamerica International Focus, Class R6 | 3.1 |

---

#### 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.

The Fund reorganized into Transamerica Asset Allocation - Moderate Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation – Moderate Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> 2040

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> 2045

# Class R3

## TCTTX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> 2045 (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $51381116 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 14% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 52.2% |
| International Equity Funds | 33.5 |
| U.S. Fixed Income Funds | 12.2 |
| Other Investment Company | 3.6 |
| International Fixed Income Funds | 1.4 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (3.6) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> 2045

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 25.7% |
| iShares Core MSCI EAFE ETF | 14.6 |
| Transamerica Large Cap Value, Class R6 | 8.5 |
| Transamerica International Stock, Class R6 | 6.0 |
| Transamerica US Growth, Class R6 | 5.5 |
| Transamerica Bond, Class R6 | 4.2 |
| iShares 0-5 Year TIPS Bond ETF | 3.8 |
| iShares Core MSCI Emerging Markets ETF | 3.5 |
| iShares Global REIT ETF | 3.5 |
| Transamerica International Focus, Class R6 | 3.4 |

---

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

The Fund reorganized into Transamerica Asset Allocation - Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> 2045

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> 2050

# Class R3

## TCTUX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> 2050 (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $29 | 0.58%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $40752888 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 13% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 53.8% |
| International Equity Funds | 36.5 |
| U.S. Fixed Income Funds | 7.8 |
| International Fixed Income Funds | 1 |
| Repurchase Agreements | 1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> 2050

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 26.3% |
| iShares Core MSCI EAFE ETF | 15.9 |
| Transamerica Large Cap Value, Class R6 | 8.7 |
| Transamerica International Stock, Class R6 | 6.7 |
| Transamerica US Growth, Class R6 | 5.6 |
| iShares Global REIT ETF | 4.0 |
| iShares Core MSCI Emerging Markets ETF | 3.9 |
| Transamerica International Focus, Class R6 | 3.5 |
| Transamerica Mid Cap Growth, Class R6 | 3.5 |
| Transamerica Mid Cap Value Opportunities, Class R6 | 3.5 |

---

#### 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.

The Fund reorganized into Transamerica Asset Allocation - Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> 2050

Class R3

![Image](g947814ia45993d219de596832ea.jpg)

Semi-Annual Shareholder Report

# Transamerica ClearTrack<sup>®</sup> Retirement Income

# Class R3

## TCTZX
April 30, 2025

## Fund Overview
Transamerica ClearTrack<sup>®</sup> Retirement Income (the "Fund") seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. This semi-annual shareholder report contains important information for the period of November 1, 2024 to April 30, 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 period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $30 | 0.60%<sup>Footnote Reference\*</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $129538693 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 12% |

---

## What did the Fund invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 53.2% |
| U.S. Equity Funds | 27.1 |
| International Equity Funds | 13.8 |
| International Fixed Income Funds | 5.0 |
| Other Investment Company | 1.4 |
| Repurchase Agreements | 0.3 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.8) |

---

---

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

---

Transamerica ClearTrack<sup>®</sup> Retirement Income

Class R3

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica Bond, Class R6 | 22.5% |
| iShares Core U.S. Aggregate Bond ETF | 14.2 |
| iShares Core S&P 500 ETF | 13.3 |
| iShares 0-5 Year TIPS Bond ETF | 9.4 |
| Transamerica High Yield Bond, Class R6 | 7.1 |
| iShares Core MSCI EAFE ETF | 6.0 |
| Transamerica Emerging Markets Debt, Class R6 | 5.1 |
| Transamerica Large Cap Value, Class R6 | 4.3 |
| Transamerica US Growth, Class R6 | 2.9 |
| Transamerica International Stock, Class R6 | 2.6 |

---

#### 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.

The Fund reorganized into Transamerica Asset Allocation - Conservative Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Conservative Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12 month period ended June 30, updated no later than August 31 of each year, is 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](g947814icdd01f10850a99c56f01.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 ClearTrack<sup>®</sup> Retirement Income

Class R3

------

(b) Not applicable.

**Item 2.** **Code of Ethics.** <br>

(a) Not applicable for semi-annual reports.

**Item 3.** **Audit Committee Financial Experts.** <br>

Not applicable for semi-annual reports.

**Item 4.** **Principal Accountant Fees and Services** <br>

Not applicable for semi-annual reports.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to the registrant.

**Item 6.** **Investments.** <br>

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

(b) Not applicable.

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

(a) ------

![](g947814img9b592dad1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation - Conservative Portfolio**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img19516db62.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_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_SOI-RunningFooter-184_1) | 2 |
| [Statement of Assets and Liabilities](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_FS-RunningFooter-184_1) | 5 |
| [Statement of Operations](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_FS-RunningFooter-184_2) | 6 |
| [Statement of Changes in Net Assets](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_FS-RunningFooter-184_3) | 7 |
| [Financial Highlights](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_FIHI-RunningFooter-184_1) | 9 |
| [Notes to Financial Statements](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_NTF-RunningFooter-184_1) | 12 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_DWA-RunningFooter-184_1)**<br> **[Companies](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_DWA-RunningFooter-184_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_PD-RunningFooter-184_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_REMU-RunningFooter-184_1)**<br> **[Companies](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_REMU-RunningFooter-184_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_70bd3bea-1c30-44fe-bffd-bbd4c9bbe46e_AIAC-RunningFooter-184_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**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 97.7%**  | **INVESTMENT COMPANIES - 97.7%**  | **INVESTMENT COMPANIES - 97.7%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust <sup>(A)(B)(C)(D)</sup> <br>| 1340 | $1512 |
| **International Equity Funds - 9.7%**  | **International Equity Funds - 9.7%**  | **International Equity Funds - 9.7%**  |
| Transamerica Emerging Markets Equity <sup>(B)</sup> <br>| 290696 | 2485455 |
| Transamerica International Equity <sup>(B)</sup> <br>| 651434 | 14800577 |
| Transamerica International Focus <sup>(B)</sup> <br>| 971438 | 6586349 |
| &nbsp;&nbsp; Transamerica International Small Cap <br> Value <sup>(B)</sup> <br>| 159983 | 2572525 |
| Transamerica International Stock <sup>(B)</sup> <br>| 1572977 | 20228480 |
|  |  | 46673386 |
| **International Fixed Income Fund - 2.4%**  | **International Fixed Income Fund - 2.4%**  | **International Fixed Income Fund - 2.4%**  |
| Transamerica Emerging Markets Debt <sup>(B)</sup> <br>| 1263178 | 11406501 |
| **U.S. Equity Funds - 26.4%**  | **U.S. Equity Funds - 26.4%**  | **U.S. Equity Funds - 26.4%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 420430 | 4641544 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 3644570 | 51497778 |
| Transamerica Mid Cap Growth <sup>(B)</sup> <br>| 189157 | 1836716 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(B)</sup> <br>| 314269 | 3321820 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 351595 | 1990026 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 380680 | 1648346 |
| Transamerica Sustainable Equity Income <sup>(B)</sup> <br>| 598947 | 4665799 |
| Transamerica US Growth <sup>(B)</sup> <br>| 2067057 | 57402166 |
|  |  | 127004195 |
| **U.S. Fixed Income Funds - 58.2%**  | **U.S. Fixed Income Funds - 58.2%**  | **U.S. Fixed Income Funds - 58.2%**  |
| Transamerica Bond <sup>(B)</sup> <br>| 8810478 | 70836246 |
| Transamerica Core Bond <sup>(B)</sup> <br>| 20761474 | 177925834 |
| Transamerica Floating Rate <sup>(B)</sup> <br>| 547850 | 4853955 |
| Transamerica High Yield Bond <sup>(B)</sup> <br>| 34278 | 274221 |
| Transamerica Inflation Opportunities <sup>(B)</sup> <br>| 1583696 | 15615246 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
| Transamerica Long Credit <sup>(B)</sup> <br>| 1074716 | $9908879 |
| Transamerica Short-Term Bond <sup>(B)</sup> <br>| 652 | 6433 |
|  |  | 279420814 |
| **U.S. Mixed Allocation Fund - 1.0%**  | **U.S. Mixed Allocation Fund - 1.0%**  | **U.S. Mixed Allocation Fund - 1.0%**  |
| Transamerica Energy Infrastructure <sup>(B)</sup> <br>| 541987 | 4644824 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $444,934,156)**<br>|  | 469151232 |
| **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  |
| **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  |
| Alerian MLP ETF | 5000 | 241200 |
| Health Care Select Sector SPDR Fund | 5679 | 797729 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $1,022,913)**<br>|  | 1038929 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  | **REPURCHASE AGREEMENT - 1.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 04/30/2025, to be <br> repurchased at $7,753,801 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 01/31/2031, and <br> with a value of $7,908,665.<br>| $7753414 | 7753414 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $7,753,414)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $7,753,414)** | 7753414 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $453,710,483)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $453,710,483)** | 477943575 |
| **Net Other Assets (Liabilities) - 0.5%** | **Net Other Assets (Liabilities) - 0.5%** | 2506143 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$480449718** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Notes | 258 | &nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp; $28483988 | &nbsp;&nbsp;&nbsp; $28952438 | &nbsp;&nbsp;&nbsp; $468450 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 41 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 2515757 | &nbsp;&nbsp;&nbsp; 2372042 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (143715)<br>|
| S&P 500<sup>®</sup> E-Mini Index | 8 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 2276837 | &nbsp;&nbsp;&nbsp; 2234800 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42037)<br>|
| TOPIX Index | 2 | &nbsp;&nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp;&nbsp; 369817 | &nbsp;&nbsp;&nbsp; 372709 | &nbsp;&nbsp;&nbsp; 2892 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$471342** | &nbsp;&nbsp;&nbsp; **$(185752)**<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**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** |  |  |  |  |
| Investment Companies | $469149720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $469149720 |
| Exchange-Traded Funds | 1038929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1038929 |
| Repurchase Agreement |  | &nbsp;&nbsp; 7753414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7753414 |
| **Total** | **$470188649** | &nbsp;&nbsp; **$7753414** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$477942063** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 1512 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $477943575 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $471342 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $471342 |
| **Total Other Financial Instruments** | **$471342** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$471342** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(185752)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(185752)<br>|
| **Total Other Financial Instruments** | **$(185752)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(185752)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's* *transactions and earnings from these underlying funds are as follows:* 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $71304250 | $11566679 | $(12000000)<br>| $(1007918)<br>| $973235 | $70836246 | 8810478 | $1666432 | $— |
| Transamerica Capital <br> Growth<br>| 5421057 |  | (1700000)<br>| 615727 | 304760 | 4641544 | 420430 |  |  |
| Transamerica Core Bond | 166657218 | 20233559 | (9000000)<br>| (721980)<br>| 757037 | 177925834 | 20761474 | 3734107 |  |
| Transamerica Emerging <br> Markets Debt<br>| 14317418 | 1073569 | (3500000)<br>| (142743)<br>| (341743)<br>| 11406501 | 1263178 | 573569 |  |
| Transamerica Emerging <br> Markets Equity<br>| 1346832 | 1001993 |  |  | 136630 | 2485455 | 290696 | 1993 |  |
| Transamerica Energy <br> Infrastructure<br>| 4477254 | 508951 | (600000)<br>| 434735 | (176116)<br>| 4644824 | 541987 | 94259 |  |
| Transamerica Floating Rate | 2806378 | 2147514 |  |  | (99937)<br>| 4853955 | 547850 | 147514 |  |
| Transamerica Global <br> Allocation Liquidating Trust<br>| 1610 |  |  |  | (98)<br>| 1512 | 1340 |  |  |
| Transamerica High Yield <br> Bond<br>| 4237519 | 2157587 | (6000000)<br>| (94961)<br>| (25924)<br>| 274221 | 34278 | 157175 |  |
| Transamerica Inflation <br> Opportunities<br>| 14740952 | 739225 |  |  | 135069 | 15615246 | 1583696 | 239225 |  |
| Transamerica International <br> Equity<br>| 16297458 | 5485413 | (8300000)<br>| 2297452 | (979746)<br>| 14800577 | 651434 | 432463 | 52951 |
| Transamerica International <br> Focus<br>| 7410444 | 1255213 | (1000000)<br>| (205261)<br>| (874047)<br>| 6586349 | 971438 | 115811 | 1139402 |
| Transamerica International <br> Small Cap Value<br>| 1275715 | 1072383 |  |  | 224427 | 2572525 | 159983 | 54367 | 18016 |
| Transamerica International <br> Stock<br>| 17101369 | 3005594 | (1000000)<br>| 121643 | 999874 | 20228480 | 1572977 | 487396 | 518198 |
| Transamerica Large Cap <br> Value<br>| 42214486 | 14513297 | (2300000)<br>| 521286 | (3451291)<br>| 51497778 | 3644570 | 509310 | 503988 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **April 30,**<br> **2025**<br>| **Shares as of**<br> **April 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Long Credit | $13688093 | $1898884 | $(5000000)<br>| $(311850)<br>| $(366248)<br>| $9908879 | 1074716 | $397990 | $143 |
| Transamerica Mid Cap <br> Growth<br>| 2386653 | 75173 | (600000)<br>| 136603 | (161713)<br>| 1836716 | 189157 |  | 75173 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 1299703 | 3119956 | (1000000)<br>| 7608 | (105447)<br>| 3321820 | 314269 | 19740 | 100217 |
| Transamerica Short-Term <br> Bond<br>| 6248 | 140 |  |  | 45 | 6433 | 652 | 137 |  |
| Transamerica Small Cap <br> Growth<br>| 2092487 | 244156 |  |  | (346617)<br>| 1990026 | 351595 |  | 244156 |
| Transamerica Small Cap <br> Value<br>| 2231808 | 413182 | (400000)<br>| (22386)<br>| (574258)<br>| 1648346 | 380680 | 34932 | 378251 |
| Transamerica Sustainable <br> Equity Income<br>| 4757439 | 355176 |  |  | (446816)<br>| 4665799 | 598947 | 34076 | 321099 |
| Transamerica US Growth | 44205050 | 25511342 | (3900000)<br>| 824663 | (9238889)<br>| 57402166 | 2067057 | 71598 | 5939745 |
| **Total** | **$440277441** | **$96378986** | **$(56300000)**<br>| **$2452618** | **$(13657813)**<br>| **$469151232** | **46232882** | **$8772094** | **$9291339** |

---

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

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

<sup>(D)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust<br>| 07/31/2014 | &nbsp;&nbsp; $13784 | &nbsp;&nbsp; $1512 | 0.0<br> %\*<br>|

---

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

<sup>(E)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**PORTFOLIO ABBREVIATION(S):** 

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $444,934,156) | $469151232 |
| Unaffiliated investments, at value (cost $1,022,913) | 1038929 |
| Repurchase agreement, at value (cost $7,753,414) | 7753414 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 937839 |
| Receivables and other assets: |  |
| Affiliated investments sold | 2000000 |
| Shares of beneficial interest sold  | 165183 |
| Dividends from affiliated investments | 983337 |
| Interest | 388 |
| Variation margin receivable on futures contracts | 95068 |
| Prepaid expenses | 24562 |
| Total assets | 482149952 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 984198 |
| Shares of beneficial interest redeemed | 377027 |
| Due to custodian  | 130884 |
| Investment management fees | 3272 |
| Distribution and service fees | 103914 |
| Transfer agent fees | 61064 |
| Trustee and CCO fees | 1571 |
| Audit and tax fees  | 14829 |
| Custody fees | 4273 |
| Legal fees | 6606 |
| Printing and shareholder reports fees | 4608 |
| Other accrued expenses | 7988 |
| Total liabilities | 1700234 |
| **Net assets**  | $480449718 |
| **Net assets consist of:** |  |
| Paid-in capital | $455008993 |
| Total distributable earnings (accumulated losses) | 25440725 |
| **Net assets** | $480449718 |
| **Net assets by class:** |  |
| Class A | $245287850 |
| Class C | 15216156 |
| Class I | 12329296 |
| Class R | 481332 |
| Class R3 | 207135084 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 23114702 |
| Class C | 1451969 |
| Class I | 1152916 |
| Class R | 44672 |
| Class R3 | 19516766 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $10.61 |
| Class C | 10.48 |
| Class I | 10.69 |
| Class R | 10.77 |
| Class R3 | 10.61 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $11.23 |

---

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $8772094 |
| Dividend income from unaffiliated investments | 15243 |
| Interest income from unaffiliated investments | 75288 |
| Total investment income  | 8862625 |
| **Expenses:** |  |
| Investment management fees | 246380 |
| Distribution and service fees: |  |
| Class A | 369659 |
| Class C | 78602 |
| Class R | 1184 |
| Class R3 | 186875 |
| Transfer agent fees: |  |
| Class A | 131909 |
| Class C | 9699 |
| Class I | 6439 |
| Class R | 159 |
| Class R3 | 117731 |
| Trustee and CCO fees | 9391 |
| Audit and tax fees | 15779 |
| Custody fees | 2909 |
| Legal fees | 15222 |
| Printing and shareholder reports fees | 12800 |
| Registration fees | 45867 |
| Other | 15074 |
| Total expenses before waiver and/or reimbursement and recapture | 1265679 |
| Expenses waived and/or reimbursed: |  |
| Class I | (5883)<br>|
| Class R3 | (159546)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 2306 |
| Net expenses | 1102556 |
| **Net investment income (loss)** | 7760069 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 2452618 |
| Unaffiliated investments  | 162050 |
| Capital gain distributions received from affiliated investment companies  | 9291339 |
| Futures contracts | 961184 |
| Net realized gain (loss) | 12867191 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (13657813)<br>|
| Unaffiliated investments  | (28639)<br>|
| Futures contracts | 350762 |
| Translation of assets and liabilities denominated in foreign currencies | 7133 |
| Net change in unrealized appreciation (depreciation) | (13328557)<br>|
| Net realized and change in unrealized gain (loss) | (461366)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $7298703 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $7760069 | &nbsp;&nbsp;&nbsp;&nbsp; $13454102 |
| Net realized gain (loss) | 12867191 | &nbsp;&nbsp;&nbsp;&nbsp; 10213527 |
| Net change in unrealized appreciation (depreciation) | (13328557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51255692 |
| Net increase (decrease) in net assets resulting from operations | 7298703 | &nbsp;&nbsp;&nbsp;&nbsp; 74923321 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (3757192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12441474)<br>|
| Class C | (180097)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (407098)<br>|
| Class I | (204629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (378651)<br>|
| Class R | (6665)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11831)<br>|
| Class R3 | (3542027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17018)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (7690610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13256072)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 4685420 | &nbsp;&nbsp;&nbsp;&nbsp; 8763723 |
| Class C | 951365 | &nbsp;&nbsp;&nbsp;&nbsp; 1363314 |
| Class I | 1092197 | &nbsp;&nbsp;&nbsp;&nbsp; 2895277 |
| Class R | 9555 | &nbsp;&nbsp;&nbsp;&nbsp; 17954 |
| Class R3 | 216225773 | &nbsp;&nbsp;&nbsp;&nbsp; 1317010 |
|  | 222964310 | &nbsp;&nbsp;&nbsp;&nbsp; 14357278 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 3544915 | &nbsp;&nbsp;&nbsp;&nbsp; 11979809 |
| Class C | 178752 | &nbsp;&nbsp;&nbsp;&nbsp; 404090 |
| Class I | 201415 | &nbsp;&nbsp;&nbsp;&nbsp; 375675 |
| Class R | 6665 | &nbsp;&nbsp;&nbsp;&nbsp; 11831 |
| Class R3 | 3542027 | &nbsp;&nbsp;&nbsp;&nbsp; 17018 |
|  | 7473774 | &nbsp;&nbsp;&nbsp;&nbsp; 12788423 |
| Cost of shares redeemed: |  |  |
| Class A | (178314206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68923912)<br>|
| Class C | (1022873)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4386336)<br>|
| Class I | (1615987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3651869)<br>|
| Class R | (1693)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23807)<br>|
| Class R3 | (12285301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (780658)<br>|
|  | (193240060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77766582)<br>|
| Automatic conversions: |  |  |
| Class A | 1566357 | &nbsp;&nbsp;&nbsp;&nbsp; 4355993 |
| Class C | (1566357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4355993)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 37198024 | &nbsp;&nbsp;&nbsp;&nbsp; (50620881)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 1496 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 264 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 624 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2384 |
| **Net increase (decrease) in net assets** | 36806117 | &nbsp;&nbsp;&nbsp;&nbsp; 11048752 |
| **Net assets:** |  |  |
| Beginning of period/year | 443643601 | &nbsp;&nbsp;&nbsp;&nbsp; 432594849 |
| End of period/year | $480449718 | &nbsp;&nbsp;&nbsp;&nbsp; $443643601 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation - Conservative Portfolio**

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

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 441842 | &nbsp;&nbsp;&nbsp;&nbsp; 845857 |
| Class C | 90634 | &nbsp;&nbsp;&nbsp;&nbsp; 132542 |
| Class I | 101648 | &nbsp;&nbsp;&nbsp;&nbsp; 277228 |
| Class R | 881 | &nbsp;&nbsp;&nbsp;&nbsp; 1701 |
| Class R3 | 20247122 | &nbsp;&nbsp;&nbsp;&nbsp; 126542 |
|  | 20882127 | &nbsp;&nbsp;&nbsp;&nbsp; 1383870 |
| Shares reinvested: |  |  |
| Class A | 334808 | &nbsp;&nbsp;&nbsp;&nbsp; 1154167 |
| Class C | 17088 | &nbsp;&nbsp;&nbsp;&nbsp; 39492 |
| Class I | 18878 | &nbsp;&nbsp;&nbsp;&nbsp; 35917 |
| Class R | 620 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| Class R3 | 334561 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
|  | 705955 | &nbsp;&nbsp;&nbsp;&nbsp; 1232328 |
| Shares redeemed: |  |  |
| Class A | (16719230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6707204)<br>|
| Class C | (96775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (434956)<br>|
| Class I | (150200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (355106)<br>|
| Class R | (157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2294)<br>|
| Class R3 | (1158695)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76551)<br>|
|  | (18125057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7576111)<br>|
| Automatic conversions: |  |  |
| Class A | 146010 | &nbsp;&nbsp;&nbsp;&nbsp; 427067 |
| Class C | (147888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (432398)<br>|
|  | (1878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5331)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (15796570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4280113)<br>|
| Class C | (136941)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (695320)<br>|
| Class I | (29674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41961)<br>|
| Class R | 1344 | &nbsp;&nbsp;&nbsp;&nbsp; 529 |
| Class R3 | 19422988 | &nbsp;&nbsp;&nbsp;&nbsp; 51621 |
|  | 3461147 | &nbsp;&nbsp;&nbsp;&nbsp; (4965244)<br>|

---

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation - Conservative Portfolio**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.61 | $9.25 | $9.22 | $12.13 | $11.04 | $10.76 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.31 | 0.20 | 0.29 | 0.27 | 0.19 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><br>| 1.36 | 0.04 | (2.30)<br>| 1.33 | 0.47 |
| Total investment operations | 0.16 | 1.67 | 0.24 | (2.01)<br>| 1.60 | 0.66 |
| **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 | (0.16)<br>| (0.31)<br>| (0.21)<br>| (0.29)<br>| (0.27)<br>| (0.19)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>| (0.19)<br>|
| Total dividends and/or distributions to shareholders | (0.16)<br>| (0.31)<br>| (0.21)<br>| (0.90)<br>| (0.51)<br>| (0.38)<br>|
| **Net asset value, end of period/year** | $10.61 | $10.61 | $9.25 | $9.22 | $12.13 | $11.04 |
| **Total return** <sup>(E)</sup> <br>| 1.51 %<sup>(F)</sup><br>| 18.11 %<sup>(C)</sup><br>| 2.60<br> %<br>| (17.75 )%<sup>(D)</sup><br>| 14.80<br> %<br>| 6.32<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $245288 | $412873 | $399522 | $460692 | $637631 | $586536 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.49 %<sup>(H)</sup><br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>| 0.48<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.49 %<sup>(H)</sup><br>| 0.47<br> %<br>| 0.48 %<sup>(I)</sup><br>| 0.47 %<sup>(I)</sup><br>| 0.45<br> %<br>| 0.48<br> %<br>|
| Net investment income (loss) to average net assets | 3.04 %<sup>(H)</sup><br>| 2.99<br> %<br>| 2.09<br> %<br>| 2.76<br> %<br>| 2.32<br> %<br>| 1.78<br> %<br>|
| Portfolio turnover rate | 12 %<sup>(F)</sup><br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>| 28<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, Inc. 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> *Not annualized.*

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

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

<sup>(I)</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 period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.49 | $9.14 | $9.11 | $11.99 | $10.91 | $10.68 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.13 | 0.23 | 0.12 | 0.21 | 0.23 | 0.12 |
| Net realized and unrealized gain (loss) | (0.02)<br>| 1.34 | 0.04 | (2.27)<br>| 1.27 | 0.44 |
| Total investment operations | 0.11 | 1.57 | 0.16 | (2.06)<br>| 1.50 | 0.56 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.22)<br>| (0.13)<br>| (0.21)<br>| (0.18)<br>| (0.14)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>| (0.19)<br>|
| Total dividends and/or distributions to shareholders | (0.12)<br>| (0.22)<br>| (0.13)<br>| (0.82)<br>| (0.42)<br>| (0.33)<br>|
| **Net asset value, end of period/year** | $10.48 | $10.49 | $9.14 | $9.11 | $11.99 | $10.91 |
| **Total return** <sup>(E)</sup> <br>| 1.07 %<sup>(F)</sup><br>| 17.24 %<sup>(C)</sup><br>| 1.77<br> %<br>| (18.38 )%<sup>(D)</sup><br>| 13.98<br> %<br>| 5.37<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $15216 | $16661 | $20880 | $29806 | $50580 | $87565 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.28 %<sup>(H)</sup><br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.23<br> %<br>| 1.25<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.28 %<sup>(H)</sup><br>| 1.28<br> %<br>| 1.27<br> %<br>| 1.26 %<sup>(I)</sup><br>| 1.23<br> %<br>| 1.25<br> %<br>|
| Net investment income (loss) to average net assets | 2.41 %<sup>(H)</sup><br>| 2.22<br> %<br>| 1.30<br> %<br>| 2.07<br> %<br>| 1.96<br> %<br>| 1.12<br> %<br>|
| Portfolio turnover rate | 12 %<sup>(F)</sup><br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>| 28<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, Inc. 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> *Not annualized.*

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

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

<sup>(I)</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**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.69 | $9.31 | $9.27 | $12.18 | $11.08 | $10.80 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.34 | 0.23 | 0.33 | 0.30 | 0.22 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 1.37 | 0.05 | (2.32)<br>| 1.34 | 0.46 |
| Total investment operations | 0.18 | 1.71 | 0.28 | (1.99)<br>| 1.64 | 0.68 |
| **Contributions from affiliate** |  |  |  | 0.03 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| (0.33)<br>| (0.24)<br>| (0.34)<br>| (0.30)<br>| (0.21)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>| (0.19)<br>|
| Total dividends and/or distributions to shareholders | (0.18)<br>| (0.33)<br>| (0.24)<br>| (0.95)<br>| (0.54)<br>| (0.40)<br>|
| **Net asset value, end of period/year** | $10.69 | $10.69 | $9.31 | $9.27 | $12.18 | $11.08 |
| **Total return** | 1.66 %<sup>(C)</sup><br>| 18.46<br> %<br>| 2.93<br> %<br>| (17.25 )%<sup>(B)</sup><br>| 15.07<br> %<br>| 6.48<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $12330 | $12647 | $11401 | $13009 | $19731 | $15655 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.26 %<sup>(E)</sup><br>| 0.26<br> %<br>| 0.26<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>| 0.26<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.16 %<sup>(E)(F)</sup><br>| 0.16 %<sup>(F)</sup><br>| 0.16 %<sup>(F)</sup><br>| 0.16 %<sup>(G)</sup><br>| 0.15 %<sup>(G)</sup><br>| 0.24 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 3.53 %<sup>(E)</sup><br>| 3.31<br> %<br>| 2.42<br> %<br>| 3.17<br> %<br>| 2.55<br> %<br>| 2.04<br> %<br>|
| Portfolio turnover rate | 12 %<sup>(C)</sup><br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>| 28<br> %<br>|

---

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $10.78 | $9.38 | $9.34 | $12.27 | $11.16 | $10.89 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.29 | 0.18 | 0.28 | 0.25 | 0.15 |
| Net realized and unrealized gain (loss) | (0.02)<br>| 1.38 | 0.05 | (2.34)<br>| 1.34 | 0.48 |
| Total investment operations | 0.14 | 1.67 | 0.23 | (2.06)<br>| 1.59 | 0.63 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(B)</sup><br>|  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.15)<br>| (0.28)<br>| (0.19)<br>| (0.26)<br>| (0.24)<br>| (0.17)<br>|
| Net realized gains |  |  |  | (0.61)<br>| (0.24)<br>| (0.19)<br>|
| Total dividends and/or distributions to shareholders | (0.15)<br>| (0.28)<br>| (0.19)<br>| (0.87)<br>| (0.48)<br>| (0.36)<br>|
| **Net asset value, end of period/year** | $10.77 | $10.78 | $9.38 | $9.34 | $12.27 | $11.16 |
| **Total return** | 1.32 %<sup>(C)</sup><br>| 17.98 %<sup>(B)</sup><br>| 2.38<br> %<br>| (17.97)%<br>| 14.50<br> %<br>| 5.90<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $481 | $467 | $401 | $547 | $916 | $873 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72 %<sup>(E)</sup><br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.72 %<sup>(E)</sup><br>| 0.73<br> %<br>| 0.75 %<sup>(F)</sup><br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.76<br> %<br>|
| Net investment income (loss) to average net assets | 2.97 %<sup>(E)</sup><br>| 2.73<br> %<br>| 1.83<br> %<br>| 2.67<br> %<br>| 2.09<br> %<br>| 1.42<br> %<br>|
| Portfolio turnover rate | 12 %<sup>(C)</sup><br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>| 6<br> %<br>| 28<br> %<br>|

---

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

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

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $10.62 | $9.26 | $9.24 | $10.66 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.20 | 0.31 | 0.22 | 0.11 |
| Net realized and unrealized gain (loss) | (0.03)<br>| 1.37 | 0.03 | (1.45)<br>|
| Total investment operations | 0.17 | 1.68 | 0.25 | (1.34)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.18)<br>| (0.32)<br>| (0.23)<br>| (0.08)<br>|
| **Net asset value, end of period/year** | $10.61 | $10.62 | $9.26 | $9.24 |
| **Total return** | 1.58 %<sup>(C)</sup><br>| 18.25<br> %<br>| 2.66<br> %<br>| (12.57 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $207135 | $996 | $391 | $63 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56 %<sup>(E)</sup><br>| 0.56<br> %<br>| 0.56<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.81 %<sup>(E)</sup><br>| 3.00<br> %<br>| 2.24<br> %<br>| 1.78 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 12 %<sup>(C)</sup><br>| 16<br> %<br>| 17<br> %<br>| 51<br> %<br>|

---

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION (continued)**

paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**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.

**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

**Transamerica Funds**

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**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**3. INVESTMENT VALUATION (continued)**

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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 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 period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Transamerica Funds**

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**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

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

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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 April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $468450 | $— | $2892 | $— | $— | $471342 |
| **Total** | **$468450** | **$—** | **$2892** | **$—** | **$—** | **$471342** |

---

&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** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $— | $— | $(185752)<br>| $— | $— | $(185752)<br>|
| **Total** | **$—** | **$—** | **$(185752)**<br>| **$—** | **$—** | **$(185752)**<br>|

---

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

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

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

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 April 30, 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  | $58574 | $— | $902610 | $— | $— | $961184 |
| **Total** | **$58574** | **$—** | **$902610** | **$—** | **$—** | **$961184** |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $721520 | $— | $(370758)<br>| $— | $— | $350762 |
| **Total** | **$721520** | **$—** | **$(370758)**<br>| **$—** | **$—** | **$350762** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $30782774 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

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**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**7. RISK FACTORS (continued)**

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

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

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $336315 | 0.07<br> % <br>|

---

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.1040<br> % <br>|
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.52<br> % <br>| March 1, 2026 |
| Class C | 1.31 | March 1, 2026 |
| Class I | 0.30 | March 1, 2026 |
| Class R | 0.77 | March 1, 2026 |
| Class R3 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $— | $158981 | $158981 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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

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

---

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

---

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

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

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

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 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 | $38077 | &nbsp;&nbsp;&nbsp;&nbsp; $797 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 265 |

---

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

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $150518 | &nbsp;&nbsp; $34215 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $78883168 | &nbsp;&nbsp; $56300000 |

---

**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.

As of April 30, 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>|
| $453710483 | &nbsp;&nbsp; $39318525 | &nbsp;&nbsp; $(14799843)<br>| &nbsp;&nbsp; $24518682 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. SUBSEQUENT EVENT**

Effective as of the close of business on June 20, 2025, Transamerica Asset Allocation - Conservative Portfolio acquired all of the assets and liabilities of each of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Conservative Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Conservative Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income were carried forward to align ongoing reporting of Transamerica Asset Allocation - Conservative Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Asset Allocation - Conservative Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**12. SUBSEQUENT EVENT (continued)**

Shares issued to Transamerica ClearTrack<sup>®</sup>2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Conservative Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7815323 | Class R3 | &nbsp;&nbsp; 15626301 | Class R3 | &nbsp;&nbsp; 18204468 | &nbsp;&nbsp; $198667178 | 0.78 |

---

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

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,136,714 from ClearTrack*<sup>®</sup> *2025 and 12,067,754 from* *ClearTrack*<sup>®</sup> *Retirement Income). The 0.78 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2025's specific ratio is 0.79 and ClearTrack*<sup>®</sup> *Retirement* *Income's ratio is 0.77.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Conservative Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $449767 | &nbsp;&nbsp; $2438714 | &nbsp;&nbsp; $66970577 | &nbsp;&nbsp; $131696601 | &nbsp;&nbsp; $487224781 | &nbsp;&nbsp; $685891959 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Asset Allocation - Conservative Portfolio** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Asset Allocation - Conservative Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Asset Allocation - Conservative Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Asset Allocation - Conservative Portfolio** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

![](g947814imgcb0a39f03.gif)

![](g947814img28f760084.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

4453813 AA CONS PORT 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img999bc2b85.gif)

------

![](g947814imgf8a347461.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation - Growth Portfolio**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img6b1391142.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_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_SOI-RunningFooter-187_1) | 2 |
| [Statement of Assets and Liabilities](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_FS-RunningFooter-187_1) | 5 |
| [Statement of Operations](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_FS-RunningFooter-187_2) | 6 |
| [Statement of Changes in Net Assets](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_FS-RunningFooter-187_3) | 7 |
| [Financial Highlights](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_FIHI-RunningFooter-187_1) | 9 |
| [Notes to Financial Statements](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_NTF-RunningFooter-187_1) | 12 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_DWA-RunningFooter-187_1)**<br> **[Companies](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_DWA-RunningFooter-187_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_PD-RunningFooter-187_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_REMU-RunningFooter-187_1)**<br> **[Companies](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_REMU-RunningFooter-187_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_e9a1bb0f-4359-4d65-9d5f-8e1a4ee473a0_AIAC-RunningFooter-187_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**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 98.6%**  | **INVESTMENT COMPANIES - 98.6%**  | **INVESTMENT COMPANIES - 98.6%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust <sup>(A)(B)(C)(D)</sup> <br>| 874 | $987 |
| **International Equity Funds - 27.8%**  | **International Equity Funds - 27.8%**  | **International Equity Funds - 27.8%**  |
| Transamerica Emerging Markets Equity <sup>(B)</sup> <br>| 1924013 | 16450308 |
| Transamerica International Equity <sup>(B)</sup> <br>| 4806761 | 109209601 |
| Transamerica International Focus <sup>(B)</sup> <br>| 5169676 | 35050407 |
| &nbsp;&nbsp; Transamerica International Small Cap <br> Value <sup>(B)</sup> <br>| 730380 | 11744503 |
| Transamerica International Stock <sup>(B)</sup> <br>| 8597981 | 110570041 |
|  |  | 283024860 |
| **U.S. Equity Funds - 69.1%**  | **U.S. Equity Funds - 69.1%**  | **U.S. Equity Funds - 69.1%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 1819549 | 20087824 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 20461463 | 289120466 |
| Transamerica Mid Cap Growth <sup>(B)</sup> <br>| 1702890 | 16535066 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(B)</sup> <br>| 1235460 | 13058811 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 1954197 | 11060753 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 2393112 | 10362176 |
| Transamerica Sustainable Equity Income <sup>(B)</sup> <br>| 4304314 | 33530607 |
| Transamerica US Growth <sup>(B)</sup> <br>| 11147796 | 309574291 |
|  |  | 703329994 |
| **U.S. Mixed Allocation Fund - 1.7%**  | **U.S. Mixed Allocation Fund - 1.7%**  | **U.S. Mixed Allocation Fund - 1.7%**  |
| Transamerica Energy Infrastructure <sup>(B)</sup> <br>| 2004434 | 17177997 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $794,086,341)**<br>|  | 1003533838 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 0.1%**  | **EXCHANGE-TRADED FUNDS - 0.1%**  | **EXCHANGE-TRADED FUNDS - 0.1%**  |
| **U.S. Equity Funds - 0.1%**  | **U.S. Equity Funds - 0.1%**  | **U.S. Equity Funds - 0.1%**  |
| Alerian MLP ETF | 9720 | $468893 |
| Health Care Select Sector SPDR Fund | 8875 | 1246671 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $1,686,342)**<br>|  | 1715564 |

---

&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>1.80% <sup>(E)</sup>, dated 04/30/2025, to be <br> repurchased at $9,933,867 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 3.75%, due 08/31/2031, and <br> with a value of $10,132,174.<br>| $9933370 | 9933370 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,933,370)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,933,370)** | 9933370 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $805,706,053)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $805,706,053)** | 1015182772 |
| **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 2902271 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1018085043** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| EURO STOXX 50<sup>®</sup> Index | 90 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; $5521999 | &nbsp;&nbsp;&nbsp; $5206921 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(315078)<br>|
| S&P 500<sup>®</sup> E-Mini Index | 124 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 34591249 | &nbsp;&nbsp;&nbsp; 34639400 | &nbsp;&nbsp;&nbsp; 48151 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 3 | &nbsp;&nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp;&nbsp; 554726 | &nbsp;&nbsp;&nbsp; 559064 | &nbsp;&nbsp;&nbsp; 4338 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$52489** | &nbsp;&nbsp;&nbsp; **$(315078)**<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**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** |  |  |  |  |
| Investment Companies | $1003532851 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1003532851 |
| Exchange-Traded Funds | 1715564 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1715564 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9933370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9933370 |
| **Total** | **$1005248415** | &nbsp;&nbsp; **$9933370** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1015181785** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 987 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $1015182772 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $52489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52489 |
| **Total Other Financial Instruments** | **$52489** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$52489** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(315078)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(315078)<br>|
| **Total Other Financial Instruments** | **$(315078)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(315078)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's* *transactions and earnings from these underlying funds are as follows:* 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Capital <br> Growth<br>| $23847106 | $— | $(8000000)<br>| $1457852 | $2782866 | $20087824 | 1819549 | $— | $— |
| Transamerica Emerging <br> Markets Equity<br>| 25593863 | 37870 | (10000000)<br>| (1988537)<br>| 2807112 | 16450308 | 1924013 | 37869 |  |
| Transamerica Energy <br> Infrastructure<br>| 16297181 | 10188 |  |  | 870628 | 17177997 | 2004434 | 366555 |  |
| Transamerica Global <br> Allocation Liquidating Trust<br>| 1051 |  |  |  | (64)<br>| 987 | 874 |  |  |
| Transamerica International <br> Equity<br>| 92321738 | 10749770 | (1000000)<br>| 108628 | 7029465 | 109209601 | 4806761 | 2449811 | 299959 |
| Transamerica International <br> Focus<br>| 42006903 | 6187035 | (8000000)<br>| 633245 | (5776776)<br>| 35050407 | 5169677 | 570843 | 5616192 |
| Transamerica International <br> Small Cap Value<br>| 7416361 | 3420796 |  |  | 907346 | 11744503 | 730380 | 316061 | 104736 |
| Transamerica International <br> Stock<br>| 104404955 | 9139216 | (8500000)<br>| 493697 | 5032173 | 110570041 | 8597981 | 2975584 | 3163632 |
| Transamerica Large Cap <br> Value<br>| 283933591 | 42929042 | (20000000)<br>| (1601269)<br>| (16140898)<br>| 289120466 | 20461463 | 3394591 | 3534451 |
| Transamerica Mid Cap <br> Growth<br>| 16427321 | 676747 |  |  | (569002)<br>| 16535066 | 1702890 |  | 676747 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 13137662 | 1212543 |  |  | (1291394)<br>| 13058811 | 1235460 | 199531 | 1013012 |
| Transamerica Small Cap <br> Growth<br>| 7071677 | 5825135 |  |  | (1836059)<br>| 11060753 | 1954197 |  | 825135 |
| Transamerica Small Cap <br> Value<br>| 7839820 | 5739264 |  |  | (3216908)<br>| 10362176 | 2393112 | 147043 | 1592221 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **April 30,**<br> **2025**<br>| **Shares as of**<br> **April 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Sustainable <br> Equity Income<br>| $33226135 | $3484303 | $— | $— | $(3179831)<br>| $33530607 | 4304314 | $241732 | $2242570 |
| Transamerica US Growth | 292629356 | 82378382 | (12000000)<br>| (420822)<br>| (53012625)<br>| 309574291 | 11147796 | 504748 | 41873635 |
| **Total** | **$966154720** | **$171790291** | **$(67500000)**<br>| **$(1317206)**<br>| **$(65593967)**<br>| **$1003533838** | **68252901** | **$11204368** | **$60942290** |

---

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

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

<sup>(D)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust<br>| 07/31/2014 | &nbsp;&nbsp; $8994 | &nbsp;&nbsp; $987 | 0.0<br> %\*<br>|

---

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

<sup>(E)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**PORTFOLIO ABBREVIATION(S):** 

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $794,086,341) | $1003533838 |
| Unaffiliated investments, at value (cost $1,686,342) | 1715564 |
| Repurchase agreement, at value (cost $9,933,370) | 9933370 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 3434780 |
| Receivables and other assets: |  |
| Affiliated investments sold | 3000000 |
| Shares of beneficial interest sold  | 52781 |
| Interest | 497 |
| Variation margin receivable on futures contracts | 218475 |
| Prepaid expenses | 29556 |
| Total assets | 1021918861 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 3000000 |
| Shares of beneficial interest redeemed | 206858 |
| Due to custodian  | 197515 |
| Investment management fees | 59218 |
| Distribution and service fees | 217204 |
| Transfer agent fees | 92977 |
| Trustee and CCO fees | 3653 |
| Audit and tax fees  | 17337 |
| Custody fees | 7033 |
| Legal fees | 12519 |
| Printing and shareholder reports fees | 6092 |
| Other accrued expenses | 13412 |
| Total liabilities | 3833818 |
| **Net assets**  | $1018085043 |
| **Net assets consist of:** |  |
| Paid-in capital | $757006737 |
| Total distributable earnings (accumulated losses) | 261078306 |
| **Net assets** | $1018085043 |
| **Net assets by class:** |  |
| Class A | $806008049 |
| Class C | 39915712 |
| Class I | 37235141 |
| Class R | 686077 |
| Class R3 | 134240064 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 54809087 |
| Class C | 2825432 |
| Class I | 2525394 |
| Class R | 46978 |
| Class R3 | 9160464 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $14.71 |
| Class C | 14.13 |
| Class I | 14.74 |
| Class R | 14.60 |
| Class R3 | 14.65 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $15.57 |

---

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $11204368 |
| Dividend income from unaffiliated investments | 29190 |
| Interest income from unaffiliated investments | 146339 |
| Total investment income  | 11379897 |
| **Expenses:** |  |
| Investment management fees | 535591 |
| Distribution and service fees: |  |
| Class A | 1062859 |
| Class C | 221217 |
| Class R | 1760 |
| Class R3 | 123333 |
| Transfer agent fees: |  |
| Class A | 377863 |
| Class C | 37621 |
| Class I | 20291 |
| Class R | 299 |
| Class R3 | 77700 |
| Trustee and CCO fees | 20934 |
| Audit and tax fees | 17975 |
| Custody fees | 5304 |
| Legal fees | 32314 |
| Printing and shareholder reports fees | 29197 |
| Registration fees | 49278 |
| Other | 22276 |
| Total expenses before waiver and/or reimbursement and recapture | 2635812 |
| Expenses waived and/or reimbursed: |  |
| Class I | (18540)<br>|
| Class R3 | (97874)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 1400 |
| Net expenses | 2520798 |
| **Net investment income (loss)** | 8859099 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (1317206)<br>|
| Unaffiliated investments  | 721884 |
| Capital gain distributions received from affiliated investment companies  | 60942290 |
| Futures contracts | (1154690)<br>|
| Net realized gain (loss) | 59192278 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (65593967)<br>|
| Unaffiliated investments  | (53790)<br>|
| Futures contracts | (657473)<br>|
| Translation of assets and liabilities denominated in foreign currencies | (8148)<br>|
| Net change in unrealized appreciation (depreciation) | (66313378)<br>|
| Net realized and change in unrealized gain (loss) | (7121100)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $1737999 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $8859099 | &nbsp;&nbsp;&nbsp;&nbsp; $9746310 |
| Net realized gain (loss) | 59192278 | &nbsp;&nbsp;&nbsp;&nbsp; 46043388 |
| Net change in unrealized appreciation (depreciation) | (66313378)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200095873 |
| Net increase (decrease) in net assets resulting from operations | 1737999 | &nbsp;&nbsp;&nbsp;&nbsp; 255885571 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (41643286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22806662)<br>|
| Class C | (1970333)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1019798)<br>|
| Class I | (2057764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (980611)<br>|
| Class R | (33562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16247)<br>|
| Class R3 | (7464646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50029)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (53169591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24873347)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 13462401 | &nbsp;&nbsp;&nbsp;&nbsp; 21700569 |
| Class C | 2653512 | &nbsp;&nbsp;&nbsp;&nbsp; 6175838 |
| Class I | 3600879 | &nbsp;&nbsp;&nbsp;&nbsp; 14047279 |
| Class R | 59117 | &nbsp;&nbsp;&nbsp;&nbsp; 28095 |
| Class R3 | 141191274 | &nbsp;&nbsp;&nbsp;&nbsp; 1817839 |
|  | 160967183 | &nbsp;&nbsp;&nbsp;&nbsp; 43769620 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 40003669 | &nbsp;&nbsp;&nbsp;&nbsp; 21909568 |
| Class C | 1969527 | &nbsp;&nbsp;&nbsp;&nbsp; 1019185 |
| Class I | 2020993 | &nbsp;&nbsp;&nbsp;&nbsp; 957890 |
| Class R | 33562 | &nbsp;&nbsp;&nbsp;&nbsp; 16247 |
| Class R3 | 7464646 | &nbsp;&nbsp;&nbsp;&nbsp; 50029 |
|  | 51492397 | &nbsp;&nbsp;&nbsp;&nbsp; 23952919 |
| Cost of shares redeemed: |  |  |
| Class A | (101577254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (125451752)<br>|
| Class C | (4669085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10777587)<br>|
| Class I | (6899911)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12794663)<br>|
| Class R | (69674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107156)<br>|
| Class R3 | (7730705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (424744)<br>|
|  | (120946629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149555902)<br>|
| Automatic conversions: |  |  |
| Class A | 4963882 | &nbsp;&nbsp;&nbsp;&nbsp; 11357645 |
| Class C | (4963882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11357645)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 91512951 | &nbsp;&nbsp;&nbsp;&nbsp; (81833363)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 3606 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 930 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 708 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| **Net increase (decrease) in net assets** | 40081359 | &nbsp;&nbsp;&nbsp;&nbsp; 149184105 |
| **Net assets:** |  |  |
| Beginning of period/year | 978003684 | &nbsp;&nbsp;&nbsp;&nbsp; 828819579 |
| End of period/year | $1018085043 | &nbsp;&nbsp;&nbsp;&nbsp; $978003684 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

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

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 894318 | &nbsp;&nbsp;&nbsp;&nbsp; 1520224 |
| Class C | 182583 | &nbsp;&nbsp;&nbsp;&nbsp; 448282 |
| Class I | 237036 | &nbsp;&nbsp;&nbsp;&nbsp; 934454 |
| Class R | 3903 | &nbsp;&nbsp;&nbsp;&nbsp; 1954 |
| Class R3 | 8957519 | &nbsp;&nbsp;&nbsp;&nbsp; 123260 |
|  | 10275359 | &nbsp;&nbsp;&nbsp;&nbsp; 3028174 |
| Shares reinvested: |  |  |
| Class A | 2672256 | &nbsp;&nbsp;&nbsp;&nbsp; 1637486 |
| Class C | 136583 | &nbsp;&nbsp;&nbsp;&nbsp; 78884 |
| Class I | 134823 | &nbsp;&nbsp;&nbsp;&nbsp; 71538 |
| Class R | 2255 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| Class R3 | 500647 | &nbsp;&nbsp;&nbsp;&nbsp; 3745 |
|  | 3446564 | &nbsp;&nbsp;&nbsp;&nbsp; 1792875 |
| Shares redeemed: |  |  |
| Class A | (6577301)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8746651)<br>|
| Class C | (320596)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (785316)<br>|
| Class I | (453101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (877481)<br>|
| Class R | (4461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7374)<br>|
| Class R3 | (522668)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29454)<br>|
|  | (7878127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10446276)<br>|
| Automatic conversions: |  |  |
| Class A | 323383 | &nbsp;&nbsp;&nbsp;&nbsp; 798587 |
| Class C | (336601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (830646)<br>|
|  | (13218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32059)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (2687344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4790354)<br>|
| Class C | (338031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1088796)<br>|
| Class I | (81242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 128511 |
| Class R | 1697 | &nbsp;&nbsp;&nbsp;&nbsp; (4198)<br>|
| Class R3 | 8935498 | &nbsp;&nbsp;&nbsp;&nbsp; 97551 |
|  | 5830578 | &nbsp;&nbsp;&nbsp;&nbsp; (5657286)<br>|

---

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $15.42 | $12.01 | $12.09 | $16.86 | $12.53 | $13.01 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.15 | 0.06 | 0.46 | 0.06 | 0.17 |
| Net realized and unrealized gain (loss) | (0.06)<br>| 3.63 | 0.86 | (3.95)<br>| 4.86 | 0.48 |
| Total investment operations | 0.06 | 3.78 | 0.92 | (3.49)<br>| 4.92 | 0.65 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.17)<br>| (0.06)<br>| (0.47)<br>| (0.10)<br>| (0.21)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>| (0.92)<br>|
| Total dividends and/or distributions to shareholders | (0.77)<br>| (0.37)<br>| (1.00)<br>| (1.28)<br>| (0.59)<br>| (1.13)<br>|
| **Net asset value, end of period/year** | $14.71 | $15.42 | $12.01 | $12.09 | $16.86 | $12.53 |
| **Total return** <sup>(E)</sup> <br>| 0.31 %<sup>(F)</sup><br>| 31.97 %<sup>(C)</sup><br>| 7.98<br> %<br>| (22.39 )%<sup>(D)</sup><br>| 40.12<br> %<br>| 5.01<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $806008 | $886737 | $747924 | $760822 | $1072922 | $809244 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.48 %<sup>(H)</sup><br>| 0.48<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.48<br> %<br>| 0.53<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.48 %<sup>(H)</sup><br>| 0.48<br> %<br>| 0.50 %<sup>(I)</sup><br>| 0.49<br> %<br>| 0.48<br> %<br>| 0.53<br> %<br>|
| Net investment income (loss) to average net assets | 1.64 %<sup>(H)</sup><br>| 1.05<br> %<br>| 0.51<br> %<br>| 3.37<br> %<br>| 0.41<br> %<br>| 1.40<br> %<br>|
| Portfolio turnover rate | 7 %<sup>(F)</sup><br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>| 26<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, Inc. 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> *Not annualized.*

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

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

<sup>(I)</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 period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $14.78 | $11.51 | $11.66 | $16.27 | $12.11 | $12.59 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.04 | (0.03)<br>| 0.39 | (0.03)<br>| 0.09 |
| Net realized and unrealized gain (loss) | (0.06)<br>| 3.48 | 0.82 | (3.89)<br>| 4.68 | 0.44 |
| Total investment operations |  | 3.52 | 0.79 | (3.50)<br>| 4.65 | 0.53 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income |  | (0.05)<br>|  | (0.31)<br>|  | (0.09)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>| (0.92)<br>|
| Total dividends and/or distributions to shareholders | (0.65)<br>| (0.25)<br>| (0.94)<br>| (1.12)<br>| (0.49)<br>| (1.01)<br>|
| **Net asset value, end of period/year** | $14.13 | $14.78 | $11.51 | $11.66 | $16.27 | $12.11 |
| **Total return** <sup>(E)</sup> <br>| (0.10 )%<sup>(F)</sup><br>| 30.92 %<sup>(C)</sup><br>| 7.07<br> %<br>| (23.00 )%<sup>(D)</sup><br>| 39.09<br> %<br>| 4.13<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $39916 | $46767 | $48950 | $64542 | $116319 | $143282 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.31 %<sup>(H)</sup><br>| 1.31<br> %<br>| 1.33<br> %<br>| 1.30<br> %<br>| 1.26<br> %<br>| 1.31<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.31 %<sup>(H)</sup><br>| 1.31<br> %<br>| 1.33 %<sup>(I)</sup><br>| 1.29<br> %<br>| 1.26<br> %<br>| 1.31<br> %<br>|
| Net investment income (loss) to average net assets | 0.87 %<sup>(H)</sup><br>| 0.31<br> %<br>| (0.25)%<br>| 2.89<br> %<br>| (0.23)%<br>| 0.74<br> %<br>|
| Portfolio turnover rate | 7 %<sup>(F)</sup><br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>| 26<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, Inc. 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> *Not annualized.*

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

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

<sup>(I)</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**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation - Growth Portfolio**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $15.48 | $12.04 | $12.11 | $16.88 | $12.53 | $13.01 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.19 | 0.11 | 0.50 | 0.12 | 0.22 |
| Net realized and unrealized gain (loss) | (0.08)<br>| 3.66 | 0.85 | (3.95)<br>| 4.86 | 0.47 |
| Total investment operations | 0.07 | 3.85 | 0.96 | (3.45)<br>| 4.98 | 0.69 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(B)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.21)<br>| (0.09)<br>| (0.53)<br>| (0.14)<br>| (0.25)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>| (0.92)<br>|
| Total dividends and/or distributions to shareholders | (0.81)<br>| (0.41)<br>| (1.03)<br>| (1.34)<br>| (0.63)<br>| (1.17)<br>|
| **Net asset value, end of period/year** | $14.74 | $15.48 | $12.04 | $12.11 | $16.88 | $12.53 |
| **Total return** | 0.37 %<sup>(C)</sup><br>| 32.47<br> %<br>| 8.37<br> %<br>| (22.01 )%<sup>(B)</sup><br>| 40.62<br> %<br>| 5.31<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $37235 | $40340 | $29828 | $30933 | $42252 | $32886 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.24 %<sup>(E)</sup><br>| 0.24<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>| 0.26<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.15 %<sup>(E)(F)</sup><br>| 0.15 %<sup>(F)</sup><br>| 0.15 %<sup>(F)</sup><br>| 0.15 %<sup>(G)</sup><br>| 0.15 %<sup>(G)</sup><br>| 0.25 %<sup>(G)</sup><br>|
| Net investment income (loss) to average net assets | 2.01 %<sup>(E)</sup><br>| 1.35<br> %<br>| 0.86<br> %<br>| 3.65<br> %<br>| 0.77<br> %<br>| 1.81<br> %<br>|
| Portfolio turnover rate | 7 %<sup>(C)</sup><br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>| 26<br> %<br>|

---

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $15.31 | $11.90 | $11.96 | $16.70 | $12.41 | $12.89 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.11 | 0.12 | 0.04 | 0.47 | 0.04 | 0.14 |
| Net realized and unrealized gain (loss) | (0.08)<br>| 3.61 | 0.85 | (3.98)<br>| 4.81 | 0.47 |
| Total investment operations | 0.03 | 3.73 | 0.89 | (3.51)<br>| 4.85 | 0.61 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(B)</sup><br>|  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.09)<br>| (0.13)<br>| (0.01)<br>| (0.42)<br>| (0.07)<br>| (0.17)<br>|
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>| (0.81)<br>| (0.49)<br>| (0.92)<br>|
| Total dividends and/or distributions to shareholders | (0.74)<br>| (0.33)<br>| (0.95)<br>| (1.23)<br>| (0.56)<br>| (1.09)<br>|
| **Net asset value, end of period/year** | $14.60 | $15.31 | $11.90 | $11.96 | $16.70 | $12.41 |
| **Total return** | 0.09 %<sup>(C)</sup><br>| 31.84 %<sup>(B)</sup><br>| 7.76<br> %<br>| (22.64)%<br>| 39.84<br> %<br>| 4.72<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $686 | $693 | $589 | $750 | $1519 | $1625 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.72 %<sup>(E)</sup><br>| 0.73<br> %<br>| 0.75<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.76<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.72 %<sup>(E)</sup><br>| 0.73<br> %<br>| 0.75 %<sup>(F)</sup><br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.76<br> %<br>|
| Net investment income (loss) to average net assets | 1.41 %<sup>(E)</sup><br>| 0.81<br> %<br>| 0.29<br> %<br>| 3.43<br> %<br>| 0.26<br> %<br>| 1.17<br> %<br>|
| Portfolio turnover rate | 7 %<sup>(C)</sup><br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>| 8<br> %<br>| 26<br> %<br>|

---

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

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

<sup>(B)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.10%.* 

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $15.41 | $12.00 | $12.10 | $13.86 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.19 | 0.13 | 0.02 | 0.02 |
| Net realized and unrealized gain (loss) | (0.12)<br>| 3.68 | 0.91 | (1.78)<br>|
| Total investment operations | 0.07 | 3.81 | 0.93 | (1.76)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.18)<br>| (0.20)<br>| (0.09)<br>|  |
| Net realized gains | (0.65)<br>| (0.20)<br>| (0.94)<br>|  |
| Total dividends and/or distributions to shareholders | (0.83)<br>| (0.40)<br>| (1.03)<br>|  |
| **Net asset value, end of period/year** | $14.65 | $15.41 | $12.00 | $12.10 |
| **Total return** | 0.33 %<sup>(C)</sup><br>| 32.22<br> %<br>| 8.05<br> %<br>| (12.70 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $134240 | $3467 | $1529 | $186 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(E)</sup><br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.65 %<sup>(E)</sup><br>| 0.92<br> %<br>| 0.16<br> %<br>| 0.24 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 7 %<sup>(C)</sup><br>| 11<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION (continued)**

paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**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.

**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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**3. INVESTMENT VALUATION (continued)**

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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 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 period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

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

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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 April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $— | $— | $52489 | $— | $— | $52489 |
| **Total** | **$—** | **$—** | **$52489** | **$—** | **$—** | **$52489** |

---

&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** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $— | $— | $(315078)<br>| $— | $— | $(315078)<br>|
| **Total** | **$—** | **$—** | **$(315078)**<br>| **$—** | **$—** | **$(315078)**<br>|

---

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

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

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

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 April 30, 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  | $— | $— | $(1154690)<br>| $— | $— | $(1154690)<br>|
| **Total** | **$—** | **$—** | **$(1154690)**<br>| **$—** | **$—** | **$(1154690)**<br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $— | $— | $(657473)<br>| $— | $— | $(657473)<br>|
| **Total** | **$—** | **$—** | **$(657473)**<br>| **$—** | **$—** | **$(657473)**<br>|

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $39643629 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of 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**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**7. RISK FACTORS (continued)**

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

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

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.1040<br> % <br>|
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.55<br> % <br>| March 1, 2026 |
| Class C | 1.35 | March 1, 2026 |
| Class I | 0.30 | March 1, 2026 |
| Class R | 0.78 | March 1, 2026 |
| Class R3 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $1046 | $4772 | $97874 | $103692 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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

---

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

---

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

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

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C 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 period ended April 30, 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 | $190694 | &nbsp;&nbsp;&nbsp;&nbsp; $1007 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 3841 |

---

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

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $432480 | &nbsp;&nbsp; $74673 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $100542340 | &nbsp;&nbsp; $67500000 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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.

As of April 30, 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>|
| $805706053 | &nbsp;&nbsp; $216853342 | &nbsp;&nbsp; $(7639212)<br>| &nbsp;&nbsp; $209214130 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. SUBSEQUENT EVENT**

Effective as of the close of business on June 20, 2025, Transamerica Asset Allocation - Growth Portfolio acquired all of the assets and liabilities of each of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Growth Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Growth Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 were carried forward to align ongoing reporting of Transamerica Asset Allocation - Growth Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Asset Allocation - Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**12. SUBSEQUENT EVENT (continued)**

Shares issued to Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7529359 | Class R3 | &nbsp;&nbsp; 5973697 | Class R3 | &nbsp;&nbsp; 6119119 | &nbsp;&nbsp; $96235991 | 0.45 |

---

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

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (3,405,745 from ClearTrack*<sup>®</sup> *2045 and 2,713,374 from* *ClearTrack*<sup>®</sup> *2050). The 0.45 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2045's specific ratio is 0.45 and ClearTrack*<sup>®</sup> *2050's ratio is 0.45.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation - Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $4020950 | &nbsp;&nbsp; $3473655 | &nbsp;&nbsp; $53562496 | &nbsp;&nbsp; $42673495 | &nbsp;&nbsp; $1079833626 | &nbsp;&nbsp; $1176069617 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Asset Allocation - Growth Portfolio** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Asset Allocation - Growth Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Asset Allocation - Growth Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Asset Allocation - Growth Portfolio** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

![](g947814img903d3a5c3.gif)

![](g947814imgb46d70b94.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

4453813 AA GROWTH PORT 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgb26d3c065.gif)

------

![](g947814img29a413ae1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation - Moderate Growth Portfolio**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgb8ec94552.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_78db8b8c-e0db-4963-b4fc-3216ee26e21f_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_SOI-RunningFooter-186_1) | 2 |
| [Statement of Assets and Liabilities](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_FS-RunningFooter-186_1) | 5 |
| [Statement of Operations](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_FS-RunningFooter-186_2) | 6 |
| [Statement of Changes in Net Assets](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_FS-RunningFooter-186_3) | 7 |
| [Financial Highlights](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_FIHI-RunningFooter-186_1) | 9 |
| [Notes to Financial Statements](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_NTF-RunningFooter-186_1) | 12 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_DWA-RunningFooter-186_1)**<br> **[Companies](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_DWA-RunningFooter-186_1)**<br>| 24 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_PD-RunningFooter-186_1)** | 25 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_REMU-RunningFooter-186_1)**<br> **[Companies](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_REMU-RunningFooter-186_1)**<br>| 26 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_78db8b8c-e0db-4963-b4fc-3216ee26e21f_AIAC-RunningFooter-186_1)** | 27 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 97.3%**  | **INVESTMENT COMPANIES - 97.3%**  | **INVESTMENT COMPANIES - 97.3%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust <sup>(A)(B)(C)(D)</sup> <br>| 5843 | $6595 |
| **International Equity Funds - 21.2%**  | **International Equity Funds - 21.2%**  | **International Equity Funds - 21.2%**  |
| Transamerica Emerging Markets Equity <sup>(B)</sup> <br>| 4352675 | 37215374 |
| Transamerica International Equity <sup>(B)</sup> <br>| 4082413 | 92752418 |
| Transamerica International Focus <sup>(B)</sup> <br>| 5908230 | 40057796 |
| &nbsp;&nbsp; Transamerica International Small Cap <br> Value <sup>(B)</sup> <br>| 400624 | 6442040 |
| Transamerica International Stock <sup>(B)</sup> <br>| 8973331 | 115397039 |
|  |  | 291864667 |
| **International Fixed Income Fund - 2.5%**  | **International Fixed Income Fund - 2.5%**  | **International Fixed Income Fund - 2.5%**  |
| Transamerica Emerging Markets Debt <sup>(B)</sup> <br>| 3770695 | 34049374 |
| **U.S. Equity Funds - 50.6%**  | **U.S. Equity Funds - 50.6%**  | **U.S. Equity Funds - 50.6%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 2236368 | 24689502 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 20859951 | 294751112 |
| Transamerica Mid Cap Growth <sup>(B)</sup> <br>| 1436993 | 13953203 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(B)</sup> <br>| 644655 | 6813998 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 1238403 | 7009358 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 1515805 | 6563437 |
| Transamerica Sustainable Equity Income <sup>(B)</sup> <br>| 4642039 | 36161487 |
| Transamerica US Growth <sup>(B)</sup> <br>| 10989337 | 305173884 |
|  |  | 695115981 |
| **U.S. Fixed Income Funds - 21.8%**  | **U.S. Fixed Income Funds - 21.8%**  | **U.S. Fixed Income Funds - 21.8%**  |
| Transamerica Bond <sup>(B)</sup> <br>| 6797677 | 54653328 |
| Transamerica Core Bond <sup>(B)</sup> <br>| 17929784 | 153658246 |
| Transamerica Floating Rate <sup>(B)</sup> <br>| 1554125 | 13769545 |
| Transamerica High Yield Bond <sup>(B)</sup> <br>| 105940 | 847520 |
| Transamerica Inflation Opportunities <sup>(B)</sup> <br>| 5187352 | 51147288 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
| Transamerica Long Credit <sup>(B)</sup> <br>| 2793063 | $25752042 |
| Transamerica Short-Term Bond <sup>(B)</sup> <br>| 2382 | 23511 |
|  |  | 299851480 |
| **U.S. Mixed Allocation Fund - 1.2%**  | **U.S. Mixed Allocation Fund - 1.2%**  | **U.S. Mixed Allocation Fund - 1.2%**  |
| Transamerica Energy Infrastructure <sup>(B)</sup> <br>| 1972391 | 16903396 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $1,097,159,600)**<br>|  | 1337791493 |
| **EXCHANGE-TRADED FUNDS - 0.3%**  | **EXCHANGE-TRADED FUNDS - 0.3%**  | **EXCHANGE-TRADED FUNDS - 0.3%**  |
| **U.S. Equity Funds - 0.3%**  | **U.S. Equity Funds - 0.3%**  | **U.S. Equity Funds - 0.3%**  |
| Alerian MLP ETF | 15241 | 735226 |
| Health Care Select Sector SPDR Fund | 23266 | 3268175 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $3,983,916)**<br>|  | 4003401 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 04/30/2025, to be <br> repurchased at $30,359,647 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 11/15/2042, and <br> with a value of $30,965,400.<br>| $30358129 | 30358129 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $30,358,129)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $30,358,129)** | 30358129 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,131,501,645)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,131,501,645)** | 1372153023 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 2519057 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1374672080** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Notes | 644 | &nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp; $71131608 | &nbsp;&nbsp;&nbsp; $72268875 | &nbsp;&nbsp;&nbsp; $1137267 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 121 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 7424103 | &nbsp;&nbsp;&nbsp; 7000416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (423687)<br>|
| S&P 500<sup>®</sup> E-Mini Index | 18 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 5122885 | &nbsp;&nbsp;&nbsp; 5028300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (94585)<br>|
| TOPIX Index | 8 | &nbsp;&nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp;&nbsp; 1479269 | &nbsp;&nbsp;&nbsp; 1490838 | &nbsp;&nbsp;&nbsp; 11569 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$1148836** | &nbsp;&nbsp;&nbsp; **$(518272)**<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**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** |  |  |  |  |
| Investment Companies | $1337784898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1337784898 |
| Exchange-Traded Funds | 4003401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4003401 |
| Repurchase Agreement |  | &nbsp;&nbsp; 30358129 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30358129 |
| **Total** | **$1341788299** | &nbsp;&nbsp; **$30358129** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1372146428** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 6595 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $1372153023 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $1148836 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1148836 |
| **Total Other Financial Instruments** | **$1148836** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1148836** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(518272)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(518272)<br>|
| **Total Other Financial Instruments** | **$(518272)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(518272)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's* *transactions and earnings from these underlying funds are as follows:* 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $77319871 | $5697029 | $(28000000)<br>| $(2859071)<br>| $2495499 | $54653328 | 6797677 | $1496410 | $— |
| Transamerica Capital <br> Growth<br>| 32507071 |  | (14000000)<br>| 2648510 | 3533921 | 24689502 | 2236368 |  |  |
| Transamerica Core Bond | 179117166 | 27025520 | (52000000)<br>| (6077842)<br>| 5593402 | 153658246 | 17929784 | 3427752 |  |
| Transamerica Emerging <br> Markets Debt<br>| 51850132 | 2012125 | (18000000)<br>| (690076)<br>| (1122807)<br>| 34049374 | 3770695 | 2012125 |  |
| Transamerica Emerging <br> Markets Equity<br>| 26171471 | 9038725 |  |  | 2005178 | 37215374 | 4352675 | 38725 |  |
| Transamerica Energy <br> Infrastructure<br>| 16036660 | 10627 |  |  | 856109 | 16903396 | 1972391 | 360694 |  |
| Transamerica Floating Rate | 8122162 | 5932364 |  |  | (284981)<br>| 13769545 | 1554125 | 432364 |  |
| Transamerica Global <br> Allocation Liquidating Trust<br>| 7024 |  |  |  | (429)<br>| 6595 | 5843 |  |  |
| Transamerica High Yield <br> Bond<br>| 14237171 | 423366 | (13400000)<br>| (319959)<br>| (93058)<br>| 847520 | 105940 | 421944 |  |
| Transamerica Inflation <br> Opportunities<br>| 50926081 | 802854 | (1000000)<br>| (18893)<br>| 437246 | 51147288 | 5187352 | 802854 |  |
| Transamerica International <br> Equity<br>| 91614147 | 7728695 | (13000000)<br>| 3038083 | 3371493 | 92752418 | 4082413 | 2431035 | 297660 |
| Transamerica International <br> Focus<br>| 45421599 | 7693711 | (6500000)<br>| (1153499)<br>| (5404015)<br>| 40057796 | 5908230 | 709855 | 6983856 |
| Transamerica International <br> Small Cap Value<br>| 7661731 | 434719 | (2000000)<br>| 488347 | (142757)<br>| 6442040 | 400624 | 326518 | 108201 |
| Transamerica International <br> Stock<br>| 112611347 | 6621767 | (9500000)<br>| 1224774 | 4439151 | 115397039 | 8973331 | 3209469 | 3412299 |
| Transamerica Large Cap <br> Value<br>| 297184396 | 23992001 | (9500000)<br>| 1945504 | (18870789)<br>| 294751112 | 20859951 | 3406530 | 3585469 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **April 30,**<br> **2025**<br>| **Shares as of**<br> **April 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Long Credit | $44741648 | $1202530 | $(18000000)<br>| $(1355337)<br>| $(836799)<br>| $25752042 | 2793063 | $1199587 | $468 |
| Transamerica Mid Cap <br> Growth<br>| 13862282 | 571076 |  |  | (480155)<br>| 13953203 | 1436993 |  | 571076 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 6855143 | 632697 |  |  | (673842)<br>| 6813998 | 644655 | 104114 | 528583 |
| Transamerica Short-Term <br> Bond<br>| 22837 | 510 |  |  | 164 | 23511 | 2382 | 510 |  |
| Transamerica Small Cap <br> Growth<br>| 9176448 | 1070723 | (2000000)<br>| (755690)<br>| (482123)<br>| 7009358 | 1238403 |  | 1070723 |
| Transamerica Small Cap <br> Value<br>| 7415930 | 1645224 |  |  | (2497717)<br>| 6563437 | 1515805 | 139093 | 1506132 |
| Transamerica Sustainable <br> Equity Income<br>| 36871733 | 2752728 |  |  | (3462974)<br>| 36161487 | 4642039 | 264101 | 2488627 |
| Transamerica US Growth | 304249657 | 66061037 | (13500000)<br>| 1865365 | (53502175)<br>| 305173884 | 10989337 | 512879 | 42548159 |
| **Total** | **$1433983707** | **$171350028** | **$(200400000)**<br>| **$(2019784)**<br>| **$(65122458)**<br>| **$1337791493** | **107400076** | **$21296559** | **$63101253** |

---

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

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

<sup>(D)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust<br>| 07/31/2014 | &nbsp;&nbsp; $60118 | &nbsp;&nbsp; $6595 | 0.0<br> %\*<br>|

---

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

<sup>(E)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**PORTFOLIO ABBREVIATION(S):** 

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $1,097,159,600) | $1337791493 |
| Unaffiliated investments, at value (cost $3,983,916) | 4003401 |
| Repurchase agreement, at value (cost $30,358,129) | 30358129 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 2420291 |
| Receivables and other assets: |  |
| Affiliated investments sold | 5000000 |
| Shares of beneficial interest sold  | 439395 |
| Dividends from affiliated investments | 966141 |
| Interest | 1518 |
| Variation margin receivable on futures contracts | 234479 |
| Prepaid expenses | 29185 |
| Total assets | 1381244032 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 4968426 |
| Shares of beneficial interest redeemed | 638170 |
| Due to custodian  | 364311 |
| Investment management fees | 91595 |
| Distribution and service fees | 295704 |
| Transfer agent fees | 120023 |
| Trustee and CCO fees | 5312 |
| Audit and tax fees  | 20927 |
| Custody fees | 10881 |
| Legal fees | 22365 |
| Printing and shareholder reports fees | 13054 |
| Other accrued expenses | 21184 |
| Total liabilities | 6571952 |
| **Net assets**  | $1374672080 |
| **Net assets consist of:** |  |
| Paid-in capital | $1085066000 |
| Total distributable earnings (accumulated losses) | 289606080 |
| **Net assets** | $1374672080 |
| **Net assets by class:** |  |
| Class A | $1159593634 |
| Class C | 52904880 |
| Class I | 52240864 |
| Class R | 1548982 |
| Class R3 | 108383720 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 90653292 |
| Class C | 4036601 |
| Class I | 4076878 |
| Class R | 121107 |
| Class R3 | 8497524 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $12.79 |
| Class C | 13.11 |
| Class I | 12.81 |
| Class R | 12.79 |
| Class R3 | 12.75 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $13.53 |

---

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $21296559 |
| Dividend income from unaffiliated investments | 50467 |
| Interest income from unaffiliated investments | 156059 |
| Total investment income  | 21503085 |
| **Expenses:** |  |
| Investment management fees | 725273 |
| Distribution and service fees: |  |
| Class A | 1540740 |
| Class C | 288795 |
| Class R | 4014 |
| Class R3 | 97358 |
| Transfer agent fees: |  |
| Class A | 509701 |
| Class C | 44241 |
| Class I | 26928 |
| Class R | 477 |
| Class R3 | 61336 |
| Trustee and CCO fees | 29473 |
| Audit and tax fees | 21221 |
| Custody fees | 7976 |
| Legal fees | 48691 |
| Printing and shareholder reports fees | 43915 |
| Registration fees | 50514 |
| Other | 37079 |
| Total expenses before waiver and/or reimbursement and recapture | 3537732 |
| Expenses waived and/or reimbursed: |  |
| Class I | (24593)<br>|
| Class R3 | (76390)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 1530 |
| Net expenses | 3438279 |
| **Net investment income (loss)** | 18064806 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (2019784)<br>|
| Unaffiliated investments  | 985316 |
| Capital gain distributions received from affiliated investment companies  | 63101253 |
| Futures contracts | 2538140 |
| Net realized gain (loss) | 64604925 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (65122458)<br>|
| Unaffiliated investments  | (113603)<br>|
| Futures contracts | 815481 |
| Translation of assets and liabilities denominated in foreign currencies | 36355 |
| Net change in unrealized appreciation (depreciation) | (64384225)<br>|
| Net realized and change in unrealized gain (loss) | 220700 |
| **Net increase (decrease) in net assets resulting from operations** | $18285506 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $18064806 | &nbsp;&nbsp;&nbsp;&nbsp; $27656744 |
| Net realized gain (loss) | 64604925 | &nbsp;&nbsp;&nbsp;&nbsp; 63206459 |
| Net change in unrealized appreciation (depreciation) | (64384225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 237075095 |
| Net increase (decrease) in net assets resulting from operations | 18285506 | &nbsp;&nbsp;&nbsp;&nbsp; 327938298 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (73525354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43035308)<br>|
| Class C | (3004832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1628856)<br>|
| Class I | (3257266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1793206)<br>|
| Class R | (96134)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42192)<br>|
| Class R3 | (7119734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35515)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (87003320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46535077)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 13342184 | &nbsp;&nbsp;&nbsp;&nbsp; 20818250 |
| Class C | 3026990 | &nbsp;&nbsp;&nbsp;&nbsp; 5581140 |
| Class I | 7085366 | &nbsp;&nbsp;&nbsp;&nbsp; 9950504 |
| Class R | 16681 | &nbsp;&nbsp;&nbsp;&nbsp; 203818 |
| Class R3 | 111202487 | &nbsp;&nbsp;&nbsp;&nbsp; 2123542 |
|  | 134673708 | &nbsp;&nbsp;&nbsp;&nbsp; 38677254 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 70026457 | &nbsp;&nbsp;&nbsp;&nbsp; 41035631 |
| Class C | 2998421 | &nbsp;&nbsp;&nbsp;&nbsp; 1622347 |
| Class I | 3215678 | &nbsp;&nbsp;&nbsp;&nbsp; 1770149 |
| Class R | 95152 | &nbsp;&nbsp;&nbsp;&nbsp; 41727 |
| Class R3 | 7119734 | &nbsp;&nbsp;&nbsp;&nbsp; 35515 |
|  | 83455442 | &nbsp;&nbsp;&nbsp;&nbsp; 44505369 |
| Cost of shares redeemed: |  |  |
| Class A | (204289531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (192859323)<br>|
| Class C | (4760891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12048284)<br>|
| Class I | (7748495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16931259)<br>|
| Class R | (93758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121055)<br>|
| Class R3 | (5019358)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (715235)<br>|
|  | (221912033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (222675156)<br>|
| Automatic conversions: |  |  |
| Class A | 6937485 | &nbsp;&nbsp;&nbsp;&nbsp; 17204880 |
| Class C | (6937485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17204880)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (3782883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (139492533)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 2804 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 1722 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 1592 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6118 |
| **Net increase (decrease) in net assets** | (72500697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 141916806 |
| **Net assets:** |  |  |
| Beginning of period/year | 1447172777 | &nbsp;&nbsp;&nbsp;&nbsp; 1305255971 |
| End of period/year | $1374672080 | &nbsp;&nbsp;&nbsp;&nbsp; $1447172777 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

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

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 1023392 | &nbsp;&nbsp;&nbsp;&nbsp; 1653032 |
| Class C | 225495 | &nbsp;&nbsp;&nbsp;&nbsp; 431809 |
| Class I | 545326 | &nbsp;&nbsp;&nbsp;&nbsp; 772611 |
| Class R | 1273 | &nbsp;&nbsp;&nbsp;&nbsp; 15340 |
| Class R3 | 8152173 | &nbsp;&nbsp;&nbsp;&nbsp; 165738 |
|  | 9947659 | &nbsp;&nbsp;&nbsp;&nbsp; 3038530 |
| Shares reinvested: |  |  |
| Class A | 5466545 | &nbsp;&nbsp;&nbsp;&nbsp; 3408275 |
| Class C | 227844 | &nbsp;&nbsp;&nbsp;&nbsp; 131471 |
| Class I | 250833 | &nbsp;&nbsp;&nbsp;&nbsp; 147022 |
| Class R | 7422 | &nbsp;&nbsp;&nbsp;&nbsp; 3466 |
| Class R3 | 557536 | &nbsp;&nbsp;&nbsp;&nbsp; 2952 |
|  | 6510180 | &nbsp;&nbsp;&nbsp;&nbsp; 3693186 |
| Shares redeemed: |  |  |
| Class A | (15256478)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15202164)<br>|
| Class C | (357473)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (933981)<br>|
| Class I | (593996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1333298)<br>|
| Class R | (7251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9538)<br>|
| Class R3 | (389461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56636)<br>|
|  | (16604659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17535617)<br>|
| Automatic conversions: |  |  |
| Class A | 529275 | &nbsp;&nbsp;&nbsp;&nbsp; 1371393 |
| Class C | (516967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1344118)<br>|
|  | 12308 | &nbsp;&nbsp;&nbsp;&nbsp; 27275 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (8237266)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8769464)<br>|
| Class C | (421101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1714819)<br>|
| Class I | 202163 | &nbsp;&nbsp;&nbsp;&nbsp; (413665)<br>|
| Class R | 1444 | &nbsp;&nbsp;&nbsp;&nbsp; 9268 |
| Class R3 | 8320248 | &nbsp;&nbsp;&nbsp;&nbsp; 112054 |
|  | (134512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10776626)<br>|

---

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.45 | $11.02 | $10.84 | $14.72 | $11.87 | $12.05 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.25 | 0.14 | 0.37 | 0.17 | 0.18 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)(C)</sup><br>| 2.59 | 0.43 | (3.12)<br>| 3.21 | 0.50 |
| Total investment operations | 0.16 | 2.84 | 0.57 | (2.75)<br>| 3.38 | 0.68 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(B)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.25)<br>| (0.22)<br>| (0.12)<br>| (0.38)<br>| (0.15)<br>| (0.23)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>| (0.63)<br>|
| Total dividends and/or distributions to shareholders | (0.82)<br>| (0.41)<br>| (0.39)<br>| (1.13)<br>| (0.53)<br>| (0.86)<br>|
| **Net asset value, end of period/year** | $12.79 | $13.45 | $11.02 | $10.84 | $14.72 | $11.87 |
| **Total return** <sup>(F)</sup> <br>| 1.20 %<sup>(G)</sup><br>| 26.18 %<sup>(D)</sup><br>| 5.33<br> %<br>| (20.18 )%<sup>(E)</sup><br>| 29.05<br> %<br>| 5.75<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1159593 | $1329914 | $1186870 | $1256097 | $1756950 | $1423975 |
| Expenses to average net assets <sup>(H)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.47 %<sup>(I)</sup><br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.46<br> %<br>| 0.50<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.47 %<sup>(I)</sup><br>| 0.47<br> %<br>| 0.48 %<sup>(J)</sup><br>| 0.47 %<sup>(J)</sup><br>| 0.46<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 2.51 %<sup>(I)</sup><br>| 1.93<br> %<br>| 1.24<br> %<br>| 3.05<br> %<br>| 1.19<br> %<br>| 1.59<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(G)</sup><br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>| 28<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

<sup>(J)</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 period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.69 | $11.19 | $10.98 | $14.85 | $11.96 | $12.10 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.15 | 0.05 | 0.31 | 0.09 | 0.11 |
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| 2.64 | 0.44 | (3.22)<br>| 3.21 | 0.48 |
| Total investment operations | 0.12 | 2.79 | 0.49 | (2.91)<br>| 3.30 | 0.59 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  | 0.01 <br><sup>(D)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.10)<br>| (0.01)<br>| (0.22)<br>| (0.03)<br>| (0.10)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>| (0.63)<br>|
| Total dividends and/or distributions to shareholders | (0.70)<br>| (0.29)<br>| (0.28)<br>| (0.97)<br>| (0.41)<br>| (0.73)<br>|
| **Net asset value, end of period/year** | $13.11 | $13.69 | $11.19 | $10.98 | $14.85 | $11.96 |
| **Total return** <sup>(E)</sup> <br>| 0.83 %<sup>(F)</sup><br>| 25.16 %<sup>(C)</sup><br>| 4.51<br> %<br>| (20.81 )%<sup>(D)</sup><br>| 28.03<br> %<br>| 4.97<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $52905 | $61020 | $69100 | $94276 | $166140 | $245806 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29 %<sup>(H)</sup><br>| 1.28<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.24<br> %<br>| 1.27<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29 %<sup>(H)</sup><br>| 1.28<br> %<br>| 1.29 %<sup>(I)</sup><br>| 1.26<br> %<br>| 1.24<br> %<br>| 1.27<br> %<br>|
| Net investment income (loss) to average net assets | 1.76 %<sup>(H)</sup><br>| 1.17<br> %<br>| 0.45<br> %<br>| 2.47<br> %<br>| 0.66<br> %<br>| 0.93<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(F)</sup><br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>| 28<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, Inc. 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> *Not annualized.*

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

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

<sup>(I)</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**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.48 | $11.04 | $10.85 | $14.73 | $11.87 | $12.04 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.29 | 0.18 | 0.42 | 0.21 | 0.22 |
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| 2.59 | 0.43 | (3.14)<br>| 3.21 | 0.50 |
| Total investment operations | 0.19 | 2.88 | 0.61 | (2.72)<br>| 3.42 | 0.72 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.29)<br>| (0.25)<br>| (0.15)<br>| (0.43)<br>| (0.18)<br>| (0.26)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>| (0.63)<br>|
| Total dividends and/or distributions to shareholders | (0.86)<br>| (0.44)<br>| (0.42)<br>| (1.18)<br>| (0.56)<br>| (0.89)<br>|
| **Net asset value, end of period/year** | $12.81 | $13.48 | $11.04 | $10.85 | $14.73 | $11.87 |
| **Total return** | 1.39 %<sup>(D)</sup><br>| 26.52<br> %<br>| 5.69<br> %<br>| (19.78 )%<sup>(C)</sup><br>| 29.42<br> %<br>| 6.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $52241 | $52245 | $47351 | $50808 | $73488 | $58844 |
| Expenses to average net assets<sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.24 %<sup>(F)</sup><br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.24<br> %<br>| 0.23<br> %<br>| 0.25<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.14 %<sup>(F)(G)</sup><br>| 0.14 %<sup>(G)</sup><br>| 0.14 %<sup>(G)</sup><br>| 0.14 %<sup>(G)(H)</sup><br>| 0.14 %<sup>(H)</sup><br>| 0.24 %<sup>(H)</sup><br>|
| Net investment income (loss) to average net assets | 2.86 %<sup>(F)</sup><br>| 2.26<br> %<br>| 1.57<br> %<br>| 3.40<br> %<br>| 1.52<br> %<br>| 1.92<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(D)</sup><br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>| 28<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 0.16%.* 

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $13.44 | $11.01 | $10.82 | $14.68 | $11.84 | $11.99 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.21 | 0.11 | 0.34 | 0.14 | 0.14 |
| Net realized and unrealized gain (loss) | (0.00 )<sup>(B)</sup><sup>(C)</sup><br>| 2.59 | 0.43 | (3.12)<br>| 3.19 | 0.51 |
| Total investment operations | 0.15 | 2.80 | 0.54 | (2.78)<br>| 3.33 | 0.65 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(D)</sup><br>|  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.23)<br>| (0.19)<br>| (0.08)<br>| (0.33)<br>| (0.11)<br>| (0.17)<br>|
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>| (0.75)<br>| (0.38)<br>| (0.63)<br>|
| Total dividends and/or distributions to shareholders | (0.80)<br>| (0.38)<br>| (0.35)<br>| (1.08)<br>| (0.49)<br>| (0.80)<br>|
| **Net asset value, end of period/year** | $12.79 | $13.44 | $11.01 | $10.82 | $14.68 | $11.84 |
| **Total return** | 1.12 %<sup>(E)</sup><br>| 25.92 %<sup>(D)</sup><br>| 5.08<br> %<br>| (20.34)%<br>| 28.63<br> %<br>| 5.51<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $1549 | $1609 | $1215 | $1236 | $1781 | $1979 |
| Expenses to average net assets <sup>(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70 %<sup>(G)</sup><br>| 0.70<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70 %<sup>(G)</sup><br>| 0.70<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 2.33 %<sup>(G)</sup><br>| 1.67<br> %<br>| 0.97<br> %<br>| 2.78<br> %<br>| 1.00<br> %<br>| 1.26<br> %<br>|
| Portfolio turnover rate | 6 %<sup>(E)</sup><br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>| 8<br> %<br>| 28<br> %<br>|

---

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

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

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

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

<sup>(D)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.11%.* 

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $13.46 | $11.04 | $10.85 | $12.38 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.22 | 0.24 | 0.15 | 0.07 |
| Net realized and unrealized gain (loss) | (0.06 )<sup>(C)</sup><br>| 2.61 | 0.44 | (1.60)<br>|
| Total investment operations | 0.16 | 2.85 | 0.59 | (1.53)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.30)<br>| (0.24)<br>| (0.13)<br>|  |
| Net realized gains | (0.57)<br>| (0.19)<br>| (0.27)<br>|  |
| Total dividends and/or distributions to shareholders | (0.87)<br>| (0.43)<br>| (0.40)<br>|  |
| **Net asset value, end of period/year** | $12.75 | $13.46 | $11.04 | $10.85 |
| **Total return** | 1.19 %<sup>(D)</sup><br>| 26.29<br> %<br>| 5.50<br> %<br>| (12.36 )%<sup>(D)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $108384 | $2385 | $720 | $215 |
| Expenses to average net assets <sup>(E)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54 %<sup>(F)</sup><br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.54 %<sup>(F)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(F)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(F)</sup><br>|
| Net investment income (loss) to average net assets | 3.45 %<sup>(F)</sup><br>| 1.85<br> %<br>| 1.36<br> %<br>| 0.93 %<sup>(F)</sup><br>|
| Portfolio turnover rate | 6 %<sup>(D)</sup><br>| 18<br> %<br>| 18<br> %<br>| 35<br> %<br>|

---

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

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

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

<sup>(C)</sup> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes 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> *Does not include expenses of the underlying investments in which the Fund invests.*

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

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

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

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

This report must be accompanied or preceded by 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION (continued)**

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 period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**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.

**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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**3. INVESTMENT VALUATION (continued)**

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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 2025, if any, are identified within the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**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 period ended April 30, 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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

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

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Fund. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Fund's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Fund is subject to equity risk, credit risk, commodity risk, interest rate risk and foreign exchange rate risk in the normal course of pursuing its investment objective. The Fund uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Fund is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Fund, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $1137267 | $— | $11569 | $— | $— | $1148836 |
| **Total** | **$1137267** | **$—** | **$11569** | **$—** | **$—** | **$1148836** |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $— | $— | $(518272)<br>| $— | $— | $(518272)<br>|
| **Total** | **$—** | **$—** | **$(518272)**<br>| **$—** | **$—** | **$(518272)**<br>|

---

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

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

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

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 April 30, 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  | $(31554)<br>| $— | $2569694 | $— | $— | $2538140 |
| **Total** | **$(31554)**<br>| **$—** | **$2569694** | **$—** | **$—** | **$2538140** |

---

&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 | $1963133 | $— | $(1147652)<br>| $— | $— | $815481 |
| **Total** | **$1963133** | **$—** | **$(1147652)**<br>| **$—** | **$—** | **$815481** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $83876102 |

---

*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**

**Semi-Annual Financial Statements 2025**

**Page 17**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

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

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**7. RISK FACTORS (continued)**

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

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1649606 | 0.12<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 | 0.1040<br> % <br>|
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions,

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Effective March 1, 2025 |  |  |
| Class A | 0.52<br> % <br>| March 1, 2026 |
| Class C | 1.32 | March 1, 2026 |
| Class I | 0.29 | March 1, 2026 |
| Class R | 0.76 | March 1, 2026 |
| Class R3 | 0.35 | March 1, 2026 |
| Prior to March 1, 2025 |  |  |
| Class A | 0.52 |  |
| Class C | 1.32 |  |
| Class I | 0.29 |  |
| Class R | 0.78 |  |
| Class R3 | 0.35 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $2490 | $76390 | $78880 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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

---

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

---

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

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

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A and Class C 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 period ended April 30, 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 | $190597 | &nbsp;&nbsp;&nbsp;&nbsp; $2813 |
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |

---

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

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $573441 | &nbsp;&nbsp; $103227 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

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**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $89558452 | &nbsp;&nbsp; $200400000 |

---

**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.

As of April 30, 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>|
| $1131501645 | &nbsp;&nbsp; $256290227 | &nbsp;&nbsp; $(15638849)<br>| &nbsp;&nbsp; $240651378 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. SUBSEQUENT EVENT**

Effective as of the close of business on June 20, 2025, Transamerica Asset Allocation - Moderate Growth Portfolio acquired all of the assets and liabilities of each of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Moderate Growth Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**12. SUBSEQUENT EVENT (continued)**

a tax-free exchange of shares of Transamerica Asset Allocation - Moderate Growth Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup>2040 following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 were carried forward to align ongoing reporting of Transamerica Asset Allocation - Moderate Growth Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10720762 | Class R3 | &nbsp;&nbsp; 10286128 | Class R3 | &nbsp;&nbsp; 11990070 | &nbsp;&nbsp; $161177710 | 0.57 |

---

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

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,123,829 from ClearTrack*<sup>®</sup> *2035 and 5,866,241 from* *ClearTrack*<sup>®</sup> *2040). The 0.57 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2035's specific ratio is 0.57 and ClearTrack*<sup>®</sup> *2040's ratio is 0.57.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Conservative Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $3198090 | &nbsp;&nbsp; $4887758 | &nbsp;&nbsp; $82320184 | &nbsp;&nbsp; $78857526 | &nbsp;&nbsp; $1430184217 | &nbsp;&nbsp; $1591361927 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

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**Transamerica Asset Allocation - Moderate Growth Portfolio** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 25**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

**Transamerica Asset Allocation - Moderate Growth Portfolio** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 27**

------

![](g947814img8770344f3.gif)

![](g947814imga367b5324.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

4453813 AA MOD GROWTH PORT 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img3a1d7e635.gif)

------

![](g947814img40c81a691.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation - Moderate Portfolio**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img67af2a8f2.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_be25dca6-4b62-4470-a329-442d25f7f861_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_be25dca6-4b62-4470-a329-442d25f7f861_SOI-RunningFooter-185_1) | 2 |
| [Statement of Assets and Liabilities](#xx_be25dca6-4b62-4470-a329-442d25f7f861_FS-RunningFooter-185_1) | 5 |
| [Statement of Operations](#xx_be25dca6-4b62-4470-a329-442d25f7f861_FS-RunningFooter-185_2) | 6 |
| [Statement of Changes in Net Assets](#xx_be25dca6-4b62-4470-a329-442d25f7f861_FS-RunningFooter-185_3) | 7 |
| [Financial Highlights](#xx_be25dca6-4b62-4470-a329-442d25f7f861_FIHI-RunningFooter-185_1) | 9 |
| [Notes to Financial Statements](#xx_be25dca6-4b62-4470-a329-442d25f7f861_NTF-RunningFooter-185_1) | 12 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_be25dca6-4b62-4470-a329-442d25f7f861_DWA-RunningFooter-185_1)**<br> **[Companies](#xx_be25dca6-4b62-4470-a329-442d25f7f861_DWA-RunningFooter-185_1)**<br>| 23 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_be25dca6-4b62-4470-a329-442d25f7f861_PD-RunningFooter-185_1)** | 24 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_be25dca6-4b62-4470-a329-442d25f7f861_REMU-RunningFooter-185_1)**<br> **[Companies](#xx_be25dca6-4b62-4470-a329-442d25f7f861_REMU-RunningFooter-185_1)**<br>| 25 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_be25dca6-4b62-4470-a329-442d25f7f861_AIAC-RunningFooter-185_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**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 97.1%**  | **INVESTMENT COMPANIES - 97.1%**  | **INVESTMENT COMPANIES - 97.1%**  |
| **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** | **International Alternative Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Global Allocation Liquidating <br> Trust <sup>(A)(B)(C)(D)</sup> <br>| 3627 | $4094 |
| **International Equity Funds - 14.8%**  | **International Equity Funds - 14.8%**  | **International Equity Funds - 14.8%**  |
| Transamerica Emerging Markets Equity <sup>(B)</sup> <br>| 1665701 | 14241741 |
| Transamerica International Equity <sup>(B)</sup> <br>| 2149688 | 48840906 |
| Transamerica International Focus <sup>(B)</sup> <br>| 2462089 | 16692963 |
| &nbsp;&nbsp; Transamerica International Small Cap <br> Value <sup>(B)</sup> <br>| 289867 | 4661068 |
| Transamerica International Stock <sup>(B)</sup> <br>| 4723403 | 60742969 |
|  |  | 145179647 |
| **International Fixed Income Fund - 2.5%**  | **International Fixed Income Fund - 2.5%**  | **International Fixed Income Fund - 2.5%**  |
| Transamerica Emerging Markets Debt <sup>(B)</sup> <br>| 2759494 | 24918233 |
| **U.S. Equity Funds - 36.8%**  | **U.S. Equity Funds - 36.8%**  | **U.S. Equity Funds - 36.8%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 1190928 | 13147839 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 10827519 | 152992838 |
| Transamerica Mid Cap Growth <sup>(B)</sup> <br>| 690147 | 6701329 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(B)</sup> <br>| 893793 | 9447388 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 639708 | 3620750 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 866453 | 3751743 |
| Transamerica Sustainable Equity Income <sup>(B)</sup> <br>| 1853324 | 14437396 |
| Transamerica US Growth <sup>(B)</sup> <br>| 5700820 | 158311781 |
|  |  | 362411064 |
| **U.S. Fixed Income Funds - 42.0%**  | **U.S. Fixed Income Funds - 42.0%**  | **U.S. Fixed Income Funds - 42.0%**  |
| Transamerica Bond <sup>(B)</sup> <br>| 12106227 | 97334065 |
| Transamerica Core Bond <sup>(B)</sup> <br>| 29219426 | 250410479 |
| Transamerica Floating Rate <sup>(B)</sup> <br>| 1165594 | 10327164 |
| Transamerica High Yield Bond <sup>(B)</sup> <br>| 76309 | 610473 |
| Transamerica Inflation Opportunities <sup>(B)</sup> <br>| 3616978 | 35663397 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
| Transamerica Long Credit <sup>(B)</sup> <br>| 2111609 | $19469033 |
| Transamerica Short-Term Bond <sup>(B)</sup> <br>| 946 | 9341 |
|  |  | 413823952 |
| **U.S. Mixed Allocation Fund - 1.0%**  | **U.S. Mixed Allocation Fund - 1.0%**  | **U.S. Mixed Allocation Fund - 1.0%**  |
| Transamerica Energy Infrastructure <sup>(B)</sup> <br>| 1154448 | 9893613 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $864,218,611)**<br>|  | 956230603 |
| **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  | **EXCHANGE-TRADED FUNDS - 0.2%**  |
| **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  | **U.S. Equity Funds - 0.2%**  |
| Alerian MLP ETF | 9487 | 457653 |
| Health Care Select Sector SPDR Fund | 12016 | 1687887 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $2,121,124)**<br>|  | 2145540 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.4%**  | **REPURCHASE AGREEMENT - 2.4%**  | **REPURCHASE AGREEMENT - 2.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(E)</sup>, dated 04/30/2025, to be <br> repurchased at $23,337,587 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 01/31/2031, and <br> with a value of $23,803,244.<br>| $23336420 | 23336420 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $23,336,420)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $23,336,420)** | 23336420 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $889,676,155)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $889,676,155)** | 981712563 |
| **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 3042882 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$984755445** |

---

**FUTURES CONTRACTS:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  | **Long Futures Contracts**  |
| **Description** | **Number of** <br>**Contracts**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Notional** <br>**Amount**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| 10-Year U.S. Treasury Notes | 522 | &nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp; $57634045 | &nbsp;&nbsp;&nbsp; $58578188 | &nbsp;&nbsp;&nbsp; $944143 | &nbsp;&nbsp;&nbsp; $— |
| EURO STOXX 50<sup>®</sup> Index | 86 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 5276538 | &nbsp;&nbsp;&nbsp; 4975502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (301036)<br>|
| S&P 500<sup>®</sup> E-Mini Index | 15 | &nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp; 4269070 | &nbsp;&nbsp;&nbsp; 4190250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (78820)<br>|
| TOPIX Index | 4 | &nbsp;&nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp;&nbsp; 739634 | &nbsp;&nbsp;&nbsp; 745419 | &nbsp;&nbsp;&nbsp; 5785 | &nbsp;&nbsp;&nbsp; — |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$949928** | &nbsp;&nbsp;&nbsp; **$(379856)**<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**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** |  |  |  |  |
| Investment Companies | $956226509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $956226509 |
| Exchange-Traded Funds | 2145540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2145540 |
| Repurchase Agreement |  | &nbsp;&nbsp; 23336420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23336420 |
| **Total** | **$958372049** | &nbsp;&nbsp; **$23336420** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$981708469** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 4094 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $981712563 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $949928 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $949928 |
| **Total Other Financial Instruments** | **$949928** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$949928** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(379856)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(379856)<br>|
| **Total Other Financial Instruments** | **$(379856)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(379856)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Affiliated investment in the Class I2 shares of funds within Transamerica Funds, and a liquidating trust of a former Transamerica Fund. The Fund's* *transactions and earnings from these underlying funds are as follows:* 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $97053290 | $19815147 | $(19500000)<br>| $(2154588)<br>| $2120216 | $97334065 | 12106227 | $2314652 | $— |
| Transamerica Capital <br> Growth<br>| 15881356 |  | (5500000)<br>| 1099191 | 1667292 | 13147839 | 1190928 |  |  |
| Transamerica Core Bond | 227115127 | 38133766 | (15000000)<br>| (763530)<br>| 925116 | 250410479 | 29219426 | 5234365 |  |
| Transamerica Emerging <br> Markets Debt<br>| 30717417 | 3247612 | (8000000)<br>| (314110)<br>| (732686)<br>| 24918233 | 2759494 | 1247612 |  |
| Transamerica Emerging <br> Markets Equity<br>| 9458623 | 4013996 |  |  | 769122 | 14241741 | 1665701 | 13996 |  |
| Transamerica Energy <br> Infrastructure<br>| 8915014 | 508691 |  |  | 469908 | 9893613 | 1154448 | 206261 |  |
| Transamerica Floating Rate | 5234010 | 5306584 |  |  | (213430)<br>| 10327164 | 1165594 | 306584 |  |
| Transamerica Global <br> Allocation Liquidating Trust<br>| 4360 |  |  |  | (266)<br>| 4094 | 3627 |  |  |
| Transamerica High Yield <br> Bond<br>| 8430557 | 5329155 | (12900000)<br>| (198096)<br>| (51143)<br>| 610473 | 76309 | 328248 |  |
| Transamerica Inflation <br> Opportunities<br>| 30287995 | 5026990 |  |  | 348412 | 35663397 | 3616978 | 526990 |  |
| Transamerica International <br> Equity<br>| 38957962 | 26160349 | (21000000)<br>| 5978108 | (1255513)<br>| 48840906 | 2149688 | 1033772 | 126577 |
| Transamerica International <br> Focus<br>| 18246510 | 3090674 | (2000000)<br>| (376459)<br>| (2267762)<br>| 16692963 | 2462089 | 285158 | 2805516 |
| Transamerica International <br> Small Cap Value<br>| 3137241 | 1178004 |  |  | 345823 | 4661068 | 289867 | 133699 | 44305 |
| Transamerica International <br> Stock<br>| 50513191 | 7970274 | (1000000)<br>| 121643 | 3137861 | 60742969 | 4723403 | 1439646 | 1530628 |
| Transamerica Large Cap <br> Value<br>| 125218103 | 43504588 | (7400000)<br>| 1126476 | (9456329)<br>| 152992838 | 10827519 | 1510706 | 1493882 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **April 30,**<br> **2025**<br>| **Shares as of**<br> **April 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Long Credit | $26546665 | $4791926 | $(10500000)<br>| $(645478)<br>| $(724080)<br>| $19469033 | 2111609 | $790072 | $278 |
| Transamerica Mid Cap <br> Growth<br>| 5544578 | 1428417 |  |  | (271666)<br>| 6701329 | 690147 |  | 228417 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 2475466 | 7228474 |  |  | (256552)<br>| 9447388 | 893793 | 37597 | 190877 |
| Transamerica Short-Term <br> Bond<br>| 9072 | 203 |  |  | 66 | 9341 | 946 | 203 |  |
| Transamerica Small Cap <br> Growth<br>| 4420934 | 444227 | (700000)<br>| (98717)<br>| (445694)<br>| 3620750 | 639708 |  | 444227 |
| Transamerica Small Cap <br> Value<br>| 4239038 | 940431 |  |  | (1427726)<br>| 3751743 | 866453 | 79507 | 860924 |
| Transamerica Sustainable <br> Equity Income<br>| 13223962 | 2493079 |  |  | (1279645)<br>| 14437396 | 1853324 | 100539 | 892540 |
| Transamerica US Growth | 125878688 | 62629552 | (5500000)<br>| 1300790 | (25997249)<br>| 158311781 | 5700820 | 209977 | 17419575 |
| **Total** | **$851509159** | **$243242139** | **$(109000000)**<br>| **$5075230** | **$(34595925)**<br>| **$956230603** | **86168098** | **$15799584** | **$26037746** |

---

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

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

<sup>(D)</sup> *Restricted security. At April 30, 2025, the total value of such securities held by the Fund is as follows:*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | &nbsp;&nbsp; **Acquisition** <br>**Date**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value as** <br>**Percentage of** <br>**Net Assets**<br>|
| Investment Companies | Transamerica Global <br> Allocation Liquidating Trust<br>| 07/31/2014 | &nbsp;&nbsp; $37318 | &nbsp;&nbsp; $4094 | 0.0<br> %\*<br>|

---

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

<sup>(E)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(F)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 2025. Please reference the Investment Valuation section of the* *Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**PORTFOLIO ABBREVIATION(S):** 

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Asset Allocation - Moderate Portfolio**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $864,218,611) | $956230603 |
| Unaffiliated investments, at value (cost $2,121,124) | 2145540 |
| Repurchase agreement, at value (cost $23,336,420) | 23336420 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | 1882015 |
| Receivables and other assets: |  |
| Affiliated investments sold | 3000000 |
| Shares of beneficial interest sold  | 84903 |
| Dividends from affiliated investments | 1429260 |
| Interest | 1167 |
| Variation margin receivable on futures contracts | 190062 |
| Prepaid expenses | 26009 |
| Total assets | 988325979 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 2431639 |
| Shares of beneficial interest redeemed | 455892 |
| Due to custodian  | 276462 |
| Investment management fees | 28459 |
| Distribution and service fees | 210550 |
| Transfer agent fees | 106799 |
| Trustee and CCO fees | 3067 |
| Audit and tax fees  | 17562 |
| Custody fees | 7070 |
| Legal fees | 11718 |
| Printing and shareholder reports fees | 7720 |
| Other accrued expenses | 13596 |
| Total liabilities | 3570534 |
| **Net assets**  | $984755445 |
| **Net assets consist of:** |  |
| Paid-in capital | $864566893 |
| Total distributable earnings (accumulated losses) | 120188552 |
| **Net assets** | $984755445 |
| **Net assets by class:** |  |
| Class A | $602420561 |
| Class C | 28399556 |
| Class I | 27339639 |
| Class R | 3484199 |
| Class R3 | 323111490 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class A | 51930389 |
| Class C | 2397268 |
| Class I | 2353292 |
| Class R | 302009 |
| Class R3 | 27913540 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class A | $11.60 |
| Class C | 11.85 |
| Class I | 11.62 |
| Class R | 11.54 |
| Class R3 | 11.58 |
| **Maximum offering price per share:** <sup>(B)</sup> <br>|  |
| Class A | $12.28 |

---

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $15799584 |
| Dividend income from unaffiliated investments | 29747 |
| Interest income from unaffiliated investments | 167468 |
| Total investment income  | 15996799 |
| **Expenses:** |  |
| Investment management fees | 499803 |
| Distribution and service fees: |  |
| Class A | 833453 |
| Class C | 155134 |
| Class R | 8964 |
| Class R3 | 291246 |
| Transfer agent fees: |  |
| Class A | 282752 |
| Class C | 23213 |
| Class I | 14404 |
| Class R | 1138 |
| Class R3 | 183485 |
| Trustee and CCO fees | 18810 |
| Audit and tax fees | 18209 |
| Custody fees | 5086 |
| Legal fees | 29469 |
| Printing and shareholder reports fees | 26191 |
| Registration fees | 48049 |
| Other | 22567 |
| Total expenses before waiver and/or reimbursement and recapture | 2461973 |
| Expenses waived and/or reimbursed: |  |
| Class I | (13156)<br>|
| Class R3 | (230721)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 3063 |
| Net expenses | 2221159 |
| **Net investment income (loss)** | 13775640 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 5075230 |
| Unaffiliated investments  | 474402 |
| Capital gain distributions received from affiliated investment companies  | 26037746 |
| Futures contracts | 2043639 |
| Net realized gain (loss) | 33631017 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (34595925)<br>|
| Unaffiliated investments  | (59762)<br>|
| Futures contracts | 677501 |
| Translation of assets and liabilities denominated in foreign currencies | 15252 |
| Net change in unrealized appreciation (depreciation) | (33962934)<br>|
| Net realized and change in unrealized gain (loss) | (331917)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $13443723 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation - Moderate Portfolio**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $13775640 | &nbsp;&nbsp;&nbsp;&nbsp; $21834230 |
| Net realized gain (loss) | 33631017 | &nbsp;&nbsp;&nbsp;&nbsp; 29457175 |
| Net change in unrealized appreciation (depreciation) | (33962934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 117584265 |
| Net increase (decrease) in net assets resulting from operations | 13443723 | &nbsp;&nbsp;&nbsp;&nbsp; 168875670 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class A | (29801903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28599435)<br>|
| Class C | (1206551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1069570)<br>|
| Class I | (1392037)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1052647)<br>|
| Class R | (174173)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58032)<br>|
| Class R3 | (17329738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24428)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (49904402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30804112)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class A | 7840263 | &nbsp;&nbsp;&nbsp;&nbsp; 14173816 |
| Class C | 1650218 | &nbsp;&nbsp;&nbsp;&nbsp; 2706354 |
| Class I | 3409617 | &nbsp;&nbsp;&nbsp;&nbsp; 5318567 |
| Class R | 227600 | &nbsp;&nbsp;&nbsp;&nbsp; 1742028 |
| Class R3 | 337685288 | &nbsp;&nbsp;&nbsp;&nbsp; 1022108 |
|  | 350812986 | &nbsp;&nbsp;&nbsp;&nbsp; 24962873 |
| Dividends and/or distributions reinvested: |  |  |
| Class A | 28164144 | &nbsp;&nbsp;&nbsp;&nbsp; 27262657 |
| Class C | 1203372 | &nbsp;&nbsp;&nbsp;&nbsp; 1067785 |
| Class I | 1318400 | &nbsp;&nbsp;&nbsp;&nbsp; 998679 |
| Class R | 171449 | &nbsp;&nbsp;&nbsp;&nbsp; 56305 |
| Class R3 | 17329738 | &nbsp;&nbsp;&nbsp;&nbsp; 24428 |
|  | 48187103 | &nbsp;&nbsp;&nbsp;&nbsp; 29409854 |
| Cost of shares redeemed: |  |  |
| Class A | (212222050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130943837)<br>|
| Class C | (2966934)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7081591)<br>|
| Class I | (4071317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9745919)<br>|
| Class R | (384600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (297462)<br>|
| Class R3 | (17356963)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (602836)<br>|
|  | (237001864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148671645)<br>|
| Automatic conversions: |  |  |
| Class A | 3955728 | &nbsp;&nbsp;&nbsp;&nbsp; 11430726 |
| Class C | (3955728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11430726)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 161998225 | &nbsp;&nbsp;&nbsp;&nbsp; (94298918)<br>|
| Contributions from affiliate, Transamerica Fund Services, Inc. |  |  |
| Class A |  | &nbsp;&nbsp;&nbsp;&nbsp; 2024 <br><sup>(A)</sup><br>|
| Class C |  | &nbsp;&nbsp;&nbsp;&nbsp; 834 <br><sup>(A)</sup><br>|
| Class R |  | &nbsp;&nbsp;&nbsp;&nbsp; 1410 <br><sup>(A)</sup><br>|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4268 |
| **Net increase (decrease) in net assets** | 125537546 | &nbsp;&nbsp;&nbsp;&nbsp; 43776908 |
| **Net assets:** |  |  |
| Beginning of period/year | 859217899 | &nbsp;&nbsp;&nbsp;&nbsp; 815440991 |
| End of period/year | $984755445 | &nbsp;&nbsp;&nbsp;&nbsp; $859217899 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

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

**For the period and year ended:** 

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025**<br> **(unaudited)**<br>| **October 31, 2024** |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class A | 668990 | &nbsp;&nbsp;&nbsp;&nbsp; 1248281 |
| Class C | 137015 | &nbsp;&nbsp;&nbsp;&nbsp; 232752 |
| Class I | 289407 | &nbsp;&nbsp;&nbsp;&nbsp; 463059 |
| Class R | 19367 | &nbsp;&nbsp;&nbsp;&nbsp; 149804 |
| Class R3 | 27817455 | &nbsp;&nbsp;&nbsp;&nbsp; 89252 |
|  | 28932234 | &nbsp;&nbsp;&nbsp;&nbsp; 2183148 |
| Shares reinvested: |  |  |
| Class A | 2440567 | &nbsp;&nbsp;&nbsp;&nbsp; 2476172 |
| Class C | 101894 | &nbsp;&nbsp;&nbsp;&nbsp; 94914 |
| Class I | 114246 | &nbsp;&nbsp;&nbsp;&nbsp; 90707 |
| Class R | 14935 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |
| Class R3 | 1505624 | &nbsp;&nbsp;&nbsp;&nbsp; 2217 |
|  | 4177266 | &nbsp;&nbsp;&nbsp;&nbsp; 2669138 |
| Shares redeemed: |  |  |
| Class A | (17634702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11432983)<br>|
| Class C | (246328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (611756)<br>|
| Class I | (346063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (848610)<br>|
| Class R | (33351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26729)<br>|
| Class R3 | (1496064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52236)<br>|
|  | (19756508)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12972314)<br>|
| Automatic conversions: |  |  |
| Class A | 335818 | &nbsp;&nbsp;&nbsp;&nbsp; 1003334 |
| Class C | (329231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (986024)<br>|
|  | 6587 | &nbsp;&nbsp;&nbsp;&nbsp; 17310 |
| Net increase (decrease) in shares outstanding: |  |  |
| Class A | (14189327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6705196)<br>|
| Class C | (336650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1270114)<br>|
| Class I | 57590 | &nbsp;&nbsp;&nbsp;&nbsp; (294844)<br>|
| Class R | 951 | &nbsp;&nbsp;&nbsp;&nbsp; 128203 |
| Class R3 | 27827015 | &nbsp;&nbsp;&nbsp;&nbsp; 39233 |
|  | 13359579 | &nbsp;&nbsp;&nbsp;&nbsp; (8102718)<br>|

---

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.00 | $10.23 | $10.01 | $13.31 | $11.48 | $11.46 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.16 | 0.29 | 0.18 | 0.32 | 0.22 | 0.19 |
| Net realized and unrealized gain (loss) | 0.01 <br><sup>(B)</sup><br>| 1.88 | 0.20 | (2.62)<br>| 2.11 | 0.47 |
| Total investment operations | 0.17 | 2.17 | 0.38 | (2.30)<br>| 2.33 | 0.66 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.25)<br>| (0.16)<br>| (0.32)<br>| (0.20)<br>| (0.25)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>| (0.39)<br>|
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.40)<br>| (0.16)<br>| (1.00)<br>| (0.50)<br>| (0.64)<br>|
| **Net asset value, end of period/year** | $11.60 | $12.00 | $10.23 | $10.01 | $13.31 | $11.48 |
| **Total return** <sup>(F)</sup> <br>| 1.46 %<sup>(G)</sup><br>| 21.58 %<sup>(D)</sup><br>| 3.78<br> %<br>| (18.65 )%<sup>(E)</sup><br>| 20.68<br> %<br>| 5.93<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $602420 | $793634 | $745159 | $821113 | $1171334 | $1004834 |
| Expenses to average net assets <sup>(H)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.47 %<sup>(I)</sup><br>| 0.47<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.44<br> %<br>| 0.49<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.47 %<sup>(I)</sup><br>| 0.47<br> %<br>| 0.48 %<sup>(J)</sup><br>| 0.47 %<sup>(J)</sup><br>| 0.44<br> %<br>| 0.49<br> %<br>|
| Net investment income (loss) to average net assets | 2.69 %<sup>(I)</sup><br>| 2.52<br> %<br>| 1.75<br> %<br>| 2.86<br> %<br>| 1.76<br> %<br>| 1.72<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(G)</sup><br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

<sup>(J)</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 period and years indicated:** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.18 | $10.36 | $10.11 | $13.38 | $11.52 | $11.47 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.12 | 0.20 | 0.10 | 0.25 | 0.17 | 0.12 |
| Net realized and unrealized gain (loss) | 0.01 <br><sup>(B)</sup><br>| 1.91 | 0.20 | (2.66)<br>| 2.07 | 0.45 |
| Total investment operations | 0.13 | 2.11 | 0.30 | (2.41)<br>| 2.24 | 0.57 |
| **Contributions from affiliate** |  | 0.00 <br><sup>(C)</sup><sup>(D)</sup><br>|  | 0.00 <br><sup>(C)</sup><sup>(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| (0.14)<br>| (0.05)<br>| (0.18)<br>| (0.08)<br>| (0.13)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>| (0.39)<br>|
| Total dividends and/or distributions to shareholders | (0.46)<br>| (0.29)<br>| (0.05)<br>| (0.86)<br>| (0.38)<br>| (0.52)<br>|
| **Net asset value, end of period/year** | $11.85 | $12.18 | $10.36 | $10.11 | $13.38 | $11.52 |
| **Total return** <sup>(F)</sup> <br>| 1.09 %<sup>(G)</sup><br>| 20.57 %<sup>(D)</sup><br>| 2.97<br> %<br>| (19.23 )%<sup>(E)</sup><br>| 19.75<br> %<br>| 5.06<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $28400 | $33310 | $41482 | $59744 | $104930 | $176866 |
| Expenses to average net assets <sup>(H)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.29 %<sup>(I)</sup><br>| 1.28<br> %<br>| 1.28<br> %<br>| 1.26<br> %<br>| 1.23<br> %<br>| 1.27<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.29 %<sup>(I)</sup><br>| 1.28<br> %<br>| 1.28 %<sup>(J)</sup><br>| 1.25<br> %<br>| 1.23<br> %<br>| 1.27<br> %<br>|
| Net investment income (loss) to average net assets | 1.97 %<sup>(I)</sup><br>| 1.75<br> %<br>| 0.95<br> %<br>| 2.20<br> %<br>| 1.30<br> %<br>| 1.07<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(G)</sup><br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

<sup>(J)</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**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $12.04 | $10.25 | $10.02 | $13.32 | $11.48 | $11.46 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.18 | 0.32 | 0.22 | 0.35 | 0.27 | 0.22 |
| Net realized and unrealized gain (loss) | 0.01 <br><sup>(B)</sup><br>| 1.90 | 0.19 | (2.61)<br>| 2.10 | 0.47 |
| Total investment operations | 0.19 | 2.22 | 0.41 | (2.26)<br>| 2.37 | 0.69 |
| **Contributions from affiliate** |  |  |  | 0.02 <br><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.28)<br>| (0.28)<br>| (0.18)<br>| (0.38)<br>| (0.23)<br>| (0.28)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>| (0.39)<br>|
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.43)<br>| (0.18)<br>| (1.06)<br>| (0.53)<br>| (0.67)<br>|
| **Net asset value, end of period/year** | $11.62 | $12.04 | $10.25 | $10.02 | $13.32 | $11.48 |
| **Total return** | 1.61 %<sup>(D)</sup><br>| 22.02<br> %<br>| 4.12<br> %<br>| (18.24 )%<sup>(C)</sup><br>| 21.03<br> %<br>| 6.19<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $27340 | $27636 | $26556 | $33414 | $47079 | $42338 |
| Expenses to average net assets<sup>(E)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and <br> recapture<br>| 0.24 %<sup>(F)</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.24<br> %<br>| 0.22<br> %<br>| 0.26<br> %<br>|
| Including waiver and/or reimbursement and <br> recapture<br>| 0.15 %<sup>(F)(G)</sup><br>| 0.15 %<sup>(G)</sup><br>| 0.15 %<sup>(G)</sup><br>| 0.15 %<sup>(G)(H)</sup><br>| 0.13 %<sup>(H)</sup><br>| 0.25 %<sup>(H)</sup><br>|
| Net investment income (loss) to average net assets | 3.09 %<sup>(F)</sup><br>| 2.83<br> %<br>| 2.08<br> %<br>| 3.15<br> %<br>| 2.09<br> %<br>| 2.00<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(D)</sup><br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $11.95 | $10.17 | $9.96 | $13.24 | $11.42 | $11.39 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.25 | 0.17 | 0.28 | 0.17 | 0.16 |
| Net realized and unrealized gain (loss) | 0.01 <br><sup>(B)</sup><br>| 1.89 | 0.17 | (2.59)<br>| 2.11 | 0.47 |
| Total investment operations | 0.16 | 2.14 | 0.34 | (2.31)<br>| 2.28 | 0.63 |
| **Contributions from affiliate** |  | 0.01 <br><sup>(C)</sup><br>|  | 0.00 <br><sup>(D)(E)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.22)<br>| (0.13)<br>| (0.29)<br>| (0.16)<br>| (0.21)<br>|
| Net realized gains | (0.33)<br>| (0.15)<br>|  | (0.68)<br>| (0.30)<br>| (0.39)<br>|
| Total dividends and/or distributions to shareholders | (0.57)<br>| (0.37)<br>| (0.13)<br>| (0.97)<br>| (0.46)<br>| (0.60)<br>|
| **Net asset value, end of period/year** | $11.54 | $11.95 | $10.17 | $9.96 | $13.24 | $11.42 |
| **Total return** | 1.38 %<sup>(F)</sup><br>| 21.42 %<sup>(C)</sup><br>| 3.47<br> %<br>| (18.78 )%<sup>(E)</sup><br>| 20.34<br> %<br>| 5.72<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $3484 | $3598 | $1759 | $2500 | $2991 | $3031 |
| Expenses to average net assets <sup>(G)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.70 %<sup>(H)</sup><br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.70<br> %<br>| 0.73<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.70 %<sup>(H)</sup><br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.71 %<sup>(I)</sup><br>| 0.70<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) to average net assets | 2.56 %<sup>(H)</sup><br>| 2.17<br> %<br>| 1.58<br> %<br>| 2.53<br> %<br>| 1.36<br> %<br>| 1.46<br> %<br>|
| Portfolio turnover rate | 11 %<sup>(F)</sup><br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>| 8<br> %<br>| 24<br> %<br>|

---

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

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

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

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Fund Services, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.08%.* 

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

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

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

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

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

<sup>(I)</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**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022** <sup>(A)</sup> <br>|
| **Net asset value, beginning of period/year** | $12.02 | $10.26 | $10.02 | $11.45 |
| **Investment operations:** |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.20 | 0.29 | 0.19 | 0.09 |
| Net realized and unrealized gain (loss) | (0.02)<br>| 1.90 | 0.20 | (1.52)<br>|
| Total investment operations | 0.18 | 2.19 | 0.39 | (1.43)<br>|
| **Contributions from affiliate** |  |  |  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |
| Net investment income | (0.29)<br>| (0.28)<br>| (0.15)<br>|  |
| Net realized gains | (0.33)<br>| (0.15)<br>|  |  |
| Total dividends and/or distributions to shareholders | (0.62)<br>| (0.43)<br>| (0.15)<br>|  |
| **Net asset value, end of period/year** | $11.58 | $12.02 | $10.26 | $10.02 |
| **Total return** | 1.55 %<sup>(C)</sup><br>| 21.70<br> %<br>| 3.95<br> %<br>| (12.49 )%<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |
| Net assets end of period/year (000's) | $323111 | $1040 | $485 | $71 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55 %<sup>(E)</sup><br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55 %<sup>(E)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 3.45 %<sup>(E)</sup><br>| 2.49<br> %<br>| 1.80<br> %<br>| 1.33 %<sup>(E)</sup><br>|
| Portfolio turnover rate | 11 %<sup>(C)</sup><br>| 17<br> %<br>| 18<br> %<br>| 43<br> %<br>|

---

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

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

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION (continued)**

paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**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.

**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

**Transamerica Funds**

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**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**3. INVESTMENT VALUATION (continued)**

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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Fund may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at April 30, 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 period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Transamerica Funds**

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**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 2025, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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

The Fund's investment strategies allow the Fund to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Fund's investment strategies, the Fund may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

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

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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 April 30, 2025 are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Fund's fair values of derivative investments disclosed within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Commodity** <br>**Contracts**<br>| **Total** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)</sup><sup>(B)</sup> <br>| $944143 | $— | $5785 | $— | $— | $949928 |
| **Total** | **$944143** | **$—** | **$5785** | **$—** | **$—** | **$949928** |

---

&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** |
| Futures contracts: <br>Total distributable earnings <br> (accumulated losses) <sup>(A)(B)</sup> <br>| $— | $— | $(379856)<br>| $— | $— | $(379856)<br>|
| **Total** | **$—** | **$—** | **$(379856)**<br>| **$—** | **$—** | **$(379856)**<br>|

---

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

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

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

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 April 30, 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  | $179512 | $— | $1864127 | $— | $— | $2043639 |
| **Total** | **$179512** | **$—** | **$1864127** | **$—** | **$—** | **$2043639** |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $1441733 | $— | $(764232)<br>| $— | $— | $677501 |
| **Total** | **$1441733** | **$—** | **$(764232)**<br>| **$—** | **$—** | **$677501** |

---

The following is a summary of the ending monthly average volume on derivative activity during the period ended April 30, 2025.

---

| | |
|:---|:---|
| **Futures contracts:** |  |
| Average notional value of contracts — long | $63031296 |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Funds**

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**Page 17**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**7. RISK FACTORS (continued)**

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

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

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $1280182 | 0.13<br> % <br>|

---

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.1040<br> % <br>|
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class A | 0.52<br> % <br>| March 1, 2026 |
| Class C | 1.31 | March 1, 2026 |
| Class I | 0.29 | March 1, 2026 |
| Class R | 0.76 | March 1, 2026 |
| Class R3 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $— | $229984 | $229984 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**8. 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** | **Rate** |
| Class A | 0.25<br> % <br>|
| Class C | 1.00 |
| Class R | 0.50 |
| Class R3 | 0.25 |

---

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class A, Class C and Class R certain 12b-1 fees retained by TCL during the period of April 1, 2020 to October 31, 2021. These amounts are reflected as "Contributions from affiliate, Transamerica Capital, LLC" within the Fund's Financial Highlights in this shareholder report.

**Shareholder fees:** Class A shares are subject to an initial sales charge and a contingent deferred sales charge on certain share redemptions. Class C shares are subject to a contingent deferred sales charge. For the period ended April 30, 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.

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

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

On March 13, 2024, TFS, the Fund's transfer agent, returned to Classes A, C and R of the Fund certain transfer agency fees charged by TFS during the period of January 1, 2016 to December 31, 2023. These amounts are reflected as "Contributions from affiliate" within the Fund's Statement of Changes in Net Assets and Financial Highlights in this shareholder report.

TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2026. These amounts are not subject to recapture by TAM.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $323810 | &nbsp;&nbsp; $65094 |

---

**9. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $202682090 | &nbsp;&nbsp; $109000000 |

---

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

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

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**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 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>|
| $889676155 | &nbsp;&nbsp; $109379553 | &nbsp;&nbsp; $(16773073)<br>| &nbsp;&nbsp; $92606480 |

---

**11. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**12. SUBSEQUENT EVENT**

Effective as of the close of business on June 20, 2025, Transamerica Asset Allocation - Moderate Portfolio acquired all of the assets and liabilities of Transamerica ClearTrack<sup>®</sup> 2030 pursuant to a Plan of Reorganization. Transamerica Asset Allocation - Moderate Portfolio is the accounting survivor. The purpose of the transaction was to achieve operating efficiencies and a more cohesive, focused, and streamlined fund complex. The reorganization was accomplished by a tax-free exchange of shares of Transamerica Asset Allocation - Moderate Portfolio for shares of Transamerica ClearTrack<sup>®</sup> 2030 following the close of business on June 20, 2025. The cost basis of the investments received from Transamerica ClearTrack<sup>®</sup> 2030 was carried forward to align ongoing reporting of Transamerica Asset Allocation - Moderate Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2030 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Portfolio, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Class**<br>| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica Asset** <br> **Allocation -** <br> **Moderate Portfolio** <br>**Class**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Portfolio** <br>**Shares**<br>| &nbsp;&nbsp; **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10165623 | Class R3 | &nbsp;&nbsp; 6642359 | $79914218 | 0.65 |

---

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

<sup>(A)</sup> *Calculated by dividing the Transamerica Asset Allocation - Moderate Portfolio shares issuable by the Transamerica ClearTrack*<sup>®</sup> *2030 shares* *outstanding on June 20, 2025.* 

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 21**

------

**Transamerica Asset Allocation - Moderate Portfolio**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**12. SUBSEQUENT EVENT (continued)**

The net assets of Transamerica ClearTrack<sup>®</sup> 2030, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Moderate Portfolio. These amounts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Unrealized Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Net Assets**<br>| **Transamerica Asset Allocation** <br> **- Moderate Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $2757976 | &nbsp;&nbsp; $79914218 | &nbsp;&nbsp; $1005357346 | &nbsp;&nbsp; $1085271564 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 22**

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**Transamerica Asset Allocation - Moderate Portfolio** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 23**

------

**Transamerica Asset Allocation - Moderate Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 24**

------

**Transamerica Asset Allocation - Moderate Portfolio** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 25**

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**Transamerica Asset Allocation - Moderate Portfolio** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 26**

------

![](g947814imga172e5f23.gif)

![](g947814imgcc9c36444.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

4453813 AA MOD PORT 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgd5f84a2d5.gif)

------

![](g947814img1aee43bf1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation Intermediate Horizon**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgb0429a492.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_704334fc-74ec-4101-b07a-0db859ba7f21_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_SOI-RunningFooter-182_1) | 2 |
| [Statement of Assets and Liabilities](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_FS-RunningFooter-182_1) | 3 |
| [Statement of Operations](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_FS-RunningFooter-182_2) | 4 |
| [Statement of Changes in Net Assets](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_FS-RunningFooter-182_3) | 5 |
| [Financial Highlights](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_FIHI-RunningFooter-182_1) | 6 |
| [Notes to Financial Statements](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_NTF-RunningFooter-182_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_DWA-RunningFooter-182_1)**<br> **[Companies](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_DWA-RunningFooter-182_1)**<br>| 14 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_PD-RunningFooter-182_1)** | 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_REMU-RunningFooter-182_1)**<br> **[Companies](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_REMU-RunningFooter-182_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_704334fc-74ec-4101-b07a-0db859ba7f21_AIAC-RunningFooter-182_1)** | 17 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation Intermediate Horizon**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.0%**  | **INVESTMENT COMPANIES - 100.0%**  | **INVESTMENT COMPANIES - 100.0%**  |
| **International Equity Fund - 13.1%**  | **International Equity Fund - 13.1%**  | **International Equity Fund - 13.1%**  |
| Transamerica International Equity <sup>(A)</sup> <br>| 234912 | $5381827 |
| **Money Market Fund - 0.1%**  | **Money Market Fund - 0.1%**  | **Money Market Fund - 0.1%**  |
| &nbsp;&nbsp; Transamerica Government Money Market, <br> 4.31% <sup>(A)</sup><sup>(B)</sup> <br>| 60915 | 60915 |
| **U.S. Equity Funds - 38.0%**  | **U.S. Equity Funds - 38.0%**  | **U.S. Equity Funds - 38.0%**  |
| Transamerica Large Growth <sup>(A)</sup> <br>| 419527 | 5298628 |
| Transamerica Large Value Opportunities <sup>(A)</sup> <br>| 619129 | 5615502 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 128102 | 1241308 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 114531 | 1220897 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 200611 | 1133451 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 261034 | 1138108 |
|  |  | 15647894 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 48.8%**  | **U.S. Fixed Income Funds - 48.8%**  | **U.S. Fixed Income Funds - 48.8%**  |
| Transamerica Core Bond <sup>(A)</sup> <br>| 1122663 | $9643677 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 317579 | 2537461 |
| Transamerica Inflation Opportunities <sup>(A)</sup> <br>| 475274 | 4686200 |
| Transamerica Short-Term Bond <sup>(A)</sup> <br>| 330115 | 3258234 |
|  |  | 20125572 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $40,549,987)**<br>|  | 41216208 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $40,549,987)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $40,549,987)** | 41216208 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (19750) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$41196458** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $41216208 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41216208 |
| **Total Investments** | **$41216208** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$41216208** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $40,549,987) | $41216208 |
| Receivables and other assets: |  |
| Affiliated investments sold | 19338 |
| Dividends from affiliated investments | 62155 |
| Total assets | 41297701 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 63160 |
| Shares of beneficial interest redeemed | 18333 |
| Investment management fees | 3295 |
| Distribution and service fees | 16455 |
| Total liabilities | 101243 |
| **Net assets**  | $41196458 |
| **Net assets consist of:** |  |
| Paid-in capital | $38817236 |
| Total distributable earnings (accumulated losses) | 2379222 |
| **Net assets** | $41196458 |
| **Net assets by class:** |  |
| Class R | $41082660 |
| Class R4 | 113798 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R | 4315712 |
| Class R4 | 11953 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class R | $9.52 |
| Class R4 | 9.52 |

---

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

<sup>(A)</sup> *Net asset value per share for Class R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $1656373 |
| Total investment income  | 1656373 |
| **Expenses:** |  |
| Investment management fees | 58463 |
| Distribution and service fees: |  |
| Class R | 243306 |
| Class R4 | 143 |
| Transfer agent fees: |  |
| Class R4 | 4 |
| Total expenses before waiver and/or reimbursement and recapture | 301916 |
| Expenses waived and/or reimbursed: |  |
| Class R | (9733)<br>|
| Class R4 | (20)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 5 |
| Net expenses | 292168 |
| **Net investment income (loss)** | 1364205 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 9081113 |
| Capital gain distributions received from affiliated investment companies  | 2166911 |
| Net realized gain (loss) | 11248024 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (7447193)<br>|
| Net realized and change in unrealized gain (loss) | 3800831 |
| **Net increase (decrease) in net assets resulting from operations** | $5165036 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1364205 | &nbsp;&nbsp;&nbsp;&nbsp; $4993423 |
| Net realized gain (loss) | 11248024 | &nbsp;&nbsp;&nbsp;&nbsp; 2303348 |
| Net change in unrealized appreciation (depreciation) | (7447193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37005683 |
| Net increase (decrease) in net assets resulting from operations | 5165036 | &nbsp;&nbsp;&nbsp;&nbsp; 44302454 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | (1917495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4941596)<br>|
| Class R4 | (6071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65034)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1923566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5006630)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | 514757 | &nbsp;&nbsp;&nbsp;&nbsp; 4416595 |
| Class R4 | 12942 | &nbsp;&nbsp;&nbsp;&nbsp; 126988 |
|  | 527699 | &nbsp;&nbsp;&nbsp;&nbsp; 4543583 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | 1917495 | &nbsp;&nbsp;&nbsp;&nbsp; 4941596 |
| Class R4 | 6071 | &nbsp;&nbsp;&nbsp;&nbsp; 65034 |
|  | 1923566 | &nbsp;&nbsp;&nbsp;&nbsp; 5006630 |
| Cost of shares redeemed: |  |  |
| Class R | (196193217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31034713)<br>|
| Class R4 | (15488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5075795)<br>|
|  | (196208705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36110508)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (193757440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26560295)<br>|
| **Net increase (decrease) in net assets** | (190515970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12735529 |
| **Net assets:** |  |  |
| Beginning of period/year | 231712428 | &nbsp;&nbsp;&nbsp;&nbsp; 218976899 |
| End of period/year | $41196458 | &nbsp;&nbsp;&nbsp;&nbsp; $231712428 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | 54326 | &nbsp;&nbsp;&nbsp;&nbsp; 475487 |
| Class R4 | 1359 | &nbsp;&nbsp;&nbsp;&nbsp; 13852 |
|  | 55685 | &nbsp;&nbsp;&nbsp;&nbsp; 489339 |
| Shares reinvested: |  |  |
| Class R | 202481 | &nbsp;&nbsp;&nbsp;&nbsp; 528065 |
| Class R4 | 641 | &nbsp;&nbsp;&nbsp;&nbsp; 7071 |
|  | 203122 | &nbsp;&nbsp;&nbsp;&nbsp; 535136 |
| Shares redeemed: |  |  |
| Class R | (19665960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3342737)<br>|
| Class R4 | (1627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (548262)<br>|
|  | (19667587)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3890999)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | (19409153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2339185)<br>|
| Class R4 | 373 | &nbsp;&nbsp;&nbsp;&nbsp; (527339)<br>|
|  | (19408780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2866524)<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation Intermediate Horizon**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.76 | $8.23 | $8.87 | $11.97 | $10.66 | $10.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.14 | 0.20 | 0.17 | 0.53 | 0.28 | 0.16 |
| Net realized and unrealized gain (loss) | 0.08 | 1.53 | 0.03 | (2.54)<br>| 1.98 | 0.58 |
| Total investment operations | 0.22 | 1.73 | 0.20 | (2.01)<br>| 2.26 | 0.74 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| (0.20)<br>| (0.17)<br>| (0.54)<br>| (0.28)<br>| (0.16)<br>|
| Net realized gains | (0.12)<br>|  | (0.67)<br>| (0.55)<br>| (0.67)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.46)<br>| (0.20)<br>| (0.84)<br>| (1.09)<br>| (0.95)<br>| (0.65)<br>|
| **Net asset value, end of period/year** | $9.52 | $9.76 | $8.23 | $8.87 | $11.97 | $10.66 |
| **Total return** | 2.26 %<sup>(B)</sup><br>| 21.13<br> %<br>| 2.31<br> %<br>| (18.29)%<br>| 22.01<br> %<br>| 7.33<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $41082 | $231599 | $214541 | $233763 | $327930 | $300319 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62 %<sup>(D)</sup><br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60 %<sup>(D)</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 2.80 %<sup>(D)</sup><br>| 2.13<br> %<br>| 1.99<br> %<br>| 5.34<br> %<br>| 2.38<br> %<br>| 1.53<br> %<br>|
| Portfolio turnover rate | 219 %<sup>(B)</sup><br>| 27<br> %<br>| 25<br> %<br>| 33<br> %<br>| 32<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> *Not annualized.*

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.81 | $8.23 | $8.87 | $11.97 | $10.66 | $10.57 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.25 | 0.25 | 0.19 | 0.56 | 0.30 | 0.18 |
| Net realized and unrealized gain (loss) | (0.02 ) <sup>(B)</sup><br>| 1.51 | 0.03 | (2.55)<br>| 1.99 | 0.59 |
| Total investment operations | 0.23 | 1.76 | 0.22 | (1.99)<br>| 2.29 | 0.77 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.40)<br>| (0.18)<br>| (0.19)<br>| (0.56)<br>| (0.31)<br>| (0.19)<br>|
| Net realized gains | (0.12)<br>|  | (0.67)<br>| (0.55)<br>| (0.67)<br>| (0.49)<br>|
| Total dividends and/or distributions to shareholders | (0.52)<br>| (0.18)<br>| (0.86)<br>| (1.11)<br>| (0.98)<br>| (0.68)<br>|
| **Net asset value, end of period/year** | $9.52 | $9.81 | $8.23 | $8.87 | $11.97 | $10.66 |
| **Total return** | 2.32 %<sup>(C)</sup><br>| 21.48<br> %<br>| 2.58<br> %<br>| (18.09)%<br>| 22.33<br> %<br>| 7.61<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $114 | $113 | $4436 | $5761 | $10351 | $8807 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38 %<sup>(E)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 5.16 %<sup>(E)</sup><br>| 2.68<br> %<br>| 2.24<br> %<br>| 5.59<br> %<br>| 2.58<br> %<br>| 1.75<br> %<br>|
| Portfolio turnover rate | 219 %<sup>(C)</sup><br>| 27<br> %<br>| 25<br> %<br>| 33<br> %<br>| 32<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> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation Intermediate Horizon (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

The Fund, a "fund of funds," invests in a combination of certain other series of the Trust.

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

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

TAM is responsible for the day-to-day management of the Fund. TAM may, in the future, hire one or more sub-advisers to furnish day-to-day investment advice and recommendations with respect to the Fund.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation Intermediate Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

A**llocation conflicts risk:** The Investment Manager is subject to conflicts of interest in the selection and allocation of the Fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the Fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

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

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $41196458 | 100.00<br> % <br>|

---

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

The Fund pays a management fee to TAM at an annual rate of 0.12% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.60<br> % <br>| March 1, 2026 |
| Class R4 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R | $25117 | $46745 | $46251 | $9733 | $127846 |
| Class R4 | 1064 | 1499 | 723 | 20 | 3306 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

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

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $4 | &nbsp;&nbsp; $— |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $212470074 | &nbsp;&nbsp; $408543357 |

---

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

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation Intermediate Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of April 30, 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>|
| $40549987 | &nbsp;&nbsp; $1648730 | &nbsp;&nbsp; $(982509)<br>| &nbsp;&nbsp; $666221 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Asset Allocation Intermediate Horizon** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Asset Allocation Intermediate Horizon** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Asset Allocation Intermediate Horizon** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation Intermediate Horizon** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

![](g947814img5869c8763.gif)

![](g947814img594021a04.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

4453813 AA INTER HRZN 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img2d09b6315.gif)

------

![](g947814img8d4789a31.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation Long Horizon**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgfada96b32.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_42aa23d3-9ade-4739-a533-ebec57151230_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_42aa23d3-9ade-4739-a533-ebec57151230_SOI-RunningFooter-183_1) | 2 |
| [Statement of Assets and Liabilities](#xx_42aa23d3-9ade-4739-a533-ebec57151230_FS-RunningFooter-183_1) | 3 |
| [Statement of Operations](#xx_42aa23d3-9ade-4739-a533-ebec57151230_FS-RunningFooter-183_2) | 4 |
| [Statement of Changes in Net Assets](#xx_42aa23d3-9ade-4739-a533-ebec57151230_FS-RunningFooter-183_3) | 5 |
| [Financial Highlights](#xx_42aa23d3-9ade-4739-a533-ebec57151230_FIHI-RunningFooter-183_1) | 6 |
| [Notes to Financial Statements](#xx_42aa23d3-9ade-4739-a533-ebec57151230_NTF-RunningFooter-183_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_42aa23d3-9ade-4739-a533-ebec57151230_DWA-RunningFooter-183_1)**<br> **[Companies](#xx_42aa23d3-9ade-4739-a533-ebec57151230_DWA-RunningFooter-183_1)**<br>| 14 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_42aa23d3-9ade-4739-a533-ebec57151230_PD-RunningFooter-183_1)** | 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_42aa23d3-9ade-4739-a533-ebec57151230_REMU-RunningFooter-183_1)**<br> **[Companies](#xx_42aa23d3-9ade-4739-a533-ebec57151230_REMU-RunningFooter-183_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_42aa23d3-9ade-4739-a533-ebec57151230_AIAC-RunningFooter-183_1)** | 17 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation Long Horizon**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.0%**  | **INVESTMENT COMPANIES - 100.0%**  | **INVESTMENT COMPANIES - 100.0%**  |
| **International Equity Fund - 25.1%**  | **International Equity Fund - 25.1%**  | **International Equity Fund - 25.1%**  |
| Transamerica International Equity <sup>(A)</sup> <br>| 628867 | $14407335 |
| **Money Market Fund - 0.1%**  | **Money Market Fund - 0.1%**  | **Money Market Fund - 0.1%**  |
| &nbsp;&nbsp; Transamerica Government Money Market, <br> 4.31% <sup>(A)</sup><sup>(B)</sup> <br>| 96527 | 96527 |
| **U.S. Equity Funds - 65.3%**  | **U.S. Equity Funds - 65.3%**  | **U.S. Equity Funds - 65.3%**  |
| Transamerica Large Growth <sup>(A)</sup> <br>| 975644 | 12322382 |
| Transamerica Large Value Opportunities <sup>(A)</sup> <br>| 1409050 | 12780087 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 337312 | 3268555 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 297316 | 3169384 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 525058 | 2966576 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 682873 | 2977327 |
|  |  | 37484311 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 9.5%**  | **U.S. Fixed Income Funds - 9.5%**  | **U.S. Fixed Income Funds - 9.5%**  |
| Transamerica Core Bond <sup>(A)</sup> <br>| 253102 | $2174148 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 141296 | 1128955 |
| Transamerica Inflation Opportunities <sup>(A)</sup> <br>| 189489 | 1868362 |
| Transamerica Short-Term Bond <sup>(A)</sup> <br>| 27465 | 271076 |
|  |  | 5442541 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $55,461,706)**<br>|  | 57430714 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $55,461,706)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $55,461,706)** | 57430714 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (27001) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$57403713** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $57430714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57430714 |
| **Total Investments** | **$57430714** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$57430714** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation Long Horizon**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $55,461,706) | $57430714 |
| Receivables and other assets: |  |
| Affiliated investments sold | 22661 |
| Dividends from affiliated investments | 16261 |
| Total assets | 57469636 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 17195 |
| Shares of beneficial interest redeemed | 21724 |
| Investment management fees | 4515 |
| Distribution and service fees | 22486 |
| Transfer agent fees | 3 |
| Total liabilities | 65923 |
| **Net assets**  | $57403713 |
| **Net assets consist of:** |  |
| Paid-in capital | $42810184 |
| Total distributable earnings (accumulated losses) | 14593529 |
| **Net assets** | $57403713 |
| **Net assets by class:** |  |
| Class R | $56887011 |
| Class R4 | 516702 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R | 6061986 |
| Class R4 | 54949 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class R | $9.38 |
| Class R4 | 9.40 |

---

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

<sup>(A)</sup> *Net asset value per share for Class R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation Long Horizon**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $1823396 |
| Total investment income  | 1823396 |
| **Expenses:** |  |
| Investment management fees | 52744 |
| Distribution and service fees: |  |
| Class R | 218473 |
| Class R4 | 650 |
| Transfer agent fees: |  |
| Class R4 | 20 |
| Total expenses before waiver and/or reimbursement and recapture | 271887 |
| Expenses waived and/or reimbursed: |  |
| Class R | (8739)<br>|
| Class R4 | (80)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 8 |
| Net expenses | 263076 |
| **Net investment income (loss)** | 1560320 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | 13171167 |
| Capital gain distributions received from affiliated investment companies  | 5183885 |
| Net realized gain (loss) | 18355052 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (14722344)<br>|
| Net realized and change in unrealized gain (loss) | 3632708 |
| **Net increase (decrease) in net assets resulting from operations** | $5193028 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation Long Horizon**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1560320 | &nbsp;&nbsp;&nbsp;&nbsp; $1776780 |
| Net realized gain (loss) | 18355052 | &nbsp;&nbsp;&nbsp;&nbsp; 2017315 |
| Net change in unrealized appreciation (depreciation) | (14722344)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34157841 |
| Net increase (decrease) in net assets resulting from operations | 5193028 | &nbsp;&nbsp;&nbsp;&nbsp; 37951936 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | (3445833)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3915647)<br>|
| Class R4 | (31848)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105153)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (3477681)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4020800)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | 492763 | &nbsp;&nbsp;&nbsp;&nbsp; 4174003 |
| Class R4 | 34698 | &nbsp;&nbsp;&nbsp;&nbsp; 73074 |
|  | 527461 | &nbsp;&nbsp;&nbsp;&nbsp; 4247077 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | 3445833 | &nbsp;&nbsp;&nbsp;&nbsp; 3915647 |
| Class R4 | 31848 | &nbsp;&nbsp;&nbsp;&nbsp; 105153 |
|  | 3477681 | &nbsp;&nbsp;&nbsp;&nbsp; 4020800 |
| Cost of shares redeemed: |  |  |
| Class R | (102940647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17246112)<br>|
| Class R4 | (27596)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6151923)<br>|
|  | (102968243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23398035)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (98963101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15130158)<br>|
| **Net increase (decrease) in net assets** | (97247754)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18800978 |
| **Net assets:** |  |  |
| Beginning of period/year | 154651467 | &nbsp;&nbsp;&nbsp;&nbsp; 135850489 |
| End of period/year | $57403713 | &nbsp;&nbsp;&nbsp;&nbsp; $154651467 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | 50997 | &nbsp;&nbsp;&nbsp;&nbsp; 463255 |
| Class R4 | 3611 | &nbsp;&nbsp;&nbsp;&nbsp; 8153 |
|  | 54608 | &nbsp;&nbsp;&nbsp;&nbsp; 471408 |
| Shares reinvested: |  |  |
| Class R | 364638 | &nbsp;&nbsp;&nbsp;&nbsp; 444945 |
| Class R4 | 3367 | &nbsp;&nbsp;&nbsp;&nbsp; 11935 |
|  | 368005 | &nbsp;&nbsp;&nbsp;&nbsp; 456880 |
| Shares redeemed: |  |  |
| Class R | (10181624)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1916040)<br>|
| Class R4 | (2906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (681798)<br>|
|  | (10184530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2597838)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | (9765989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1007840)<br>|
| Class R4 | 4072 | &nbsp;&nbsp;&nbsp;&nbsp; (661710)<br>|
|  | (9761917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1669550)<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation Long Horizon**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.74 | $7.74 | $8.60 | $12.49 | $10.12 | $10.50 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.17 | 0.10 | 0.06 | 0.72 | 0.23 | 0.12 |
| Net realized and unrealized gain (loss) | 0.06 | 2.14 | 0.21 | (3.17)<br>| 3.37 | 0.67 |
| Total investment operations | 0.23 | 2.24 | 0.27 | (2.45)<br>| 3.60 | 0.79 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.24)<br>| (0.11)<br>| (0.06)<br>| (0.76)<br>| (0.25)<br>| (0.13)<br>|
| Net realized gains | (0.35)<br>| (0.13)<br>| (1.07)<br>| (0.68)<br>| (0.98)<br>| (1.04)<br>|
| Total dividends and/or distributions to shareholders | (0.59)<br>| (0.24)<br>| (1.13)<br>| (1.44)<br>| (1.23)<br>| (1.17)<br>|
| **Net asset value, end of period/year** | $9.38 | $9.74 | $7.74 | $8.60 | $12.49 | $10.12 |
| **Total return** | 2.30 %<sup>(B)</sup><br>| 29.25<br> %<br>| 3.38<br> %<br>| (22.09)%<br>| 37.55<br> %<br>| 7.72<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $56887 | $154154 | $130323 | $139118 | $201847 | $164147 |
| Expenses to average net assets <sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62 %<sup>(D)</sup><br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60 %<sup>(D)</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 3.54 %<sup>(D)</sup><br>| 1.15<br> %<br>| 0.75<br> %<br>| 7.31<br> %<br>| 2.00<br> %<br>| 1.19<br> %<br>|
| Portfolio turnover rate | 134 %<sup>(B)</sup><br>| 23<br> %<br>| 19<br> %<br>| 30<br> %<br>| 23<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> *Not annualized.*

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.77 | $7.76 | $8.62 | $12.51 | $10.13 | $10.51 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.27 | 0.21 | 0.08 | 0.71 | 0.26 | 0.14 |
| Net realized and unrealized gain (loss) | (0.03 ) <sup>(B)</sup><br>| 2.04 | 0.22 | (3.14)<br>| 3.38 | 0.67 |
| Total investment operations | 0.24 | 2.25 | 0.30 | (2.43)<br>| 3.64 | 0.81 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.26)<br>| (0.11)<br>| (0.09)<br>| (0.78)<br>| (0.28)<br>| (0.15)<br>|
| Net realized gains | (0.35)<br>| (0.13)<br>| (1.07)<br>| (0.68)<br>| (0.98)<br>| (1.04)<br>|
| Total dividends and/or distributions to shareholders | (0.61)<br>| (0.24)<br>| (1.16)<br>| (1.46)<br>| (1.26)<br>| (1.19)<br>|
| **Net asset value, end of period/year** | $9.40 | $9.77 | $7.76 | $8.62 | $12.51 | $10.13 |
| **Total return** | 2.45 %<sup>(C)</sup><br>| 29.39<br> %<br>| 3.65<br> %<br>| (21.84)%<br>| 37.96<br> %<br>| 7.98<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $517 | $497 | $5527 | $5451 | $6911 | $5134 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38 %<sup>(E)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(E)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 5.64 %<sup>(E)</sup><br>| 2.34<br> %<br>| 0.98<br> %<br>| 7.21<br> %<br>| 2.21<br> %<br>| 1.44<br> %<br>|
| Portfolio turnover rate | 134 %<sup>(C)</sup><br>| 23<br> %<br>| 19<br> %<br>| 30<br> %<br>| 23<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> *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of* *purchases and redemptions of Fund shares and fluctuating market values during the period.* 

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation Long Horizon**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation Long Horizon (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

The Fund, a "fund of funds," invests in a combination of certain other series of the Trust.

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

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

TAM is responsible for all aspects of the day-to-day management of the Fund. TAM may in the future retain one or more sub-advisers to assist in the management of the Fund.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. RISK FACTORS (continued)**

company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Fund's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

A**llocation conflicts risk:** The Investment Manager is subject to conflicts of interest in the selection and allocation of the Fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the Fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

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

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $57403713 | 100.00<br> % <br>|

---

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

The Fund pays a management fee to TAM at an annual rate of 0.12% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.60<br> % <br>| March 1, 2026 |
| Class R4 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 2025 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

For the 36-month period ended April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R | $14640 | $28738 | $29784 | $8739 | $81901 |
| Class R4 | 770 | 1605 | 802 | 80 | 3257 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

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

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $20 | &nbsp;&nbsp; $3 |

---

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $117285389 | &nbsp;&nbsp; $220042551 |

---

**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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Asset Allocation Long Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)**

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.

As of April 30, 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>|
| $55461706 | &nbsp;&nbsp; $4741803 | &nbsp;&nbsp; $(2772795)<br>| &nbsp;&nbsp; $1969008 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Asset Allocation Long Horizon** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Asset Allocation Long Horizon** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation Long Horizon** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

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**Transamerica Asset Allocation Long Horizon** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

![](g947814img657b166e3.gif)

![](g947814imgea239df74.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

4453813 AA LONG HRZN 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgb111cab35.gif)

------

![](g947814img4ed270311.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica Asset Allocation Short Horizon**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img6efe98142.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_4eed7f77-e504-4bba-88d3-29656da9806a_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_SOI-RunningFooter-181_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_FS-RunningFooter-181_1) | 3 |
| [Statement of Operations](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_FS-RunningFooter-181_2) | 4 |
| [Statement of Changes in Net Assets](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_FS-RunningFooter-181_3) | 5 |
| [Financial Highlights](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_FIHI-RunningFooter-181_1) | 6 |
| [Notes to Financial Statements](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_NTF-RunningFooter-181_1) | 7 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_DWA-RunningFooter-181_1)**<br> **[Companies](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_DWA-RunningFooter-181_1)**<br>| 13 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_PD-RunningFooter-181_1)** | 14 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_REMU-RunningFooter-181_1)**<br> **[Companies](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_REMU-RunningFooter-181_1)**<br>| 15 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4eed7f77-e504-4bba-88d3-29656da9806a_AIAC-RunningFooter-181_1)** | 16 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Asset Allocation Short Horizon**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.0%**  | **INVESTMENT COMPANIES - 100.0%**  | **INVESTMENT COMPANIES - 100.0%**  |
| **International Equity Fund - 2.2%**  | **International Equity Fund - 2.2%**  | **International Equity Fund - 2.2%**  |
| Transamerica International Equity <sup>(A)</sup> <br>| 6433 | $147380 |
| **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  | **Money Market Fund - 0.2%**  |
| &nbsp;&nbsp; Transamerica Government Money Market, <br> 4.31% <sup>(A)</sup><sup>(B)</sup> <br>| 12947 | 12947 |
| **U.S. Equity Funds - 8.0%**  | **U.S. Equity Funds - 8.0%**  | **U.S. Equity Funds - 8.0%**  |
| Transamerica Large Growth <sup>(A)</sup> <br>| 16041 | 202595 |
| Transamerica Large Value Opportunities <sup>(A)</sup> <br>| 22686 | 205764 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 11654 | 65845 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 15163 | 66111 |
|  |  | 540315 |
| **U.S. Fixed Income Funds - 89.6%**  | **U.S. Fixed Income Funds - 89.6%**  | **U.S. Fixed Income Funds - 89.6%**  |
| Transamerica Core Bond <sup>(A)</sup> <br>| 345493 | 2967785 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 89601 | $715911 |
| Transamerica Inflation Opportunities <sup>(A)</sup> <br>| 115770 | 1141488 |
| Transamerica Short-Term Bond <sup>(A)</sup> <br>| 120173 | 1186107 |
|  |  | 6011291 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $6,670,787)**<br>|  | 6711933 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $6,670,787)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $6,670,787)** | 6711933 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | **Net Other Assets (Liabilities) - (0.0)%\*** | (3325) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$6708608** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $6711933 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6711933 |
| **Total Investments** | **$6711933** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6711933** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

<sup>(B)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(C)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica Asset Allocation Short Horizon**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $6,670,787) | $6711933 |
| Receivables and other assets: |  |
| Affiliated investments sold | 32409 |
| Shares of beneficial interest sold  | 87 |
| Dividends from affiliated investments | 19689 |
| Total assets | 6764118 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | 36135 |
| Shares of beneficial interest redeemed | 16050 |
| Investment management fees | 554 |
| Distribution and service fees | 2771 |
| Total liabilities | 55510 |
| **Net assets**  | $6708608 |
| **Net assets consist of:** |  |
| Paid-in capital | $16307859 |
| Total distributable earnings (accumulated losses) | (9599251)<br>|
| **Net assets** | $6708608 |
| **Net assets by class:** |  |
| Class R | $6700546 |
| Class R4 | 8062 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R | 796628 |
| Class R4 | 964 |
| **Net asset value per share:** <sup>(A)</sup> <br>|  |
| Class R | $8.41 |
| Class R4 | 8.36 |

---

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

<sup>(A)</sup> *Net asset value per share for Class R and R4 shares represents offering price.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Asset Allocation Short Horizon**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $502879 |
| Total investment income  | 502879 |
| **Expenses:** |  |
| Investment management fees | 15450 |
| Distribution and service fees: |  |
| Class R | 64351 |
| Class R4 | 13 |
| Total expenses before waiver and/or reimbursement and recapture | 79814 |
| Expenses waived and/or reimbursed: |  |
| Class R | (2574)<br>|
| Class R4 | (2)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R4 | 1 |
| Net expenses | 77239 |
| **Net investment income (loss)** | 425640 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (3778203)<br>|
| Capital gain distributions received from affiliated investment companies  | 80197 |
| Net realized gain (loss) | (3698006)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 3549036 |
| Net realized and change in unrealized gain (loss) | (148970)<br>|
| **Net increase (decrease) in net assets resulting from operations** | $276670 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Asset Allocation Short Horizon**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $425640 | &nbsp;&nbsp;&nbsp;&nbsp; $2525836 |
| Net realized gain (loss) | (3698006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1116919)<br>|
| Net change in unrealized appreciation (depreciation) | 3549036 | &nbsp;&nbsp;&nbsp;&nbsp; 7198015 |
| Net increase (decrease) in net assets resulting from operations | 276670 | &nbsp;&nbsp;&nbsp;&nbsp; 8606932 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | (648760)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2545024)<br>|
| Class R4 | (1325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6515)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (650085)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2551539)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | 497429 | &nbsp;&nbsp;&nbsp;&nbsp; 1142434 |
| Class R4 | 841 | &nbsp;&nbsp;&nbsp;&nbsp; 273318 |
|  | 498270 | &nbsp;&nbsp;&nbsp;&nbsp; 1415752 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | 648760 | &nbsp;&nbsp;&nbsp;&nbsp; 2545024 |
| Class R4 | 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 6515 |
|  | 650085 | &nbsp;&nbsp;&nbsp;&nbsp; 2551539 |
| Cost of shares redeemed: |  |  |
| Class R | (66513573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11699989)<br>|
| Class R4 | (5383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (669751)<br>|
|  | (66518956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12369740)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | (65370601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8402449)<br>|
| **Net increase (decrease) in net assets** | (65744016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2347056)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | 72452624 | &nbsp;&nbsp;&nbsp;&nbsp; 74799680 |
| End of period/year | $6708608 | &nbsp;&nbsp;&nbsp;&nbsp; $72452624 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | 56239 | &nbsp;&nbsp;&nbsp;&nbsp; 126510 |
| Class R4 | 97 | &nbsp;&nbsp;&nbsp;&nbsp; 30301 |
|  | 56336 | &nbsp;&nbsp;&nbsp;&nbsp; 156811 |
| Shares reinvested: |  |  |
| Class R | 77936 | &nbsp;&nbsp;&nbsp;&nbsp; 281256 |
| Class R4 | 160 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
|  | 78096 | &nbsp;&nbsp;&nbsp;&nbsp; 281981 |
| Shares redeemed: |  |  |
| Class R | (7273238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1301292)<br>|
| Class R4 | (640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74849)<br>|
|  | (7273878)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1376141)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | (7139063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (893526)<br>|
| Class R4 | (383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43823)<br>|
|  | (7139446)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (937349)<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Asset Allocation Short Horizon**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.13 | $8.43 | $8.72 | $10.75 | $10.54 | $10.29 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.15 | 0.30 | 0.29 | 0.33 | 0.28 | 0.20 |
| Net realized and unrealized gain (loss) | (0.00 ) <sup>(B)</sup><br>| 0.71 | (0.17)<br>| (1.76)<br>| 0.35 | 0.30 |
| Total investment operations | 0.15 | 1.01 | 0.12 | (1.43)<br>| 0.63 | 0.50 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.87)<br>| (0.31)<br>| (0.28)<br>| (0.32)<br>| (0.28)<br>| (0.20)<br>|
| Net realized gains |  |  | (0.13)<br>| (0.28)<br>| (0.14)<br>| (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.87)<br>| (0.31)<br>| (0.41)<br>| (0.60)<br>| (0.42)<br>| (0.25)<br>|
| **Net asset value, end of period/year** | $8.41 | $9.13 | $8.43 | $8.72 | $10.75 | $10.54 |
| **Total return** | 1.84 %<sup>(C)</sup><br>| 12.01<br> %<br>| 1.33<br> %<br>| (13.92)%<br>| 6.10<br> %<br>| 5.02<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $6701 | $72441 | $74419 | $82354 | $114974 | $122392 |
| Expenses to average net assets <sup>(D)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62 %<sup>(E)</sup><br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60 %<sup>(E)</sup><br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 3.31 %<sup>(E)</sup><br>| 3.34<br> %<br>| 3.29<br> %<br>| 3.37<br> %<br>| 2.63<br> %<br>| 1.91<br> %<br>|
| Portfolio turnover rate | 264 %<sup>(C)</sup><br>| 24<br> %<br>| 33<br> %<br>| 29<br> %<br>| 22<br> %<br>| 29<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> *Not annualized.*

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $9.18 | $8.43 | $8.72 | $10.75 | $10.54 | $10.29 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.19 | 0.31 | 0.31 | 0.35 | 0.31 | 0.24 |
| Net realized and unrealized gain (loss) | (0.03)<br>| 0.72 | (0.17)<br>| (1.75)<br>| 0.35 | 0.29 |
| Total investment operations | 0.16 | 1.03 | 0.14 | (1.40)<br>| 0.66 | 0.53 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.98)<br>| (0.28)<br>| (0.30)<br>| (0.35)<br>| (0.31)<br>| (0.23)<br>|
| Net realized gains |  |  | (0.13)<br>| (0.28)<br>| (0.14)<br>| (0.05)<br>|
| Total dividends and/or distributions to shareholders | (0.98)<br>| (0.28)<br>| (0.43)<br>| (0.63)<br>| (0.45)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $8.36 | $9.18 | $8.43 | $8.72 | $10.75 | $10.54 |
| **Total return** | 1.96 % <sup>(B)</sup><br>| 12.26<br> %<br>| 1.59<br> %<br>| (13.69)%<br>| 6.37<br> %<br>| 5.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $8 | $12 | $381 | $450 | $565 | $552 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.38 %<sup>(D)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.35 %<sup>(D)</sup><br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>|
| Net investment income (loss) to average net assets | 4.48 %<sup>(D)</sup><br>| 3.45<br> %<br>| 3.55<br> %<br>| 3.62<br> %<br>| 2.86<br> %<br>| 2.32<br> %<br>|
| Portfolio turnover rate | 264 %<sup>(B)</sup><br>| 24<br> %<br>| 33<br> %<br>| 29<br> %<br>| 22<br> %<br>| 29<br> %<br>|

---

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

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

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION**

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Asset Allocation Short Horizon (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers two classes of shares, Class R and Class R4.

Each class has a public offering price that reflects different sales charges, if any, and expense levels.

The Fund, a "fund of funds," invests in a combination of certain other series of the Trust.

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

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

TAM is responsible for the day-to-day management of the Fund. TAM may, in the future, hire one or more sub-advisers to furnish day-to-day investment advice and recommendations with respect to the Fund.

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

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

**3. INVESTMENT VALUATION**

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

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

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

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Fund's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Fund's investments at April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Fund invests borrowing proceeds in other securities, the Fund will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. The 1940 Act requires the Fund to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the period ended April 30, 2025, the Fund has not entered into any secured borrowing arrangements.

**Interfund lending:** The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Asset Allocation Short Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 2025, or at any time during the period then ended.

**5. RISK FACTORS**

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

**Market risk:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica Asset Allocation Short Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. RISK FACTORS (continued)**

**Interest rate risk:** The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Fund's investments. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Fund. Increased redemptions could cause the Fund to sell securities at inopportune times or depressed prices and result in further losses. Recently, inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.

A**llocation conflicts risk:** The Investment Manager is subject to conflicts of interest in the selection and allocation of the Fund's assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the Fund's assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.

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

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's distributions.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

As of April 30, 2025, the investment manager and/or other affiliated investment accounts held balances of the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $6708608 | 100.00<br> % <br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica Asset Allocation Short Horizon**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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

The Fund pays a management fee to TAM at an annual rate of 0.12% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.60<br> % <br>| March 1, 2026 |
| Class R4 | 0.35 | March 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R | $9171 | $16050 | $15102 | $2574 | $42897 |
| Class R4 | 66 | 115 | 59 | 2 | 242 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| Class R4 | 0.25 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**Transamerica Asset Allocation Short Horizon**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

On April 18, 2022, TFS, the Fund's transfer agent, returned to Class I of the Fund certain sub-transfer agency fees retained by TFS during the period of October 1, 2016 to December 31, 2021, plus an interest component. These amounts are reflected as "Contributions from affiliate" within the Fund's Financial Highlights in this shareholder report.

For the period ended April 30, 2025, there were no transfer agent fees paid or due to TFS.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $67823717 | &nbsp;&nbsp; $133956088 |

---

**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.

As of April 30, 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>|
| $6670787 | &nbsp;&nbsp; $93106 | &nbsp;&nbsp; $(51960)<br>| &nbsp;&nbsp; $41146 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**Transamerica Asset Allocation Short Horizon** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**Transamerica Asset Allocation Short Horizon** 

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

**(unaudited)**

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica Asset Allocation Short Horizon** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica Asset Allocation Short Horizon** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

![](g947814img5211635f3.gif)

![](g947814img01f440cb4.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

4453813 AA SHORT HRZN 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img4a1157385.gif)

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![](g947814img0f50d27e1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **2025**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img630f4ca92.gif)

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**Table of Contents**

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

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_208705ee-f026-489d-b63b-a7242884b69a_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_208705ee-f026-489d-b63b-a7242884b69a_SOI-RunningFooter-244_1) | 2 |
| [Statement of Assets and Liabilities](#xx_208705ee-f026-489d-b63b-a7242884b69a_FS-RunningFooter-244_1) | 4 |
| [Statement of Operations](#xx_208705ee-f026-489d-b63b-a7242884b69a_FS-RunningFooter-244_2) | 5 |
| [Statement of Changes in Net Assets](#xx_208705ee-f026-489d-b63b-a7242884b69a_FS-RunningFooter-244_3) | 6 |
| [Financial Highlights](#xx_208705ee-f026-489d-b63b-a7242884b69a_FIHI-RunningFooter-244_1) | 7 |
| [Notes to Financial Statements](#xx_208705ee-f026-489d-b63b-a7242884b69a_NTF-RunningFooter-244_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_208705ee-f026-489d-b63b-a7242884b69a_DWA-RunningFooter-244_1)**<br> **[Companies](#xx_208705ee-f026-489d-b63b-a7242884b69a_DWA-RunningFooter-244_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_208705ee-f026-489d-b63b-a7242884b69a_PD-RunningFooter-244_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_208705ee-f026-489d-b63b-a7242884b69a_REMU-RunningFooter-244_1)**<br> **[Companies](#xx_208705ee-f026-489d-b63b-a7242884b69a_REMU-RunningFooter-244_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_208705ee-f026-489d-b63b-a7242884b69a_AIAC-RunningFooter-244_1)** | 19 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 53.6%**  | **INVESTMENT COMPANIES - 53.6%**  | **INVESTMENT COMPANIES - 53.6%**  |
| **International Equity Funds - 5.3%**  | **International Equity Funds - 5.3%**  | **International Equity Funds - 5.3%**  |
| Transamerica Emerging Markets Equity <sup>(A)</sup> <br>| 80272 | $690339 |
| Transamerica International Focus <sup>(A)</sup> <br>| 157502 | 1072587 |
| Transamerica International Stock <sup>(A)</sup> <br>| 138572 | 1782039 |
|  |  | 3544965 |
| **International Fixed Income Fund - 5.0%**  | **International Fixed Income Fund - 5.0%**  | **International Fixed Income Fund - 5.0%**  |
| Transamerica Emerging Markets Debt <sup>(A)</sup> <br>| 373742 | 3382365 |
| **U.S. Equity Funds - 13.9%**  | **U.S. Equity Funds - 13.9%**  | **U.S. Equity Funds - 13.9%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 100681 | 1111514 |
| Transamerica Large Cap Value <sup>(A)</sup> <br>| 206278 | 2914715 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 127628 | 1236720 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 108302 | 1159914 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 83442 | 472280 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 105654 | 464876 |
| Transamerica US Growth <sup>(A)</sup> <br>| 70917 | 1969360 |
|  |  | 9329379 |
| **U.S. Fixed Income Funds - 29.4%**  | **U.S. Fixed Income Funds - 29.4%**  | **U.S. Fixed Income Funds - 29.4%**  |
| Transamerica Bond <sup>(A)</sup> <br>| 1873012 | 15040288 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 589848 | 4718785 |
|  |  | 19759073 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $37,372,382)**<br>|  | 36015782 |
| **EXCHANGE-TRADED FUNDS - 46.0%**  | **EXCHANGE-TRADED FUNDS - 46.0%**  | **EXCHANGE-TRADED FUNDS - 46.0%**  |
| **International Equity Funds - 8.9%**  | **International Equity Funds - 8.9%**  | **International Equity Funds - 8.9%**  |
| iShares Core MSCI EAFE ETF | 54479 | 4288042 |
| iShares Core MSCI Emerging Markets ETF | 12336 | 668241 |
| iShares Global REIT ETF <sup>(C)</sup> <br>| 41509 | 1003273 |
|  |  | 5959556 |
| **U.S. Equity Fund - 13.6%**  | **U.S. Equity Fund - 13.6%**  | **U.S. Equity Fund - 13.6%**  |
| iShares Core S&P 500 ETF | 16454 | 9180674 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Fixed Income Funds - 23.5%**  | **U.S. Fixed Income Funds - 23.5%**  | **U.S. Fixed Income Funds - 23.5%**  |
| iShares 0-5 Year TIPS Bond ETF | 60851 | $6298078 |
| iShares Core U.S. Aggregate Bond ETF | 95786 | 9484729 |
|  |  | 15782807 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $30,476,171)**<br>|  | 30923037 |
| **OTHER INVESTMENT COMPANY - 1.5%**  | **OTHER INVESTMENT COMPANY - 1.5%**  | **OTHER INVESTMENT COMPANY - 1.5%**  |
| **Securities Lending Collateral - 1.5%**  | **Securities Lending Collateral - 1.5%**  | **Securities Lending Collateral - 1.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 992698 | 992698 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $992,698)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $992,698)** | 992698 |

---

&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>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $654,217 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.25%, due 06/30/2029, and <br> with a value of $667,432.<br>| $654185 | 654185 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $654,185)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $654,185)** | 654185 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $69,495,436)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $69,495,436)** | 68585702 |
| **Net Other Assets (Liabilities) - (2.1)%** | **Net Other Assets (Liabilities) - (2.1)%** | (1384802) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$67200900** |

---

**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** |  |  |  |  |
| Investment Companies | $36015782 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36015782 |
| Exchange-Traded Funds | 30923037 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30923037 |
| Other Investment Company | 992698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 992698 |
| Repurchase Agreement |  | &nbsp;&nbsp; 654185 | &nbsp;&nbsp; — | &nbsp;&nbsp; 654185 |
| **Total Investments** | **$67931517** | &nbsp;&nbsp; **$654185** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$68585702** |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:*

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $10295553 | $6366895 | $(1665627)<br>| $(321003)<br>| $364470 | $15040288 | 1873012 | $309576 | $— |
| Transamerica Capital <br> Growth<br>| 898383 | 552070 | (500333)<br>| 245483 | (84089)<br>| 1111514 | 100681 |  |  |
| Transamerica Emerging <br> Markets Debt<br>| 2383208 | 1239727 | (181806)<br>| (26008)<br>| (32756)<br>| 3382365 | 373742 | 110739 |  |
| Transamerica Emerging <br> Markets Equity<br>| 470714 | 226922 | (46989)<br>| (16547)<br>| 56239 | 690339 | 80272 | 751 |  |
| Transamerica High Yield <br> Bond<br>| 3374980 | 1757485 | (295690)<br>| (36110)<br>| (81880)<br>| 4718785 | 589848 | 152946 |  |
| Transamerica International <br> Focus<br>| 1072931 | 899185 | (784494)<br>| (351217)<br>| 236182 | 1072587 | 157502 | 16684 | 164145 |
| Transamerica International <br> Stock<br>| 1135411 | 706768 | (196677)<br>| 8211 | 128326 | 1782039 | 138572 | 32386 | 34433 |
| Transamerica Large Cap <br> Value<br>| 2137504 | 1278010 | (387121)<br>| 27266 | (140944)<br>| 2914715 | 206278 | 26272 | 25577 |
| Transamerica Mid Cap <br> Growth<br>| 703772 | 671452 | (108784)<br>| (32743)<br>| 3023 | 1236720 | 127628 |  | 27009 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 702207 | 586782 | (58885)<br>| (17770)<br>| (52420)<br>| 1159914 | 108302 | 10287 | 52112 |
| Transamerica Small Cap <br> Growth<br>| 559014 | 360712 | (359727)<br>| (187974)<br>| 100255 | 472280 | 83442 |  | 62157 |
| Transamerica Small Cap <br> Value<br>| 623439 | 422514 | (390299)<br>| (229665)<br>| 38887 | 464876 | 105654 | 10323 | 111781 |
| Transamerica US Growth | 1327856 | 1033439 | (157245)<br>| 57932 | (292622)<br>| 1969360 | 70917 | 2128 | 176537 |
| **Total** | **$25684972** | **$16101961** | **$(5133677)**<br>| **$(880145)**<br>| **$242671** | **$36015782** | **4015850** | **$672092** | **$653751** |

---

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

<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 $1,003,273, collateralized by cash collateral of $992,698 and* *non-cash collateral, such as U.S. government securities of $34,650. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $37,372,382) | $36015782 |
| Unaffiliated investments, at value (cost $31,468,869) (including securities loaned of $1,003,273)  | 31915735 |
| Repurchase agreement, at value (cost $654,185) | 654185 |
| Receivables and other assets: |  |
| Net income from securities lending | 109 |
| Dividends from affiliated investments | 85004 |
| Interest | 33 |
| Prepaid expenses | 1213 |
| Total assets | 68672061 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 992698 |
| Payables and other liabilities: |  |
| Investments purchased | 85005 |
| Shares of beneficial interest redeemed | 355396 |
| Investment management fees | 1194 |
| Distribution and service fees | 13606 |
| Transfer agent fees | 8572 |
| Trustee and CCO fees | 149 |
| Audit and tax fees  | 11227 |
| Custody fees | 897 |
| Legal fees | 101 |
| Printing and shareholder reports fees | 788 |
| Other accrued expenses | 1528 |
| Total liabilities | 1471161 |
| **Net assets**  | $67200900 |
| **Net assets consist of:** |  |
| Paid-in capital | $70286347 |
| Total distributable earnings (accumulated losses) | (3085447)<br>|
| **Net assets** | $67200900 |
| **Net assets by class:** |  |
| Class R3 | $67200900 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 7989473 |
| **Net asset value per share:** |  |
| Class R3 | $8.41 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $672092 |
| Dividend income from unaffiliated investments | 364706 |
| Interest income from unaffiliated investments | 6393 |
| Net income from securities lending | 125 |
| Total investment income  | 1043316 |
| **Expenses:** |  |
| Investment management fees | 30402 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 29364 |
| Class R3 | 61017 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 9249 |
| Class R3 | 38442 |
| Class R6 <sup>(B)</sup> <br>| 9 |
| Trustee and CCO fees | 1116 |
| Audit and tax fees | 11950 |
| Custody fees | 682 |
| Legal fees | 1648 |
| Printing and shareholder reports fees | 2987 |
| Registration fees | 27922 |
| Other | 5290 |
| Total expenses before waiver and/or reimbursement and recapture | 220078 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (7203)<br>|
| Class R3 | (18926)<br>|
| Class R6 <sup>(B)</sup> <br>| (95)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 371 |
| Net expenses | 194225 |
| **Net investment income (loss)** | 849091 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (880145)<br>|
| Unaffiliated investments  | (91467)<br>|
| Capital gain distributions received from affiliated investment companies | 653751 |
| Net realized gain (loss) | (317861)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 242671 |
| Unaffiliated investments  | 537562 |
| Net change in unrealized appreciation (depreciation) | 780233 |
| Net realized and change in unrealized gain (loss) | 462372 |
| **Net increase (decrease) in net assets resulting from operations** | $1311463 |

---

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

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $849091 | &nbsp;&nbsp;&nbsp;&nbsp; $1088285 |
| Net realized gain (loss) | (317861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89055)<br>|
| Net change in unrealized appreciation (depreciation) | 780233 | &nbsp;&nbsp;&nbsp;&nbsp; 6992973 |
| Net increase (decrease) in net assets resulting from operations | 1311463 | &nbsp;&nbsp;&nbsp;&nbsp; 7992203 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (941484)<br>|
| Class R3 | (1098216)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44158)<br>|
| Class R6 <sup>(B)</sup> <br>| (7105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14417)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1105321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1000059)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 95193 | &nbsp;&nbsp;&nbsp;&nbsp; 1109778 |
| Class R3 | 66193779 | &nbsp;&nbsp;&nbsp;&nbsp; 3309796 |
| Class R6 <sup>(B)</sup> <br>| 4697 | &nbsp;&nbsp;&nbsp;&nbsp; 40569 |
|  | 66293669 | &nbsp;&nbsp;&nbsp;&nbsp; 4460143 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 941484 |
| Class R3 | 1098216 | &nbsp;&nbsp;&nbsp;&nbsp; 44158 |
| Class R6 <sup>(B)</sup> <br>| 7105 | &nbsp;&nbsp;&nbsp;&nbsp; 14417 |
|  | 1105321 | &nbsp;&nbsp;&nbsp;&nbsp; 1000059 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (43312410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5540865)<br>|
| Class R3 | (4140019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1221197)<br>|
| Class R6 <sup>(B)</sup> <br>| (452253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158850)<br>|
|  | (47904682)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6920912)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 19494308 | &nbsp;&nbsp;&nbsp;&nbsp; (1460710)<br>|
| **Net increase (decrease) in net assets** | 19700450 | &nbsp;&nbsp;&nbsp;&nbsp; 5531434 |
| **Net assets:** |  |  |
| Beginning of period/year | 47500450 | &nbsp;&nbsp;&nbsp;&nbsp; 41969016 |
| End of period/year | $67200900 | &nbsp;&nbsp;&nbsp;&nbsp; $47500450 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 11031 | &nbsp;&nbsp;&nbsp;&nbsp; 146088 |
| Class R3 | 7862986 | &nbsp;&nbsp;&nbsp;&nbsp; 407463 |
| Class R6 <sup>(B)</sup> <br>| 543 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 |
|  | 7874560 | &nbsp;&nbsp;&nbsp;&nbsp; 558581 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 119782 |
| Class R3 | 132795 | &nbsp;&nbsp;&nbsp;&nbsp; 5669 |
| Class R6 <sup>(B)</sup> <br>| 842 | &nbsp;&nbsp;&nbsp;&nbsp; 1823 |
|  | 133637 | &nbsp;&nbsp;&nbsp;&nbsp; 127274 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (5107352)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (693807)<br>|
| Class R3 | (496095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (152642)<br>|
| Class R6 <sup>(B)</sup> <br>| (52388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19676)<br>|
|  | (5655835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (866125)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (5096321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (427937)<br>|
| Class R3 | 7499686 | &nbsp;&nbsp;&nbsp;&nbsp; 260490 |
| Class R6 <sup>(B)</sup> <br>| (51003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12823)<br>|
|  | 2352362 | &nbsp;&nbsp;&nbsp;&nbsp; (180270)<br>|

---

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

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.37 | $7.17 | $8.68 | $11.12 | $9.54 | $11.11 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.11 | 0.20 | 0.17 | 0.19 | 0.10 | 0.06 |
| Net realized and unrealized gain (loss) | 0.07 | 1.20 | 0.20 | (2.03)<br>| 1.72 | (1.29)<br>|
| Total investment operations | 0.18 | 1.40 | 0.37 | (1.84)<br>| 1.82 | (1.23)<br>|
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| (0.20)<br>| (0.24)<br>| (0.25)<br>| (0.06)<br>| (0.20)<br>|
| Net realized gains |  |  | (1.64)<br>| (0.35)<br>| (0.18)<br>| (0.14)<br>|
| Total dividends and/or distributions to shareholders | (0.14)<br>| (0.20)<br>| (1.88)<br>| (0.60)<br>| (0.24)<br>| (0.34)<br>|
| **Net asset value, end of period/year** | $8.41 | $8.37 | $7.17 | $8.68 | $11.12 | $9.54 |
| **Total return** | 2.13 %<sup>(D)</sup><br>| 19.74<br> %<br>| 4.55<br> %<br>| (17.52 )%<sup>(C)</sup><br>| 19.33<br> %<br>| (11.58)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $67201 | $4101 | $1645 | $327 | $11 | $9 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.67 %<sup>(G)</sup><br>| 0.72<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.93<br> %<br>| 0.92<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.59 %<sup>(G)</sup><br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.61<br> %<br>| 0.90<br> %<br>| 0.89<br> %<br>|
| Net investment income (loss) to average net assets | 2.64 %<sup>(G)</sup><br>| 2.50<br> %<br>| 2.27<br> %<br>| 2.12<br> %<br>| 0.93<br> %<br>| 0.60<br> %<br>|
| Portfolio turnover rate | 17 %<sup>(D)</sup><br>| 7<br> %<br>| 10<br> %<br>| 106<br> %<br>| 19<br> %<br>| 161<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, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

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

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.36% (annualized), 0.35%, 0.36%, 0.33%, 0.05% and 0.06%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® 2025 (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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 period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**3. INVESTMENT VALUATION (continued)**

*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.

*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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 2025, if any, are shown on a gross basis within the Schedule of Investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $992698 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $992698 |
| **Total Borrowings** | **$992698** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$992698** |

---

**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, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

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

**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**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. RISK FACTORS (continued)**

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**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.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| 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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $3970 | $18926 | $22896 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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.

**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**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

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

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $2280 | &nbsp;&nbsp; $408 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $28975739 | &nbsp;&nbsp; $10327535 |

---

**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.

As of April 30, 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>|
| $69495436 | &nbsp;&nbsp; $1867259 | &nbsp;&nbsp; $(2776993)<br>| &nbsp;&nbsp; $(909734)<br>|

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica ClearTrack**<sup>®</sup> **2025**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Conservative Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Conservative Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Conservative Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7815323 | Class R3 | &nbsp;&nbsp; 15626301 | Class R3 | &nbsp;&nbsp; 18204468 | &nbsp;&nbsp; $198667178 | 0.78 |

---

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

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,136,714 from ClearTrack*<sup>®</sup> *2025 and 12,067,754 from* *ClearTrack*<sup>®</sup> *Retirement Income). The 0.78 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2025's specific ratio is 0.79 and ClearTrack*<sup>®</sup> *Retirement* *Income's ratio is 0.77.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Conservative Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $449767 | &nbsp;&nbsp; $2438714 | &nbsp;&nbsp; $66970577 | &nbsp;&nbsp; $131696601 | &nbsp;&nbsp; $487224781 | &nbsp;&nbsp; $685891959 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica ClearTrack**<sup>®</sup> **2025** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **2025** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **2025** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica ClearTrack**<sup>®</sup> **2025** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

![](g947814imgaed9f6db3.gif)

![](g947814imgc42811754.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

4453782 CT 2025 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgf375f6815.gif)

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![](g947814img806370921.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **2030**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgf356102e2.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_c46dfed2-6b83-48d7-82a0-de27d7ab3831_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_SOI-RunningFooter-245_1) | 2 |
| [Statement of Assets and Liabilities](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_FS-RunningFooter-245_1) | 4 |
| [Statement of Operations](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_FS-RunningFooter-245_2) | 5 |
| [Statement of Changes in Net Assets](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_FS-RunningFooter-245_3) | 6 |
| [Financial Highlights](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_FIHI-RunningFooter-245_1) | 7 |
| [Notes to Financial Statements](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_NTF-RunningFooter-245_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_DWA-RunningFooter-245_1)**<br> **[Companies](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_DWA-RunningFooter-245_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_PD-RunningFooter-245_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_REMU-RunningFooter-245_1)**<br> **[Companies](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_REMU-RunningFooter-245_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_c46dfed2-6b83-48d7-82a0-de27d7ab3831_AIAC-RunningFooter-245_1)** | 20 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 52.6%**  | **INVESTMENT COMPANIES - 52.6%**  | **INVESTMENT COMPANIES - 52.6%**  |
| **International Equity Funds - 7.0%**  | **International Equity Funds - 7.0%**  | **International Equity Funds - 7.0%**  |
| Transamerica Emerging Markets Equity <sup>(A)</sup> <br>| 118925 | $1022755 |
| Transamerica International Focus <sup>(A)</sup> <br>| 236053 | 1607525 |
| Transamerica International Stock <sup>(A)</sup> <br>| 223916 | 2879558 |
|  |  | 5509838 |
| **International Fixed Income Fund - 3.9%**  | **International Fixed Income Fund - 3.9%**  | **International Fixed Income Fund - 3.9%**  |
| Transamerica Emerging Markets Debt <sup>(A)</sup> <br>| 336946 | 3049363 |
| **U.S. Equity Funds - 17.0%**  | **U.S. Equity Funds - 17.0%**  | **U.S. Equity Funds - 17.0%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 160211 | 1768729 |
| Transamerica Large Cap Value <sup>(A)</sup> <br>| 293441 | 4146324 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 174845 | 1694242 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 146980 | 1574155 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 137027 | 775574 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 173665 | 764126 |
| Transamerica US Growth <sup>(A)</sup> <br>| 97657 | 2711940 |
|  |  | 13435090 |
| **U.S. Fixed Income Funds - 24.7%**  | **U.S. Fixed Income Funds - 24.7%**  | **U.S. Fixed Income Funds - 24.7%**  |
| Transamerica Bond <sup>(A)</sup> <br>| 1813127 | 14559406 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 622946 | 4983569 |
|  |  | 19542975 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $42,355,684)**<br>|  | 41537266 |
| **EXCHANGE-TRADED FUNDS - 46.8%**  | **EXCHANGE-TRADED FUNDS - 46.8%**  | **EXCHANGE-TRADED FUNDS - 46.8%**  |
| **International Equity Funds - 12.8%**  | **International Equity Funds - 12.8%**  | **International Equity Funds - 12.8%**  |
| iShares Core MSCI EAFE ETF | 90086 | 7090669 |
| iShares Core MSCI Emerging Markets ETF | 25633 | 1388539 |
| iShares Global REIT ETF <sup>(C)</sup> <br>| 65716 | 1588356 |
|  |  | 10067564 |
| **U.S. Equity Fund - 16.1%**  | **U.S. Equity Fund - 16.1%**  | **U.S. Equity Fund - 16.1%**  |
| iShares Core S&P 500 ETF | 22813 | 12728741 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Fixed Income Funds - 17.9%**  | **U.S. Fixed Income Funds - 17.9%**  | **U.S. Fixed Income Funds - 17.9%**  |
| iShares 0-5 Year TIPS Bond ETF | 47279 | $4893377 |
| iShares Core U.S. Aggregate Bond ETF | 93050 | 9213811 |
|  |  | 14107188 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $35,448,302)**<br>|  | 36903493 |
| **OTHER INVESTMENT COMPANY - 2.0%**  | **OTHER INVESTMENT COMPANY - 2.0%**  | **OTHER INVESTMENT COMPANY - 2.0%**  |
| **Securities Lending Collateral - 2.0%**  | **Securities Lending Collateral - 2.0%**  | **Securities Lending Collateral - 2.0%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 1626471 | 1626471 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,626,471)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,626,471)** | 1626471 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $526,718 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 10/31/2029, and <br> with a value of $537,378.<br>| $526692 | 526692 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $526,692)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $526,692)** | 526692 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $79,957,149)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $79,957,149)** | 80593922 |
| **Net Other Assets (Liabilities) - (2.1)%** | **Net Other Assets (Liabilities) - (2.1)%** | (1642459) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$78951463** |

---

**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** |  |  |  |  |
| Investment Companies | $41537266 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41537266 |
| Exchange-Traded Funds | 36903493 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36903493 |
| Other Investment Company | 1626471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1626471 |
| Repurchase Agreement |  | &nbsp;&nbsp; 526692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 526692 |
| **Total Investments** | **$80067230** | &nbsp;&nbsp; **$526692** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$80593922** |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:*

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $9828696 | $6445633 | $(1761788)<br>| $(327896)<br>| $374761 | $14559406 | 1813127 | $296161 | $— |
| Transamerica Capital <br> Growth<br>| 1298777 | 726742 | (452711)<br>| 208296 | (12375)<br>| 1768729 | 160211 |  |  |
| Transamerica Emerging <br> Markets Debt<br>| 2274272 | 1137562 | (304283)<br>| (46907)<br>| (11281)<br>| 3049363 | 336946 | 104055 |  |
| Transamerica Emerging <br> Markets Equity<br>| 826375 | 428558 | (302656)<br>| (105296)<br>| 175774 | 1022755 | 118925 | 1318 |  |
| Transamerica High Yield <br> Bond<br>| 3475073 | 2012386 | (373558)<br>| (50323)<br>| (80009)<br>| 4983569 | 622946 | 158884 |  |
| Transamerica International <br> Focus<br>| 1604740 | 1121174 | (917799)<br>| (432865)<br>| 232275 | 1607525 | 236053 | 25744 | 253281 |
| Transamerica International <br> Stock<br>| 1671261 | 1248152 | (246421)<br>| 13753 | 192813 | 2879558 | 223916 | 47671 | 50683 |
| Transamerica Large Cap <br> Value<br>| 3186741 | 1591996 | (448787)<br>| 29714 | (213340)<br>| 4146324 | 293441 | 38823 | 37928 |
| Transamerica Mid Cap <br> Growth<br>| 1017670 | 822089 | (104128)<br>| (35003)<br>| (6386)<br>| 1694242 | 174845 |  | 39741 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 1010070 | 712210 | (46152)<br>| (14769)<br>| (87204)<br>| 1574155 | 146980 | 14835 | 75147 |
| Transamerica Small Cap <br> Growth<br>| 682032 | 387836 | (168987)<br>| (94310)<br>| (30997)<br>| 775574 | 137027 |  | 79581 |
| Transamerica Small Cap <br> Value<br>| 745270 | 474112 | (198483)<br>| (153336)<br>| (103437)<br>| 764126 | 173665 | 13050 | 141312 |
| Transamerica US Growth | 2017143 | 1292199 | (230141)<br>| 74796 | (442057)<br>| 2711940 | 97657 | 3371 | 279628 |
| **Total** | **$29638120** | **$18400649** | **$(5555894)**<br>| **$(934146)**<br>| **$(11463)**<br>| **$41537266** | **4535739** | **$703912** | **$957301** |

---

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

<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 $1,588,356, collateralized by cash collateral of $1,626,471. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $42,355,684) | $41537266 |
| Unaffiliated investments, at value (cost $37,074,773) (including securities loaned of $1,588,356)  | 38529964 |
| Repurchase agreement, at value (cost $526,692) | 526692 |
| Receivables and other assets: |  |
| Net income from securities lending | 95 |
| Shares of beneficial interest sold  | 28504 |
| Dividends from affiliated investments | 83699 |
| Interest | 26 |
| Prepaid expenses | 1257 |
| Total assets | 80707503 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1626471 |
| Payables and other liabilities: |  |
| Investments purchased | 83699 |
| Investment management fees | 4529 |
| Distribution and service fees | 15686 |
| Transfer agent fees | 9882 |
| Trustee and CCO fees | 192 |
| Audit and tax fees  | 11284 |
| Custody fees | 1077 |
| Legal fees | 203 |
| Printing and shareholder reports fees | 572 |
| Other accrued expenses | 2445 |
| Total liabilities | 1756040 |
| **Net assets**  | $78951463 |
| **Net assets consist of:** |  |
| Paid-in capital | $81079278 |
| Total distributable earnings (accumulated losses) | (2127815)<br>|
| **Net assets** | $78951463 |
| **Net assets by class:** |  |
| Class R3 | $78951463 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 10316044 |
| **Net asset value per share:** |  |
| Class R3 | $7.65 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

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

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $703912 |
| Dividend income from unaffiliated investments | 413492 |
| Interest income from unaffiliated investments | 7567 |
| Net income from securities lending | 160 |
| Total investment income  | 1125131 |
| **Expenses:** |  |
| Investment management fees | 35673 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 34756 |
| Class R3 | 71142 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 10948 |
| Class R3 | 44819 |
| Class R6 <sup>(B)</sup> <br>| 20 |
| Trustee and CCO fees | 1341 |
| Audit and tax fees | 11999 |
| Custody fees | 743 |
| Legal fees | 1965 |
| Printing and shareholder reports fees | 3518 |
| Registration fees | 27922 |
| Other | 7925 |
| Total expenses before waiver and/or reimbursement and recapture | 252771 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (6530)<br>|
| Class R3 | (20033)<br>|
| Class R6 <sup>(B)</sup> <br>| (187)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 3182 |
| Net expenses | 229203 |
| **Net investment income (loss)** | 895928 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (934146)<br>|
| Unaffiliated investments  | 208714 |
| Capital gain distributions received from affiliated investment companies | 957301 |
| Net realized gain (loss) | 231869 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (11463)<br>|
| Unaffiliated investments  | 310945 |
| Net change in unrealized appreciation (depreciation) | 299482 |
| Net realized and change in unrealized gain (loss) | 531351 |
| **Net increase (decrease) in net assets resulting from operations** | $1427279 |

---

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

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

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

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $895928 | &nbsp;&nbsp;&nbsp;&nbsp; $1190286 |
| Net realized gain (loss) | 231869 | &nbsp;&nbsp;&nbsp;&nbsp; (109995)<br>|
| Net change in unrealized appreciation (depreciation) | 299482 | &nbsp;&nbsp;&nbsp;&nbsp; 9276097 |
| Net increase (decrease) in net assets resulting from operations | 1427279 | &nbsp;&nbsp;&nbsp;&nbsp; 10356388 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (931173)<br>|
| Class R3 | (1208223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45339)<br>|
| Class R6 <sup>(B)</sup> <br>| (14954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78526)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1223177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1055038)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 123331 | &nbsp;&nbsp;&nbsp;&nbsp; 2939927 |
| Class R3 | 78800707 | &nbsp;&nbsp;&nbsp;&nbsp; 4286667 |
| Class R6 <sup>(B)</sup> <br>| 21779 | &nbsp;&nbsp;&nbsp;&nbsp; 194688 |
|  | 78945817 | &nbsp;&nbsp;&nbsp;&nbsp; 7421282 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 931173 |
| Class R3 | 1208223 | &nbsp;&nbsp;&nbsp;&nbsp; 45339 |
| Class R6 <sup>(B)</sup> <br>| 14954 | &nbsp;&nbsp;&nbsp;&nbsp; 78526 |
|  | 1223177 | &nbsp;&nbsp;&nbsp;&nbsp; 1055038 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (50957992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5310121)<br>|
| Class R3 | (6054731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2306348)<br>|
| Class R6 <sup>(B)</sup> <br>| (1015724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2569712)<br>|
|  | (58028447)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10186181)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 22140547 | &nbsp;&nbsp;&nbsp;&nbsp; (1709861)<br>|
| **Net increase (decrease) in net assets** | 22344649 | &nbsp;&nbsp;&nbsp;&nbsp; 7591489 |
| **Net assets:** |  |  |
| Beginning of period/year | 56606814 | &nbsp;&nbsp;&nbsp;&nbsp; 49015325 |
| End of period/year | $78951463 | &nbsp;&nbsp;&nbsp;&nbsp; $56606814 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 15754 | &nbsp;&nbsp;&nbsp;&nbsp; 403406 |
| Class R3 | 10270927 | &nbsp;&nbsp;&nbsp;&nbsp; 597180 |
| Class R6 <sup>(B)</sup> <br>| 2757 | &nbsp;&nbsp;&nbsp;&nbsp; 26268 |
|  | 10289438 | &nbsp;&nbsp;&nbsp;&nbsp; 1026854 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 131151 |
| Class R3 | 160030 | &nbsp;&nbsp;&nbsp;&nbsp; 6459 |
| Class R6 <sup>(B)</sup> <br>| 1930 | &nbsp;&nbsp;&nbsp;&nbsp; 10937 |
|  | 161960 | &nbsp;&nbsp;&nbsp;&nbsp; 148547 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (6576882)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (726673)<br>|
| Class R3 | (792122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (323999)<br>|
| Class R6 <sup>(B)</sup> <br>| (127910)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (339007)<br>|
|  | (7496914)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1389679)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (6561128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (192116)<br>|
| Class R3 | 9638835 | &nbsp;&nbsp;&nbsp;&nbsp; 279640 |
| Class R6 <sup>(B)</sup> <br>| (123223)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (301802)<br>|
|  | 2954484 | &nbsp;&nbsp;&nbsp;&nbsp; (214278)<br>|

---

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

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $7.62 | $6.41 | $10.73 | $13.83 | $11.64 | $11.36 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.15 | 0.14 | 0.27 | 0.12 | 0.15 |
| Net realized and unrealized gain (loss) | 0.06 | 1.22 | 0.32 | (2.64)<br>| 2.45 | 0.50 |
| Total investment operations | 0.15 | 1.37 | 0.46 | (2.37)<br>| 2.57 | 0.65 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.12)<br>| (0.16)<br>| (0.27)<br>| (0.34)<br>| (0.14)<br>| (0.20)<br>|
| Net realized gains |  |  | (4.51)<br>| (0.39)<br>| (0.24)<br>| (0.17)<br>|
| Total dividends and/or distributions to shareholders | (0.12)<br>| (0.16)<br>| (4.78)<br>| (0.73)<br>| (0.38)<br>| (0.37)<br>|
| **Net asset value, end of period/year** | $7.65 | $7.62 | $6.41 | $10.73 | $13.83 | $11.64 |
| **Total return** | 1.96 %<sup>(D)</sup><br>| 21.53<br> %<br>| 5.19<br> %<br>| (18.17 )%<sup>(C)</sup><br>| 22.42<br> %<br>| 5.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $78951 | $5160 | $2548 | $563 | $14 | $11 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.65 %<sup>(G)</sup><br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.71<br> %<br>| 0.92<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.59 %<sup>(G)</sup><br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 2.30 %<sup>(G)</sup><br>| 2.10<br> %<br>| 2.04<br> %<br>| 2.53<br> %<br>| 0.89<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | 16 %<sup>(D)</sup><br>| 10<br> %<br>| 13<br> %<br>| 109<br> %<br>| 9<br> %<br>| 15<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, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

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

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.36% (annualized), 0.35%, 0.36%, 0.34%, 0.04% and 0.05%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

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

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

------

**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® 2030 (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**1. ORGANIZATION (continued)**

paid for through the management fees payable thereunder. For the period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

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

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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:

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

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

*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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 2025, or at any time during the period then ended.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**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 April 30, 2025.

Repurchase agreements at April 30, 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 April 30, 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 April 30, 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 | $1626471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1626471 |
| **Total Borrowings** | **$1626471** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1626471** |

---

**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, counter measures in response

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. RISK FACTORS (continued)**

to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

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

**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.

**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.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**5. 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.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| March 1, 2026 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $2571 | $20033 | $22604 |

---

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

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

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

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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.

**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 period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $2675 | &nbsp;&nbsp; $471 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $32723906 | &nbsp;&nbsp; $11741052 |

---

**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.

As of April 30, 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>|
| $79957149 | &nbsp;&nbsp; $2827238 | &nbsp;&nbsp; $(2190465)<br>| &nbsp;&nbsp; $636773 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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.

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Moderate Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Moderate Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica ClearTrack**<sup>®</sup> **2030**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

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

**10. SUBSEQUENT EVENT (continued)**

Shares issued to Transamerica ClearTrack<sup>®</sup> 2030 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Portfolio, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Class**<br>| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica Asset** <br> **Allocation -** <br> **Moderate Portfolio** <br>**Class**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Portfolio** <br>**Shares**<br>| &nbsp;&nbsp; **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10165623 | Class R3 | &nbsp;&nbsp; 6642359 | $79914218 | 0.65 |

---

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

<sup>(A)</sup> *Calculated by dividing the Transamerica Asset Allocation - Moderate Portfolio shares issuable by the Transamerica ClearTrack*<sup>®</sup> *2030 shares* *outstanding on June 20, 2025.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2030, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Moderate Portfolio. These amounts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Unrealized Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br>**ClearTrack**<sup>®</sup>**2030** <br>**Net Assets**<br>| **Transamerica Asset Allocation** <br> **- Moderate Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $2757976 | &nbsp;&nbsp; $79914218 | &nbsp;&nbsp; $1005357346 | &nbsp;&nbsp; $1085271564 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **2030** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **2030** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica ClearTrack**<sup>®</sup> **2030** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica ClearTrack**<sup>®</sup> **2030** 

------

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

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

![](g947814img422a8f2b3.gif)

![](g947814imgb9e33b974.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

4453782 CT 2030 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img50e3cbbf5.gif)

------

![](g947814img862456d11.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

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

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **2035**

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

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img703bf2bd2.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_21780be5-a65d-4ccc-bf20-ec30553d9137_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_SOI-RunningFooter-246_1) | 2 |
| [Statement of Assets and Liabilities](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_FS-RunningFooter-246_1) | 4 |
| [Statement of Operations](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_FS-RunningFooter-246_2) | 5 |
| [Statement of Changes in Net Assets](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_FS-RunningFooter-246_3) | 6 |
| [Financial Highlights](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_FIHI-RunningFooter-246_1) | 7 |
| [Notes to Financial Statements](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_NTF-RunningFooter-246_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_DWA-RunningFooter-246_1)**<br> **[Companies](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_DWA-RunningFooter-246_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_PD-RunningFooter-246_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_REMU-RunningFooter-246_1)**<br> **[Companies](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_REMU-RunningFooter-246_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_21780be5-a65d-4ccc-bf20-ec30553d9137_AIAC-RunningFooter-246_1)** | 19 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 49.4%**  | **INVESTMENT COMPANIES - 49.4%**  | **INVESTMENT COMPANIES - 49.4%**  |
| **International Equity Funds - 8.6%**  | **International Equity Funds - 8.6%**  | **International Equity Funds - 8.6%**  |
| Transamerica Emerging Markets Equity <sup>(A)</sup> <br>| 143832 | $1236961 |
| Transamerica International Focus <sup>(A)</sup> <br>| 298265 | 2031186 |
| Transamerica International Stock <sup>(A)</sup> <br>| 284241 | 3655336 |
|  |  | 6923483 |
| **International Fixed Income Fund - 3.4%**  | **International Fixed Income Fund - 3.4%**  | **International Fixed Income Fund - 3.4%**  |
| Transamerica Emerging Markets Debt <sup>(A)</sup> <br>| 303739 | 2748834 |
| **U.S. Equity Funds - 19.8%**  | **U.S. Equity Funds - 19.8%**  | **U.S. Equity Funds - 19.8%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 178069 | 1965877 |
| Transamerica Large Cap Value <sup>(A)</sup> <br>| 355197 | 5018934 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 196549 | 1904557 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 168063 | 1799960 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 172668 | 977302 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 218757 | 962531 |
| Transamerica US Growth <sup>(A)</sup> <br>| 120871 | 3356598 |
|  |  | 15985759 |
| **U.S. Fixed Income Funds - 17.6%**  | **U.S. Fixed Income Funds - 17.6%**  | **U.S. Fixed Income Funds - 17.6%**  |
| Transamerica Bond <sup>(A)</sup> <br>| 1279082 | 10271031 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 491850 | 3934796 |
|  |  | 14205827 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $40,945,563)**<br>|  | 39863903 |
| **EXCHANGE-TRADED FUNDS - 49.1%**  | **EXCHANGE-TRADED FUNDS - 49.1%**  | **EXCHANGE-TRADED FUNDS - 49.1%**  |
| **International Equity Funds - 16.1%**  | **International Equity Funds - 16.1%**  | **International Equity Funds - 16.1%**  |
| iShares Core MSCI EAFE ETF | 109381 | 8609378 |
| iShares Core MSCI Emerging Markets ETF | 37200 | 2015124 |
| iShares Global REIT ETF <sup>(C)</sup> <br>| 98874 | 2389785 |
|  |  | 13014287 |
| **U.S. Equity Fund - 19.7%**  | **U.S. Equity Fund - 19.7%**  | **U.S. Equity Fund - 19.7%**  |
| iShares Core S&P 500 ETF | 28522 | 15914135 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Fixed Income Funds - 13.3%**  | **U.S. Fixed Income Funds - 13.3%**  | **U.S. Fixed Income Funds - 13.3%**  |
| iShares 0-5 Year TIPS Bond ETF | 41273 | $4271859 |
| iShares Core U.S. Aggregate Bond ETF | 65604 | 6496108 |
|  |  | 10767967 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $38,165,222)**<br>|  | 39696389 |
| **OTHER INVESTMENT COMPANY - 1.3%**  | **OTHER INVESTMENT COMPANY - 1.3%**  | **OTHER INVESTMENT COMPANY - 1.3%**  |
| **Securities Lending Collateral - 1.3%**  | **Securities Lending Collateral - 1.3%**  | **Securities Lending Collateral - 1.3%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 1070908 | 1070908 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,070,908)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,070,908)** | 1070908 |

---

&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>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $1,172,157 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 10/31/2029, and <br> with a value of $1,195,701.<br>| $1172099 | 1172099 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,172,099)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,172,099)** | 1172099 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $81,353,792)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $81,353,792)** | 81803299 |
| **Net Other Assets (Liabilities) - (1.3)%** | **Net Other Assets (Liabilities) - (1.3)%** | (1056796) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$80746503** |

---

**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** |  |  |  |  |
| Investment Companies | $39863903 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39863903 |
| Exchange-Traded Funds | 39696389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39696389 |
| Other Investment Company | 1070908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1070908 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1172099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1172099 |
| **Total Investments** | **$80631200** | &nbsp;&nbsp; **$1172099** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$81803299** |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:*

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $6597272 | $5092411 | $(1444672)<br>| $(270033)<br>| $296053 | $10271031 | 1279082 | $206050 | $— |
| Transamerica Capital <br> Growth<br>| 1739784 | 797670 | (852440)<br>| 413601 | (132738)<br>| 1965877 | 178069 |  |  |
| Transamerica Emerging <br> Markets Debt<br>| 2028289 | 1003936 | (226613)<br>| (37223)<br>| (19555)<br>| 2748834 | 303739 | 95935 |  |
| Transamerica Emerging <br> Markets Equity<br>| 1040301 | 436879 | (321822)<br>| (109785)<br>| 191388 | 1236961 | 143832 | 1700 |  |
| Transamerica High Yield <br> Bond<br>| 2947698 | 1373441 | (281324)<br>| (39651)<br>| (65368)<br>| 3934796 | 491850 | 131674 |  |
| Transamerica International <br> Focus<br>| 2070679 | 1424185 | (1183945)<br>| (558486)<br>| 278753 | 2031186 | 298265 | 34560 | 340014 |
| Transamerica International <br> Stock<br>| 2153511 | 1729820 | (473227)<br>| 22595 | 222637 | 3655336 | 284241 | 63516 | 67529 |
| Transamerica Large Cap <br> Value<br>| 3944931 | 1756601 | (460987)<br>| 38523 | (260134)<br>| 5018934 | 355197 | 48534 | 48126 |
| Transamerica Mid Cap <br> Growth<br>| 1410653 | 776698 | (242396)<br>| (74385)<br>| 33987 | 1904557 | 196549 |  | 50998 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 1326766 | 657159 | (57130)<br>| (15485)<br>| (111350)<br>| 1799960 | 168063 | 19910 | 100856 |
| Transamerica Small Cap <br> Growth<br>| 986249 | 542595 | (388983)<br>| (196686)<br>| 34127 | 977302 | 172668 |  | 112226 |
| Transamerica Small Cap <br> Value<br>| 1036383 | 685407 | (406468)<br>| (404512)<br>| 51721 | 962531 | 218757 | 18602 | 201434 |
| Transamerica US Growth | 2363289 | 1708948 | (265002)<br>| 93440 | (544077)<br>| 3356598 | 120871 | 3923 | 325448 |
| **Total** | **$29645805** | **$17985750** | **$(6605009)**<br>| **$(1138087)**<br>| **$(24556)**<br>| **$39863903** | **4211183** | **$624404** | **$1246631** |

---

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

<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 $1,123,156, collateralized by cash collateral of $1,070,908 and* *non-cash collateral, such as U.S. government securities of $79,200. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $40,945,563) | $39863903 |
| Unaffiliated investments, at value (cost $39,236,130) (including securities loaned of $1,123,156)  | 40767297 |
| Repurchase agreement, at value (cost $1,172,099) | 1172099 |
| Receivables and other assets: |  |
| Net income from securities lending | 73 |
| Shares of beneficial interest sold  | 59597 |
| Dividends from affiliated investments | 62650 |
| Interest | 59 |
| Prepaid expenses | 1247 |
| Total assets | 81926925 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1070908 |
| Payables and other liabilities: |  |
| Investments purchased | 62649 |
| Investment management fees | 4119 |
| Distribution and service fees | 16108 |
| Transfer agent fees | 10147 |
| Trustee and CCO fees | 199 |
| Audit and tax fees  | 11305 |
| Custody fees | 640 |
| Legal fees | 315 |
| Printing and shareholder reports fees | 688 |
| Other accrued expenses | 3344 |
| Total liabilities | 1180422 |
| **Net assets**  | $80746503 |
| **Net assets consist of:** |  |
| Paid-in capital | $82520119 |
| Total distributable earnings (accumulated losses) | (1773616)<br>|
| **Net assets** | $80746503 |
| **Net assets by class:** |  |
| Class R3 | $80746503 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 10888501 |
| **Net asset value per share:** |  |
| Class R3 | $7.42 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $624404 |
| Dividend income from unaffiliated investments | 423110 |
| Interest income from unaffiliated investments | 8056 |
| Net income from securities lending | 192 |
| Total investment income  | 1055762 |
| **Expenses:** |  |
| Investment management fees | 36627 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 36950 |
| Class R3 | 72043 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 11639 |
| Class R3 | 45388 |
| Class R6 <sup>(B)</sup> <br>| 31 |
| Trustee and CCO fees | 1383 |
| Audit and tax fees | 12012 |
| Custody fees | 680 |
| Legal fees | 2077 |
| Printing and shareholder reports fees | 3699 |
| Registration fees | 27922 |
| Other | 6586 |
| Total expenses before waiver and/or reimbursement and recapture | 257037 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (7067)<br>|
| Class R3 | (22694)<br>|
| Class R6 <sup>(B)</sup> <br>| (330)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 3347 |
| Net expenses | 230293 |
| **Net investment income (loss)** | 825469 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (1138087)<br>|
| Unaffiliated investments  | 383920 |
| Capital gain distributions received from affiliated investment companies | 1246631 |
| Net realized gain (loss) | 492464 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (24556)<br>|
| Unaffiliated investments  | 47704 |
| Net change in unrealized appreciation (depreciation) | 23148 |
| Net realized and change in unrealized gain (loss) | 515612 |
| **Net increase (decrease) in net assets resulting from operations** | $1341081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $825469 | &nbsp;&nbsp;&nbsp;&nbsp; $1081916 |
| Net realized gain (loss) | 492464 | &nbsp;&nbsp;&nbsp;&nbsp; 270867 |
| Net change in unrealized appreciation (depreciation) | 23148 | &nbsp;&nbsp;&nbsp;&nbsp; 10851755 |
| Net increase (decrease) in net assets resulting from operations | 1341081 | &nbsp;&nbsp;&nbsp;&nbsp; 12204538 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (942523)<br>|
| Class R3 | (1055220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31422)<br>|
| Class R6 <sup>(B)</sup> <br>| (20744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26193)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1075964)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1000138)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 122304 | &nbsp;&nbsp;&nbsp;&nbsp; 500297 |
| Class R3 | 80458709 | &nbsp;&nbsp;&nbsp;&nbsp; 2905095 |
| Class R6 <sup>(B)</sup> <br>| 25874 | &nbsp;&nbsp;&nbsp;&nbsp; 347595 |
|  | 80606887 | &nbsp;&nbsp;&nbsp;&nbsp; 3752987 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 942523 |
| Class R3 | 1055220 | &nbsp;&nbsp;&nbsp;&nbsp; 31422 |
| Class R6 <sup>(B)</sup> <br>| 20744 | &nbsp;&nbsp;&nbsp;&nbsp; 26193 |
|  | 1075964 | &nbsp;&nbsp;&nbsp;&nbsp; 1000138 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (54380744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8154438)<br>|
| Class R3 | (4021464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (860617)<br>|
| Class R6 <sup>(B)</sup> <br>| (1609481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104640)<br>|
|  | (60011689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9119695)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 21671162 | &nbsp;&nbsp;&nbsp;&nbsp; (4366570)<br>|
| **Net increase (decrease) in net assets** | 21936279 | &nbsp;&nbsp;&nbsp;&nbsp; 6837830 |
| **Net assets:** |  |  |
| Beginning of period/year | 58810224 | &nbsp;&nbsp;&nbsp;&nbsp; 51972394 |
| End of period/year | $80746503 | &nbsp;&nbsp;&nbsp;&nbsp; $58810224 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 15903 | &nbsp;&nbsp;&nbsp;&nbsp; 69429 |
| Class R3 | 10799715 | &nbsp;&nbsp;&nbsp;&nbsp; 412082 |
| Class R6 <sup>(B)</sup> <br>| 3358 | &nbsp;&nbsp;&nbsp;&nbsp; 47515 |
|  | 10818976 | &nbsp;&nbsp;&nbsp;&nbsp; 529026 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 138606 |
| Class R3 | 143959 | &nbsp;&nbsp;&nbsp;&nbsp; 4683 |
| Class R6 <sup>(B)</sup> <br>| 2737 | &nbsp;&nbsp;&nbsp;&nbsp; 3796 |
|  | 146696 | &nbsp;&nbsp;&nbsp;&nbsp; 147085 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (7205629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1135560)<br>|
| Class R3 | (547593)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (123507)<br>|
| Class R6 <sup>(B)</sup> <br>| (206750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14071)<br>|
|  | (7959972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1273138)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (7189726)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (927525)<br>|
| Class R3 | 10396081 | &nbsp;&nbsp;&nbsp;&nbsp; 293258 |
| Class R6 <sup>(B)</sup> <br>| (200655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37240 |
|  | 3005700 | &nbsp;&nbsp;&nbsp;&nbsp; (597027)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $7.37 | $6.06 | $11.16 | $14.63 | $11.86 | $11.50 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.07 | 0.13 | 0.11 | 0.18 | 0.11 | 0.15 |
| Net realized and unrealized gain (loss) | 0.08 | 1.32 | 0.40 | (2.81)<br>| 3.01 | 0.49 |
| Total investment operations | 0.15 | 1.45 | 0.51 | (2.63)<br>| 3.12 | 0.64 |
| **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>| (0.14)<br>| (0.25)<br>| (0.39)<br>| (0.14)<br>| (0.19)<br>|
| Net realized gains |  |  | (5.36)<br>| (0.45)<br>| (0.21)<br>| (0.09)<br>|
| Total dividends and/or distributions to shareholders | (0.10)<br>| (0.14)<br>| (5.61)<br>| (0.84)<br>| (0.35)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $7.42 | $7.37 | $6.06 | $11.16 | $14.63 | $11.86 |
| **Total return** | 2.06 %<sup>(D)</sup><br>| 24.20<br> %<br>| 5.99<br> %<br>| (19.15 )%<sup>(C)</sup><br>| 26.69<br> %<br>| 5.57<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $80747 | $3630 | $1207 | $295 | $14 | $11 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.65 %<sup>(G)</sup><br>| 0.68<br> %<br>| 0.71<br> %<br>| 0.71<br> %<br>| 0.92<br> %<br>| 0.94<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.58 %<sup>(G)</sup><br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 2.00 %<sup>(G)</sup><br>| 1.90<br> %<br>| 1.71<br> %<br>| 1.60<br> %<br>| 0.82<br> %<br>| 1.33<br> %<br>|
| Portfolio turnover rate | 16 %<sup>(D)</sup><br>| 5<br> %<br>| 11<br> %<br>| 108<br> %<br>| 7<br> %<br>| 13<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, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37% (annualized), 0.36%, 0.37%, 0.34%, 0.04% and 0.05%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

<sup>(G)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® 2035 (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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 period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 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 April 30, 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 | $1070908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1070908 |
| **Total Borrowings** | **$1070908** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1070908** |

---

**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, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

**Underlying funds risk**: Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**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.

**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.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying ETFs and Funds have varied expense and fee levels and the Fund may own different proportions of Underlying ETFs and Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying ETFs and Funds in which the Fund invests. The Fund has material ownership interests in the Underlying ETFs and Funds.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| 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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $— | $22439 | $22439 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $2747 | &nbsp;&nbsp; $483 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $32300340 | &nbsp;&nbsp; $12032367 |

---

**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.

As of April 30, 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>|
| $81353792 | &nbsp;&nbsp; $3229696 | &nbsp;&nbsp; $(2780189)<br>| &nbsp;&nbsp; $449507 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica ClearTrack**<sup>®</sup> **2035**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Moderate Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Moderate Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10720762 | Class R3 | &nbsp;&nbsp; 10286128 | Class R3 | &nbsp;&nbsp; 11990070 | &nbsp;&nbsp; $161177710 | 0.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,123,829 from ClearTrack*<sup>®</sup> *2035 and 5,866,241 from* *ClearTrack*<sup>®</sup> *2040). The 0.57 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2035's specific ratio is 0.57 and ClearTrack*<sup>®</sup> *2040's ratio is 0.57.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Moderate Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $3198090 | &nbsp;&nbsp; $4887758 | &nbsp;&nbsp; $82320184 | &nbsp;&nbsp; $78857526 | &nbsp;&nbsp; $1430184217 | &nbsp;&nbsp; $1591361927 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica ClearTrack**<sup>®</sup> **2035** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **2035** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **2035** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica ClearTrack**<sup>®</sup> **2035** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

![](g947814img1dd698703.gif)

![](g947814imgbcd5a4874.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

4453782 CT 2035 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img80ec955f5.gif)

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![](g947814img02d801ab1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **2040**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img880b70fe2.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_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_SOI-RunningFooter-247_1) | 2 |
| [Statement of Assets and Liabilities](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_FS-RunningFooter-247_1) | 4 |
| [Statement of Operations](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_FS-RunningFooter-247_2) | 5 |
| [Statement of Changes in Net Assets](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_FS-RunningFooter-247_3) | 6 |
| [Financial Highlights](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_FIHI-RunningFooter-247_1) | 7 |
| [Notes to Financial Statements](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_NTF-RunningFooter-247_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_DWA-RunningFooter-247_1)**<br> **[Companies](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_DWA-RunningFooter-247_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_PD-RunningFooter-247_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_REMU-RunningFooter-247_1)**<br> **[Companies](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_REMU-RunningFooter-247_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2d239e4f-90f3-4573-b57c-f8fc0c7b810a_AIAC-RunningFooter-247_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 51.4%**  | **EXCHANGE-TRADED FUNDS - 51.4%**  | **EXCHANGE-TRADED FUNDS - 51.4%**  |
| **International Equity Funds - 18.4%**  | **International Equity Funds - 18.4%**  | **International Equity Funds - 18.4%**  |
| iShares Core MSCI EAFE ETF | 120559 | $9489199 |
| iShares Core MSCI Emerging Markets ETF | 42630 | 2309267 |
| iShares Global REIT ETF <sup>(A)</sup> <br>| 95628 | 2311329 |
|  |  | 14109795 |
| **U.S. Equity Fund - 23.5%**  | **U.S. Equity Fund - 23.5%**  | **U.S. Equity Fund - 23.5%**  |
| iShares Core S&P 500 ETF | 32333 | 18040520 |
| **U.S. Fixed Income Funds - 9.5%**  | **U.S. Fixed Income Funds - 9.5%**  | **U.S. Fixed Income Funds - 9.5%**  |
| iShares 0-5 Year TIPS Bond ETF | 35011 | 3623639 |
| iShares Core U.S. Aggregate Bond ETF | 36474 | 3611655 |
|  |  | 7235294 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $37,242,761)**<br>|  | 39385609 |
| **INVESTMENT COMPANIES - 47.6%**  | **INVESTMENT COMPANIES - 47.6%**  | **INVESTMENT COMPANIES - 47.6%**  |
| **International Equity Funds - 10.8%**  | **International Equity Funds - 10.8%**  | **International Equity Funds - 10.8%**  |
| Transamerica Emerging Markets Equity <sup>(B)</sup> <br>| 181638 | 1562086 |
| Transamerica International Focus <sup>(B)</sup> <br>| 343593 | 2339870 |
| Transamerica International Stock <sup>(B)</sup> <br>| 336951 | 4333189 |
|  |  | 8235145 |
| **International Fixed Income Fund - 2.4%**  | **International Fixed Income Fund - 2.4%**  | **International Fixed Income Fund - 2.4%**  |
| Transamerica Emerging Markets Debt <sup>(B)</sup> <br>| 205505 | 1859825 |
| **U.S. Equity Funds - 23.1%**  | **U.S. Equity Funds - 23.1%**  | **U.S. Equity Funds - 23.1%**  |
| Transamerica Capital Growth <sup>(B)(C)</sup> <br>| 205492 | 2268633 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 399940 | 5651154 |
| Transamerica Mid Cap Growth <sup>(B)</sup> <br>| 221234 | 2143756 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(B)</sup> <br>| 196086 | 2100083 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 160212 | 906798 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 202915 | 892828 |
| Transamerica US Growth <sup>(B)</sup> <br>| 135007 | 3749143 |
|  |  | 17712395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 11.3%**  | **U.S. Fixed Income Funds - 11.3%**  | **U.S. Fixed Income Funds - 11.3%**  |
| Transamerica Bond <sup>(B)</sup> <br>| 757226 | $6080527 |
| Transamerica High Yield Bond <sup>(B)</sup> <br>| 325349 | 2602786 |
|  |  | 8683313 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $36,920,256)**<br>|  | 36490678 |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 123750 | 123750 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $123,750)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $123,750)** | 123750 |

---

&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>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $753,713 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.63%, due 05/15/2030, and <br> with a value of $768,751.<br>| $753676 | 753676 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $753,676)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $753,676)** | 753676 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $75,040,443)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $75,040,443)** | 76753713 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (91250) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$76662463** |

---

**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** |  |  |  |  |
| Exchange-Traded Funds | $39385609 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39385609 |
| Investment Companies | 36490678 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36490678 |
| Other Investment Company | 123750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123750 |
| Repurchase Agreement |  | &nbsp;&nbsp; 753676 | &nbsp;&nbsp; — | &nbsp;&nbsp; 753676 |
| **Total Investments** | **$76000037** | &nbsp;&nbsp; **$753676** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$76753713** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**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 $120,850, collateralized by cash collateral of $123,750. 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> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $3943300 | $2930476 | $(804848)<br>| $(152578)<br>| $164177 | $6080527 | 757226 | $122554 | $— |
| Transamerica Capital <br> Growth<br>| 1859622 | 875723 | (784214)<br>| 383349 | (65847)<br>| 2268633 | 205492 |  |  |
| Transamerica Emerging <br> Markets Debt<br>| 1442297 | 587022 | (130214)<br>| (22926)<br>| (16354)<br>| 1859825 | 205505 | 65746 |  |
| Transamerica Emerging <br> Markets Equity<br>| 1272343 | 521294 | (329784)<br>| (113043)<br>| 211276 | 1562086 | 181638 | 2110 |  |
| Transamerica High Yield <br> Bond<br>| 1749677 | 1076615 | (151637)<br>| (24626)<br>| (47243)<br>| 2602786 | 325349 | 81274 |  |
| Transamerica International <br> Focus<br>| 2305071 | 1486682 | (1138597)<br>| (536923)<br>| 223637 | 2339870 | 343593 | 38568 | 379445 |
| Transamerica International <br> Stock<br>| 2368272 | 2078743 | (389135)<br>| 10362 | 264947 | 4333189 | 336951 | 71003 | 75490 |
| Transamerica Large Cap <br> Value<br>| 4692181 | 1951167 | (732573)<br>| 52459 | (312080)<br>| 5651154 | 399940 | 56572 | 56512 |
| Transamerica Mid Cap <br> Growth<br>| 1463409 | 938785 | (197520)<br>| (59925)<br>| (993)<br>| 2143756 | 221234 |  | 56745 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 1449166 | 841547 | (47393)<br>| (13443)<br>| (129794)<br>| 2100083 | 196086 | 21509 | 108957 |
| Transamerica Small Cap <br> Growth<br>| 1115206 | 566831 | (604111)<br>| (315851)<br>| 144723 | 906798 | 160212 |  | 124810 |
| Transamerica Small Cap <br> Value<br>| 1189504 | 666691 | (586786)<br>| (616545)<br>| 239964 | 892828 | 202915 | 20686 | 223984 |
| Transamerica US Growth | 2923619 | 1648958 | (310180)<br>| 109292 | (622546)<br>| 3749143 | 135007 | 4836 | 401208 |
| **Total** | **$27773667** | **$16170534** | **$(6206992)**<br>| **$(1300398)**<br>| **$53867** | **$36490678** | **3671148** | **$484858** | **$1427151** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(C)</sup> *Non-income producing security.*

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $36,920,256) | $36490678 |
| Unaffiliated investments, at value (cost $37,366,511) (including securities loaned of $120,850)  | 39509359 |
| Repurchase agreement, at value (cost $753,676) | 753676 |
| Receivables and other assets: |  |
| Net income from securities lending | 87 |
| Shares of beneficial interest sold  | 75560 |
| Dividends from affiliated investments | 39043 |
| Interest | 38 |
| Prepaid expenses | 1247 |
| Total assets | 76869688 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 123750 |
| Payables and other liabilities: |  |
| Investments purchased | 39043 |
| Investment management fees | 3525 |
| Distribution and service fees | 15202 |
| Transfer agent fees | 9578 |
| Trustee and CCO fees | 198 |
| Audit and tax fees  | 11286 |
| Custody fees | 617 |
| Legal fees | 214 |
| Printing and shareholder reports fees | 526 |
| Other accrued expenses | 3286 |
| Total liabilities | 207225 |
| **Net assets**  | $76662463 |
| **Net assets consist of:** |  |
| Paid-in capital | $77225964 |
| Total distributable earnings (accumulated losses) | (563501)<br>|
| **Net assets** | $76662463 |
| **Net assets by class:** |  |
| Class R3 | $76662463 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 10446935 |
| **Net asset value per share:** |  |
| Class R3 | $7.34 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $484858 |
| Dividend income from unaffiliated investments | 407546 |
| Interest income from unaffiliated investments | 7072 |
| Net income from securities lending | 152 |
| Total investment income  | 899628 |
| **Expenses:** |  |
| Investment management fees | 35258 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 35531 |
| Class R3 | 69773 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 11192 |
| Class R3 | 43957 |
| Class R6 <sup>(B)</sup> <br>| 18 |
| Trustee and CCO fees | 1340 |
| Audit and tax fees | 12001 |
| Custody fees | 612 |
| Legal fees | 1971 |
| Printing and shareholder reports fees | 3486 |
| Registration fees | 27922 |
| Other | 6321 |
| Total expenses before waiver and/or reimbursement and recapture | 249382 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (7660)<br>|
| Class R3 | (23217)<br>|
| Class R6 <sup>(B)</sup> <br>| (198)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 3109 |
| Net expenses | 221416 |
| **Net investment income (loss)** | 678212 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (1300398)<br>|
| Unaffiliated investments  | 19007 |
| Capital gain distributions received from affiliated investment companies | 1427151 |
| Net realized gain (loss) | 145760 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 53867 |
| Unaffiliated investments  | 315918 |
| Net change in unrealized appreciation (depreciation) | 369785 |
| Net realized and change in unrealized gain (loss) | 515545 |
| **Net increase (decrease) in net assets resulting from operations** | $1193757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $678212 | &nbsp;&nbsp;&nbsp;&nbsp; $848928 |
| Net realized gain (loss) | 145760 | &nbsp;&nbsp;&nbsp;&nbsp; 597679 |
| Net change in unrealized appreciation (depreciation) | 369785 | &nbsp;&nbsp;&nbsp;&nbsp; 10953447 |
| Net increase (decrease) in net assets resulting from operations | 1193757 | &nbsp;&nbsp;&nbsp;&nbsp; 12400054 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (694605)<br>|
| Class R3 | (870092)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62803)<br>|
| Class R6 <sup>(B)</sup> <br>| (9895)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13711)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (879987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (771119)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 136071 | &nbsp;&nbsp;&nbsp;&nbsp; 613786 |
| Class R3 | 73953067 | &nbsp;&nbsp;&nbsp;&nbsp; 3862908 |
| Class R6 <sup>(B)</sup> <br>| 9399 | &nbsp;&nbsp;&nbsp;&nbsp; 110802 |
|  | 74098537 | &nbsp;&nbsp;&nbsp;&nbsp; 4587496 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 694605 |
| Class R3 | 870092 | &nbsp;&nbsp;&nbsp;&nbsp; 62803 |
| Class R6 <sup>(B)</sup> <br>| 9895 | &nbsp;&nbsp;&nbsp;&nbsp; 13711 |
|  | 879987 | &nbsp;&nbsp;&nbsp;&nbsp; 771119 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (51542995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5347209)<br>|
| Class R3 | (3489926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1956914)<br>|
| Class R6 <sup>(B)</sup> <br>| (914470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14033)<br>|
|  | (55947391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7318156)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 19031133 | &nbsp;&nbsp;&nbsp;&nbsp; (1959541)<br>|
| **Net increase (decrease) in net assets** | 19344903 | &nbsp;&nbsp;&nbsp;&nbsp; 9669394 |
| **Net assets:** |  |  |
| Beginning of period/year | 57317560 | &nbsp;&nbsp;&nbsp;&nbsp; 47648166 |
| End of period/year | $76662463 | &nbsp;&nbsp;&nbsp;&nbsp; $57317560 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 17923 | &nbsp;&nbsp;&nbsp;&nbsp; 86777 |
| Class R3 | 10021218 | &nbsp;&nbsp;&nbsp;&nbsp; 555304 |
| Class R6 <sup>(B)</sup> <br>| 1219 | &nbsp;&nbsp;&nbsp;&nbsp; 15537 |
|  | 10040360 | &nbsp;&nbsp;&nbsp;&nbsp; 657618 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 104139 |
| Class R3 | 119518 | &nbsp;&nbsp;&nbsp;&nbsp; 9559 |
| Class R6 <sup>(B)</sup> <br>| 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
|  | 120818 | &nbsp;&nbsp;&nbsp;&nbsp; 115703 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (6885277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (765283)<br>|
| Class R3 | (473935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (268745)<br>|
| Class R6 <sup>(B)</sup> <br>| (116541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1950)<br>|
|  | (7475753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1035978)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (6867354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (574367)<br>|
| Class R3 | 9666801 | &nbsp;&nbsp;&nbsp;&nbsp; 296118 |
| Class R6 <sup>(B)</sup> <br>| (114022)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15592 |
|  | 2685425 | &nbsp;&nbsp;&nbsp;&nbsp; (262657)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $7.29 | $5.87 | $11.31 | $15.00 | $11.98 | $11.65 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.06 | 0.11 | 0.08 | 0.15 | 0.11 | 0.16 |
| Net realized and unrealized gain (loss) | 0.07 | 1.43 | 0.47 | (2.92)<br>| 3.32 | 0.48 |
| Total investment operations | 0.13 | 1.54 | 0.55 | (2.77)<br>| 3.43 | 0.64 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| (0.12)<br>| (0.23)<br>| (0.44)<br>| (0.14)<br>| (0.19)<br>|
| Net realized gains |  |  | (5.76)<br>| (0.48)<br>| (0.27)<br>| (0.12)<br>|
| Total dividends and/or distributions to shareholders | (0.08)<br>| (0.12)<br>| (5.99)<br>| (0.92)<br>| (0.41)<br>| (0.31)<br>|
| **Net asset value, end of period/year** | $7.34 | $7.29 | $5.87 | $11.31 | $15.00 | $11.98 |
| **Total return** | 1.84 %<sup>(D)</sup><br>| 26.47<br> %<br>| 6.57<br> %<br>| (19.76 )%<sup>(C)</sup><br>| 29.17<br> %<br>| 5.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $76662 | $5688 | $2841 | $461 | $15 | $11 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.65 %<sup>(G)</sup><br>| 0.69<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.93<br> %<br>| 0.95<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.58 %<sup>(G)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 1.62 %<sup>(G)</sup><br>| 1.63<br> %<br>| 1.33<br> %<br>| 1.31<br> %<br>| 0.81<br> %<br>| 1.34<br> %<br>|
| Portfolio turnover rate | 15 %<sup>(D)</sup><br>| 6<br> %<br>| 13<br> %<br>| 111<br> %<br>| 6<br> %<br>| 12<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, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37% (annualized), 0.37%, 0.37%, 0.34%, 0.04% and 0.05%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

<sup>(G)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® 2040 (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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 period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 8**

------

**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 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 April 30, 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 | $123750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123750 |
| **Total Borrowings** | **$123750** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$123750** |

---

**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, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

**Underlying funds risk**: Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**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.

**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.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying ETFs and Funds have varied expense and fee levels and the Fund may own different proportions of Underlying ETFs and Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying ETFs and Funds in which the Fund invests. The Fund has material ownership interests in the Underlying ETFs and Funds.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| 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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $4147 | $23217 | $27364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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**

**Semi-Annual Financial Statements 2025**

**Page 13**

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------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $2644 | &nbsp;&nbsp; $456 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $28897614 | &nbsp;&nbsp; $10671289 |

---

**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.

As of April 30, 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>|
| $75040443 | &nbsp;&nbsp; $3988168 | &nbsp;&nbsp; $(2274898)<br>| &nbsp;&nbsp; $1713270 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica ClearTrack**<sup>®</sup> **2040**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Moderate Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Moderate Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Moderate Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2035** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2040** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Moderate** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 10720762 | Class R3 | &nbsp;&nbsp; 10286128 | Class R3 | &nbsp;&nbsp; 11990070 | &nbsp;&nbsp; $161177710 | 0.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,123,829 from ClearTrack*<sup>®</sup> *2035 and 5,866,241 from* *ClearTrack*<sup>®</sup> *2040). The 0.57 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2035's specific ratio is 0.57 and ClearTrack*<sup>®</sup> *2040's ratio is 0.57.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2035 and Transamerica ClearTrack<sup>®</sup> 2040, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Moderate Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2035** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2040** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Moderate Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $3198090 | &nbsp;&nbsp; $4887758 | &nbsp;&nbsp; $82320184 | &nbsp;&nbsp; $78857526 | &nbsp;&nbsp; $1430184217 | &nbsp;&nbsp; $1591361927 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica ClearTrack**<sup>®</sup> **2040** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **2040** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **2040** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica ClearTrack**<sup>®</sup> **2040** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

![](g947814img0aa808c13.gif)

![](g947814imge2bc88de4.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

4453782 CT 2040 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img7278c6275.gif)

------

![](g947814img96efeb251.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **2045**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img32cb2cd92.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_58aaac3e-0c44-4f35-8b83-5497575eb206_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_SOI-RunningFooter-248_1) | 2 |
| [Statement of Assets and Liabilities](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_FS-RunningFooter-248_1) | 4 |
| [Statement of Operations](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_FS-RunningFooter-248_2) | 5 |
| [Statement of Changes in Net Assets](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_FS-RunningFooter-248_3) | 6 |
| [Financial Highlights](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_FIHI-RunningFooter-248_1) | 7 |
| [Notes to Financial Statements](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_NTF-RunningFooter-248_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_DWA-RunningFooter-248_1)**<br> **[Companies](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_DWA-RunningFooter-248_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_PD-RunningFooter-248_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_REMU-RunningFooter-248_1)**<br> **[Companies](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_REMU-RunningFooter-248_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_58aaac3e-0c44-4f35-8b83-5497575eb206_AIAC-RunningFooter-248_1)** | 19 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 53.4%**  | **EXCHANGE-TRADED FUNDS - 53.4%**  | **EXCHANGE-TRADED FUNDS - 53.4%**  |
| **International Equity Funds - 21.6%**  | **International Equity Funds - 21.6%**  | **International Equity Funds - 21.6%**  |
| iShares Core MSCI EAFE ETF | 95427 | $7511059 |
| iShares Core MSCI Emerging Markets ETF | 33466 | 1812853 |
| iShares Global REIT ETF <sup>(A)</sup> <br>| 74568 | 1802309 |
|  |  | 11126221 |
| **U.S. Equity Fund - 25.7%**  | **U.S. Equity Fund - 25.7%**  | **U.S. Equity Fund - 25.7%**  |
| iShares Core S&P 500 ETF | 23645 | 13192964 |
| **U.S. Fixed Income Funds - 6.1%**  | **U.S. Fixed Income Funds - 6.1%**  | **U.S. Fixed Income Funds - 6.1%**  |
| iShares 0-5 Year TIPS Bond ETF | 18809 | 1946731 |
| iShares Core U.S. Aggregate Bond ETF | 11936 | 1181903 |
|  |  | 3128634 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $25,767,123)**<br>|  | 27447819 |
| **INVESTMENT COMPANIES - 45.9%**  | **INVESTMENT COMPANIES - 45.9%**  | **INVESTMENT COMPANIES - 45.9%**  |
| **International Equity Funds - 11.9%**  | **International Equity Funds - 11.9%**  | **International Equity Funds - 11.9%**  |
| Transamerica Emerging Markets Equity <sup>(B)</sup> <br>| 146439 | 1259373 |
| Transamerica International Focus <sup>(B)</sup> <br>| 255547 | 1740274 |
| Transamerica International Stock <sup>(B)</sup> <br>| 240220 | 3089238 |
|  |  | 6088885 |
| **International Fixed Income Fund - 1.4%**  | **International Fixed Income Fund - 1.4%**  | **International Fixed Income Fund - 1.4%**  |
| Transamerica Emerging Markets Debt <sup>(B)</sup> <br>| 81619 | 738649 |
| **U.S. Equity Funds - 26.5%**  | **U.S. Equity Funds - 26.5%**  | **U.S. Equity Funds - 26.5%**  |
| Transamerica Capital Growth <sup>(B)(C)</sup> <br>| 144337 | 1593474 |
| Transamerica Large Cap Value <sup>(B)</sup> <br>| 308241 | 4355450 |
| Transamerica Mid Cap Growth <sup>(B)</sup> <br>| 172942 | 1675811 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(B)</sup> <br>| 159040 | 1703321 |
| Transamerica Small Cap Growth <sup>(B)</sup> <br>| 132039 | 747340 |
| Transamerica Small Cap Value <sup>(B)</sup> <br>| 167313 | 736179 |
| Transamerica US Growth <sup>(B)</sup> <br>| 101754 | 2825702 |
|  |  | 13637277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 6.1%**  | **U.S. Fixed Income Funds - 6.1%**  | **U.S. Fixed Income Funds - 6.1%**  |
| Transamerica Bond <sup>(B)</sup> <br>| 268492 | $2155990 |
| Transamerica High Yield Bond <sup>(B)</sup> <br>| 123820 | 990558 |
|  |  | 3146548 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $23,800,710)**<br>|  | 23611359 |
| **OTHER INVESTMENT COMPANY - 3.6%**  | **OTHER INVESTMENT COMPANY - 3.6%**  | **OTHER INVESTMENT COMPANY - 3.6%**  |
| **Securities Lending Collateral - 3.6%**  | **Securities Lending Collateral - 3.6%**  | **Securities Lending Collateral - 3.6%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 1845558 | 1845558 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,845,558)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,845,558)** | 1845558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $351,564 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 01/31/2031, and <br> with a value of $358,637.<br>| $351547 | 351547 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $351,547)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $351,547)** | 351547 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $51,764,938)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $51,764,938)** | 53256283 |
| **Net Other Assets (Liabilities) - (3.6)%** | **Net Other Assets (Liabilities) - (3.6)%** | (1875167) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$51381116** |

---

**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** |  |  |  |  |
| Exchange-Traded Funds | $27447819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27447819 |
| Investment Companies | 23611359 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23611359 |
| Other Investment Company | 1845558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1845558 |
| Repurchase Agreement |  | &nbsp;&nbsp; 351547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 351547 |
| **Total Investments** | **$52904736** | &nbsp;&nbsp; **$351547** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$53256283** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**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 $1,802,309, collateralized by cash collateral of $1,845,558. 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> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $1804073 | $764912 | $(418125)<br>| $(78335)<br>| $83465 | $2155990 | 268492 | $50063 | $— |
| Transamerica Capital <br> Growth<br>| 1496200 | 493254 | (615116)<br>| 289269 | (70133)<br>| 1593474 | 144337 |  |  |
| Transamerica Emerging <br> Markets Debt<br>| 604517 | 254314 | (104387)<br>| (15545)<br>| (250)<br>| 738649 | 81619 | 27032 |  |
| Transamerica Emerging <br> Markets Equity<br>| 986199 | 390418 | (182034)<br>| (78607)<br>| 143397 | 1259373 | 146439 | 1613 |  |
| Transamerica High Yield <br> Bond<br>| 821483 | 327768 | (131862)<br>| (17658)<br>| (9173)<br>| 990558 | 123820 | 34724 |  |
| Transamerica International <br> Focus<br>| 1854747 | 1086641 | (953465)<br>| (456201)<br>| 208552 | 1740274 | 255547 | 30162 | 296749 |
| Transamerica International <br> Stock<br>| 1858492 | 1349727 | (320556)<br>| 11689 | 189886 | 3089238 | 240220 | 55309 | 58804 |
| Transamerica Large Cap <br> Value<br>| 3447043 | 1464011 | (338502)<br>| 19638 | (236740)<br>| 4355450 | 308241 | 42927 | 42280 |
| Transamerica Mid Cap <br> Growth<br>| 1072410 | 749195 | (76760)<br>| (28122)<br>| (40912)<br>| 1675811 | 172942 |  | 44268 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 1073301 | 788318 | (44355)<br>| (18250)<br>| (95693)<br>| 1703321 | 159040 | 16158 | 81852 |
| Transamerica Small Cap <br> Growth<br>| 760465 | 371776 | (251174)<br>| (137775)<br>| 4048 | 747340 | 132039 |  | 88732 |
| Transamerica Small Cap <br> Value<br>| 833858 | 445418 | (252892)<br>| (252614)<br>| (37591)<br>| 736179 | 167313 | 15418 | 166955 |
| Transamerica US Growth | 2139466 | 1284513 | (178709)<br>| 58443 | (478011)<br>| 2825702 | 101754 | 3610 | 299496 |
| **Total** | **$18752254** | **$9770265** | **$(3867937)**<br>| **$(704068)**<br>| **$(339155)**<br>| **$23611359** | **2301803** | **$277016** | **$1079136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(C)</sup> *Non-income producing security.*

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $23,800,710) | $23611359 |
| Unaffiliated investments, at value (cost $27,612,681) (including securities loaned of $1,802,309)  | 29293377 |
| Repurchase agreement, at value (cost $351,547) | 351547 |
| Receivables and other assets: |  |
| Net income from securities lending | 44 |
| Shares of beneficial interest sold  | 255 |
| Dividends from affiliated investments | 14171 |
| Interest | 18 |
| Due from investment manager | 203 |
| Prepaid expenses | 1146 |
| Total assets | 53272120 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1845558 |
| Payables and other liabilities: |  |
| Investments purchased | 14172 |
| Distribution and service fees | 10184 |
| Transfer agent fees | 6415 |
| Trustee and CCO fees | 136 |
| Audit and tax fees  | 11185 |
| Custody fees | 786 |
| Legal fees | 11 |
| Printing and shareholder reports fees | 396 |
| Other accrued expenses | 2161 |
| Total liabilities | 1891004 |
| **Net assets**  | $51381116 |
| **Net assets consist of:** |  |
| Paid-in capital | $51729439 |
| Total distributable earnings (accumulated losses) | (348323)<br>|
| **Net assets** | $51381116 |
| **Net assets by class:** |  |
| Class R3 | $51381116 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 7597638 |
| **Net asset value per share:** |  |
| Class R3 | $6.76 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $277016 |
| Dividend income from unaffiliated investments | 281573 |
| Interest income from unaffiliated investments | 5119 |
| Net income from securities lending | 115 |
| Total investment income  | 563823 |
| **Expenses:** |  |
| Investment management fees | 24288 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 23733 |
| Class R3 | 48086 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 7476 |
| Class R3 | 30294 |
| Class R6 <sup>(B)</sup> <br>| 23 |
| Trustee and CCO fees | 933 |
| Audit and tax fees | 11915 |
| Custody fees | 686 |
| Legal fees | 1371 |
| Printing and shareholder reports fees | 2475 |
| Registration fees | 27922 |
| Other | 5898 |
| Total expenses before waiver and/or reimbursement and recapture | 185100 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (8203)<br>|
| Class R3 | (27048)<br>|
| Class R6 <sup>(B)</sup> <br>| (420)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 2104 |
| Net expenses | 151533 |
| **Net investment income (loss)** | 412290 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (704068)<br>|
| Unaffiliated investments  | 27895 |
| Capital gain distributions received from affiliated investment companies | 1079136 |
| Net realized gain (loss) | 402963 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (339155)<br>|
| Unaffiliated investments  | 125791 |
| Net change in unrealized appreciation (depreciation) | (213364)<br>|
| Net realized and change in unrealized gain (loss) | 189599 |
| **Net increase (decrease) in net assets resulting from operations** | $601889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $412290 | &nbsp;&nbsp;&nbsp;&nbsp; $502873 |
| Net realized gain (loss) | 402963 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| Net change in unrealized appreciation (depreciation) | (213364)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8011321 |
| Net increase (decrease) in net assets resulting from operations | 601889 | &nbsp;&nbsp;&nbsp;&nbsp; 8514592 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (406112)<br>|
| Class R3 | (529069)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40092)<br>|
| Class R6 <sup>(B)</sup> <br>| (11242)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13973)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (540311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (460177)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 216697 | &nbsp;&nbsp;&nbsp;&nbsp; 436526 |
| Class R3 | 49677734 | &nbsp;&nbsp;&nbsp;&nbsp; 3648551 |
| Class R6 <sup>(B)</sup> <br>| 21660 | &nbsp;&nbsp;&nbsp;&nbsp; 302830 |
|  | 49916091 | &nbsp;&nbsp;&nbsp;&nbsp; 4387907 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 406112 |
| Class R3 | 529069 | &nbsp;&nbsp;&nbsp;&nbsp; 40092 |
| Class R6 <sup>(B)</sup> <br>| 11242 | &nbsp;&nbsp;&nbsp;&nbsp; 13973 |
|  | 540311 | &nbsp;&nbsp;&nbsp;&nbsp; 460177 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (34526237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2400683)<br>|
| Class R3 | (3500644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (993819)<br>|
| Class R6 <sup>(B)</sup> <br>| (1164792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93047)<br>|
|  | (39191673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3487549)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 11264729 | &nbsp;&nbsp;&nbsp;&nbsp; 1360535 |
| **Net increase (decrease) in net assets** | 11326307 | &nbsp;&nbsp;&nbsp;&nbsp; 9414950 |
| **Net assets:** |  |  |
| Beginning of period/year | 40054809 | &nbsp;&nbsp;&nbsp;&nbsp; 30639859 |
| End of period/year | $51381116 | &nbsp;&nbsp;&nbsp;&nbsp; $40054809 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 30568 | &nbsp;&nbsp;&nbsp;&nbsp; 67289 |
| Class R3 | 7281539 | &nbsp;&nbsp;&nbsp;&nbsp; 573137 |
| Class R6 <sup>(B)</sup> <br>| 3042 | &nbsp;&nbsp;&nbsp;&nbsp; 46539 |
|  | 7315149 | &nbsp;&nbsp;&nbsp;&nbsp; 686965 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 66250 |
| Class R3 | 78614 | &nbsp;&nbsp;&nbsp;&nbsp; 6649 |
| Class R6 <sup>(B)</sup> <br>| 1604 | &nbsp;&nbsp;&nbsp;&nbsp; 2236 |
|  | 80218 | &nbsp;&nbsp;&nbsp;&nbsp; 75135 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (4981402)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (374128)<br>|
| Class R3 | (520558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (155316)<br>|
| Class R6 <sup>(B)</sup> <br>| (160932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13577)<br>|
|  | (5662892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (543021)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (4950834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240589)<br>|
| Class R3 | 6839595 | &nbsp;&nbsp;&nbsp;&nbsp; 424470 |
| Class R6 <sup>(B)</sup> <br>| (156286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35198 |
|  | 1732475 | &nbsp;&nbsp;&nbsp;&nbsp; 219079 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.73 | $5.36 | $11.80 | $15.72 | $12.24 | $11.93 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.08 | 0.06 | 0.17 | 0.12 | 0.16 |
| Net realized and unrealized gain (loss) | 0.06 | 1.39 | 0.54 | (3.19)<br>| 3.83 | 0.48 |
| Total investment operations | 0.10 | 1.47 | 0.60 | (3.02)<br>| 3.95 | 0.64 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.10)<br>| (0.21)<br>| (0.49)<br>| (0.15)<br>| (0.19)<br>|
| Net realized gains |  |  | (6.83)<br>| (0.41)<br>| (0.32)<br>| (0.14)<br>|
| Total dividends and/or distributions to shareholders | (0.07)<br>| (0.10)<br>| (7.04)<br>| (0.90)<br>| (0.47)<br>| (0.33)<br>|
| **Net asset value, end of period/year** | $6.76 | $6.73 | $5.36 | $11.80 | $15.72 | $12.24 |
| **Total return** | 1.47 %<sup>(D)</sup><br>| 27.74<br> %<br>| 7.11<br> %<br>| (20.41 )%<sup>(C)</sup><br>| 32.82<br> %<br>| 5.34<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $51381 | $5104 | $1786 | $269 | $15 | $11 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.71 %<sup>(G)</sup><br>| 0.76<br> %<br>| 0.82<br> %<br>| 0.80<br> %<br>| 0.99<br> %<br>| 1.03<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.58 %<sup>(G)</sup><br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.91<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) to average net assets | 1.33 %<sup>(G)</sup><br>| 1.32<br> %<br>| 1.07<br> %<br>| 1.38<br> %<br>| 0.81<br> %<br>| 1.33<br> %<br>|
| Portfolio turnover rate | 14 %<sup>(D)</sup><br>| 7<br> %<br>| 14<br> %<br>| 116<br> %<br>| 5<br> %<br>| 9<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, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37% (annualized), 0.37%, 0.37%, 0.35%, 0.04% and 0.05%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

<sup>(G)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® 2045 (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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 period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*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.

*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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government issued by banks as collateral. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

The Fund receives compensation for lending securities from interest or dividends earned on the cash, money market fund and U.S. Government securities held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust — Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at April 30, 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 April 30, 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 | $1845558 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1845558 |
| **Total Borrowings** | **$1845558** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1845558** |

---

**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, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

**Underlying funds risk**: Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**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.

**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.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying ETFs and Funds have varied expense and fee levels and the Fund may own different proportions of Underlying ETFs and Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying ETFs and Funds in which the Fund invests. The Fund has material ownership interests in the Underlying ETFs and Funds.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| 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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $6991 | $27048 | $34039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1821 | &nbsp;&nbsp; $305 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $17838161 | &nbsp;&nbsp; $7049583 |

---

**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.

As of April 30, 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>|
| $51764938 | &nbsp;&nbsp; $2995735 | &nbsp;&nbsp; $(1504390)<br>| &nbsp;&nbsp; $1491345 |

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica ClearTrack**<sup>®</sup> **2045**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS (continued)**

Liabilities as "Total assets", results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7529359 | Class R3 | &nbsp;&nbsp; 5973697 | Class R3 | &nbsp;&nbsp; 6119119 | &nbsp;&nbsp; $96235991 | 0.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (3,405,745 from ClearTrack*<sup>®</sup> *2045 and 2,713,374 from* *ClearTrack*<sup>®</sup> *2050). The 0.45 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2045's specific ratio is 0.45 and ClearTrack*<sup>®</sup> *2050's ratio is 0.45.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation - Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $4020950 | &nbsp;&nbsp; $3473655 | &nbsp;&nbsp; $53562496 | &nbsp;&nbsp; $42673495 | &nbsp;&nbsp; $1079833626 | &nbsp;&nbsp; $1176069617 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

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**Transamerica ClearTrack**<sup>®</sup> **2045** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **2045** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **2045** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica ClearTrack**<sup>®</sup> **2045** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

![](g947814imgb6bc72ae3.gif)

![](g947814imged85b8a34.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

4453782 CT 2045 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814imgd3591cc15.gif)

------

![](g947814imgf6960f771.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **2050**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814img88fba3b12.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_785c5b6f-4d5b-423c-940b-05be24ef5e4c_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_SOI-RunningFooter-249_1) | 2 |
| [Statement of Assets and Liabilities](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_FS-RunningFooter-249_1) | 4 |
| [Statement of Operations](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_FS-RunningFooter-249_2) | 5 |
| [Statement of Changes in Net Assets](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_FS-RunningFooter-249_3) | 6 |
| [Financial Highlights](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_FIHI-RunningFooter-249_1) | 7 |
| [Notes to Financial Statements](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_NTF-RunningFooter-249_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_DWA-RunningFooter-249_1)**<br> **[Companies](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_DWA-RunningFooter-249_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_PD-RunningFooter-249_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_REMU-RunningFooter-249_1)**<br> **[Companies](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_REMU-RunningFooter-249_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_785c5b6f-4d5b-423c-940b-05be24ef5e4c_AIAC-RunningFooter-249_1)** | 18 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica ClearTrack**<sup>®</sup> **2050**

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**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 53.6%**  | **EXCHANGE-TRADED FUNDS - 53.6%**  | **EXCHANGE-TRADED FUNDS - 53.6%**  |
| **International Equity Funds - 23.9%**  | **International Equity Funds - 23.9%**  | **International Equity Funds - 23.9%**  |
| iShares Core MSCI EAFE ETF | 82451 | $6489718 |
| iShares Core MSCI Emerging Markets ETF | 29602 | 1603540 |
| iShares Global REIT ETF | 67506 | 1631620 |
|  |  | 9724878 |
| **U.S. Equity Fund - 26.3%**  | **U.S. Equity Fund - 26.3%**  | **U.S. Equity Fund - 26.3%**  |
| iShares Core S&P 500 ETF | 19198 | 10711716 |
| **U.S. Fixed Income Funds - 3.4%**  | **U.S. Fixed Income Funds - 3.4%**  | **U.S. Fixed Income Funds - 3.4%**  |
| iShares 0-5 Year TIPS Bond ETF | 9606 | 994221 |
| iShares Core U.S. Aggregate Bond ETF | 4033 | 399348 |
|  |  | 1393569 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $20,355,159)**<br>|  | 21830163 |
| **INVESTMENT COMPANIES - 45.5%**  | **INVESTMENT COMPANIES - 45.5%**  | **INVESTMENT COMPANIES - 45.5%**  |
| **International Equity Funds - 12.6%**  | **International Equity Funds - 12.6%**  | **International Equity Funds - 12.6%**  |
| Transamerica Emerging Markets Equity <sup>(A)</sup> <br>| 113108 | 972728 |
| Transamerica International Focus <sup>(A)</sup> <br>| 212144 | 1444701 |
| Transamerica International Stock <sup>(A)</sup> <br>| 212221 | 2729168 |
|  |  | 5146597 |
| **International Fixed Income Fund - 1.0%**  | **International Fixed Income Fund - 1.0%**  | **International Fixed Income Fund - 1.0%**  |
| Transamerica Emerging Markets Debt <sup>(A)</sup> <br>| 44006 | 398257 |
| **U.S. Equity Funds - 27.5%**  | **U.S. Equity Funds - 27.5%**  | **U.S. Equity Funds - 27.5%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 123646 | 1365051 |
| Transamerica Large Cap Value <sup>(A)</sup> <br>| 251476 | 3553353 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 147793 | 1432117 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 133051 | 1424970 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** | **U.S. Equity Funds (continued)** |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 103549 | $586088 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 133495 | 587378 |
| Transamerica US Growth <sup>(A)</sup> <br>| 81448 | 2261815 |
|  |  | 11210772 |
| **U.S. Fixed Income Funds - 4.4%**  | **U.S. Fixed Income Funds - 4.4%**  | **U.S. Fixed Income Funds - 4.4%**  |
| Transamerica Bond <sup>(A)</sup> <br>| 149732 | 1202344 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 75203 | 601624 |
|  |  | 1803968 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $18,704,653)**<br>|  | 18559594 |

---

&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>1.80% <sup>(C)</sup>, dated 04/30/2025, to be <br> repurchased at $386,865 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 4.00%, due 11/15/2042, and <br> with a value of $394,635.<br>| $386846 | 386846 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $386,846)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $386,846)** | 386846 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $39,446,658)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $39,446,658)** | 40776603 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (23715) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$40752888** |

---

**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** |  |  |  |  |
| Exchange-Traded Funds | $21830163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21830163 |
| Investment Companies | 18559594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18559594 |
| Repurchase Agreement |  | &nbsp;&nbsp; 386846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 386846 |
| **Total Investments** | **$40389757** | &nbsp;&nbsp; **$386846** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$40776603** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $1011601 | $413928 | $(224538)<br>| $(42512)<br>| $43865 | $1202344 | 149732 | $26512 | $— |
| Transamerica Capital <br> Growth<br>| 1246659 | 327840 | (417965)<br>| 205808 | 2709 | 1365051 | 123646 |  |  |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

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**Transamerica ClearTrack**<sup>®</sup> **2050**

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**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value**<br> **October 31,** <br> **2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Net**<br> **Realized**<br> **Gain (Loss)**<br>| **Net Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **April 30,**<br> **2025**<br>| **Shares as of**<br> **April 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Net Capital**<br> **Gain**<br> **Distributions**<br>|
| Transamerica Emerging <br> Markets Debt<br>| $172182 | $279694 | $(44774)<br>| $(6599)<br>| $(2246)<br>| $398257 | 44006 | $10444 | $— |
| Transamerica Emerging <br> Markets Equity<br>| 855453 | 251166 | (184842)<br>| (74841)<br>| 125792 | 972728 | 113108 | 1437 |  |
| Transamerica High Yield <br> Bond<br>| 515486 | 190404 | (88358)<br>| (11752)<br>| (4156)<br>| 601624 | 75203 | 20612 |  |
| Transamerica International <br> Focus<br>| 1676285 | 890541 | (870369)<br>| (405958)<br>| 154202 | 1444701 | 212144 | 29174 | 287022 |
| Transamerica International <br> Stock<br>| 1726410 | 1173371 | (316068)<br>| (522)<br>| 145977 | 2729168 | 212221 | 53635 | 57024 |
| Transamerica Large Cap <br> Value<br>| 3085736 | 1043316 | (400382)<br>| 29557 | (204874)<br>| 3553353 | 251476 | 37115 | 38006 |
| Transamerica Mid Cap <br> Growth<br>| 1030832 | 558743 | (111811)<br>| (34890)<br>| (10757)<br>| 1432117 | 147793 |  | 41355 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 1015323 | 551431 | (36403)<br>| (12353)<br>| (93028)<br>| 1424970 | 133051 | 15427 | 78146 |
| Transamerica Small Cap <br> Growth<br>| 732740 | 263893 | (297849)<br>| (160700)<br>| 48004 | 586088 | 103549 |  | 85016 |
| Transamerica Small Cap <br> Value<br>| 794164 | 371480 | (335047)<br>| (356667)<br>| 113448 | 587378 | 133495 | 13749 | 148869 |
| Transamerica US Growth | 1892032 | 836028 | (134257)<br>| 45108 | (377096)<br>| 2261815 | 81448 | 3246 | 269298 |
| **Total** | **$15754903** | **$7151835** | **$(3462663)**<br>| **$(826321)**<br>| **$(58160)**<br>| **$18559594** | **1780872** | **$211351** | **$1004736** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **2050**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $18,704,653) | $18559594 |
| Unaffiliated investments, at value (cost $20,355,159) | 21830163 |
| Repurchase agreement, at value (cost $386,846) | 386846 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | 934 |
| Dividends from affiliated investments | 7864 |
| Interest | 19 |
| Due from investment manager | 1799 |
| Prepaid expenses | 1086 |
| Total assets | 40788305 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | 7864 |
| Distribution and service fees | 7940 |
| Transfer agent fees | 5002 |
| Trustee and CCO fees | 109 |
| Audit and tax fees  | 11153 |
| Custody fees | 615 |
| Legal fees | 42 |
| Printing and shareholder reports fees | 613 |
| Other accrued expenses | 2079 |
| Total liabilities | 35417 |
| **Net assets**  | $40752888 |
| **Net assets consist of:** |  |
| Paid-in capital | $40978149 |
| Total distributable earnings (accumulated losses) | (225261)<br>|
| **Net assets** | $40752888 |
| **Net assets by class:** |  |
| Class R3 | $40752888 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 6020912 |
| **Net asset value per share:** |  |
| Class R3 | $6.77 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica ClearTrack**<sup>®</sup> **2050**

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**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $211351 |
| Dividend income from unaffiliated investments | 234749 |
| Interest income from unaffiliated investments | 3890 |
| Total investment income  | 449990 |
| **Expenses:** |  |
| Investment management fees | 19261 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 20693 |
| Class R3 | 37167 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 6518 |
| Class R3 | 23415 |
| Class R6 <sup>(B)</sup> <br>| 19 |
| Trustee and CCO fees | 755 |
| Audit and tax fees | 11886 |
| Custody fees | 416 |
| Legal fees | 1181 |
| Printing and shareholder reports fees | 2191 |
| Registration fees | 27922 |
| Other | 5871 |
| Total expenses before waiver and/or reimbursement and recapture | 157295 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (8570)<br>|
| Class R3 | (28724)<br>|
| Class R6 <sup>(B)</sup> <br>| (481)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 1632 |
| Net expenses | 121152 |
| **Net investment income (loss)** | 328838 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (826321)<br>|
| Unaffiliated investments  | 40085 |
| Capital gain distributions received from affiliated investment companies | 1004736 |
| Net realized gain (loss) | 218500 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | (58160)<br>|
| Unaffiliated investments  | 80164 |
| Net change in unrealized appreciation (depreciation) | 22004 |
| Net realized and change in unrealized gain (loss) | 240504 |
| **Net increase (decrease) in net assets resulting from operations** | $569342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica ClearTrack**<sup>®</sup> **2050**

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**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $328838 | &nbsp;&nbsp;&nbsp;&nbsp; $406214 |
| Net realized gain (loss) | 218500 | &nbsp;&nbsp;&nbsp;&nbsp; 254806 |
| Net change in unrealized appreciation (depreciation) | 22004 | &nbsp;&nbsp;&nbsp;&nbsp; 6881726 |
| Net increase (decrease) in net assets resulting from operations | 569342 | &nbsp;&nbsp;&nbsp;&nbsp; 7542746 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (352346)<br>|
| Class R3 | (411073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35904)<br>|
| Class R6 <sup>(B)</sup> <br>| (9357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12021)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (420430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (400271)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 73247 | &nbsp;&nbsp;&nbsp;&nbsp; 484340 |
| Class R3 | 38543203 | &nbsp;&nbsp;&nbsp;&nbsp; 2647364 |
| Class R6 <sup>(B)</sup> <br>| 40699 | &nbsp;&nbsp;&nbsp;&nbsp; 190084 |
|  | 38657149 | &nbsp;&nbsp;&nbsp;&nbsp; 3321788 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 352346 |
| Class R3 | 411073 | &nbsp;&nbsp;&nbsp;&nbsp; 35904 |
| Class R6 <sup>(B)</sup> <br>| 9357 | &nbsp;&nbsp;&nbsp;&nbsp; 12021 |
|  | 420430 | &nbsp;&nbsp;&nbsp;&nbsp; 400271 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (29916273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2644057)<br>|
| Class R3 | (1829765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (922043)<br>|
| Class R6 <sup>(B)</sup> <br>| (975952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28072)<br>|
|  | (32721990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3594172)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 6355589 | &nbsp;&nbsp;&nbsp;&nbsp; 127887 |
| **Net increase (decrease) in net assets** | 6504501 | &nbsp;&nbsp;&nbsp;&nbsp; 7270362 |
| **Net assets:** |  |  |
| Beginning of period/year | 34248387 | &nbsp;&nbsp;&nbsp;&nbsp; 26978025 |
| End of period/year | $40752888 | &nbsp;&nbsp;&nbsp;&nbsp; $34248387 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 10293 | &nbsp;&nbsp;&nbsp;&nbsp; 76329 |
| Class R3 | 5644211 | &nbsp;&nbsp;&nbsp;&nbsp; 415528 |
| Class R6 <sup>(B)</sup> <br>| 5670 | &nbsp;&nbsp;&nbsp;&nbsp; 28705 |
|  | 5660174 | &nbsp;&nbsp;&nbsp;&nbsp; 520562 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 57292 |
| Class R3 | 60990 | &nbsp;&nbsp;&nbsp;&nbsp; 5964 |
| Class R6 <sup>(B)</sup> <br>| 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |
|  | 62315 | &nbsp;&nbsp;&nbsp;&nbsp; 65170 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (4296020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (410655)<br>|
| Class R3 | (267164)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (147076)<br>|
| Class R6 <sup>(B)</sup> <br>| (133502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4239)<br>|
|  | (4696686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (561970)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (4285727)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (277034)<br>|
| Class R3 | 5438037 | &nbsp;&nbsp;&nbsp;&nbsp; 274416 |
| Class R6 <sup>(B)</sup> <br>| (126507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26380 |
|  | 1025803 | &nbsp;&nbsp;&nbsp;&nbsp; 23762 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica ClearTrack**<sup>®</sup> **2050**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $6.74 | $5.34 | $12.37 | $16.50 | $12.42 | $12.08 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.04 | 0.09 | 0.06 | 0.17 | 0.12 | 0.16 |
| Net realized and unrealized gain (loss) | 0.06 | 1.41 | 0.55 | (3.38)<br>| 4.24 | 0.46 |
| Total investment operations | 0.10 | 1.50 | 0.61 | (3.21)<br>| 4.36 | 0.62 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.10)<br>| (0.22)<br>| (0.53)<br>| (0.15)<br>| (0.19)<br>|
| Net realized gains |  |  | (7.42)<br>| (0.39)<br>| (0.13)<br>| (0.09)<br>|
| Total dividends and/or distributions to shareholders | (0.07)<br>| (0.10)<br>| (7.64)<br>| (0.92)<br>| (0.28)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $6.77 | $6.74 | $5.34 | $12.37 | $16.50 | $12.42 |
| **Total return** | 1.48 %<sup>(D)</sup><br>| 28.38<br> %<br>| 7.23<br> %<br>| (20.67 )%<sup>(C)</sup><br>| 35.51<br> %<br>| 5.14<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $40753 | $3927 | $1646 | $361 | $15 | $11 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.76 %<sup>(G)</sup><br>| 0.80<br> %<br>| 0.86<br> %<br>| 0.83<br> %<br>| 1.03<br> %<br>| 1.07<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.58 %<sup>(G)</sup><br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.57<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>|
| Net investment income (loss) to average net assets | 1.30 %<sup>(G)</sup><br>| 1.34<br> %<br>| 1.05<br> %<br>| 1.32<br> %<br>| 0.80<br> %<br>| 1.34<br> %<br>|
| Portfolio turnover rate | 13 %<sup>(D)</sup><br>| 5<br> %<br>| 13<br> %<br>| 120<br> %<br>| 4<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Rounds to less than $0.01 or $(0.01).*

<sup>(C)</sup> *Please reference the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information regarding Contributions from affiliate,* *Transamerica Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.37% (annualized), 0.37%, 0.38%, 0.36%, 0.04% and 0.04%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

<sup>(G)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® 2050 (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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 period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Fund's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. INVESTMENT VALUATION (continued)**

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**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 period ended April 30, 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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 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 April 30, 2025.

Repurchase agreements at April 30, 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:** The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, counter measures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

**Underlying funds risk**: Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**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.

**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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying ETFs and Funds have varied expense and fee levels and the Fund may own different proportions of Underlying ETFs and Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying ETFs and Funds in which the Fund invests. The Fund has material ownership interests in the Underlying ETFs and Funds.

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| 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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $6915 | $28724 | $35639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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.

**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 period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $1444 | &nbsp;&nbsp; $238 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $11280799 | &nbsp;&nbsp; $5137545 |

---

**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.

As of April 30, 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>|
| $39446658 | &nbsp;&nbsp; $2812718 | &nbsp;&nbsp; $(1482773)<br>| &nbsp;&nbsp; $1329945 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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.

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Growth Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Growth Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

Shares issued to Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050 shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Growth Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2045** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2050** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Growth** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7529359 | Class R3 | &nbsp;&nbsp; 5973697 | Class R3 | &nbsp;&nbsp; 6119119 | &nbsp;&nbsp; $96235991 | 0.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (3,405,745 from ClearTrack*<sup>®</sup> *2045 and 2,713,374 from* *ClearTrack*<sup>®</sup> *2050). The 0.45 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2045's specific ratio is 0.45 and ClearTrack*<sup>®</sup> *2050's ratio is 0.45.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2045 and Transamerica ClearTrack<sup>®</sup> 2050, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Growth Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2045** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2050** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation - Growth** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $4020950 | &nbsp;&nbsp; $3473655 | &nbsp;&nbsp; $53562496 | &nbsp;&nbsp; $42673495 | &nbsp;&nbsp; $1079833626 | &nbsp;&nbsp; $1176069617 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica ClearTrack**<sup>®</sup> **2050** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica ClearTrack**<sup>®</sup> **2050** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **2050** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **2050** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

![](g947814imga170a2e53.gif)

![](g947814imgef0770ed4.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

4453782 CT 2050 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img7645a5445.gif)

------

![](g947814img06eab65e1.gif)

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Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**April 30, 2025**

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

Customer Service: **888-233-4339**

1801 California St., Suite 5200

Denver, CO 80202

**transamerica.com**![](g947814imgd28f40032.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_53637451-53fb-4ea8-a677-7725500418df_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_53637451-53fb-4ea8-a677-7725500418df_SOI-RunningFooter-250_1) | 2 |
| [Statement of Assets and Liabilities](#xx_53637451-53fb-4ea8-a677-7725500418df_FS-RunningFooter-250_1) | 4 |
| [Statement of Operations](#xx_53637451-53fb-4ea8-a677-7725500418df_FS-RunningFooter-250_2) | 5 |
| [Statement of Changes in Net Assets](#xx_53637451-53fb-4ea8-a677-7725500418df_FS-RunningFooter-250_3) | 6 |
| [Financial Highlights](#xx_53637451-53fb-4ea8-a677-7725500418df_FIHI-RunningFooter-250_1) | 7 |
| [Notes to Financial Statements](#xx_53637451-53fb-4ea8-a677-7725500418df_NTF-RunningFooter-250_1) | 8 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_53637451-53fb-4ea8-a677-7725500418df_DWA-RunningFooter-250_1)**<br> **[Companies](#xx_53637451-53fb-4ea8-a677-7725500418df_DWA-RunningFooter-250_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_53637451-53fb-4ea8-a677-7725500418df_PD-RunningFooter-250_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_53637451-53fb-4ea8-a677-7725500418df_REMU-RunningFooter-250_1)**<br> **[Companies](#xx_53637451-53fb-4ea8-a677-7725500418df_REMU-RunningFooter-250_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_53637451-53fb-4ea8-a677-7725500418df_AIAC-RunningFooter-250_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**SCHEDULE OF INVESTMENTS**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 53.6%**  | **INVESTMENT COMPANIES - 53.6%**  | **INVESTMENT COMPANIES - 53.6%**  |
| **International Equity Funds - 5.2%**  | **International Equity Funds - 5.2%**  | **International Equity Funds - 5.2%**  |
| Transamerica Emerging Markets Equity <sup>(A)</sup> <br>| 157283 | $1352634 |
| Transamerica International Focus <sup>(A)</sup> <br>| 292299 | 1990556 |
| Transamerica International Stock <sup>(A)</sup> <br>| 261669 | 3365059 |
|  |  | 6708249 |
| **International Fixed Income Fund - 5.0%**  | **International Fixed Income Fund - 5.0%**  | **International Fixed Income Fund - 5.0%**  |
| Transamerica Emerging Markets Debt <sup>(A)</sup> <br>| 723706 | 6549537 |
| **U.S. Equity Funds - 13.8%**  | **U.S. Equity Funds - 13.8%**  | **U.S. Equity Funds - 13.8%**  |
| Transamerica Capital Growth <sup>(A)(B)</sup> <br>| 189316 | 2090051 |
| Transamerica Large Cap Value <sup>(A)</sup> <br>| 393610 | 5561706 |
| Transamerica Mid Cap Growth <sup>(A)</sup> <br>| 245926 | 2383027 |
| &nbsp;&nbsp; Transamerica Mid Cap Value <br> Opportunities <sup>(A)</sup> <br>| 212237 | 2273061 |
| Transamerica Small Cap Growth <sup>(A)</sup> <br>| 166492 | 942341 |
| Transamerica Small Cap Value <sup>(A)</sup> <br>| 210969 | 928265 |
| Transamerica US Growth <sup>(A)</sup> <br>| 133696 | 3712740 |
|  |  | 17891191 |
| **U.S. Fixed Income Funds - 29.6%**  | **U.S. Fixed Income Funds - 29.6%**  | **U.S. Fixed Income Funds - 29.6%**  |
| Transamerica Bond <sup>(A)</sup> <br>| 3626338 | 29119491 |
| Transamerica High Yield Bond <sup>(A)</sup> <br>| 1146051 | 9168409 |
|  |  | 38287900 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $70,920,243)**<br>|  | 69436877 |
| **EXCHANGE-TRADED FUNDS - 45.5%**  | **EXCHANGE-TRADED FUNDS - 45.5%**  | **EXCHANGE-TRADED FUNDS - 45.5%**  |
| **International Equity Funds - 8.6%**  | **International Equity Funds - 8.6%**  | **International Equity Funds - 8.6%**  |
| iShares Core MSCI EAFE ETF | 99558 | 7836210 |
| iShares Core MSCI Emerging Markets ETF | 24173 | 1309451 |
| iShares Global REIT ETF <sup>(C)</sup> <br>| 81338 | 1965940 |
|  |  | 11111601 |
| **U.S. Equity Fund - 13.3%**  | **U.S. Equity Fund - 13.3%**  | **U.S. Equity Fund - 13.3%**  |
| iShares Core S&P 500 ETF | 30796 | 17183493 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Fixed Income Funds - 23.6%**  | **U.S. Fixed Income Funds - 23.6%**  | **U.S. Fixed Income Funds - 23.6%**  |
| iShares 0-5 Year TIPS Bond ETF | 118145 | $12228111 |
| iShares Core U.S. Aggregate Bond ETF | 185443 | 18362566 |
|  |  | 30590677 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $57,874,108)**<br>|  | 58885771 |
| **OTHER INVESTMENT COMPANY - 1.4%**  | **OTHER INVESTMENT COMPANY - 1.4%**  | **OTHER INVESTMENT COMPANY - 1.4%**  |
| **Securities Lending Collateral - 1.4%**  | **Securities Lending Collateral - 1.4%**  | **Securities Lending Collateral - 1.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 4.32% <sup>(D)</sup> <br>| 1869566 | 1869566 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,869,566)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $1,869,566)** | 1869566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  | **REPURCHASE AGREEMENT - 0.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.80% <sup>(D)</sup>, dated 04/30/2025, to be <br> repurchased at $385,010 on 05/01/2025. <br> Collateralized by a U.S. Government <br> Obligation, 0.63%, due 05/15/2030, and <br> with a value of $392,807.<br>| $384991 | 384991 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $384,991)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $384,991)** | 384991 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $131,048,908)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $131,048,908)** | 130577205 |
| **Net Other Assets (Liabilities) - (0.8)%** | **Net Other Assets (Liabilities) - (0.8)%** | (1038512) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$129538693** |

---

**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** |  |  |  |  |
| Investment Companies | $69436877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $69436877 |
| Exchange-Traded Funds | 58885771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58885771 |
| Other Investment Company | 1869566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1869566 |
| Repurchase Agreement |  | &nbsp;&nbsp; 384991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 384991 |
| **Total Investments** | **$130192214** | &nbsp;&nbsp; **$384991** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$130577205** |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investment in the Class R6 shares of funds within Transamerica Funds. The Fund's transactions and earnings from these underlying funds are* *as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value** <br>**October 31,** <br> **2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Net** <br>**Realized** <br>**Gain (Loss)**<br>| **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Value** <br>**April 30,** <br>**2025**<br>| **Shares as of** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Net Capital** <br>**Gain** <br>**Distributions**<br>|
| Transamerica Bond | $9527234 | $22064841 | $(2722174)<br>| $(518975)<br>| $768565 | $29119491 | 3626338 | $549895 | $— |
| Transamerica Capital <br> Growth<br>| 652299 | 1742599 | (392199)<br>| 191572 | (104220)<br>| 2090051 | 189316 |  |  |
| Transamerica Emerging <br> Markets Debt<br>| 2069347 | 4847323 | (318327)<br>| (49878)<br>| 1072 | 6549537 | 723706 | 163311 |  |
| Transamerica Emerging <br> Markets Equity<br>| 427535 | 927467 | (83484)<br>| (27626)<br>| 108742 | 1352634 | 157283 | 666 |  |
| Transamerica High Yield <br> Bond<br>| 2913223 | 6855818 | (379466)<br>| (53077)<br>| (168089)<br>| 9168409 | 1146051 | 261875 |  |
| Transamerica International <br> Focus<br>| 787497 | 2049188 | (803712)<br>| (279804)<br>| 237387 | 1990556 | 292299 | 12716 | 125102 |
| Transamerica International <br> Stock<br>| 815547 | 2512416 | (272406)<br>| 17852 | 291650 | 3365059 | 261669 | 23502 | 24987 |
| Transamerica Large Cap <br> Value<br>| 1725344 | 4469048 | (454410)<br>| 24358 | (202634)<br>| 5561706 | 393610 | 30963 | 20861 |
| Transamerica Mid Cap <br> Growth<br>| 603751 | 2046982 | (179904)<br>| (72957)<br>| (14845)<br>| 2383027 | 245926 |  | 23340 |
| Transamerica Mid Cap <br> Value Opportunities<br>| 616666 | 1765071 | (41903)<br>| (10367)<br>| (56406)<br>| 2273061 | 212237 | 8867 | 44916 |
| Transamerica Small Cap <br> Growth<br>| 404864 | 1012683 | (349079)<br>| (164592)<br>| 38465 | 942341 | 166492 |  | 43654 |
| Transamerica Small Cap <br> Value<br>| 412460 | 1050103 | (315157)<br>| (132291)<br>| (86850)<br>| 928265 | 210969 | 7118 | 77073 |
| Transamerica US Growth | 1115144 | 3236065 | (245339)<br>| 76569 | (469699)<br>| 3712740 | 133696 | 1809 | 150091 |
| **Total** | **$22070911** | **$54579604** | **$(6557560)**<br>| **$(999216)**<br>| **$343138** | **$69436877** | **7759592** | **$1060722** | **$510024** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<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 $1,825,753, collateralized by cash collateral of $1,869,566. The* *amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall* *from the brokers.* 

<sup>(D)</sup> *Rate disclosed reflects the yield at April 30, 2025.*

<sup>(E)</sup> *There were no transfers in or out of Level 3 during the six-month period ended April 30, 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**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $70,920,243) | $69436877 |
| Unaffiliated investments, at value (cost $59,743,674) (including securities loaned of $1,825,753)  | 60755337 |
| Repurchase agreement, at value (cost $384,991) | 384991 |
| Receivables and other assets: |  |
| Investments sold  | 914181 |
| Net income from securities lending | 184 |
| Dividends from affiliated investments | 164891 |
| Interest | 19 |
| Prepaid expenses | 1837 |
| Total assets | 131658317 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | 1869566 |
| Payables and other liabilities: |  |
| Investments purchased | 164891 |
| Shares of beneficial interest redeemed | 3759 |
| Investment management fees | 19836 |
| Distribution and service fees | 26246 |
| Transfer agent fees | 16534 |
| Trustee and CCO fees | 818 |
| Audit and tax fees  | 11206 |
| Custody fees | 958 |
| Legal fees | 829 |
| Printing and shareholder reports fees | 2171 |
| Other accrued expenses | 2810 |
| Total liabilities | 2119624 |
| **Net assets**  | $129538693 |
| **Net assets consist of:** |  |
| Paid-in capital | $132270462 |
| Total distributable earnings (accumulated losses) | (2731769)<br>|
| **Net assets** | $129538693 |
| **Net assets by class:** |  |
| Class R3 | $129538693 |
| **Shares outstanding (unlimited shares, no par value):** |  |
| Class R3 | 15659251 |
| **Net asset value per share:** |  |
| Class R3 | $8.27 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**STATEMENT OF OPERATIONS**

**For the period ended April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | $1060722 |
| Dividend income from unaffiliated investments | 515764 |
| Interest income from unaffiliated investments | 12375 |
| Net income from securities lending | 240 |
| Total investment income  | 1589101 |
| **Expenses:** |  |
| Investment management fees | 52080 |
| Distribution and service fees: |  |
| Class R1 <sup>(A)</sup> <br>| 26212 |
| Class R3 | 116787 |
| Transfer agent fees: |  |
| Class R1 <sup>(A)</sup> <br>| 8257 |
| Class R3 | 73576 |
| Class R6 <sup>(B)</sup> <br>| 9 |
| Trustee and CCO fees | 2301 |
| Audit and tax fees | 11930 |
| Custody fees | 682 |
| Legal fees | 3282 |
| Printing and shareholder reports fees | 5858 |
| Registration fees | 28154 |
| Other | 7014 |
| Total expenses before waiver and/or reimbursement and recapture | 336142 |
| Expenses waived and/or reimbursed: |  |
| Class R1 <sup>(A)</sup> <br>| (7905)<br>|
| Class R3 | (18776)<br>|
| Class R6 <sup>(B)</sup> <br>| (41)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R3 | 16393 |
| Net expenses | 325813 |
| **Net investment income (loss)** | 1263288 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | (999216)<br>|
| Unaffiliated investments  | (51608)<br>|
| Capital gain distributions received from affiliated investment companies | 510024 |
| Net realized gain (loss) | (540800)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | 343138 |
| Unaffiliated investments  | 855808 |
| Net change in unrealized appreciation (depreciation) | 1198946 |
| Net realized and change in unrealized gain (loss) | 658146 |
| **Net increase (decrease) in net assets resulting from operations** | $1921434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | $1263288 | &nbsp;&nbsp;&nbsp;&nbsp; $1010161 |
| Net realized gain (loss) | (540800)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90076)<br>|
| Net change in unrealized appreciation (depreciation) | 1198946 | &nbsp;&nbsp;&nbsp;&nbsp; 5894728 |
| Net increase (decrease) in net assets resulting from operations | 1921434 | &nbsp;&nbsp;&nbsp;&nbsp; 6814813 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (913667)<br>|
| Class R3 | (1047972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39058)<br>|
| Class R6 <sup>(B)</sup> <br>| (3461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12601)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1051433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (965326)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R1 <sup>(A)</sup> <br>| 742678 | &nbsp;&nbsp;&nbsp;&nbsp; 90139 |
| Class R3 | 132084632 | &nbsp;&nbsp;&nbsp;&nbsp; 1686710 |
| Class R6 <sup>(B)</sup> <br>| 3642 | &nbsp;&nbsp;&nbsp;&nbsp; 17131 |
|  | 132830952 | &nbsp;&nbsp;&nbsp;&nbsp; 1793980 |
| Dividends and/or distributions reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 913667 |
| Class R3 | 1047972 | &nbsp;&nbsp;&nbsp;&nbsp; 39058 |
| Class R6 <sup>(B)</sup> <br>| 3461 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
|  | 1051433 | &nbsp;&nbsp;&nbsp;&nbsp; 965326 |
| Cost of shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (38885016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6035883)<br>|
| Class R3 | (6842741)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (580761)<br>|
| Class R6 <sup>(B)</sup> <br>| (447437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48633)<br>|
|  | (46175194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6665277)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | 87707191 | &nbsp;&nbsp;&nbsp;&nbsp; (3905971)<br>|
| **Net increase (decrease) in net assets** | 88577192 | &nbsp;&nbsp;&nbsp;&nbsp; 1943516 |
| **Net assets:** |  |  |
| Beginning of period/year | 40961501 | &nbsp;&nbsp;&nbsp;&nbsp; 39017985 |
| End of period/year | $129538693 | &nbsp;&nbsp;&nbsp;&nbsp; $40961501 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R1 <sup>(A)</sup> <br>| 88431 | &nbsp;&nbsp;&nbsp;&nbsp; 11733 |
| Class R3 | 16050074 | &nbsp;&nbsp;&nbsp;&nbsp; 216255 |
| Class R6 <sup>(B)</sup> <br>| 432 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
|  | 16138937 | &nbsp;&nbsp;&nbsp;&nbsp; 230138 |
| Shares reinvested: |  |  |
| Class R1 <sup>(A)</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 118350 |
| Class R3 | 128586 | &nbsp;&nbsp;&nbsp;&nbsp; 5106 |
| Class R6 <sup>(B)</sup> <br>| 415 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
|  | 129001 | &nbsp;&nbsp;&nbsp;&nbsp; 125076 |
| Shares redeemed: |  |  |
| Class R1 <sup>(A)</sup> <br>| (4692411)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (764705)<br>|
| Class R3 | (834950)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74485)<br>|
| Class R6 <sup>(B)</sup> <br>| (52605)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6118)<br>|
|  | (5579966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (845308)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R1 <sup>(A)</sup> <br>| (4603980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (634622)<br>|
| Class R3 | 15343710 | &nbsp;&nbsp;&nbsp;&nbsp; 146876 |
| Class R6 <sup>(B)</sup> <br>| (51758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2348)<br>|
|  | 10687972 | &nbsp;&nbsp;&nbsp;&nbsp; (490094)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Class R1 shares were liquidated on December 20, 2024.* <br> <sup>(B)</sup> *Class R6 shares were liquidated on February 10, 2025.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years indicated:** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** | **Class R3** |
|  | **April 30, 2025** <br>**(unaudited)**<br>| **October 31,** <br>**2024**<br>| **October 31,** <br>**2023**<br>| **October 31,** <br>**2022**<br>| **October 31,** <br>**2021**<br>| **October 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $8.18 | $7.10 | $9.38 | $11.86 | $10.87 | $10.52 |
| **Investment operations:** |  |  |  |  |  |  |
| Net investment income (loss) <sup>(A)</sup> <br>| 0.09 | 0.21 | 0.18 | 0.24 | 0.12 | 0.16 |
| Net realized and unrealized gain (loss) | 0.07 | 1.08 | 0.18 | (2.08)<br>| 1.17 | 0.47 |
| Total investment operations | 0.16 | 1.29 | 0.36 | (1.84)<br>| 1.29 | 0.63 |
| **Contributions from affiliate** |  |  |  | 0.00 <br><sup>(B)</sup><sup>(C)</sup><br>|  |  |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.07)<br>| (0.21)<br>| (0.29)<br>| (0.26)<br>| (0.13)<br>| (0.22)<br>|
| Net realized gains |  |  | (2.35)<br>| (0.38)<br>| (0.17)<br>| (0.06)<br>|
| Total dividends and/or distributions to shareholders | (0.07)<br>| (0.21)<br>| (2.64)<br>| (0.64)<br>| (0.30)<br>| (0.28)<br>|
| **Net asset value, end of period/year** | $8.27 | $8.18 | $7.10 | $9.38 | $11.86 | $10.87 |
| **Total return** | 1.91 %<sup>(D)</sup><br>| 18.36<br> %<br>| 4.13<br> %<br>| (16.40 )%<sup>(C)</sup><br>| 12.10<br> %<br>| 6.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $129539 | $2582 | $1198 | $578 | $13 | $11 |
| Expenses to average net assets <sup>(E)(F)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61 %<sup>(G)</sup><br>| 0.75<br> %<br>| 0.78<br> %<br>| 0.75<br> %<br>| 0.94<br> %<br>| 0.93<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.60 %<sup>(G)</sup><br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.62<br> %<br>| 0.89<br> %<br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | 2.31 %<sup>(G)</sup><br>| 2.60<br> %<br>| 2.40<br> %<br>| 2.56<br> %<br>| 1.05<br> %<br>| 1.53<br> %<br>|
| Portfolio turnover rate | 12 %<sup>(D)</sup><br>| 2<br> %<br>| 6<br> %<br>| 101<br> %<br>| 5<br> %<br>| 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 Capital, Inc. If the affiliate had not made the contribution, total return would have decreased by 0.00%.* 

<sup>(D)</sup> *Not annualized.*

<sup>(E)</sup> *Does not include expenses of the Underlying ETFs and Funds in which the Fund invests.*

<sup>(F)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Fund through its investments in Underlying ETFs and Funds. If the expenses* *incurred by the Underlying ETFs and Funds were included in these ratios they would have increased by 0.35% (annualized), 0.34%, 0.35%, 0.32%, 0.06% and 0.07%, for the* *period ended April 30, 2025 and the years ended October 31, 2024, October 31, 2023, October 31, 2022, October 31, 2021 and October 31, 2020, respectively.* 

<sup>(G)</sup> *Annualized.*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS**

**At April 30, 2025**

**(unaudited)**

&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 ClearTrack® Retirement Income (the "Fund") is a series of the Trust and is classified as diversified under the 1940 Act. The Fund currently offers one class of shares, Class R3. Class R1 and Class R6 shares liquidated on December 20, 2024 and February 10, 2025, respectively.

The Fund, a "fund of funds," normally invests in a combination of actively managed Transamerica funds and index-based exchange-traded funds ("ETFs") managed by unaffiliated investment advisers (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

This report must be accompanied or preceded by 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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

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 period ended April 30, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES**

In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**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 April 30, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*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 period ended April 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM have 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 April 30, 2025, or at any time during the period then ended.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

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------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**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 April 30, 2025.

Repurchase agreements at April 30, 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 April 30, 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 April 30, 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 | $1869566 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1869566 |
| **Total Borrowings** | **$1869566** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1869566** |

---

**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, counter measures in response

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Fund's investment performance is significantly impacted by the Fund's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or ETF or other issuer is incorrect.

**Underlying funds risk**: Because the Fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the Fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the Fund invests more of its assets in one underlying fund than in another, the Fund will have greater exposure to the risks of that underlying fund. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The "List and Description of Certain Underlying Funds" section of the Fund's prospectus identifies certain risks of each underlying fund.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Fund falls, the value of your investment will go down. The Fund may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**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.

**Underlying exchange-traded funds risk:** To the extent the Fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Fund invests more of its assets in one underlying ETF than in another, the Fund will have greater exposure to the risks of that underlying ETF. In addition, the Fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. 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.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

The Underlying ETFs and Funds have varied expense and fee levels and the Fund may own different proportions of Underlying ETFs and Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Fund expenses do not include expenses of the Underlying ETFs and Funds in which the Fund invests. The Fund has material ownership interests in the Underlying ETFs and Funds.

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Fund pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Fund pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2.5 billion | 0.10<br> % <br>|
| Over $2.5 billion up to $4 billion | 0.09 |
| Over $4 billion | 0.08 |

---

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Fund's investment in the Underlying ETFs and Funds, but 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 R3 | 0.95<br> % <br>| March 1, 2026 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&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 period ended April 30, 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 April 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R3 | $— | $— | $— | $6809 | $6809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *For the six-month period of May 1, 2022 through October 31, 2022.*

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets up to an annual fee of 0.25% of Class R3 shares.

On three occasions during the year ended October 31, 2022, TCL, the Fund's distributor/principal underwriter, returned to Class R3 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.

**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 period ended April 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $3906 | &nbsp;&nbsp; $787 |

---

**Brokerage commissions:** The Fund incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended April 30, 2025.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

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**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. PURCHASES AND SALES OF SECURITIES**

For the period ended April 30, 2025, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $98663934 | &nbsp;&nbsp; $12774564 |

---

**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.

As of April 30, 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>|
| $131048908 | &nbsp;&nbsp; $1667700 | &nbsp;&nbsp; $(2139403)<br>| &nbsp;&nbsp; $(471703)<br>|

---

**9. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, 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.

**10. SUBSEQUENT EVENT**

The Fund reorganized into Transamerica Asset Allocation - Conservative Portfolio on June 20, 2025. Shareholders of the Fund as of the close of business on June 20, 2025 became shareholders of Transamerica Asset Allocation - Conservative Portfolio. An information statement describing the reorganization was delivered to Fund shareholders in advance of the reorganization.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At April 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**10. SUBSEQUENT EVENT (continued)**

Shares issued to Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income shareholders, along with the exchange ratio of the reorganization for Transamerica Asset Allocation - Conservative Portfolio, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **2025** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Class**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement** <br> **Income** <br>**Shares**<br>| &nbsp;&nbsp; **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Class**<br>| **Transamerica** <br> **Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Shares**<br>| **Dollar** <br>**Amount**<br>| **Exchange** <br>**Ratio**<sup>(A)</sup> <br>|
| Class R3 | &nbsp;&nbsp; 7815323 | Class R3 | &nbsp;&nbsp; 15626301 | Class R3 | &nbsp;&nbsp; 18204468 | &nbsp;&nbsp; $198667178 | 0.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated by dividing the surviving Fund's shares issuable by the two acquired Funds (6,136,714 from ClearTrack*<sup>®</sup> *2025 and 12,067,754 from* *ClearTrack*<sup>®</sup> *Retirement Income). The 0.78 exchange ratio is a weighted ratio. ClearTrack*<sup>®</sup> *2025's specific ratio is 0.79 and ClearTrack*<sup>®</sup> *Retirement* *Income's ratio is 0.77.* 

The net assets of Transamerica ClearTrack<sup>®</sup> 2025 and Transamerica ClearTrack<sup>®</sup> Retirement Income, including unrealized appreciation (depreciation), were combined with those of Transamerica Asset Allocation - Conservative Portfolio. These amounts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup>**2025** <br>**Net Assets**<br>| **Transamerica** <br> **ClearTrack**<sup>®</sup> <br> **Retirement Income** <br>**Net Assets**<br>| **Transamerica Asset** <br> **Allocation -** <br> **Conservative** <br> **Portfolio** <br>**Net Assets Prior to** <br>**Reorganization**<br>| **Net Assets** <br>**After Reorganization**<br>|
| $449767 | &nbsp;&nbsp; $2438714 | &nbsp;&nbsp; $66970577 | &nbsp;&nbsp; $131696601 | &nbsp;&nbsp; $487224781 | &nbsp;&nbsp; $685891959 |

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 17**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 18**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income** 

------

**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**

**Semi-Annual Financial Statements 2025**

**Page 19**

------

**Transamerica ClearTrack**<sup>®</sup> **Retirement Income** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

There were no additional Approvals of Investment Advisory Contracts since those disclosed in the October 31, 2024 Annual Financial Statements.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 20**

------

![](g947814imga27b37533.gif)

![](g947814imgb20399c04.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

4453782 CT RETIRE INC 04/25© 2025 Transamerica Corporation. All Rights Reserved.

![](g947814img77a7d9885.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.** <br>

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.** <br>

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.** <br>

Remuneration 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.** <br>

The registrant's Statements Regarding Basis for Approval of Investment Sub-Advisory Contracts are 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.** <br>

Not applicable to the registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to the registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

(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 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(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.** <br>

Not applicable to the registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable to the registrant.

**Item 19.** **Exhibits.** <br>

(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 Item 2 requirements through filing an exhibit.

Not applicable for semi-annual reports.

(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.](d947814dex99cert.htm)  |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act, 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.](d947814dex99906cert.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: | July 3, 2025 |

---

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: | July 3, 2025 |
| By: | /s/ Joshua Durham |
|  | Joshua Durham |
|  | Vice President, Chief Operating Officer and Interim Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |
| Date: | July 3, 2025 |

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#### EXHIBIT INDEX

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| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| &nbsp;&nbsp; 19(a)(3)  | [Section 302 N-CSR Certification of Principal Executive Officer](d947814dex99cert.htm) |
| &nbsp;&nbsp; 19(a)(3)  | Section 302 N-CSR Certification of Principal Financial Officer |
| &nbsp;&nbsp; 19(b)  | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d947814dex99906cert.htm) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED APRIL 30, 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;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&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;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;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;(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;(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;(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;(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;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 the equivalent functions):

&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;(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: July 3, 2025 | 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

FOR THE PERIOD ENDED APRIL 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Joshua Durham, certify that:

&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;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;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;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;(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;(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;(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;(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;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 the equivalent functions):

&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;(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: July 3, 2025 | By: | /s/ Joshua Durham |
|  |  | &nbsp;&nbsp; Joshua Durham |
|  | Title: | &nbsp;&nbsp; Vice President, Chief Operating Officer and Interim Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED APRIL 30, 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 April 30, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Form N-CSR fully complies with the requirements of
Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date: | July 3, 2025 |
| Marijn P. Smit |  |  |
| President and Chief Executive Officer |  |  |
| (Principal Executive Officer) |  |  |
| /s/ Joshua Durham | Date: | July 3, 2025 |
| &nbsp;&nbsp; Joshua Durham |  |  |
| &nbsp;&nbsp; Vice President, Chief Operating Officer and Interim Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |  |  |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.